Nigeria is home to influential figures who have not only shaped the nation’s political scene, but have also amassed substantial wealth. In this article, we’ll look at the lives of the top 10 richest politicians in Nigeria, their political careers, business ventures, and the factors contributing to their financial success.
1.Bola Ahmed Tinubu
In first place on the list of the top 10 richest politicians in Nigeria is President Bola Ahmed Tinubu, also known as “Jagaban.” He currently serves as the President of the Federal Republic of Nigeria.
Tinubu’s political journey kicked off in the late 1990s when Nigeria was transitioning from military to civilian rule. He became the Governor of Lagos State in 1999. Tinubu’s tenure is often remembered for his contributions to infrastructural development, education, and healthcare.
One of Tinubu’s notable achievements is his role in the formation of the All Progressives Congress (APC), a political party that emerged in 2013 as a merger of four opposition parties. This coalition played a crucial role in ending the long-standing dominance of the People’s Democratic Party (PDP) in Nigeria’s political landscape.
Wealth
Bola Ahmed Tinubu’s wealth is a subject of interest and speculation. His financial standing is largely attributed to his successful career in both politics and business. Beyond his political ventures, Tinubu has a background in finance and has been associated with various businesses. His wealth is often linked to his stakes in various companies and investments like Exxon Mobil, Lagos Oriental hotel, Alpha betta consulting, Aranda Overseas Corp., Lekki Concession Company, Falomo Shopping complex, Tejuoso Market, The Nation newspaper, TV Continental (TVC), Radio Continental among others.
2.Atiku Abubakar
Atiku Abubakar is a Nigerian politician and businessman who served as the vice president of Nigeria from 1999 to 2007 during the presidency of Olusegun Obasanjo. He was also the presidential candidate of the People’s Democratic Party in the 2023 Presidential elections. During the build-up to the 2023 elections, Senator Shettima (now vice president) confessed that Tinubu was the only politician who can match the wealth and influence of Bola Ahmed Tinubu.
Before his vice-presidential tenure, Atiku held several political offices, including National Vice-Chairman of the Peoples Front of Nigeria, Member of House of representatives. He also won the election as Governor of Adamawa State in 1998, but before he could be sworn in, he accepted a position as the running mate to the PDP presidential candidate.
Wealth
Atiku Abubakar’s wealth is a subject that often sparks discussions and debates. His financial success is attributed to a combination of factors, including his involvement in various business ventures and political deals. His ventures in agriculture, oil, agriculture and telecommunications business have contributed significantly to his financial standing. Atiku was also behind the controversial privatization of $3.2billion Alscon aluminium smelting company, Onigbolo Cement, $27Million Eleme petrochemical, Delta Steel, Daily times, SOLGAS among others. Some of his businesses include: Intels Nigeria, an oil servicing company, Adama Beverages Limited, 2,500 hectares of Maize and cotton farm, American University of Nigeria among others. He is rumoured to be the largest employer of labour in the whole of Yola.
3.Ibrahim Babangida
Ibrahim Badamosi Babangida, fondly known as IBB, is a key figure in Nigerian politics.
IBB’s political journey is closely related with Nigeria’s military era. He rose through the ranks, to became the Chief of Army Staff in 1983 before orchestrating a coup that saw him assume the role of Nigeria’s Head of State from 1985 to 1993.
One of the most notable events during IBB’s leadership was the annulment of the June 12, 1993, presidential election, a decision that sparked widespread criticism and political unrest. The annulment remains a defining moment in Nigerian political history. IBB’s decision to step down in 1993 and hand over power to an interim government marked the end of his military rule, transitioning Nigeria to civilian rule.
Wealth
Post-military rule, IBB ventured into various businesses amassing wealth through investments in sectors like oil, telecommunications and agriculture.
IBB’s is linked to the ownership of properties and assets including the luxurious mansion in Minna, known as the Hilltop Mansion. Babangida reportedly owns a big stake in Fruitex international, an oil exploration block with a rich oil block, “Block M” in Equatorial Guinea which is worth $8.2 billion. According to forbes, from 1985 to 1993 and is widely believed to have laundered some $12 billion earned from an oil windfall during the 1992 Gulf War.
4.Abacha Family
In theory, Sani Abacha, the former military ruler of Nigeria, was considered a billionaire, and not naira, but in dollars.
Between 1999 to 2023, an estimated $4 billion in cash and $2 billion in assets have been recovered.
Following his death in 1998, the Nigerian government recovered $750 million during the Abdulsami administration.
Former President Obasanjo, in the second volume of his book “My Watch, mentioned that over $2 billion and £100 million had been recovered from the Abacha family abroad, as well as N10 billion in cash and properties locally.” During the Goodluck Jonathan Administration, $227 million from Liechtenstein, along with $48 million from the US was recovered. The Buhari government also retrieved $311 million from the UK, and $322 million from Switzerland.
The Abacha family is still stupendously wealthy, Gamsu Abacha once allegedly said “no matter how much they recover, we can never be as poor as Dangote”
5.Olusegun Obasanjo
Obasanjo’s political journey began with his military service. He became the military head of state in 1976 after a coup. His leadership, though initially military, took a turn when he voluntarily handed over power to civilian rule in 1979. This act earned him respect and positioned him as a statesman committed to democratic principles.
In 1999, Obasanjo reemerged on the political scene as a civilian president, marking Nigeria’s return to democracy. His presidency, spanning two terms until 2007, was marked by efforts to tackle corruption, economic reforms, and infrastructural development.
