Bear in mind that these figures and fluctuations are estimates based on publicly available records, but they have to be close!
The table below contains the rank, names, and net worth of the top 10 richest politicians in Nigeria:
|Rank||Politicians||Estimated Net Worth|
|1||Bola Ahmed Tinubu||$8.4 Billion|
|2||Ibrahim Badamasi Babangida||$5 Billion|
|3||Ifeanyi Ubah||$1.7 Billion|
|4||Olusegun Obasanjo||$1.6 Billion|
|5||Rochas Okorocha||$1.4 Billion|
|6||Atiku Abubakar||$1.4 Billion|
|7||Orji Uzor Kalu||$1.1 Billion|
|8||Ahmadu Adamu Mu’azu||$895 Million|
|9||Dino Melaye||$800 Million|
|10||Rotimi Amaechi||$780 Million|
1. Bola Ahmed Tinubu – $8.4 Billion
Bola Ahmed Tinubu, popularly known as ‘Jagaban’ is the richest politician in Nigeria with an estimated net worth of $8.4 billion. The majority of his wealth originates from Real Estate, Oil and Gas, the importation of rice and chemicals, and other investments.
Tinubu earned a bachelor’s degree from Chicago State University in business administration in 1979. He later ventured into politics and served as a senator representing the Lagos-West senatorial district from 1992 to 1993 before moving on to become the Governor of Lagos State from 1999 to 2007. Since then, Tinubu has been active in politics and is currently one of the most powerful and richest politicians in Nigeria.
Asiwaju Bola Ahmed Tinubu is the national leader and 2023 Presidential elections flagbearer of the All Progressives Congress (APC). He holds the tribal aristocratic title of Asiwaju, given to him by the Oba of Lagos, who holds a ceremonial position as the traditional leader of the state of Lagos.
2. Ibrahim Badamasi Babangida – $5 Billion
With an estimated net worth of $5 billion, Ibrahim Badamasi Babangida comes close as the second richest politician in Nigeria. He served as the military Head of State of Nigeria from 1985 to 1993.
During his time in office, Babangida oversaw a period of economic growth and development in Nigeria. He also presided over the country’s transition to a civilian government in 1993. But before then, Babangida served in the Nigerian Army for over 20 years, rising to the rank of General. He played a key role in the Nigerian Civil War and also served as Nigeria’s Chief of Army Staff.
According to Forbes, Babangida is “unofficially one of the richest men in Nigeria and in Africa” due to the controversies surrounding the source of his wealth. Many believe that his wealth is stolen. In fact, SaharaReporters described him as “the godfather of modern corruption in government.”
Meanwhile, Babangida is believed to secretly possess a multi-billion dollar fortune via successive ownership of stakes in a number of Nigerian companies.
3. Ifeanyi Ubah – $1.7 Billion
Patrick Ifeanyi Ubah is widely considered to be one of the most powerful and influential politicians in Nigeria. He is a key player in the country’s oil and gas industry, and his wealth and influence make him a major force to be reckoned with.
Ifeanyi became an exporter of motor tires and spare parts majorly in West Africa including Ghana, Sierra Leone, Liberia, and DR Congo before he expanded his business ventures in some countries in Europe including Belgium and the United Kingdom.
He is the founder of The Authority Newspaper, a Nigerian daily newspaper, and also the owner of Ifeanyi Ubah F.C., a football club in the Nigeria Premier League, following its purchase as Gabros International Football Club. Not to mention, he is the founder and CEO of Capital Oil and Gas Limited.
Patrick Ifeanyi Ubah is the senator representing Anambra South Senatorial District. As of 2023, Ifeanyi Ubah has an estimated net worth of $1.7 billion, making him one of the richest politicians in Nigeria.
4. Olusegun Obasanjo – $1.6 Billion
Another amazing colossus on our list of the top 10 richest politicians in Nigeria is Chief Olusegun Obasanjo. He is regarded as one of Nigeria’s best presidents owing to his numerous unbeatable achievements.
Obasanjo is a Nigerian general, statesman, and diplomat; the first military ruler in Africa to hand over power to a civilian government. He served as Nigeria’s military ruler from 1976 to 1979, and as a civilian president from 1999 to 2007.
While in the military, Obasanjo rose quickly through the army ranks. During the Biafra conflict from 1967 to 1970, he was appointed to head a commando division that was stationed at the Biafran front in southeastern Nigeria. The conflict ended when Biafran forces surrendered to him in January 1970.
Over the years, Chief Olusegun Obasanjo has amassed a substantial amount of wealth. As of this moment, he has a net worth of $1.6 billion. He made his fortune through a variety of businesses, including agriculture, oil, gas, real estate, construction, and several other investments.
5. Rochas Okorocha – $1.4 Billion
Rochas Okorocha is a former Governor of Imo State and also the Senator representing the Imo West Senatorial district at the 9th Nigerian Senate.
In 2007, he joined politics and amassed a sizable following, prompting him to compete for Governor in the 2007 general election under the Peoples Democratic Party (PDP). In the run-up to the 2011 general election, Rochas joined the All Progressive Grand Alliance (APGA), before switching to the APC. Rochas was elected governor of the state in 2011 and served two terms.
