Long ago, two gods, Goldman and Silverman (gods of war and peace) were asked who was stronger, and in the resulting conflict everything of their bodies were destroyed but their heads, which became the Gold and Silver Masks, sacred relics of the Kinniku Tribe. Goldman made a bargain with Satan for a body with which he would kill heroic choujin.
As Akuma Shogun, he became leader of the Akuma Knights (Ashuraman, Sunshine, The Ninja, Junkman, Planetman, Sneagator, and a revived Buffaloman).
After Geronimo's fight with Sunshine, all the Akuma Knights came into akuma shogun. He then killed geronimo with his hell guillotine and then made ashuraman fight kinnikuman. After ashuraman lost Akuma Shogun made him get inside his ammor. He was going to fight kinnikuman but Buffaloman got in the way so kinnikuman could perfect the Kinniku driver, but akuma shogen easily (more to come).
Later on, in Kinnikuman Nisei, Ashuraman attempted to revive "General Fear" (恐怖の将 Kyōfu no Shō)-- namely Akuma Shōgun. However, before he is about to be fully revived, Ashuraman has a change of heart as a result of his match with Mantaro, and destroys Akuma Shogun. There is some debate as to if Akuma Shōgun and Kyōfu no Shō are exactly the same entity or not. They look identical, but Kyōfu no Shō likely is not Goldman and is likely an incarnation of Satan.
Akuma Shogun Reappears in The Adventures Of Meat-Kun as the Flying Dutchman.