Wealth
Beyond politics, Obasanjo has ventured into various businesses and agriculture. He owns the famous Obasanjo Farms, which makes 30 million naira daily. He is also the owner of Bells University and secondary schools and the Olusegun Obasanjo presidential library (OOPL) that houses the 153 suites green legacy resort. He is also said to be involved in telecommunications and oil.
6.Bukola Saraki
Bukola Saraki, has had a significant impact on Nigeria’s political landscape. Born in London, Saraki’s journey in politics is marked by various roles and responsibilities.
Bukola Saraki’s political journey is deeply rooted in Nigeria’s political lineage. He hails from an influential political background. He served as Special assistant budget to the president during the administration of president Obasanjo and also served as the Governor of Kwara State from 2003 to 2011. He later served as the Senator for Kwara Central, eventually rising to the position of the Senate President in 2015.
Wealth
Bukola Saraki’s hails from a family with considerable affluence, therefore, his wealth is linked to both inherited and accumulated assets. His involvement in various business sectors, including banking and oil, has contributed to his financial success.
On September 2015, Saraki was docked at the code of conduct tribunal on a 13-count charge of corruption and false declaration of assets. It was reveal that he had the following properties as of the time he was running for Governor in 2003; £2.9 million and $400,000 lodged in some foreign banks, £905,000 in one of his offshore accounts,£2 million in Forte Bank London, $400,000 in his Company account Eficaz Ltd, N750 million property in Gerrard Road, Ikoyi, Another N500 million property at Ruxton road, Ikoyi as well as several properties across London and Ilorin. He is also the owner of Better Foods Ltd , Carlisle properties & Investment limited , BAS Trading and Manufacturing Ltd , Bukola babes football club and Bukola Saraki foundation.
He was listed in the paradise papers allegations as a director and a shareholder of Tenia Ltd., a company established in the Cayman Islands in April 2001 .
7.Rotimi Amaechi
Rotimi Amaechi’s journey into politics began to gain significant traction when he became the Speaker of the Rivers State House of Assembly in 1999.He eventually served as the Governor of Rivers State from 2007 to 2015. Amaechi’s tenure as governor was marked by notable infrastructural developments and policies aimed at transforming the state. He also served as the Minister of Transportation under President Muhammadu Buhari.
Wealth
Reports suggest Amaechi is among the well-off politicians in Nigeria. The wealth of politicians is a subject of public interest and scrutiny, and Amaechi, being a visible figure, is not exempt from such discussions. While Amaechi’s wealth is acknowledged, the specifics and sources of his income have been a topic of debate. In 2012, Rivers State Government confirmed the purchase of a brand new Bombardier Jet for Governor Chibuike Amaechi at a cost of $45million.
He has been accused by former Governor Wike of using state funds to finance President Muhammadu Buhari’s campaign during the 2015 presidential election through the sale of Rivers state-owned oil and gas assets, and fraudulently misappropriating the proceeds of the sale amounting to US$309 million. He has also been a subject of ₦96 billion fraud by Supreme Court of Nigeria.
8.Godswill Akpabio
Godswill Akpabio served as the Governor of Akwa Ibom State from 2007 to 2015, a period marked by extensive infrastructural development and ambitious projects. His influence expanded when he became a Senator, representing Akwa Ibom North-West Senatorial District. He currently serves as the senate president of the federal republic of Nigeria.
Wealth
His tenure as the Governor of Akwa Ibom State coincided with a period of considerable economic growth in the oil rich state. This, coupled with his involvement in various business ventures, has contributed to his financial standing. Reports suggest that Akpabio owns a significant number of properties in Uyo, Lagos and Abuja. During his tenure as Governor, he acquired a $45 million jet in June 2012 . Akpabio has had several accusations levelled against him. Including the diversion of over N100bn from the oil-rich state between 2007 and 2015, an allegation which he has denied.
9.Ali Modu Sheriff
Ali Modu Sheriff served as the Governor of Borno State from 2003 to 2011. He also served as the National working committee chairman of the People’s Democratic Party (PDP) in 2016. He as been a subject of many controversies, including his links with Boko Haram.
Before becoming the Governor of Borno State , He serves as a senator representing Borno Central during the Third Nigerian Republic . In April 1999 he was again elected Senator
Wealth
In 2017, EFCC seized a Gulfstream jet G650 belonging the former governor which cost him an estimated $72 million. At a point he topped the chart of top 10 private jet owners in Nigeria with 4 private jets. He already has three old Dornier aircraft which he acquired from Aero Contractors at an estimated $3 million.
10.Abdullahi Adamu
Wrapping it up on the list of the top 10 richest politicians in Nigeria is Abdullahi Adamu. Abdullahi Adamu served as the Governor of Nasarawa State from 1999 to 2007, characterized by a focus on agriculture and infrastructural projects. His political journey extended to the national level when he became a Senator, representing Nasarawa West Senatorial District.
Wealth
His involvement in agriculture, both as a political figure and a private individual, has contributed to his wealth. Reports suggest that Adamu owns extensive agricultural estates and establishments, among which is the Nagari Integrated dairy farm, which is reputed to be one of the largest single integrated dairy farms in Africa. It covers 1,200 hectares of land and has 7,000 Holstein cattle.
He also has been a subject of many controversies, notably his failure to account for the 32 billion raised by the party from the sale of forms for the 2023 general election and N15 billion public funds embezzlement.
