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The Monarchical system in Nigeria dates back to the pre-colonial era when many of the communities in Nigeria existed as independent states.  These communities have kings and traditional rulers who are seen as dignified citizens and demigods, who serve as God’s representatives on earth. Despite British colonization, amalgamation, and the recent wave of Westernization that swept the African continent, many of these communities have kept their tradition, continuing the monarchical system government in each of the respective communities.

Although the said Kings and traditional rulers do not have formal political power, they continue to command respect from their people and have considerable influence. Some of them have been able to use this influence and respect to generate a great fortune for themselves and their entire community at large. While some others have built a concrete career in the business and corporate world before their enthronement. With respect to these data, stories, and evidence, we’ve compiled a list of the 10 richest kings in Nigeria.

10. Ogiame Atuwatse III

Top 10 Richest Kings in Nigeria (2022): Ogiame Atuwatse III

  • Net Worth: $5 Million
  • Kingdom: Iwere Kingdom
  • Royal Title: Orlu of Warri

The 21st Orlu of Warri, Ogiame Atuwatse III, with an estimated net worth of  $5 Million, takes the tenth place among the richest Kings in Nigeria. He was crowned the 21st Olu of Warri in  2021 at Ode-Itsekiri succeeding his uncle, Ogiame Ikenwoli I the 20th Olu of Warri.

Atuwatse attended NNPC Primary School in Warri and Adesoye College in  Kwara State for his primary education.  He obtained a bachelor’s degree in International Studies and Political Science from Case Western Reserve University, the USA in 2006. He also obtained a master of science degree in management from the same university’s Weatherhead School of Management in 2007.

Ogiame Atuwatse is revered by many of his subjects, despite the antagonization of the Ologbotsere of Warri, Chief Ayiri Emami who resisted Ogiame ascension due to his mother’s Yoruba heritage

9. Adedotun Aremu Gbadebo III

Top 10 Richest Kings in Nigeria (2022): Adedotun Aremu Gbadebo III

  • Net Worth: $5 Million
  • Kingdom: Egba Kingdom
  • Royal Title: Alake of Egbaland

The Incumbent Alake of Egba, Adedotun Aremu Gbadebo III, with an estimated net worth of $ 5 Million, takes ninth place among the richest kings in Nigeria in 2023. He was born on 14 September 1943. He is a grandson of the sixth Alake of Egbaland, Oba Gbadebo, who ruled from 1898 to 1920.

Gbadebo attended the Baptist Boys’ High School in Abeokuta and Ibadan Grammar School, then went on to the University of Ibadan in 1965, obtaining a Bachelor of Arts degree in 1969. He joined the army in 1969 and was a Principal Staff Officer to Major-General Tunde Idiagbon.  He retired from the army as a Colonel.

Adedotun has ruled the communities of Egba since  August 2 2005 succeeding the former Alake, Oba Oyebade Lipede, after scoring 15 out of 23 votes in an election conducted by the Egba kingmakers, defeating eight competitors including his younger brother, Adeleke.

8. Benjamin Ikenchuku Keagborekuzi

  • Net Worth: $10 Million
  • Kingdom: Agbor Kingdom
  • Royal Title: Dein of Agbor Kingdom

Benjamin Keagborekuzi Ikenchukuis the Dein of Agbor kingdom, a town in Delta State. He was named the world’s youngest crowned monarch in the 1980 edition of the Guinness Book of World Records. He has an estimated net worth of $10 Million putting him in eighth place among the richest kings in Nigeria.

Benjamin ascended the throne at the age of 2  in 1979, after the unexpected demise of his father. He traveled to the United Kingdom in 1981, where he spent the first twenty years of his life. To govern the kingdom, a regent reigned in his stead until 2001 when he returned to take over the governance of the monarchy.

He was the Chancellor of the University of Ilorin (2006-2015) and was responsible for resolving the dispute between the Agbor-Obi Youth Movement and the police in 2003. In March 2020, he told Daily Times Nigeria that his chiefdom would partner with the NAPTIP to end the trafficking of persons in his domain.