Rochas Okorocha has an estimated net worth of $1.4 billion. The majority of Okorocha’s wealth comes from his political career and business interests, which include investments in real estate, agriculture, and oil and gas. He also has a stake in a number of Nigerian banks.
6. Atiku Abubakar – $1.4 Billion
Atiku Abubakar is also one of the richest politicians in Nigeria who served as the Vice President of Nigeria from 1999 to 2007 during the presidency of Olusegun Obasanjo.
He spent twenty years in the Nigeria Customs Service, rising to the post of Deputy Director, the second-highest position in the service at the time. He left the military in April 1989 and went into full-time business and politics.
In 1991, he ran for governor of the old Gongola State, now known as Adamawa and Taraba States, and in 1993, he ran for President but lost. He ran for the office of the president of Nigeria in 2003, 2007, 2015, and 2019 but lost each time.
He is currently one of the top presidential candidates contesting in the 2023 elections. His estimated net worth of $1.4 billion hands him the 6th spot among the richest politicians in Nigeria.
7. Orji Uzor Kalu – $1.1 billion
Orji Uzor Kalu is a businessman and politician who served as the Governor of Abia State from 1999 to 2007. He is the chairman and CEO of the SLOK Holdings group, which has interests in manufacturing, oil and gas, banking, and media.
Kalu attended the University of Maiduguri, where he studied business administration, then proceeded to Harvard Business School. He made his entry into politics in 1992 when he was elected to the House of Representatives. He served as the Chairman of the House Committee on Customs and Excise. In 1999, he was elected Governor of Abia State where he served two terms.
According to Forbes, he borrowed $35 from his mother to start the business, and later, he went into furniture manufacturing and transportation. By the time he was 20, he became a millionaire. He was listed as 49th on Africa’s 50 Richest Net Worth in 2015 by Forbes Magazine.
Without a doubt, Kalu is one of the most successful and richest politicians in Nigeria. As of this moment, Orji Uzor Kalu is a billionaire with an estimated net worth of $1.1 billion.
8. Ahmadu Adamu Mu’az – $895 million
Ahmadu Adamu Mu’azu is a Nigerian politician who served two terms as the Governor of Bauchi State from 1999 to 2007. He resigned as the Chairman of the Peoples Democratic Party (PDP) in 2015 due to pressures from the party leaders, stakeholders, and supporters.
He attended Ahmadu Bello University, where he earned a degree in Political Science before proceeding to earn a master’s degree in Public Administration from the University of Maiduguri.
Mu’azu began his political career in the 1970s when he served as a member of the Bauchi State House of Assembly, he was later elected to the Senate, where he served as the Minority Leader. His estimated net worth of $895 million puts him on the list of one of the richest politicians in Nigeria.
Dino Melaye ranks as the 9th richest politician in Nigeria, with an estimated net worth of $800 million.
Melaye attended Ahmadu Bello University, where he earned a degree in Geography before he proceeded to earn a law degree from the University of Lagos. His political career began in 2003 when he was elected to the Kogi State House of Assembly. He was also elected to the Nigerian Senate in 2015 and has since been a vocal critic of the government.
While in the Senate, Melaye has served on various committees, including the Committee on Petroleum Upstream, the Committee on Army, and the Committee on Local and Foreign Debt.
Dino Melaye remains a popular figure in Nigerian politics. He is known for his flamboyant style and his close relationship with the Nigerian entertainment industry. At this moment, Dino Melaye has an estimated net worth of $800 million, making him one of the richest politicians in Nigeria.
10. Rotimi Amaechi – $780 million
Rounding off the list of the top 10 richest politicians in Nigeria is the current minister of transportation, Chibuike Rotimi Amaechi with an estimated net worth of $780 million.
Rotimi Amaechi is a native of Rivers State where he served as a two-term Governor from 2007 to 2015. Before then, he served as the speaker of the Rivers State House of Assembly from 1999 to 2007.
Like every other successful politician on this list, Amaechi has several sources of income, of which Politics is one of the major sources, not as much as Dino Melaye, Amaechi also has a thing for expensive vehicles which includes a Mercedes-Maybach Vision 6, a Mercedes Amg G63, a Mercedes S550, a Land Rover Discovery, and a Lexus LX 570.
Summary: Top 10 Richest Politicians in Nigeria
It is surprising that Nigerian politicians control this huge amount of wealth, despite the poor state of the country. This income inequality among the ruling class and the people of Nigeria has raised suspicion and question of corruption among the Nigerian elite.
Not to mention that these politicians make a conscious effort to conceal the real worth of their wealth. Hence, their estimated net worths are mostly underpriced. Anyway, here is a recap of the top 10 richest politicians in Nigeria in 2023:
- Bola Ahmed Tinubu – $8.4 billion
- Ibrahim Badamasi Babangida – $5 billion
- Ifeanyi Ubah – $1.7 billion
- Olusegun Obasanjo – $1.6 billion
- Rochas Okorocha – $1.4 billion
- Atiku Abubakar – $1.4 billion
- Orji Uzor Kalu – $1.1 billion
- Ahmadu Adamu Mu’azu – $895 million
- Dino Melaye – $800 million
- Rotimi Amaechi – $780 million