Politics

Top 11 Richest Politicians in Nigeria and Their Source of Wealth

Published

1 year ago

2023/03/30

Politics in Africa is a lucrative business and not a service to humanity. A considerable number of politicians amassed wealth after they were elected into various offices.

Some were wealthy before becoming a politician, and it can also not be ruled out they could have leveraged their political positions to grow their wealth.

Anyways, your answer can be found below if you have been wondering who Nigeria’s richest politicians are.

Before you read on, the estimated net worths quoted for the listed politicians are based on available figures online. Meanwhile, there is no official declaration by the politicians or estimates by a reputable third-party net worth estimator.

1. Bola Ahmed Tinubu – $8 billion

Bola Ahmed Tinubu is considered the richest politician in Nigeria. His net worth is estimated between $5 billion and $8 billion.

The source of wealth of Jagaban (as he is fondly called) is controversial, especially during the heat-up of the 2023 presidential election.

However, Tinubu clarifying how he made his money, said, “I inherited great real estate. I turned the values around. I’m not denying my wealth.”

Likewise, the Director of Strategic Communication of the All Progressives Congress (APC) Presidential Campaign Council, Dele Alake, attributed the source of Tinubu’s wealth to investment in the stocks of blue chip companies.

Read full biography of Tinubu, cars, family and state of origin.

2. Ibrahim Badamasi Babangida – $5 billion

First, it is worth informing you that as of the time of writing this article, General Ibrahim Babangida is alive. Reports of his death are only a rumour.

He is a retired army officer who served as the head of state between 1985 and 1993.

There is no factual online report of Ibrahim Babangida’s source of wealth, but there are rumours he got his wealth from investments in a number of Nigerian companies.

3. Atiku Abubakar – $1.8 Billion

Atiku Abubakar is reportedly worth about $1.8 billion. He has ran six times unsuccessfully for Nigeria’s presidency. He served as the vice presidential candidate of Nigeria from 1999 to 2007 in the Olusegun Obasanjo’s administration.

He was also a comptroller general of the Nigerian Customs for 20 years, and reportedly made his fortune through his position.

Atiku is the co-founder of Integrated Logistics Services Nigeria Limited (Intels), but sold off his shares over the years while blaming the Muhammadu Buhari government, which he claimed has destroyed the nation’s economy.

4. Ifeanyi Ubah – $1.7 billion

Ifeanyi Ubah is reportedly worth $1.7 billion. He is a politician on the list who can also be described as a businessman, as he managed several business ventures before venturing into politics.

Ifeanyi became an exporter of motor tyres and spare parts majorly in West Africa, including Ghana, Sierra Leone, Liberia, and DR Congo, before expanding his business ventures in some European countries, including Belgium and the United Kingdom.

He founded Capital Oil and Gas Limited in 2001. He is also the owner of football club, Ifeanyi Ubah FC.

5. Olusegun Obasanjo – $1.6 billion

Olusegun Obasanjo is estimated to be worth $1.6 billion. He is among the richest farmer in Nigeria.

Obasanjo is a former head of state (1976-1979) and the civilian president from 1999 to 2007; he served 8 years.

He was born in the village of Ibogun-Olaogun to a farming family of the Owu branch of the Yoruba.

Obasanjo is the owner of Ota Farm, popularly known as Obasanjo Farms. The farm was initially founded as Temperance Enterprises Limited (Farming Venture) before changing its name to Obasanjo Farms Nigeria Limited.

The farm, over the years, has undergone a series of development, expansion, sustainability, and consolidation throughout its evolution.

As of present, Obasanjo farms make up to N34 million daily. Apart from its leading site at Ota, it has other branches at Ibadan and Igbo-Ora, Oyo State.

6. Rochas Okorocha – $1.4 billion

7. T.Y Danjuma – $1.2 billion

TY Danjuma: Biography, Education, Career, Companies, Wife, Children, Net Worth, and Controversies.

8. Orji Uzor Kalu – $1.1 billion

9. Ahmadu Adamu Mu’az – $895 million

Ahmadu Adamu Mu’azu was born on June 11, 1955, and was governor of Bauchi State from May 29, 1999, to May 29, 2007. He was appointed PDP National Chairman in 2013.