7.  Aminu Ado Bayero

Aminu Ado Bayero

  • Net Worth: $20 Million
  • Kingdom: Emirate of Kano
  • Royal Title: Emir of Kano

The 15th Emir of Kano, Aminu Ado Bayero is the Traditional ruler of the city of Kano. He ascended the throne on 9 March 2020, following the deposition of his nephew Muhammad Sanusi II by Governor Dr. Abdullahi Umar Ganduje. He has an estimated net worth of $20 Million, making him one of the richest kings in Nigeria in 2023.

7.  Aminu Ado Bayero

Aminu Ado Bayero

  • Net Worth: $20 Million
  • Kingdom: Emirate of Kano
  • Royal Title: Emir of Kano

The 15th Emir of Kano, Aminu Ado Bayero is the Traditional ruler of the city of Kano. He ascended the throne on 9 March 2020, following the deposition of his nephew Muhammad Sanusi II by Governor Dr. Abdullahi Umar Ganduje. He has an estimated net worth of $20 Million, making him one of the richest kings in Nigeria in 2023.

5. Nnaemeka Alfred Ugochukwu Achebe

Nnaemeka Alfred Ugochukwu Achebe

  • Net Worth: $50 Million
  • Kingdom: City of Onitsha
  • Royal Title: Obi of Onitsha

The Obi of Onitsha, Nnaemeka Alfred Achebe is the traditional ruler of Onitsha in Anambra State. He is one of the richest kings in Nigeria, with an estimated net worth of $50 Million. Before his emergence as the Obi of Onitsha in 2002, he had a long and distinguished career in the Royal Dutch Shell Group serving as Director in various companies in the group.

He was also the chairman of Diamond Bank PLC and Universal Insurance PLC and is currently the chairman of Unilever Nigeria PLC, Intafact Beverages Limited (SAB-Miller), and International Breweries (ABInBev) Nigeria. and Omak Maritime Limited.

On two occasions, Obi Achebe has served the nation on panels of inquiry in the petroleum sector. In 1976, he was a member of the Administrative Panel of Enquiry on the Port Harcourt Refinery. In 2004, President Obasanjo called on him to be Chairman of the Presidential inquiry into the February 2003 Fuel Shortage in the country.

Due to his numerous contributions to the societal development of Nigeria. He was decorated with the National Honour* of Commander of the Order of the Federal Republic (CFR) in 2004. He was also appointed Chairman of the Anambra State Traditional Rulers Council in 2008.

4. Oba Ewuare II Ogidigan

Top 10 Richest Kings in Nigeria (2022): Oba Ewuare II Ogidigan

  • Net Worth: $60 Million
  • Kingdom: Kingdom of Benin
  • Royal Title: Oba of Benin

The 40th Oba of Benin, Oba Ewuare II Ogidigan, with an estimated net worth of $60 Million joins the list of the richest kings in Nigeria in 2023.  He is the traditional ruler of the people of Benin in Edo State, Nigeria, who ascended the throne in October 2016.

Like many of his predecessors, he started his rule by demanding that the spiritually and historically important Benin Bronzes that were stolen in 1897 by the British Empire be returned to his people. Prior to his emergence as the Oba of Benin, he worked at the United Nations between 1981 and 1982.

He also served as Nigeria’s Ambassador to Angola, Italy, and Sweden, with accreditation to Norway, Denmark, and the Republic of Finland.  He holds a degree in Economics from the University of Wales, UK, and a Master’s degree in Public Administration from Rutgers University Graduate School, New Jersey, USA.

