Top 10 Richest Politicians in Nigeria & Sources of Wealth

The richest politicians in Nigeria are individuals who have leveraged their positions in politics, business acumen and backgrounds to grow their net worth. In Nigeria, politics has become a lucrative avenue for financial gains instead of the main goal of serving the people.

While some politicians entered the political arena already wealthy, others have utilized their political influence to accumulate even greater fortunes.

In our list, we have Bola Ahmed Tinubu, with an estimated net worth of $8.4 billion, and Atiku Abubakar, with an estimated net worth of $1.6 billion and other politicians. We curated this list through our detailed research and gathered data from reliable sources, including declared assets, public records, business affiliations, and financial disclosures to government entities.

Bola Ahmed Tinubu  – $8.4 billion

Bola Ahmed Tinubu, the Jagaban of Lagos and the present president-elect of Nigeria was born to the Tinubu family on March 29, 1952, in Osun State. Additionally, Tinubu goes by the noble tribe name of Asiwaju, which was given to him by the Oba of Lagos.

Tinubu earned a bachelor’s degree in business administration at Chicago State University in 1976. As the former governor of Nigeria’s richest state, Lagos, Tinubu is, without a doubt, the wealthiest politician in the country and is said to have significant influence still today.

Nigerian politician and businessman Bola Ahmed Adekunle Tinubu ruled as Lagos State’s governor from 1999 to 2007. He also served as Lagos West’s representative in the Nigerian Senate from 1992 to 1993. Tinubu is a member of the All Progressives Congress (APC), now in power, and is primarily regarded as the party’s national leader. He was crucial in the APC’s creation and contributed significantly to the party’s victory in the most recent elections in Nigeria. In Nigeria, Tinubu is well-known for his charity work, effective leadership, and political involvement.

The All Progressives Congress’s national leader and candidate for President in 2023 is Asiwaju Bola Ahmed Tinubu (APC). The Oba of Lagos, who serves in a ceremonial capacity as the state of Lagos’s traditional ruler, bestowed upon him the tribal aristocratic title of Asiwaju.

Apart from politics, Asiwaju Bola Ahmed Tinubu owns Oando Plc, one of Nigeria’s leading oil-producing companies with over 450 million Naira in annual revenues.

In addition, Bola Ahmed Tinubu is the sole proprietor of Television Continental (TVC), an African television network that transmits in Ghana and South Africa in addition to Nigeria.

Based on his assets, and businesses, he is estimated to be worth about $8.4 billion, making him Nigeria’s wealthiest politician.

Ibrahim Badamasi Babangida– $5 billion

General Ibrahim Babangida is Nigeria’s second-richest politician. Babangida was born in Nigeria’s state of Nigeria on August 17, 1941.

The Federal Republic of Nigeria was governed by Babangida, popularly known as IBB, “Maradona,” or “The Evil Genius,” from August 27, 1985, until his resignation in August 1993. Before orchestrating the coup of Muhammadu Buhari in a palace coup d’état, the former army general presided over the Armed Forces Ruling Council from 1985 to 1993 and held the position of Chief of Army Staff from 1984 to 1985.

Former Nigerian military chief of state from 1985 to 1993, Ibrahim Badamasi Babangida, popularly known as IBB, is a retired military officer and politician from Nigeria. He assumed power after successfully orchestrating a military coup that overthrew the previous administration and ruled the nation for almost eight years. Babangida carried out various reforms in office, such as economic liberalization and the move to multiparty democracy.

However, his administration was infamous for massive political repression, corruption, and human rights violations. Babangida made plans to switch to a civilian administration in 1993, but he was ultimately forced to resign due to protracted demonstrations. Today, he remains a controversial figure in Nigerian politics.

He is one of the richest politicians in Nigeria with a $5 billion net worth and has luxurious cars and homes worldwide. He controls 24% of Globacom, Nigeria’s second-largest telecom firm, and 65% of Fruitex International Limited, a corporation headquartered in London.

Olusegun Obasanjo – $1.7 billion 

Olusegun Obasanjo, a statesman and military leader from Nigeria, ruled over Nigeria as President from 1999 to 2007. He was born in Abeokuta, Nigeria, on March 5, 1937. Obasanjo served as the Chief of Staff of the Nigerian Army during the nation’s civil war in the late 1960s and early 1970s before being elected President.

 He was detained for planning a military takeover after the war, but he was later freed and went on to serve as the nation’s civilian President. Obasanjo is well known as a statesman who has contributed significantly to both African and international affairs.

He has amassed a fortune through government wages, investments, and commercial endeavours. He has extensive farms all over and is well-recognized for Agriculture. According to reports, OBJ owns Otta Farms, one of West Africa’s largest poultry farms.

Despite not being widely known, he participates in more than 6.5% of Nigeria’s primary oil production, marketing, and distribution. He is worth about 1.7 billion dollars, making him the third richest politician in Nigeria. 

Atiku Abubakar – $1.6 Billion

Atiku Abubakar is a well-known Nigerian politician and businessman born November 25, 1946, in Jada, Adamawa State, Nigeria. He served as Vice President of Nigeria under President Olusegun Obasanjo from 1999 to 2007. Apart from his political career, Atiku has also achieved success in business, notably by establishing the American University of Nigeria in Yola.

He earned a fortune from his position as comptroller general of the Nigerian Customs for 20 years. He established the logistics firm Nigeria Container Service while working for Nigerian Customs (INTELS). Between 2000 and 2008, the business is said to have laundered over $100 million into American banks. In addition to INTELS, Atiku Abubakar owns other companies in Nigeria, including those in the beverage, media, education, and other sectors.

He is among the wealthiest people in Nigeria, with a net worth estimated to be around $1.6 billion. Much of his fortune stems from his investments in real estate, agribusiness, and other enterprises.

In recent years, Atiku has remained actively involved in Nigerian politics, running for the presidency multiple times and being associated with the People’s Democratic Party (PDP). However, he has been unsuccessful in both attempts. Currently, he is challenging the outcome of the presidential election in court.

Ifeanyi Ubah – $1.5billion

Ifeanyi Ubah, born on September 3, 1971, is a successful businessman whose journey to wealth preceded his involvement in politics.

He had to leave school to become a trader while growing up as the first of seven children in a suburb of Abuja, but luck smiled on him at the age of 19 when he made his first million. He ran unsuccessfully for governor of his state in 2014. He ran for and was elected to the Nigerian Senate in 2019 to represent the Anambra South Senatorial District.

Ifeanyi Ubah owns the Ifeanyi Ubah FC football team and is the board of directors chairman for several illustrious Nigerian corporations. Ifeanyi Ubah is one of the top 10 richest individuals in Nnewi and Nigeria and has a net worth of $1. 5billion.

Ifeanyi Ubah is a renowned vehicle collector with an impressive collection that includes a Land Rover, Cadillac Escalade, Toyota Land Cruiser, and Toyota Highlander, all of which are considered high-end and valuable.

In addition to his passion for automobiles, Ifeanyi Ubah is also the proud owner of a luxurious $31 million Embraer Legacy 600 private aircraft. His diverse business interests extend beyond Nigeria, and his net worth of $1.5 billion positions him as one of the wealthiest politicians in the country.

Rochas Okorocha – $1.4 billion 

Rochas Okorocha was born on September 22, 1962, a politician and businessman from Nigeria. He was the governor of Nigeria’s Imo State from 2011 to 2019 and hails from a royal family there.

He was already successful before entering politics and was able to support his community by founding the Rochas Foundation. He started this organization and was known for his benevolence, seen in the numerous special schools he established around Nigeria and provided scholarships to the country’s less fortunate youngsters.

Rochas Okorocha entered politics and worked as a commissioner and member of the National Constitutional Conference. When democracy was restored in 1999, Okorocha once ran for governor of Imo State as a candidate for the People’s Democratic Party (PDP), but Achike Udenwa defeated him.

He later ran for governor in 2011 and won. Rochas Okorocha. From 2011 to 2019, he served as the governor of Imo State in Nigeria. He previously served as Nigeria’s governor and as an Imo West senator. Okorocha is a political party member of the All Progressives Congress (APC).

Rochas Okoracha is widely recognized as one of the richest politicians in Nigeria, with an estimated net worth of $1.5 billion

Orji Uzor Kalu – $1.4 billion 

Orji Uzor Kalu, a Nigerian millionaire businessman and politician, is the visionary behind Slok Holding, a prominent Nigerian conglomerate with diverse interests spanning shipping, media, commodity trading, and banking. He was born on April 21st 1960, in Abia state and ruled over Abia State as its governor from 1999 to 2007.

Kalu studied business administration at the University of Maiduguri before moving to Harvard Business School. 1992 saw him make his political debut when he was chosen to serve in the House of Representatives. He chaired the House Committee on Customs and Excise. He was selected to serve two terms as governor of Abia State beginning in 1999.

In his interview with Forbes, he revealed that he kick-started his business venture with a $35 loan from his mother. Remarkably, he achieved millionaire status before reaching the age of 20. Back in 2015, Forbes Magazine recognized his success by ranking him 49th among Africa’s 50 wealthiest individuals in terms of net worth

Orji Uzor Kalu is one of Nigeria’s most prosperous and accomplished politicians with an estimated net worth of $1.1 billion.

Ahmadu Adamu Mu’az – $895 million

DOB: June 11, 1955

Sources of wealth: Investment and Contracts

Name of party: Peoples Democratic Party (PDP)

Political position: Former Governor of Bauchi

Alhaji Ahmadu Adamu Mu’azu was born on June 11, 1955, in Boto, Tafawa Balewa Local Government Area, Bauchi State, Nigeria. He studied Political Science at Ahmadu Bello University before moving to the University of Maiduguri for his master’s in Public Administration.

Mu’azu started his political career in the 1970s when he was elected to the Bauchi State House of Assembly. He later became the Minority Leader in the Senate, where he served. He is among Nigeria’s richest politicians, with an estimated net worth of $895 million.

Adamu Mu’azu served as a quantity surveyor and project manager for the Ministries of Health and Social Welfare, Youth, Sports, and Culture in Kano State. Later, he served as national chairman of the Peoples Democratic Party (PDP) and as governor of Bauchi State for two terms.

Alhaji Ahmadu Adamu Mu’azu ranks 8th on the list of Nigeria’s richest politicians, with a net worth of $895 million.

Dino Melaye – $800 million

Dino Melaye is from Kogi state and was born on January 1 1974. Dino Melaye owns several investments, the majority of which are overseas. 

Dino Melaye is most known for serving as a senator representing the Kogi West Senatorial District before losing his seat. Dino Melaye was one of the most vocal senators and a scathing critic of consecutive presidents. One of the most divisive figures in Nigerian politics, Dino Melaye, has frequently been a trending topic on social media over the past few years.

Dino Melaye, still involved in politics, was chosen to be the spokesperson for the Atiku Abubakar campaign in the 2023 elections. Dino Melaye, possibly Nigeria’s largest vehicle collector. He is one of the richest politicians in Nigeria, with a net worth of 800 million dollars. 

Rotimi Amaechi – $780 million

Rotimi Amaechi, born on May 27, 1965, is a prominent Nigerian politician who has made significant strides in his career. He served as the Federal Minister of Transportation of Nigeria from 2015 to 2022, working diligently within President Muhammadu Buhari’s administration.

Before assuming the governorship, Amaechi served as the Speaker of the Rivers State House of Assembly from 1999 to 2007, demonstrating his dedication to public sservice.

As one of Nigeria’s affluent politicians, he has amassed an estimated fortune of $780 million. Despite his claims to the contrary, reports suggest that he may be the owner of a luxurious Brazilian Embraer Legacy aircraft valued at a staggering N9 billion.

Furthermore, Amaechi boasts an impressive collection of high-end automobiles, including the Mercedes-Maybach Vision 6, Mercedes Amg G63, Mercedes S550, Land Rover Discovery, and Lexus LX 570.

In the APC presidential primaries held in June 2022, he garnered significant support, securing the second position with 316 votes from the delegates.

How We Ranked The Richest Politicians in Nigeria 

We gathered information on the politicians’ declared assets, public records, business affiliations, and all their financial disclosures or declarations made to relevant government bodies. We validated the collected data by cross-referencing different sources and fact-checking the information to ensure accuracy.

We also calculated the approximate value of the politicians’ assets based on market rates, property evaluations, and other relevant valuation methods. After this, we compared the accumulated wealth of the different politicians to establish a ranking of the richest individuals.

Conclusion 

In conclusion, Nigeria is home to several wealthy politicians who have amassed substantial fortunes through their business ventures and political careers.

Frequently Asked Question 

Who is the richest family in Nigeria? 

The Aliko Dangote family, headed by Aliko Dangote himself, is widely recognized as the wealthiest family in Nigeria.

Who is the richest between Tinubu and Atiku? 

Based on our research, Bola Ahmed Tinubu’s net worth is $8.4 billion, which surpasses Atiku Abubakar’s with a net worth of $1.6 billion, indicating that Tinubu is way richer than Atiku.

Who is the richest politician in the world? 

Michael Bloomberg is the richest politician, and he is from the United States. He has an estimated net worth of around $76.8 billion. Bloomberg, an American businessman, philanthropist, and former mayor of New York City, has built his fortune primarily through his successful media company, Bloomberg LP.

Is Peter Obi one of the richest politicians in Nigeria>

No, Peter Obi is not one of the top 10 richest politicians in Nigeria. His net worth is $10 million, read more about Peter Obi’s net worth.