Top 10 Richest Politician In Nigeria

Top 10 Richest Politician In Nigeria

Nigeria is a country with a rich political history. It gained independence from British colonial rule in 1960 and has since had a series of military coups and democratic transitions. It’s a presidential representative democratic republic where the president is both the head of state and government.

In the past years, politics in Africa is often considered a lucrative business rather than a service to humanity. Many politicians have been known to amass wealth after being elected into various offices, and it’s not uncommon for some to be wealthy before even joining politics. It’s also possible that some politicians have leveraged their political positions to grow their wealth.

In this article, we will be exploring the top 10 richest politicians in Nigeria. It’s important to note that the estimated net worths we will be sharing are based on available figures online, as there is no official declaration by the politicians or estimates by a reputable third-party net worth estimator.

We believe that it’s important to understand the financial status of politicians as it gives us insight into their sources of income and possible avenues for corruption. Join us as we delve into the backgrounds and wealth of Nigeria’s most affluent politicians.

So, without further ado, let’s take a look at the top 10 richest politicians in Nigeria

Top Reads: Most Expensive House In Nigeria

Top 10 Richest Politicians In Nigeria

1. Bola Ahmed Tinubu – $8.4 billion

Bola Ahmed Tinubu (Jagaban as he is fondly called) was born on March 29, 1952, in Lagos State, Nigeria. He holds a Bachelor’s degree in Accounting and a Master’s degree in Business Administration from the Chicago State University and the University of Chicago respectively.

He began his political career in 1992 when he contested and won a seat in the Nigerian Senate under the platform of the Social Democratic Party. He was later elected as the Governor of Lagos State in 1999, serving two terms until 2007.

The source of Bola Ahmed Tinubu’s wealth has been a topic of controversy, especially during the build-up to the 2023 presidential election. However, Tinubu himself has clarified that he inherited significant real estate, which he then turned around for profit.

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

Tinubu is known to own several high-value properties in Lagos State and has significant investments in the Nigerian telecommunications sector through his stake in Oando PLC.

Bola Ahmed Tinubu’s contributions to Nigeria’s political and economic development are significant. As the Governor of Lagos State, he played a critical role in transforming the state’s infrastructure and economy. He initiated several development projects such as road constructions, flyovers, and bridges, which improved transportation and connectivity across the state.

His administration also introduced the Land Use Charge Law, which helped to increase the state’s internally generated revenue. Tinubu’s political influence extends beyond Lagos State, having been a key player in the formation of the All Progressives Congress (APC) and contributing significantly to the party’s victory in the 2015 presidential election.

Top Reads: Most Beautiful Places In Abuja

2. Ifeanyi Ubah – $1.7 billion

Ifeanyi Ubah was born on September 3, 1971, in Umuanuka, Anambra State, Nigeria. He is a businessman, entrepreneur, and politician.

He is the founder and Chairman of Capital Oil and Gas Industries Limited, one of the largest downstream oil and gas companies in Nigeria. He is also the owner of Ifeanyi Ubah Football Club, a Nigerian professional football club.

In 2019, he was elected as a Senator representing Anambra South Senatorial District in the Nigerian Senate under the platform of the Young Progressives Party (YPP).

Ifeanyi Ubah’s wealth can be traced back to his successful business ventures, particularly in the oil and gas sector. He started his business career in the 1990s as a spare parts dealer before venturing into the oil and gas industry in the early 2000s.

He founded Capital Oil and Gas Industries Limited, which grew to become one of the largest oil marketing companies in Nigeria. The company has interests in petroleum products marketing, storage, and distribution.

In addition to his oil and gas business, Ifeanyi Ubah has investments in other sectors of the Nigerian economy, including real estate and manufacturing.

Top Reads: Most Respected African Countries

3. Olusegun Obasanjo – $1.5 billion

Olusegun Obasanjo was born on March 5, 1937, in Abeokuta, Ogun State, Nigeria. He is a former Nigerian Army general, statesman, and politician. Obasanjo served as the President of Nigeria from 1999 to 2007, after serving as Head of State from 1976 to 1979.

Olusegun Obasanjo’s wealth can be attributed to his successful career in the Nigerian Army and politics. He served in various high-ranking military positions in Nigeria, including as Chief of Army Staff and Head of State.

After his retirement from the military, Obasanjo ventured into business, where he has interests in several sectors of the Nigerian economy, including agriculture, real estate, and telecommunications.

