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

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Obateru was born in into the royal family of Sir Frederick Adetolugbo at Ugbo, a riverine area in Ilaje. He is the fourth child of a family of eight but lost his father in when he was 14 years old. In , there was a prophecy that Obateru would become the Olugbo of Ugbo Kingdom, a prophecy he never took seriously. Shortly after this prophecy, a chieftaincy title peculiar to him as the next Olugbo was conferred on his younger brother.

This resulted in a lawsuit against the then-Olugbo by another royal family in the same lineage who demanded that he should be dethroned with the claim that his family had occupied the seat for over years.

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The then-King lost the case and Obateru was appointed as the King in , in accordance with the culture and traditions of Ugbo Kingdom. Oba Obateru loves his kingdom. His reasons are valid for doing so. Obateru is ranked by Forbes magazine as the second richest King in Africa and the richest in Nigeria. Obateru is the first black person to buy the model of Bentley automobile.

It was the first time I saw a hotel in my life. We used to describe hotels as bars. That was the first time I knew the difference between a hotel and a bar On the13th day of September, It is a technology-based institution, which aims at providing the needed manpower training for industrial and technological development of Ondo State and Nigeria as a whole.

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