For many in Nigeria, politics is a lucrative business. Most Nigerian politicians get much of their riches from their side ventures into national politics. As a result, the nation’s wealthiest individuals and politicians are due to donations.
It’s no secret that politics is a dangerous game. And yet, even with knowledge of the hazards, many individuals jump right in. Sometimes, university graduates in other professions may have political aspirations and sometimes enter politics.
This is a result of the business’s seeming great benefits. Ultimately, like they say, “High Risks, High Rewards!”‘. However, this line of thinking is valid, as some politicians lead the ideal lives of office workers and company owners. The top wealthiest politicians in Lagos, with combined net worths of almost $800 million, are listed below.
Top Richest Politicians in Nigeria
1. Bola Ahmed Tinubu
Bola Ahmed Tinubu’s estimated net worth of $8.4 billion net. On March 29, 1952, Bola Ahmed Tinubu, the Jagaban of Lagos, was born into the Tinubu family in Osun State. Additionally, Tinubu goes by the name Asiwaju, the tribal nobility title given to him by the Oba of Lagos.
In 1976, Tinubu earned his bachelor’s degree in business administration from Chicago State University.
As the governor of Lagos State, Tinubu ruled over the wealthiest state in Nigeria and is said to have a great deal of power to this day, making him undoubtedly the richest politician in the country.
Bola Tinubu represented the Lagos-West senatorial district as a senator from 1992 to 1993 before taking office as governor of Lagos State in 1999. Since then, Tinubu has taken part in Nigerian politics and has grown to become one of the country’s most influential individuals.
Tinubu is the national head of the All Progressives Congress and its presidential contender for 2023. According to reports, Tinubu has extensive properties around Nigeria, the most significant of which is an N650 million house in Ikoyi, Lagos.
Among the pricey automobiles in Tinubu’s collection are a Range Rover, two further Mercedes-Benzes, and a G-wagon worth 600 million dollars. In addition to his $60 million private Bombardier Global Express X.R.S., Tinubu is reportedly worth $8.4 billion.
2. Ibrahim Babangida Badamasi
$5 billion is his net worth.
General Ibrahim Babangida is Nigeria’s second-richest politician. On August 17, 1941, Babangida was born in Nigeria’s state.
As the former President of the state of Nigeria, Babangida—also referred to as IBB, “Maradona,” or “The Evil Genius”—ruled the Federal Republic of Nigeria from August 27, 1985, until his resignation in August 1993. Before masterminding Muhammadu Buhari’s downfall in a palace coup d’état, the former army general headed the Armed Forces Ruling Council from 1985 to 1993 and was the Chief of Army Staff from 1984 to 1985.
He is one of the wealthiest politicians in Nigeria, and he has houses and fancy automobiles worldwide. As of right now, IBB is valued at $5 billion.
3. Ifeanyi Ubah
$1.7 billion is their net worth.
Born on September 3, 1971, Patrick Ifeanyi Ubah is a Nigerian businessman and entrepreneur from Anambra state who later entered politics.
Ifeanyi Ubah has always been a successful businessman who amassed enormous riches from his many ventures. Due to his recent election to an official office, Ubah is considered one of Nigeria’s wealthiest politicians.
He has been the founder and C.E.O. of Capital Oil and Gas since 2001. Ifeanyi began selling motor tyres and spare parts, mainly to West African countries, before extending his commercial endeavors into other European nations, such as Belgium and the United Kingdom. Ubah is a prominent figure in the country’s oil and gas industry; in the state of Anambra, his wealth and influence have made him well-known.
Ifeanyi Ubah is the owner of Ifeanyi Ubah F.C.. This football team was previously known as Gabros International Football Club before being acquired by the present owner. He also started The Authority Newspaper, a daily newspaper published in Nigeria.
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As mentioned, Patrick Ifeanyi Ubah entered politics and is currently a senator from Nigeria’s Anambra South Senatorial District. Like every wealthy politician, Ifeanyi Ubah owns a fancy automobile and a large home.
4. Olusegun Obasanjo
Chief Olusegun Obasanjo, often called OBJ or Baba, was born in Otta, Ogun State, on May 5, 1937.
The lucky former army general had two terms as Nigeria’s head of state: from February 13, 1976, to October 1, 1979, he led the country militarily, and from May 29, 1999, to May 29, 2007, he led the country democratically.
In addition to being a politician, Obasanjo describes himself as a farmer and an enthusiast for the land, which is why he founded Otta Farms, one of Nigeria’s largest farms. One of the wealthiest politicians in Nigeria, Obasanjo has amassed a substantial fortune over the years and is currently valued at 1.6 billion dollars.
