Top 10 Richest Kings in Nigeria, Their Kingdoms, Source of Wealth and Net Worth (2022)

The kingship status, from time immemorial, has always come with a luxurious lifestyle. Inhabitants are taxed to pay for the luxury life of the monarch family.

The British colonial masters usurped the authority of kings in the country, and this was later handed over to the nation’s government which is presently operating under the democratic system.

Below is our list of the top 10 richest monarchs in Nigeria, their source of income and net worth;

1. Oba Obateru Akinruntan [Olugbo of Ugbo]

Oba Obateru Akinruntan is the Olugbo (traditional ruler) of Ugbo Kingdom, a town in Ilaje, Ondo State

Net worth

In 2014, Forbes Africa ranked him the second richest king in Africa with an estimated net worth of $300 million.

Source of wealth/Career

He is an oil magnate and founder of Obat Oil in 1981, one of Nigeria’s largest and leading privately held oil companies.

The company has more than 50 gas stations across the six geopolitical zones of Nigeria and the company owns one of the largest tank farms in Africa, a modern storage facility able to store 65 million liters of petroleum products.


He has a custom built 2012 Rolls Royce similar to that of Queen Elizabeth II and on 14 January 2014, in an interview with Daily Post, he said “I have a $1 million watch, I use the same type of car like the Queen of England”.

2. Sa’adu Abubakar [Sultan of Sokoto]

Sa’adu Abubakar on 2 November 2006, Abubakar ascended the throne as the 20th Sultan of Sokoto following the death of his brother, Muhammadu Maccido, who died on ADC Airlines Flight 53.

Net worth

He is reportedly worth $100 million.

Source of wealth/Career

Abubakar was commissioned a Second Lieutenant in 1977 and served in the elite Armoured Corps. He headed a presidential security unit of the Armoured Corps that guarded then military ruler General Ibrahim Babangida in the late 1980s.

Abubakar also commanded a battalion of African peacekeepers in Chad during the early 1980s as part of the Organisation of African Unity’s force and was military liaison officer for the Economic Community of West African States (ECOWAS) in the mid 1990s.


The Sultan Abubakar IV has fleets of cars. His cars include Rolls-Royce 2017.

3. Oba Adeyeye Ogunwusi Enitan [Ooni of Ife]

Oba Adeyeye Enitan Ogunwusi; (?jájá II) (born 17 October 1974) is the 51st and current Ooni of Ife. He is the traditional ruler/monarch of the Yoruba kingdom of Ile-Ife.

He was born into the Giesi Ruling House, Ojaja Royal Compound of Agbedegbede in Ile-Ife.

Adeyeye ascended to the throne in 2015 succeeding the deceased Oba Okunade Sijuwade who was the 50th Ooni of Ife.

Net worth

He is reported to be worth $70 million but this cannot be independently verified.

Source of wealth/Career

Adeyeye is astute entrepreneur. He was active in the real estate industry.

He was actively involved in the development of over 2,500 housing units with various consortia of developers. To open one of the best resorts in Nigeria, he led a team that opened up a remote jungle called Inagbe Island in Amuwo-Odofin LGA, Lagos.

He facilitated the biggest Lead and Aluminum recycling plant set up in Nigeria by the National Steel Company of India in Ota, Ogun State.


He owns  a Rolls-Royce Phantom model year 2011, 2 Bentleys and a Mercedes Benz S550.

4. Oba Ewuare II Ogidigan [Oba of Benin]

Ewuare II (born October 20, 1953) was crowned the Oba of Benin on 20 October 2016. He is the 40th Oba, a title created for the Head of State (Emperor) of the Benin Empire at some time between 1180 and 1300.

Net worth

He is reportedly worth $60 million.

Source of wealth/Career

He worked at the United Nations between 1981 and 1982. He also served as Nigeria’s Ambassador to Angola and Sweden, with accreditation to Norway, Denmark and the Republic of Finland. He was also Nigeria’s Ambassador to Italy.


He has a Rolls-Royce Phantom 2016 model with an estimated cost of over ?150 million.

5. Nnaemeka Alfred Ugochukwu Achebe [Obi of Onitsha]

Nnaemeka Alfred Achebe CFR, mni (born 14 May 1941) is a traditional ruler and the 21st Obi of Onitsha, in Anambra State, South-Eastern Nigeria. He is chancellor of Ahmadu Bello University since 2015, and was earlier chancellor of Kogi State University.

