Politics
Nigeria’s top 10 wealthiest politicians; their net worth as of 2023
In this article News24ngr chronicles Nigeria’s top 20 wealthiest politicians; their net worth as of 2023
In terms of population, Nigeria is the largest country in Africa and one of the largest in West Africa. It is a well-known fact that Nigerians are go-getters who always give it their all in whatever they do, thanks to the country’s large population and enormous diversity. In turn, this has helped the country grow due to the creativity of its people, and the nation is regarded as the giant of Africa at the forefront leading the lovely continent.
Nigeria, on the other hand, has a presidential system of government that is based on a federal structure. Even though Nigeria is a multi-party democracy, it is encouraging to know that two parties stand out among the other 100, and the president also serves as the head of the government. The government arm also consists of three political institutions: the “Executive,” “Legislature,” and “Judiciary,” albeit the latter two avoid political ploys unless absolutely required.
Being a wealthy politician in Nigeria is seen as having a sizable estate and in charge of a tremendous amount of wealth, which might come through prosperous commercial endeavors, investments, inherited wealth, opulent homes, pricey cars, and valuable goods. The law requires that everyone be treated equally, but it doesn’t apply when you are wealthy and have influence over some of Nigeria’s wealthy leaders. It also implies that you can be untouchable. Similarly, being a wealthy politician can also mean misappropriating public funds, accepting bribes, and engaging in fraud to assemble illicit wealth. While these accusations frequently contribute to the perception that politicians are wealthy, it is nonetheless encouraging to know that not all wealthy politicians in Nigeria engage in corrupt activities.
There are politicians in Nigeria who place a high value on public service, following the law, and upholding moral principles. However, the impression of wealthy politicians in the nation has been influenced by the prevalence of corruption and the association of wealth with politics in Nigeria. Additionally, this article aims to identify and profile some of the wealthiest politicians in Nigeria without in any way putting anyone under scrutiny or tarnishing the reputation of some of these politicians. Instead, it seeks to understand how these politicians got rich, how they rank among the wealthiest politicians in Nigeria, and what their net worth is.
Ranking Criteria and Methodology
We have used the extensive resources available on the internet and a variety of trustworthy sources to research and delve into the possibilities and likelihood of the depth of the richness and vast wealth the top richest politicians in Nigeria control, even though we are unable to independently verify some of these facts about how actually rich or wealthy these Nigerian politicians are. In order to rank this list and determine how wealthy Nigerian politicians are relative to the real estate they control, we have also chosen to take into account a number of other factors. These include cars, investments, affiliations, and assets.
Nigeria’s 20 wealthiest politicians
1. Bola Ahmed Tinubu
A former governor of Lagos State from 1999 to 2007, Bola Ahmed Tinubu is the current president of Nigeria. Tinubu has had a fascinating career in politics and business as a successful, devoted, and aspirational politician and businessman. When he was instrumental in bringing back democracy in Nigeria in the late 1990s, Tinubu’s political career had its start. His innovative strategies and dedication to development brought him widespread acclaim as the former governor of Lagos State. During his administration, he oversaw a spectacular expansion of the infrastructure and put policies into place that made Lagos a vibrant economic center.
The All Progressives Congress (APC), which Tinubu founded and led, is a formidable political party that emerged as a force to be reckoned with and swept into power at the national level. It is this same party that gave him the platform to compete on the national level and become the new president of Nigeria. Tinubu is well known for his strategic dissertation on politics. His standing as a key player in Nigeria’s government has been cemented by his aptitude for navigating the complexities of Nigerian politics and forging partnerships.
He has also invested in a variety of industries as a seasoned businessman, showcasing his sharp business sense in the media, real estate, telecommunications, and oil and gas sectors. He has established himself as a savvy businessman and created a lot of riches via his endeavors, which have also helped the economy thrive and create jobs.
Bola Ahmed Tinubu is regarded as the wealthiest politician in Nigeria, with an estimated net worth of $8.4 billion. If he had not entered politics, however, many would argue that he would not be as wealthy as he is today, as there are many controversies surrounding his wealth and real estate holdings, which many believe he obtained by abusing his position of power in the government.
Some of them include the 10,000 hectares of Lakowe land near Abijo at Ibeju-Lekki, which is valued at N80 billion naira, the Fishery Landing jetty in Badore, the Ogudu foreshore scheme, which is valued at N5 billion naira, the 3.8 hectares of land at the Lagos State Fisheries Office in Victoria Island, which is valued at N3 billion, and the Ilubinrin housing estate, which was formerly.
