- Source: Olugbo of Ugbo Kingdom
The Olugbo of Ugbo Kingdom is the Yoruba king of Ugbo Kingdom, a Nigerian traditional state in Ilaje local government area of Ondo State, southwestern Nigeria.
The King is generally called "Olugbo" or "Oghone".
An heir to the stool of the Olugbo is usually selected by way of an election by a group of kingmaking chiefs following an Ifa oracular consultation.
Ruling families
Ugbo Kingdom is ruled by a member of a host of ruling families in rotation. The current Olugbo of Ugbo Kingdom is Oba Fredrick Obateru Akinruntan, a Nigerian multi-millionaire, Oil magnate and founder of Obat Oil, one of Nigeria's largest and most successful private companies. Ascension to the Olugbo stool is rotational between the Agbedun/Ojogo and Oyetayo/Atarioye sections of the Ojadele ruling house. Obateru was installed in 2009, after Oba Banjo Mafimisebi was dethroned following a suit by another royal family who subsequently nominated and endorsed Obateru as their candidate.
The incumbent Olugbo of Ugbo Kingdom is ranked by Forbes magazine as one of the richest kings in Africa and the richest in Nigeria. He surpassed King Olubuse II, the Ooni of Ife with $225 million and the Swaziland multi-millionaire, King Mswati III by over $200 million to become the second-richest African king in 2014.