He is the founder of the Obasanjo Holdings Limited, which has interests in various industries, including agriculture, real estate, and manufacturing. He is also the founder of the Olusegun Obasanjo Presidential Library, a research and cultural center located in Abeokuta, Ogun State, Nigeria.

4. Rochas Okorocha – $1.5 billion

Rochas Okorocha was born on September 22, 1962, in Imo State, Nigeria. He is a Nigerian businessman, philanthropist, and politician who served as the Governor of Imo State from 2011 to 2019.

Rochas Okorocha’s wealth can be attributed to his successful business ventures, including real estate, education, and hospitality. He is the founder of the Rochas Foundation, a non-governmental organization that provides free education to underprivileged children in Nigeria.

He also owns several hotels, including the Rochas Okorocha Foundation College of Africa in Owerri, Imo State, Nigeria. In addition, Okorocha has been involved in several real estate developments across Nigeria, including the construction of the Imo State Government House and the Rochas Foundation College in Owerri.

Top Reads: The Most Developed State In Nigeria

5. Atiku Abubakar – $1.4 billion

Atiku Abubakar was born on November 25, 1946, in Jada, Adamawa State, Nigeria. He is a Nigerian businessman and politician who served as the Vice President of Nigeria from 1999 to 2007. He has also contested in several presidential elections in Nigeria, Including the 2023 presidential election.

Atiku Abubakar’s wealth can be traced to his successful business ventures in Nigeria and beyond. He started his career as a customs officer in Nigeria and later established his own logistics and oil services company, Intels Nigeria Limited. The company has grown to become one of the largest logistics and oil services companies in Nigeria and West Africa.

In addition, Atiku Abubakar has also invested in other sectors of the economy, including agriculture, education, and real estate. He owns several companies in Nigeria and other parts of the world, including the American University of Nigeria in Yola, Adamawa State, Nigeria.

However, Atiku Abubakar’s source of wealth has been a subject of controversy, with allegations of corruption and money laundering levelled against him by some quarters.

Top Reads: Top Local Airports In Nigeria And Their Locations 

6. Orji Uzor Kalu – $1.1 billion

Orji Uzor Kalu was born on April 21, 1960, in Abia State, Nigeria. He is a Nigerian businessman, politician, and the founder of Slok Holding, a conglomerate with interests in shipping, banking, oil and gas, and media. He served as the governor of Abia State from 1999 to 2007 and was elected to the Nigerian Senate in 2019.

Orji Uzor Kalu’s source of wealth can be traced to his successful business ventures. He started his business career at a young age, importing and selling furniture in Nigeria. He later ventured into other businesses, including trading, transportation, and real estate. He established Slok Holding in 1987 and grew it into a multi-billion dollar conglomerate with interests in various sectors of the economy.

In addition to his business ventures, Orji Uzor Kalu also leveraged his political position to grow his wealth. During his tenure as governor of Abia State, he was accused of using state funds for personal gain and was later charged with corruption-related offenses. He was convicted and sentenced to 12 years in prison in 2019, although the verdict was later overturned on technical grounds.

Top Reads: Fun Things To Do In London For Memorable Experience

7. T.Y Danjuma – $1.2 billion

T.Y Danjuma is a Nigerian army general, statesman, and entrepreneur born on December 9, 1938, in Takum, Taraba State, Nigeria. He joined the Nigerian Army in 1960 and later became the Chief of Army Staff between 1975 and 1979. After his retirement, he ventured into business and politics, serving as Minister of Defence under the Obasanjo administration from 1999 to 2003.

T.Y Danjuma has a diverse range of investments in several industries, including oil and gas, shipping, agriculture, and real estate. He is the founder and chairman of South Atlantic Petroleum (SAPETRO), an oil exploration and production company with assets in Nigeria, Côte d’Ivoire, and the Central African Republic. He also owns a shipping company, NAL-Comet Group, and a conglomerate, T.Y Danjuma Group, which is involved in the production of consumer goods, real estate, and agriculture. He has investments in several countries, including the United Kingdom and the United States.

8. Rotimi Amaechi – $780 million

Rotimi Amaechi was born on May 27, 1965, in Ubima, Ikwerre Local Government Area of Rivers State, Nigeria. He attended the University of Port Harcourt, where he obtained a Bachelor’s degree in English Studies and Literature in 1987. Amaechi ventured into politics in 1999, when he contested and won a seat in the Rivers State House of Assembly. He later served as the Speaker of the House for two consecutive terms before becoming the governor of Rivers State from 2007 to 2015.