Estimated networth: $8.4 billion
2. Ibrahim Badamasi
Babangida, sometimes known by his initials IBB, is a former general in the Nigerian army and a former head of state. He continues to be one of Nigeria’s wealthiest politicians. From August 27, 1985, until his departure in August 1993, he held the Federal Republic of Nigeria’s helm firmly in his hands. He was respected as an army general and, from 1985 to 1993, was a member of the Armed Forces Ruling Council. From 1984 to 1985, Babangida held the role of Chief of Army Staff, and it was during this time that he organized a palace coup d’état that resulted in Muhammadu Buhari’s removal from office. Like any human being, Babangida was driven by a desire for influence and power, making tough decisions that shaped the course of Nigeria’s political landscape during his tenure.
In the meantime, he carried out economic reforms as a military dictator that opened up the nation’s markets and drew foreign investment, spurring a period of boom. His image was tarnished, nonetheless, by claims of corruption and violations of human rights throughout his administration. Even after leaving his position as president, Babangida continued to play a key role in Nigerian politics.
He also used his connections to his advantage in the business world to build lucrative businesses in a variety of industries. Numerous internet sources put Babangida’s net worth at substantially less than $5 billion, however according to a report from Forbes, it was closer to $12 billion in 2011–12. Nevertheless, attacks persisted, including claims that he was abusing his position to further his own interests. Babangida’s career demonstrated ambition and strategic insight, but controversy’s shadows ultimately put a complex light on his legacy, having a long-lasting effect on Nigeria’s political and corporate scene.
Estimated networth: $5 billion
3. Andy Uba
Andy Uba, a former senator from Nigeria who represented the Anambra South Senatorial District from 2011 to 2019, is the next name on the list. While it did not start off that way, Andy Uba, a well-known politician from Nigeria, has had a diverse career spanning both politics and business. When he was appointed as President Olusegun Obasanjo’s senior special assistant, a position that allowed him to demonstrate his leadership skills, he first came to the attention of the nation.
He stood for governor of Anambra State in 2007 and won, going on to have a turbulent term characterized by legal disputes and political problems. While Uba’s commercial acumen is also impressive because he has built prosperous businesses in a variety of industries, showing his entrepreneurial drive. He has been accused of political defection and dubious business connections, thus his political career has not been without controversy.
With an estimated net worth of $2.1 billion, which is a result of the most of his business ventures, he has used his background in business to become a successful politician and, more importantly, a respected businessman in the eyes of many. In the meantime, Andy Uba, who is a member of the All Progressive Congress party, the current ruling party, does not now occupy any political office.
4. Abubakar Bukola Saraki
Bukola Saraki is a well-known Nigerian politician who was born on December 19, 1962, in London, United Kingdom. He has made a significant impact on the political scene of his home nation.
Saraki, a businessman and politician who received his medical training in London, is renowned for his eloquence and cunning; during his career, he has held prominent positions and exercised enormous influence. Although he worked for the now-defunct Société Générale Bank (Nig) Ltd from 1990 to 2000, where he rose to the position of Director of the bank before serving as the Governor of Kwara State from 2003 to 2011, where he implemented numerous development projects and policies that improved the lives of the people in his state, he was however served in the defunct Société Générale Bank (Nig) Ltd from 1990 to 2000 where he rose to the position Director of the bank before going into politics.
Later, he was elected to the Nigerian Senate, where he served as a senator for Kwara Central. He finally attained the position of Senate President from 2015 to 2019, when he had significant power and was instrumental in legislative activities. Saraki’s dedication to advancing national interests, encouraging transparency, and developing good governance was evident during his time as Senate President.
Saraki has remained resolute and kept a solid support base despite allegations and political setbacks. Beyond politics, he has engaged in business endeavors and charitable endeavors, utilizing his wealth to have a good impact in a variety of fields. Saraki, who currently belongs to the Peoples Democratic Party (PDP), has cemented his position as a significant player in the political arena of Nigeria thanks to his commitment to public service and his aptitude at navigating the complexities of Nigerian politics. His commercial transactions account for the most of his enormous riches, although it is not impossible that he used his position to his advantage while in government. Various web sources estimate his net worth to exceed $2 billion dollars.
Estimated networth: $2 billion
5. David Mark
David Mark, who was born on April 8th, 1948, hails from the Nigerian state of Benue, often referred to as the country’s “food basket.” Mark has had a spectacular career as a well-known Nigerian politician, one that has had a long-lasting effect on Nigeria’s political climate. He has held a number of significant jobs during his path because to his calm and considerate demeanor.
He started out in the military before switching to civilian politics, where he took on positions like Minister of Communications and Minister of Defense, demonstrating his adaptability. However, Mark really shined while he was the President of the Nigerian Senate.
