During the recently concluded primaries, Nigerian politicians were alleged to have doled huge sums of money to lobby party delegates for their votes. This piqued our interest to know the richest politicians in Nigeria.
It is no news that politics is very lucrative if you know where to look and who to mingle with. Nigerian politicians are some of the richest people in the country and Africa. With the country’s resources at their disposal as well as connections for business, they enrich themselves.
Nigeria is rich in mostly untapped natural resources. For decades, the country has depended solely on crude oil for external revenues. Allegations from different quarters claim some politicians have enriched themselves with the country’s resources.
Richest politicians in Nigeria
Skabash presents to you the top 10 richest politicians in Nigeria:
Bola Ahmed Adekunle Tinubu is a Nigerian politician and accountant. Born on March 29, 1952, in Lagos State, Nigeria, Tinubu began his political career when he joined the Social Democratic Party in 1992. He was a member of the Peoples Front faction led by Shehu Musa Yar’Adua. Other politicians in the group were Umaru Yar’Adua, Atiku Abubakar, Baba Gana Kingibe, Rabiu Kwankwaso, Abdullahi Aliyu Sumaila, Magaji Abdullahi, Dapo Sarumi and Yomi Edu.
Tinubu was elected to the Senate, representing the Lagos West Constituency in the Third Republic. He headed the pro-democracy National Democratic Coalition, a group he founded to fight for restoring the June 12 presidential elections results. In May 1999, Tinubu was elected Governor of Lagos State under the flagship of the Alliance for Democracy party (AD).
Tinubu is currently the national leader of the All Progressive Congress party (APC) and recently clinched the presidential ticket for the 2023 elections. Apart from politics, Tinubu has business interests in hospitality, oil and gas, media, and real estate. He is the owner of Television Continental (TVC), a television network that broadcasts in Nigeria and other African countries like South Africa, Ghana, etc. He also owns Oando Plc, one of Nigeria’s top oil-producing enterprises.
Tinubu also owns a private jet, a $60 million, several luxury cars, and other expensive landed properties. His net worth is estimated at N3.48 trillion ($8.4bn).
Gen. Ibrahim Babangida
Ibrahim Badamasi Babangida GCFR is a retired Nigerian Army General, businessman, and politician. Born on August 17, 1941, in Minna, Niger State, Babangida was the military Head of State after overthrowing General Mohammadu Buhari in 1983. However, IBB, as he is fondly called, will always be remembered for annulling the results of the 1993 presidential elections where Moshood Abiola was unofficially declared the winner.
Following the backlash he received for his decision, he announced he would step aside and allow an interim government led by Ernest Shonekan. Babangida has maintained a low profile since Buhari became President in 2014. His net worth is estimated at N2.07 trillion ($5bn).
Atiku Abubakar is a Nigerian politician, businessman, and former customs officer. He was Nigeria’s Vice President under Chief Olusegun Obasanjo from 1999 to 2007. Before joining politics, Atiku spent twenty years in the Nigeria Customs Service, rising to the post of Deputy Director, the second-highest position at the time. He was elected Governor of Adamawa State in 1998 but stepped aside to take the role of the Vice President of the Federal Republic of Nigeria.
Atiku has run for President five times – 1993, 2007, 2011, 2015, and 2019. He is making his sixth attempt in the 2023 elections under the flagship of the PDP. Apart from politics, Atiku owns Intels Nigeria Limited, Prodeco, Atiku Abubakar farm, ABTI schools, including the American University of Nigeria (AUN), Adama Beverages, and Gotel Communications. His net worth is estimated at N747 billion ($1.8bn).
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Dr. Patrick Ifeanyi Ubah is a Nigerian businessman and entrepreneur currently representing Anambra South Senatorial District in the Nigerian Senate. He is the CEO of Capital Oils and also has business interests in spare parts, real estate, transportation, and football club (Ifeanyi Ubah FC). Born on September 3, 1971, in Otolo Nnewi, Anambra State, Ifeanyi Uba made his first million at 19. His current net worth is believed to be N705.5 billion ($1.7bn).
