Nigerian Traditional Ruler, Fredrick Obateru Akinruntan, Arrested For Money Laundering

Agents of the Economic and Financial Crimes Commission (EFCC) late last week interrogated Fredrick Obateru Akinruntan, a flamboyant Nigerian monarch from Ondo State. An EFCC source told SaharaReporters that Mr. Akinruntan, who holds the traditional title of Olugbo Of Ugbo, was grilled in connection with his suspected involvement in money laundering. 

The source said the investigations were too early to determine the amount of money involved in the alleged crime. 

Mr. Akinruntan, who is the traditional ruler of Ugboland, is also known as “Obat.” He is the chairman of Obat Oil Limited, a company that had been cited numerous times in fuel subsidy scams the past.

Our source disclosed that EFCC agents first interrogated Oba Akinruntan last Friday. He added that the monarch was asked to return to the agency on Monday where he faced further questioning from investigators looking into his possible role in significant money laundering and other financial crimes.

Asked if the traditional ruler was likely to face prosecution, our source stated that EFCC agents “have made a lot of progress in putting together a case that warrants charging him [Oba Akinruntan] to court.” But the source added that it was too early to disclose when the traditional ruler might face prosecution.

SOURCE: SAHARA REPORTERS