As Senate President from 2007 to 2015, he worked tirelessly to promote cooperation among his colleagues and put the interests of the Nigerian people first. In addition, he was respected and held in high regard by his fellow lawmakers for his ability to navigate the complexities of the legislature. Mark committed himself to furthering national unity and the general welfare of his country. He was known for his inclusive style and dedication to respecting the law.
Despite having experienced his fair share of difficulties and controversies throughout his political career, Mark has earned the respect and influence he currently enjoys in Nigerian politics thanks to his unwavering commitment to public service and his sincere desire to improve Nigeria. In addition to the nearly ten years he spent as Senate President, many people thought his position as Communications Minister before to the demise of Nigerian Telecommunications Limited (NITEL) and the Nigerian Postal Service (NIPOST) also played a role in his enormous wealth. March is one of the wealthiest politicians in Nigeria, with an estimated net worth of around $2 million.
Estimated networth: $2 billion
6. Atiku Abubakar
One of Nigeria’s wealthiest politicians, Atiku Abubakar was Olusegun Obasanjo’s vice president from 1999 to 2007. He is also one of the wealthiest politicians in the country.
He worked for the Nigeria Customs Service for twenty years, eventually becoming the Deputy Director, the second-highest position in the organization at the time. In April 1989, he decided to leave the military and pursue business and politics full-time. He unsuccessfully stood for governor of the former Gongola State, which is now known as Adamawa and Taraba States, in 1991. He also unsuccessfully ran for president in 1993. Additionally, he ran for office in (2003, 2007, 2015, 2019, and 2023) and lost each time. He has also unsuccessfully challenged for the position of president of Nigeria five (5) times.
Atiku Abubakar, on the other hand, is largely recognized as one of Nigeria’s richest people. Estimates of his net worth range from several hundred million to over a billion dollars, while precise statistics are impossible to verify. His money is thought to have been amassed through a variety of revenue streams, including investments in real estate, logistics, agricultural, and education, along with his participation in a number of commercial endeavors, both domestically and abroad.
In addition, Atiku’s acquisition of fortune has not been free from controversy and criticism; he has been accused of corruption and illegal financial dealings, and detractors have questioned the origins of his riches and charged him with abusing his political ties for personal advantage. These controversies have spurred discussions and inquiries, casting doubt on his business dealings and adding to the conflicting opinions on his wealth accumulating. His net worth is thought to be $1.8 billion, per a number of sources. These controversies have sparked debates and investigations, casting a shadow over his financial activities and contributing to the mixed perceptions surrounding his wealth accumulation. According to various sources, his net worth is estimated to be $1.8 billion.
Estimated networth: $1.8 billion
7. Ifeanyi Ubah
As a Nigerian businessman and politician, Ifeanyi Ubah has an estimated net worth of $1.7 billion, making him not only one of the wealthiest individuals in Nigeria but also one of the richest politicians. He has successfully navigated the boundaries between business and politics and has tasted success in both.
Ifeanyi Ubah is a remarkable individual with a dynamic and inventive spirit. He entered a variety of business sectors and built successful businesses that have aided in the creation of jobs, the development of his city, and the nation’s general economic progress. Because of his parents’ incapacity to care for him and his siblings in their large family of nine, he left school at a young age to pursue a trade.
Ubah has also entered the political arena in an effort to alter Nigeria, in addition to his business ventures. He ran for the Senate as a candidate for Anambra South, won the election, and was given a seat in the Nigerian Senate. He entered the race to represent Anambra South as a senator and won, earning a seat in the Nigerian Senate. He has been an outspoken supporter of causes including youth empowerment, education, and infrastructure development throughout his political career. Even though politicians occasionally engage in controversy, Ubah’s grassroots approach and commitment to closing the gap between the government and the populace have struck a chord with many. One such controversy nearly cost him his life in 2022 when he narrowly escaped an assassination attempt.
Estimated networth: $1.7 billion
8. Olusegun Obasanjo
Olusegun Obasanjo, a well-known statesman from Nigeria, had a notable political career that was entwined with his participation in several political organizations. The People’s Democratic Party (PDP), which developed as a major force in Nigerian politics for a number of years, was founded in 1998 with significant assistance from Obasanjo. In the interim, Obasanjo held important positions while a PDP member, including serving two terms as Nigeria’s president (1999–2007), during which time he made significant advancements in areas like economic reform, anti-corruption initiatives, and infrastructure development. His involvement with the PDP has remained a key feature of his career despite the fact that his political path has taken him to several locations.