Chief Olusegun Obasanjo, GCFR
Chief Olusegun Obasanjo, GCFR, Ph.D. is a retired Army General, businessman, and politician. Born on March 5, 1935, in Ibogun-Olaogun, Ogun State, Obasanjo served as Nigeria’s military Head of State from 1976 to 1979 and later as its President from 1999 to 2007. Apart from politics, Obasanjo, or OBJ as fondly called, owns Otta Farms and oil blocks in Nigeria and other countries. His net worth is estimated at $1.6 billion.
Owelle Rochas Anayo Okorocha is a Nigerian politician and businessman from Imo State, southeast Nigeria. He is also the former Governor of Imo State and currently represents Imo West Senatorial district at the 9th Nigerian Senate. Born on March 22, 1962, in Ogboko, Ideato South Local Government Area, Imo State, Okorocha rose from poverty through hard work and perseverance. He joined politics in 2007 and ran for Governor under PDP but lost to Achikwe Udenwa. He later won the gubernatorial elections under the All Progressives Grand Alliance in 2011 and served two terms. His current net worth is speculated to be N539.5 billion ($1.3bn).
Orji Uzor Kalu
Chief Orji Uzor Kalu is a Nigerian politician and businessman from Abia State. He was the Governor of Abia State from 1999 to 2007 and currently serves as a senator representing Abia North Senatorial District. Kalu is Chief Whip of the House of Senate. He was the then chairman of the Borno Water Board and the chairman of the Cooperative and Commerce Bank Limited. Born on April 21, 1960, Kalu grew his business from a loan he took from his mother. Today, he owns oil production, a shipping company, and newspaper companies (The New Telegraph and The Daily Sun).
Orji Uzor Kalu was a Progressive Peoples Alliance (PPA) member and PDP before he left to join the APC. His net worth is currently estimated at N456.5 billion ($1.1bn).
Ahmadu Adamu Mu’Azu
Ahmadu Adamu Mu’Azu is the former Governor of Bauchi State from 1999 to 2007. Before that, he worked as a property manager as a civil servant at Bauchi State Investment and Property Development Company. The controversial politician was the national chairman of the PDP. His net worth is estimated at N371.43 billion ($895m).
Dino Melaye is a Nigerian politician and former Senator. He represented the Kogi West Senatorial District in the 8th Nigerian National Assembly. Born in Kano State, Nigeria, but originally from Ayetoro Gbede in Ijumu Local Government Area of Kogi State, Melaye was the President of the National Association of Nigerian Students (NANS), Secretary-General of African Youth Council, and later the Commonwealth Youth Council. The outspoken former Senator is a self-confessed car nut with a luxury car collection. They include Bugatti Veyron ($1.9m), three Rolls-Royces ($1.5m), a Lamborghini Huracan ($300,000), and a Bentley Continental ($320,000), and many other extravagant supercars, such as the McLaren MP14 ($200,000). His net worth is estimated at N332 billion ($800m).
Chibuike Rotimi Amaechi completes the list of our top 10 richest politicians in Nigeria. He is the former Governor of Rivers State from 2007 to 2015. Before then, he served as Speaker of the Rivers State House of Assembly from 1999 to 2007, all under the platform of PDP. In November 2013, Amaechi defected to APC alongside members of the G-7. Subsequently, he became Director-General of Muhammadu Buhari’s presidential campaign. Following Buhari’s victory as President in 2015, Amaechi was appointed Federal Minister of Transportation, a position he held until May 16, 2022. He declared interest in running for President in the 2023 elections but lost the primaries to his closest rival, Tinubu.
Amaechi’s net worth is estimated at N323.7 billion ($780m), making him the 10th richest politician in Nigeria.
*Editor’s note: The above net worths, including vehicles and other properties, are estimates and may not reflect the real figures.