Top 10 Richest Nigerian Politicians of 2023 Biography and Their Net Worths – You may be curious about who holds the title of the wealthiest politician in Nigeria. You’re not alone; many people, particularly the youth, often ask this question. The curiosity likely stems from the country’s abundant natural resources, contributing to the affluent lifestyles of its politicians.
It is a well-established fact that Nigeria boasts arguably the wealthiest group of politicians globally. This is attributed to their status as the highest-paid public officials who also enjoy access to the nation’s wealth through various means such as contract awards.
The list of the richest politicians in Nigeria comprises individuals from business and civil service backgrounds, many of whom have held elected or public offices at some point in their lives.
Below is the compilation of the top 10 richest politicians in Nigeria along with their respective net worth.
1. Bola Ahmed Tinubu
Net worth: $8.4 billion
Bola Ahmed Tinubu, known as the Jagaban of Lagos, was born on March 29th, 1952, in Osun State to the Tinubu family. Tinubu, also referred to as Asiwaju, a tribal aristocratic title bestowed upon him by the Oba of Lagos, is a prominent figure in Nigerian politics.
In 1976, Tinubu graduated with a bachelor’s degree in business administration from Chicago State University. He has been a key player in Nigerian politics, serving as a senator for the Lagos-West senatorial district from 1992 to 1993. His political journey culminated in his tenure as the Governor of Lagos State from 1999 to 2007.
Widely considered Nigeria’s wealthiest politician, Tinubu’s influence extends beyond his gubernatorial role. He currently holds a significant position as the national leader of the All Progressives Congress (APC) and is a presidential candidate for the 2023 elections.
Tinubu’s wealth is reflected in his extensive assets, including valuable estates across Nigeria. Notably, his residence in Ikoyi, Lagos, is valued at N650 million. Tinubu’s car collection boasts a $600 million G-wagon, two additional Mercedes-Benz vehicles, a Range Rover, and other high-end automobiles. Additionally, he owns a $60 million Bombardier Global Express XRS private plane, contributing to his estimated net worth of $8.4 billion.
2. Ibrahim Badamasi Babangida
Net worth: $5 billion
The second-richest politician in Nigeria is General Ibrahim Babangida. Born on August 17, 1941, in Niger state, Nigeria, Babangida, also known as IBB, “Maradona,” or “The Evil Genius,” held the position of head of state in Nigeria. He governed the Federal Republic of Nigeria from August 27, 1985, until his retirement in August 1993.
A former army general, Babangida presided over the Armed Forces Ruling Council from 1985 to 1993 and served as the Chief of Army Staff from 1984 to 1985. He orchestrated the overthrow of Muhammadu Buhari in a palace coup d’état. His tenure in power marked a significant period in Nigeria’s history.
As one of the wealthiest politicians in Nigeria, General Ibrahim Babangida possesses expensive cars and mansions globally, reflecting his financial success. With a current net worth of $5 billion, he stands as a prominent figure in the political and economic landscape of Nigeria.
Net worth: $1.7 billion
Patrick Ifeanyi Ubah, a Nigerian businessman and entrepreneur from Anambra state, was born on September 3, 1971. Ubah, initially known for his successful business ventures, transitioned into politics, earning him a spot among the richest politicians in Nigeria.
Since 2001, Ifeanyi Ubah has been the founder and CEO of Capital Oil and Gas, a prominent player in the nation’s oil and gas industry. His business empire expanded internationally, with ventures in European countries like Belgium and the United Kingdom. Ubah’s wealth and influence in the oil and gas sector have made him a prominent figure in Anambra state.
In addition to his business pursuits, Ifeanyi Ubah founded The Authority Newspaper, a daily publication in Nigeria. Furthermore, he owns Ifeanyi Ubah F.C., a football team that was previously known as Gabros International Football Club before Ubah’s acquisition.
Ifeanyi Ubah entered the political arena and currently serves as the senator representing Anambra South Senatorial District in the Nigerian Senate. With a significant net worth of approximately $1.7 billion, Ubah stands as one of the wealthiest politicians in Nigeria. His financial success is evident in his possession of expensive cars and mansions, reflecting his prominence in both business and politics.
Net worth: $1.6 billion
Chief Olusegun Obasanjo, widely known as OBJ or Baba, was born on May 5, 1937, in Otta, Ogun State.
The former Army General had the distinction of serving as the Head of State in Nigeria twice. Firstly, he held the position of the nation’s military leader from February 13, 1976, to October 1, 1979. Subsequently, he served as the democratically elected President from May 29, 1999, to May 29, 2007.
Beyond his political career, Obasanjo identifies as a farmer and an advocate for agriculture. This passion led him to establish Otta Farms, one of the largest agricultural ventures in Nigeria.
Chief Olusegun Obasanjo is among Nigeria’s wealthiest politicians, having amassed a substantial fortune over the years. His estimated net worth stands at $1.6 billion, reflecting his success and influence in various spheres.
Net Worth: $1.4 billion
Rochas Okorocha, born on September 22nd, 1962, hails from Imo state. His humble beginnings saw him working as a vendor in Barkin Ladi, Jos, due to his family’s limited financial means. Okorocha embodies a rare breed of politicians who have forged their success from the grassroots level.