5. Rochas Okorocha
Born in Imo state on September 22, 1962. Rocha’s parents were not wealthy. Therefore, he worked as a vendor in Barkin Ladi, Jos. Rochas Okorocha is one of those politicians who started from nothing and worked his way up.
He had some success before going into politics, and the Rochas Foundation allowed him to give back to the community. He established this organization and gave scholarships to underprivileged youngsters in Nigeria, where his compassion was demonstrated in several unique schools.
Rochas Okorocha entered the public eye and held positions as a commissioner and member of the National Constitutional Conference. Following the return of democracy to Nigeria in 1999, Okorocha ran for governor of Imo State as a candidate in the PDP primary elections, but Achike Udenwa beat him.
Reentering politics in 2007, Rochas soon gained a sizable fan base that enabled him to run for governor under the banner of the All Progressives Grand Alliance (A.P.G.A.) in the 2011 general election, which he ultimately won.
Under the banner of the All Progressive Congress, Rochas Okorocha is now the senator for the Imo West senatorial constituency. Atiku Abubakar is worth $1.6 billion, while Rochas Okorach is one of the wealthiest politicians in Nigeria, with an estimated net worth of $1.4 billion.
6. Atiku Abubakar
Nigerian politician and businessman Atiku Abubakar was born in Jada, Adamawa State, on November 25, 1946. From 1999 until 2007, he was President Olusegun Obasanjo’s vice president of Nigeria. In addition to his political career, Atiku has had commercial success. Most notably, he founded the American University of Nigeria in Yola.
His 20 years as the Nigerian Customs’ comptroller general brought him great wealth. He founded the Nigeria Container Service logistics company while employed at Nigerian Customs (I.N.T.E.L.S.). The company is said to have laundered over $100 million into U.S. banks between 2000 and 2008. Atiku Abubakar owns several businesses in Nigeria in addition to I.N.T.E.L.S., including ones in the media, beverage, education, and other industries.
With an estimated net worth of $1.6 billion, he is one of the wealthiest persons in Nigeria. Much of his wealth is derived from his real estate, agricultural, and other commercial ventures.
Atiku has continued to be actively involved in Nigerian politics in recent years, having run for President several times and being a member of the People’s Democratic Party (PDP). He has, however, failed in both endeavours. He is now suing to overturn the results of the presidential election.
7. Adamu Mu’az Ahmadu
On June 11, 195Alhaji Ahmadu Adamu Mu’azu was born in Boto, Tafawa Balewa Local Government Area, Bauchi State, Nigeria. Before pursuing his master’s degree in public administration at the University of Maiduguri, he studied political science at Ahmadu Bello University.
When Mu’azu was elected to the Bauchi State House of Assembly in the 1970s, his political career officially began. Later, he was appointed to the Senate and served as the Minority Leader. His estimated net worth is $895 million, making him one of the wealthiest politicians in Nigeria.
Adamu Mu’azu worked as a quantity surveyor and project manager for the Kano State Ministries of Youth, Sports, Culture, and Health and Social Welfare. Later, he had two terms as governor of Bauchi State and the position of national chairman of the Peoples Democratic Party (PDP).
Alhaji Ahmadu Adamu Mu’azu, whose net worth is $895 million, is ranked eighth among Nigeria’s wealthiest politicians.
8. Dino Melaye’s
Dino Melaye was born on January 1, 1974, and is a resident of Kogi state. Dino Melaye has several investments, most of which are located abroad.
Before losing his seat, Dino Melaye is best known for his tenure as a Kogi West Senatorial District senator. One of the most outspoken senators, Dino Melaye, was a harsh critic of succeeding presidents. Over the past few years, social media has regularly featured Dino Melaye, one of the most controversial politicians in Nigeria, as a trending topic.
Dino Melaye, still active in politics, was selected to serve as the campaign spokesperson for Atiku Abubakar in the 2023 elections—Dino Melaye is conceivably the most prominent car collector in Nigeria. He is among Nigeria’s wealthiest politicians at a net worth of eight hundred million dollars.
9. Rotimi Amaechi
Born on May 27, 1965, Rotimi Amaechi is a well-known politician from Nigeria who has achieved great success in his career. From 2015 until 2022, he faithfully worked as Nigeria’s Federal Minister of Transportation in President Muhammadu Buhari’s government.
Amaechi’s commitment to public service was evident throughout his tenure as Speaker of the Rivers State House of Assembly from 1999 to 2007 before taking on the role of governor.
As one of Nigeria’s wealthiest politicians, he has acquired an estimated fortune of $780 million. Despite his protestations, sources imply that he may be the owner of a beautiful Brazilian Embraer Legacy aircraft worth a stunning N9 billion.