In addition, a number of circumstances during the course of his career have aided in his political success. First off, he had credibility and influence because of his military history as a previous military head of state. Additionally, he has acquired the support of numerous political players thanks to his leadership style and capacity for forging effective coalitions. He also received support from the population due to his dedication to democratic administration and his vision for a flourishing Nigeria. Olusegun Obasanjo may not have publicly disclosed his wealth, but numerous newspapers have estimated it to be around $1.6 billion, making him one of Nigeria’s wealthiest politicians and a former president of state. His sources of income as a retired military officer include his pension, book royalties, speaking engagements, and entrepreneurial endeavors.
The investments and business endeavors that Obasanjo has been involved in have also increased his wealth. He has made investments in industries including agriculture, telecommunications, and energy to show that he understands business and to diversify his sources of income. Aside from his involvement in significant oil production, marketing, and distribution in Nigeria, he is also the owner of Otta Farms, one of the biggest chicken farms in West Africa.
His acquisition of fortune has not, however, been without controversy and criticism. Many people have expressed doubts regarding the validity and transparency of some commercial transactions and acquisitions attributed to him. These controversies have sparked discussions about how much political influence and authority may have contributed to his commercial endeavors and wealth creation.
Estimated networth: $1.6 billion
9. Rochas Okorocha
Former governor of Imo State and senator for the Imo West senatorial district in the Ninth Nigerian Senate, Rochas Okorocha.
He entered politics in 1999 after former president Olusegun Obasanjo restored democracy. After garnering a considerable following, he decided to run for governor in the 2007 general election on the Peoples Democratic Party (PDP) ticket. Before transferring to the APC, Rochas joined the All Progressive Grand Alliance (APGA) in the run-up to the 2011 general election. Rochas was chosen as the state’s governor in 2011 and held the position for two terms.
The estimated net worth of Rochas Okorocha is $1.4 billion. Okorocha’s political career and economic ventures, which include holdings in real estate, agribusiness, and oil and gas, are the main sources of his riches. Additionally, he owns shares in several Nigerian banks. But Okorocha’s acquisition of fortune has not been without controversy and criticism. During his time as governor, there have been accusations of corruption and misappropriation of public monies.
His enormous wealth, according to some detractors, is also out of proportion to his known sources of income. The accountability and openness of his financial practices have come under scrutiny as a result of these incidents. Rochas has continually refuted these accusations, claiming that his success in business and hard work is how he has been able to accumulate such fortune. These criticisms have nevertheless cast a pall over his political career and sparked ongoing inquiries and legal disputes.
Estimated networth: $1.4 billion
10. Orji Uzor Kalu
Businessman and politician Orji Uzor Kalu presided as the flag bearer of the People’s Democratic Party and the governor of Abia State from 1999 to 2007. He serves as the group’s chairman and CEO, and its businesses include manufacturing, oil and gas, banking, and media.
Kalu studied business administration at the University of Maiduguri before moving on to Harvard Business School. 1992 saw him enter politics as he won a seat in the House of Representatives. The House Committee on Customs and Excise was chaired by him. He was chosen to serve two terms as governor of Abia State beginning in 1999.
Several elements contributed to Orji Uzor Kalu’s political success. He has succeeded in winning the favor of the electorate because to his charming personality and oratory abilities. Additionally, he has the financial means to support his political efforts and activities because to his prior success as a businessman. Speaking of money, Kalu’s net worth is reportedly in the hundreds of millions of dollars.
According to Forbes, he started the company with a $35 loan from his mother and then expanded into the production and delivery of furniture. He became a billionaire by the time he was 20. In 2015, Forbes Magazine ranked him 49th among Africa’s 50 Richest Net Worth.
Without a question, Kalu is one of Nigeria’s most prosperous and accomplished politicians. Orji Uzor is thought to have a net worth of $1.1 billion, according to estimations. Even if his commercial success has given him access to a sizable sum of money, the critiques and issues surrounding his wealth accumulation continue to put a negative light on his entire legacy.
Estimated networth: $1.1 billion
Conclusion
Monitoring and transparency in Nigerian politics are essential to maintain accountability and prevent corruption, which in turn promotes confidence and integrity in the political system. While the country may not yet be at a point where it is transparent in its administration, this is something that the country must work toward. The future of Nigerian politics and wealth distribution ultimately rests on reforms that place a premium on equal distribution, moral leadership, and chances for socioeconomic growth for all residents.
Nigeria can work toward a more equitable and prosperous society by tackling systemic issues and advocating for laws that encourage equitable wealth distribution. The wellbeing of the populace, good administration, and efforts to create a more equal and inclusive society must all be given top priority by political leaders.
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