3. Oba Adeyeye Ogunwusi Eniitan

Oba Adeyeye Ogunwusi Eniitan

  • Net Worth: $70 Million
  • Kingdom: Kingdom of Ife
  • Royal Title: Ooni of Ife

The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi is the traditional ruler/monarch of the Yoruba kingdom of Ile-Ife. He acceded to the throne in 2015 succeeding the deceased Oba Okunade Sijuwade. With a net worth of $70 Million, Adeyeye takes third place among the richest kings in Nigeria in 2023.

Oba Adeyeye is a member of the Institute of Chartered Accountants of Nigeria, an Associate Accounting Technician, and a certified member of the Institute of Directors. He is also a member of the Global Real Estate Institute. He holds several honorary doctorate degrees: one in Public Administration from the University of Nigeria, Nsukka, and another in Law from Igbinedion University.

The Oba is an advocate for the empowerment and emancipation of women and young people. He is also a renowned philanthropist, who is committed to humanity and an advocate for the less privileged. He has granted support over the years through the House of Oduduwa Foundation.

2. Sa’adu Abubakar

eid-el-kabir to hold july 20- sultan of sokoto announces

  • Net Worth: $100 Million
  • Kingdom: The Caliphate of Sokoto
  • Royal Title: Sultan of Sokoto

The 20th Sultan of Sokoto, Sa’adu Abubakar, with an estimated net worth of $100 Million, takes second place among the richest kings in Nigeria in 2023. As the Sultan of the Sokoto Caliphate, He is considered the spiritual leader of Nigeria’s Muslims and the most powerful traditional ruler in northern Nigeria.

Sa’adu Abubakar was born on August 24, 1956, and is the youngest son of the 17th Sultan, Sir Siddiq Abubakar III, who held the Sultanate for over fifty years. He ascended the throne in November 2006, following the death of his brother, Muhammadu Maccido, who died on ADC Airlines Flight 53.

As the Sultan of Sokoto, Abubakar is the leader of the Qadiriyya Sufi order, which is the most important Muslim position in Nigeria. He is also the head of Jama’atu Nasril Islam and the Nigerian Supreme Council for Islamic Affairs (NSCIA).

1.  Oba Obateru Akinrutan

Top 10 Richest Kings in Nigeria (2022): Oba Obateru Akinrutan

  • Net Worth: $300 Million
  • Kingdom: Ugbo Kingdom
  • Royal Title: Ulugbo of Ugbo

Oba Obateru Akinrutan also known as the Ulugbo of Ugbo is the traditional ruler of the Ugbo Kingdom, a town in Ilaje, Ondo State.  He is the richest king in Nigeria and the second richest in Africa with an estimated net worth of $300 Million according to Forbes.

Obateru is also the founder of Obat Oil, one of Nigeria’s largest and leading privately held oil companies. The Company was founded in established in 1981. The company presently has more than 50 gas stations across the six geopolitical zones of Nigeria and one of the largest tank farms in Africa

According to reports, Obateru has a custom-built 2012 Rolls Royce similar to that of Queen Elizabeth II of England and a wristwatch that cost $1 million. He is the first black person to buy the 2014 model Bentley automobile.

Top 10 Richest Kings in Nigeria [2023/2024]

Here is a table summarizing the list of the richest Kings in Nigeria and their worth

Rank  Name Title Net worth 
1 Oba Obateru Akinrutan Olugbo of Ugbo $300 Million
2 Sa’adu Abubakar Sultan of Sokoto $100 Million
3 Oba Adeyeye Ogunwusi Eniitan Ooni Of Ife $70 Million
4 Oba Ewuare II Ogidigan Oba of Benin $60 Million
5 Nnaemeka Alfred Ugochukwu Achebe Obi of Onitsha $50 Million
6 Oba Babatunde Aremu Akiolu Oba of Lagos $40 Million
7  Aminu Ado Bayero Emir of Kano $20 Million
8 Benjamin Ikenchuku Keagborekuzi Dein of Agbor $10 Million
9 Adedotun Aremu Gbadebo III Alake of Egba $5 Million
10 Ogiame Atuwatse III Orlu of Warri $5 Million