10 Wealthiest Traditional Rulers in Nigeria
Nigeria’s traditional rulers are not just custodians of culture and history — many of them are also among the wealthiest figures in the country.
Their wealth comes from a mix of oil investments, real estate, royalties, business ventures, and the economic influence of their thrones. While their net worth estimates are often debated, these monarchs are widely recognized as some of the richest traditional rulers in Africa.
1. Oba Fredrick Obateru Akinruntan – Olugbo of Ugbo
Estimated Net Worth: ~$300 million
The Olugbo of Ugbo, Oba Fredrick Obateru Akinruntan, is often regarded as the richest king in Nigeria. He is the founder of Obat Oil, one of the largest privately owned oil companies in Africa, with over 50 gas stations nationwide and a massive tank farm. Beyond oil, his wealth extends to real estate in Nigeria and abroad, making him the monarch with the most significant business footprint.
2. Sultan Sa’adu Abubakar III – Sultan of Sokoto
Estimated Net Worth: ~$100 million
The Sultan of Sokoto is Nigeria’s most influential Muslim leader and a spiritual authority for millions. Apart from his religious and political influence, Sultan Abubakar controls vast land holdings and investments that contribute to his wealth. His role as a unifying figure for Northern Nigeria further enhances his influence and access to resources.
3. Lamido Sanusi Lamido – Former Emir of Kano
Estimated Net Worth: ~$80 million
Though deposed in 2020, Lamido Muhammadu Sanusi II was reinstated as the Emir of Kano in May 2024 after the Kano State House of Assembly repealed the 2019 law that created additional emirates, restoring the traditional single emirate system.
His return, however, has been trailed by a series of legal disputes, with some court rulings questioning the validity of his reinstatement. Despite these challenges, Sanusi remains recognized by the Kano State government and widely regarded as the de facto Emir, while the final legal outcome is still being contested.
4. Oba Adeyeye Enitan Ogunwusi – Ooni of Ife
Estimated Net Worth: ~$75 million
The Ooni of Ife is one of Nigeria’s most respected monarchs, tracing his ancestry to the cradle of Yoruba civilization. His wealth comes from real estate, hospitality, and cultural tourism projects. The Ooni is also a modern entrepreneur, using his position to promote Nigeria’s heritage globally while investing heavily in real estate development.
5. Oba Ewuare II – Oba of Benin
Estimated Net Worth: ~$65 million
The Oba of Benin commands enormous respect as the custodian of the ancient Benin Kingdom. His financial strength comes from land ownership, traditional royalties, and his role in cultural tourism. As the head of one of Nigeria’s most historically significant monarchies, Oba Ewuare II combines wealth with cultural authority.
6. Obi Nnaemeka Alfred Achebe – Obi of Onitsha
Estimated Net Worth: ~$50 million
The Obi of Onitsha is not only a monarch but also a seasoned businessman. Before ascending the throne, he worked with major corporations like Shell and Unilever. His vast wealth is tied to investments, land ownership, and properties in Onitsha and beyond.
7. Ogiame Atuwatse III – Olu of Warri
Estimated Net Worth: ~$50 million
The Olu of Warri oversees one of the most oil-rich regions in Nigeria. His fortune is tied to investments in oil, real estate, and business enterprises within and outside Delta State. Ogiame Atuwatse III has become a symbol of progress for his people, leveraging both cultural and economic influence.
8. Oba Rilwan Akiolu – Oba of Lagos
Estimated Net Worth: ~$45 million
The Oba of Lagos is one of the most powerful monarchs in Nigeria, with strong influence in the country’s commercial hub. His wealth is largely derived from real estate, business ventures, and his central role in Lagos’ land economy. The Oba of Lagos remains a key figure in Nigeria’s political and economic circles.
9. Aminu Ado Bayero – Emir of Kano
Estimated Net Worth: ~$20 million
The current Emir of Kano, Aminu Ado Bayero, inherited not only a historic throne but also significant influence in Northern Nigeria. His fortune comes from traditional royalties, land, and investments that sustain his royal household.
10. Dein Benjamin Ikenchuku Keagborekuzi I – Dein of Agbor
Estimated Net Worth: ~$10 million
The Dein of Agbor is one of Nigeria’s youngest monarchs, crowned at the age of two. Despite his relatively small kingdom, he is ranked among the richest due to inheritance, local investments, and influence in Delta State.
Conclusion
Traditional rulers in Nigeria hold a unique position, blending cultural authority with financial power. While many derive wealth from ancestral privileges such as land and royalties, others have ventured into modern business, from oil and gas to real estate and hospitality. Together, they highlight how Nigeria’s monarchy continues to wield both cultural and economic significance in a modern society.