Prior to venturing into politics, he had already achieved a degree of success and was actively involved in philanthropy through the Rochas Foundation. This foundation established numerous special schools across Nigeria, extending scholarships to underprivileged children—a testament to his commitment to giving back to communities.
His journey into public service commenced with roles as a member of the National Constitutional Conference and a commissioner. Although his initial bid for the governorship of Imo State under the People’s Democratic Party (PDP) during the restoration of democracy in 1999 was unsuccessful, Okorocha persisted.
Returning to the political arena in 2007, he garnered significant support, contesting for the governorship in the 2011 general election under the All Progressives Grand Alliance (APGA) and emerging victorious.
Presently, Rochas Okorocha serves as the senator representing the Imo West senatorial district under the All Progressives Congress (APC). With an estimated net worth of approximately $1.4 billion, Okorocha stands among Nigeria’s wealthiest politicians.
Net worth: $1.4 billion
Atiku Abubakar secures a position on the list of the richest politicians in Nigeria, boasting substantial wealth and a thriving business empire. Born into a Fulani family in northern Nigeria on November 25th, 1946, Atiku Abubakar’s journey to affluence began with a twenty-year tenure at the Nigeria Customs Service (NCS). During his service, he climbed the ranks, ultimately reaching the second-highest position of Deputy Director.
In April 1989, Atiku Abubakar made a significant career shift, leaving the NCS to delve into full-time business and politics.
His political journey commenced with an attempt at the governorship of the former Gongola State, a bid that proved unsuccessful. However, fate took a turn in 1999 when Atiku Abubakar was thrust into national politics as the vice-presidential candidate for the People’s Democratic Party (PDP), partnering with Olusegun Obasanjo as the presidential candidate. The duo emerged victorious, leading Nigeria from 1999 to 2007.
Despite his significant wealth, Atiku Abubakar faced unsuccessful attempts at winning Nigeria’s presidency on five occasions (1993, 2007, 2011, 2015, and 2019). Presently, he aspires to secure the country’s presidency in the upcoming elections under the PDP.
Through his conglomerates, Atiku Abubakar has amassed considerable wealth, currently holding a net worth of $1.4 billion.
7.Orji Uzor Kalu
Net worth: $1.1 billion
Orji Uzor Kalu stands as one of the Nigerian politicians whose wealth predates their political careers. The esteemed statesman from Abia state was born on the 21st day of April 1960.
Embarking on his entrepreneurial journey at the age of 19 with a borrowed $35 from his mother, Orji Uzor Kalu has since diversified his interests across various sectors, including publishing, advertising, banking, oil and gas, and aviation.
Having served as the governor of Abia State, Orji Uzor Kalu transitioned to become a senator representing the Abia North Senatorial District, subsequently holding the position of Nigeria’s Senate Chief Whip, a role he presently occupies.
As one of the wealthiest politicians in Nigeria, Orji Uzor Kalu’s name also graces the list of the richest individuals in Nigeria, with a net worth of $1.1 billion.
8.Ahmadu Adamu Mu’az
Net worth: $895 million
Alhaji Ahmadu Adamu Mu’azu was born on June 11, 1955, in Boto, Tafawa Balewa Local Government Area, Bauchi State, Nigeria.
Mu’azu began his career as a Quantity Surveyor/Project Manager, working with the Ministries of Health and Social Welfare, Youth, Sports, and Culture in Kano State. He later ascended to the position of National Chairman of the Peoples Democratic Party (PDP) and served as a two-term governor of Bauchi State.
Ranked 8th among Nigeria’s wealthiest politicians, Alhaji Ahmadu Adamu Mu’azu boasts a net worth of $895 million.
Net worth: $800 million
Dino Melaye hails from Kogi state and was born on 1st January 1974. He holds numerous investments, most notably abroad, including fast food franchises like McDonald’s in the U.S. among other similar ventures.
Melaye is recognized for his tenure as a senator representing the Kogi West Senatorial district, although he eventually lost this position. During his time in the Senate, he was notably vocal, often critiquing successive presidents.
In Nigerian politics, Dino Melaye remains a controversial figure, frequently making waves on social media over the past years.
Remaining active in politics, he was appointed as the spokesperson for Atiku Abubakar’s campaign in the 2023 elections. Known for his extensive car collection, Melaye is arguably Nigeria’s most significant car collector and boasts a net worth estimated at about $800 million.
Net worth: $780 million
Rotimi Amaechi, born on 27th May 1965, served as the governor of Rivers State from 2007 to 2015. In early 2019, he directed the Buhari re-election campaign and presently holds the position of Minister of Transportation in Nigeria.
Amaechi boasts a collection of high-end vehicles, including a rare Mercedes-Maybach Vision 6, a Mercedes Amg G63, a Mercedes S550, a Land Rover Discovery, and a Lexus LX 570, among others.
As of 2022, Rotimi Amaechi is recognized as the tenth wealthiest politician in Nigeria, with an estimated net worth of $780 million.
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