Amaechi’s estimated net worth of $780 million USD is largely attributed to his career in politics. During his tenure as the governor of Rivers State, he oversaw several infrastructural development projects, including the construction of roads, bridges, and the renovation of schools and hospitals. Amaechi is also known to have invested in the transportation sector through his ownership of a private jet, luxury yachts, and a fleet of exotic cars. It is worth noting that Amaechi has faced corruption allegations, with some critics accusing him of embezzling public funds during his time in office.

Top Reads: Top 10 Most Populated State In Nigeria 

9. Rabiu Kwankwaso – $600 million

Rabiu Musa Kwankwaso was born on October 21, 1956, in Kwankwaso village, Madobi Local Government Area, Kano State, Nigeria. He obtained his Bachelors and Masters degrees from the University of Lagos and later attended the Nigerian Law School in Lagos. He started his political career in 1992 when he was elected Deputy Speaker of the House of Representatives under the Social Democratic Party (SDP). He served as Governor of Kano State from 1999 to 2003 and was re-elected for a second term in 2011.

Rabiu Kwankwaso’s wealth is primarily from his years in politics. He has been in the Nigerian political scene for over 30 years and has held several positions, including Deputy Speaker of the House of Representatives, Governor of Kano State, and Senator representing Kano Central Senatorial District. His net worth is estimated at $600 million USD. However, like most Nigerian politicians, the exact source of his wealth is not clear.

10. Bukola Saraki – $200 million

Bukola Saraki is a Nigerian politician who was born on December 19, 1962. He is from Kwara State and is the son of Olusola Saraki, a prominent Nigerian politician who was once the Senate Leader of Nigeria. Bukola Saraki was educated at the King’s College, Lagos, and Cheltenham College, London, before proceeding to the London Hospital Medical College of the University of London, where he studied Medicine and Surgery.

Bukola Saraki’s wealth comes from a combination of his family’s business interests and his own personal businesses. He was the former Governor of Kwara State, Nigeria, from 2003 to 2011, and later became a Senator of the Federal Republic of Nigeria. During his tenure as governor, he was known to have diversified the economy of the state and attracted foreign investments. He also owns several businesses, including a bank and a petroleum company.

Additionally, there have been controversies surrounding the source of his wealth. In 2015, the Nigerian Code of Conduct Bureau accused him of false declaration of assets, and in 2019, he was charged with allegations of false declaration of assets, money laundering, and corruption by the Economic and Financial Crimes Commission (EFCC).

Top Reads: The Most Developed State In Nigeria

Conclusion

In summary, the top 10 richest politicians in Nigeria, based on available estimates, are 

1. Bola Ahmed Tinubu – estimated net worth of $8.4 billion USD
2. Ifeanyi Ubah – estimated net worth of $1.7 billion USD
3. Olusegun Obasanjo – estimated net worth of $1.5 billion USD
4. Rochas Okorocha – estimated net worth of $1.5 billion USD
5. Atiku Abubakar – estimated net worth of $1.4 billion USD
6. Orji Uzor Kalu – estimated net worth of $1.1 billion USD
7. T.Y Danjuma – $1.2 billion USD.
8. Rotimi Amaechi – $780 million USD.
9. Rabiu Kwankwaso – estimated net worth of $600 million USD
10. Bukola Saraki – estimated net worth of $200 million USD

These politicians have made fortunes through various means, including business, investments, and political positions.

The fact that Nigeria’s politicians are some of the wealthiest in the country raises questions about the integrity of the political process and the motives of those seeking political positions. It also highlights the vast wealth gap between the political elite and the majority of Nigerians who struggle with poverty and economic hardship. This wealth disparity can lead to corruption, as politicians may be more inclined to use their positions to enrich themselves rather than serve their constituents.

It is important to note that the net worth estimates of these politicians are not officially declared, and the sources of their wealth are sometimes controversial. Nonetheless, it is crucial for Nigerians to hold their elected officials accountable for their actions and use their votes to elect leaders who prioritize the welfare of the people. The government must also create policies that promote transparency, accountability, and fairness, especially in the political process. Only then can Nigeria truly thrive and achieve its full potential.