Net worth

He is reportedly worth $50 million.

Source of wealth/Career

After graduation from the university, Achebe worked briefly in the United States before he returned to Nigeria in 1972 after the Nigerian civil war and began work with Shell Petroleum Company.

He is currently a trustee, National Traditional Rulers Council and its state Chairman in Anambra State.

Besides his long tenure as director of Shell Nigeria, Obi Achebe was also, during 1985 – 87, a director of several other Shell companies in the United Kingdom, the Netherlands, Ghana, Nigeria, Sierra Leone, the Gambia, Liberia and Angola.


The Obi of Onitsha owns a 2016 Rolls-Royce model that costs no less than ?100 million.

6. Oba Babatunde Aremu Akiolu [Oba of Lagos]

Rilwan Babatunde Osuolale Aremu Akiolu, the Oba of Lagos, was born on October 29, 1943.

On May 23, 2003, Akiolu was selected by the kingmakers of the Lagos traditional kingdom and confirmed by the Lagos State government as the 21st Oba of Lagos; he was capped the next day, and was crowned on August 9, 2003.

He has served in this position since May 2003, when he succeeded Oba Adeyinka Oyekan.

Net worth

He is estimated to be worth $40 million.

Source of wealth/Career

After high school he served for 32 years in the Nigeria Police Force, entering the force in 1970. He served in various capacities, was promoted to assistant inspector-general of Police in 1999, and was active until his retirement in 2002.


The Oba of Lagos uses a 2016 Mercedes-Benz S550 which is worth over N34 million.

7. Aminu Ado Bayero [Emir of Kano]

Aminu Ado Bayero (Centre)

Aminu Ado Bayero (born 1961) is the 15th Fulani Emir of Kano from the FulaniSullubawa clan. He ascended the throne on 9 March 2020, following the deposition of his nephew Muhammad Sanusi II by Governor Abdullahi Umar Ganduje.

Net worth

He is estimated to be worth $20 million.

Source of wealth/Career

Bayero worked as a public relations officer at Kabo Air, before becoming a flight engineer.


He was reportedly gifted Rolls-Royce Ghost sedan gift worth N100 million from Kano State-born billionaire and CEO of BUA Group, Abdul Samad Rabiu.

8. Benjamin Ikenchuku Keagborekuzi [Dein of Agbor Kingdom]

Benjamin Ikenchuku Keagborekuzi, the Dein of Agbor Kingdom in Delta, ascended the throne at the age of 2 in 1979, after the unexpected demise of his father and was named the world’s youngest crowned monarch in the 1980 edition of the Guinness Book of World Records.

Net worth

He is estimated to be worth $10 million.

Source of wealth/Career

He became a monarch at a very young age.


He drives a simple black model of the Mercedes Benz S550 Maybach 2015 worth ?65 million.

9. Adedotun Aremu Gbadebo III [Alake of Egba]

Adedotun Aremu Gbadebo III (born 14 September 1943) is the current Alake of Egba, a clan in Abeokuta, Nigeria. He has ruled since 2 August 2005.

Net worth

He is estimated to be worth $5 million.

Source of wealth/Career

He joined the army in 1969, and attended the Command and Staff College, Jaji from September 1978 to August 1979. He eventually became a Principal Staff Officer to Major-General Tunde Idiagbon, the Chief of Staff at the Supreme Headquarters, Dodan Barracks, from January 1984 to September 1985. He retired from the army as a Colonel.

10. Ogiame Atuwatse III [Orlu of Warri]

Ogiame Atuwatse III is the paramount ruler of the Kingdom of Warri, and the 21st Olu of Warri. He was born Utieyinoritsetsola Emiko, also known as Tsola Emiko on 2 April 1984 to Olu Atuwatse II, the 19th Olu of Warri and Gladys Durorike Emiko in Warri. He is also a descendant of Olu Akengbuwa.

Net worth

He is estimated to be worth $5 million.


The information in this article was curated from online sources. All details cannot be independently verified by NewsWireNGR or its editorial team.

Always visit NewsWireNGR for latest naija news and updated naija breaking news.

NewsWireNGR Latest News in Nigeria

Send Us A Press Statement/News Tips on 9ja Happenings: [email protected]

Advertise With Us: [email protected]

Contact Us


%d bloggers like this: