Despite Loss Of Major Income Earners Over Debts, Why Obateru Akinrutan Is Still Considered A Wealthy King

Eniola Ajayi

It is no longer news, the billionaire king of Ugbo land – in Ondo state – Oba Obateru Akinruntan has lost his major income earners over debts.

The Assets Management Company (AMCON) has taken over the high-value asset and big money hotel in Abuja while the control of the profitable tank farm and oil and gas businesses with huge yields are the hands of financial institutions owed money.

Societynow.ng gathered that the ”oil deals” that kept the Olugbo and his family in luxury are not as it used to be – they are no longer as lucrative and as forthcoming as it used to be.

Insiders disclosed that yet in the face of this scenario, Oba Akinruntan is still considered a wealthy man based on his access to a pipeline to fantastic revenue provided by his position.

”There is the settlement from oil exploration companies like chevron and others ” societynow.ng gathered.

Insiders claim though the Olugbo faces stiff opposition from some of his chiefs – and other stakeholders – over the access and use of the ”settlement” from oil companies, he remains in charge.