Furthermore, Amaechi owns an excellent collection of high-end cars, including the Mercedes-Maybach Vision 6, Mercedes Amg G63, Mercedes S550, Land Rover Discovery, and Lexus LX 570.
He earned strong support in the A.P.C. presidential primaries conducted in June 2022, winning the second position with 316 votes from the delegates.
10. Daisy Danjuma
Daisy Danjuma, a Nigerian politician and entrepreneur, is listed among the country’s wealthiest lawmakers. She has held roles in several governmental and commercial organizations. Thanks to her project’s net worth of $900 million, she is the wealthiest female politician in Nigeria.
From 1977 to 1978, Daisy worked as an executive assistant at Nigerian Acceptances Limited (N.A.L.). From 1982 to 1992, she worked for the Nigerian Television Authority (NTA) as the company secretary and legal adviser. She was chosen to serve as a senator in Nigeria, representing the Edo senatorial district from 2003 to 2007. She did not win a second term in the general election held in Nigeria in 2011.
Apart from her political endeavors, Danjuma has an esteemed background. She is the spouse of renowned businessman and ex-military commander General Theophilus Danjuma. She has investments in the oil and gas, real estate, telecommunications, and charitable industries.
Daisy was a board member of several private and public companies. She was named chairman of May & Baker Nigeria P.L.C., a prominent pharmaceutical manufacturing firm, in 2019 after serving as director of South Atlantic Petroleum (S.A.P.E.T.R.O.), a renowned petroleum company.
Nonetheless, the wealth of the Danjuma family has generated debate and criticism. Many doubt the fairness and openness of their business transactions, speculating that their fortune could have been acquired dubiously.
11. David Mark
David Mark was born in Benue State, Nigeria, on April 8, 1948. Benue State is known as the nation’s “food basket state.” Meanwhile, Mark, a well-known politician in Nigeria, has had an incredible career that has had a long-lasting effect on the country’s political climate. He has held several significant roles throughout his path because of his calm and kind demeanor.
Before entering civilian politics, he served in the military for the first part of his career. There, he demonstrated adaptability by taking on positions like Minister of Defence and Minister of Communications. But Mark came into his own when he was the President of the Nigerian Senate.
In addition, his fellow lawmakers respected and looked up to him for his ability to navigate the complexities of the legislature. During his tenure as Senate President from 2007 to 2015, he put the interests of the Nigerian people first. He worked tirelessly to foster collaboration among his colleagues.
Mark, well-known for his inclusive demeanor and dedication to maintaining the rule of law, committed his life to promoting national cohesion and the general well-being of his nation. Much like most other Nigerian politicians, Mark’s career has been fraught with controversy and hardship. Still, his unrelenting commitment to public service and sincere desire to better Nigeria have won him respect and influence in the country’s politics.
David Mark has an estimated net worth of $2 million. Generally speaking, in addition to his nearly ten years as Senate President, he also held the position of Communications Minister before the demise of the Nigerian Postal Service (N.I.P.O.S.T.) and Nigerian Telecommunications Limited (N.I.T.E.L.).
12. Ben Murray-Bruce
Ben Murray-Bruce, a Nigerian businessman who entered politics, is recognised as a business tycoon with several records in business and politics. Ben is among the wealthiest politicians in Nigeria, with a net worth of $175 million, primarily due to his remarkable success in both business and politics.
Ben Murray-Bruce ran for governor of Bayelsa State in 2011 under the banner of the People’s Democratic Party, full of great expectations. Sadly, his hopes were short-lived, as he was eliminated from the governor’s contest at the screening stage.
With unwavering resolve, he fearlessly declared on October 27, 2014, that he would once more serve the People’s Democratic Party in the National Assembly by running for the Bayelsa East Senatorial District. In defiance of the odds, he prevailed and was elected to the Senate, a position he held from 2015 to 2019.
Murray-Bruce was well-known as a senator for his support of economic growth, entrepreneurship, and youth empowerment. His political career has primarily focused on Nigeria, where he has actively participated in the nation’s political climate.
Due to his founding of the Silverbird Group, a diverse entertainment and media conglomerate, Murray-Bruce has solid financial experience. The group comprises movie theatres, real estate ventures, and radio and television stations. Ben’s total net worth has increased due to his business success.
13. Stella Oduah
The second female politician on this list and one of the wealthiest politicians in Nigeria is Stella Oduah. Under President Goodluck Jonathan’s administration, Oduah held the position of Minister of Aviation from 2011 to 2014. During her time there, she managed several programmes intended to revolutionize Nigeria’s aviation industry.
Before entering politics, Oduah had a prosperous career in the private sector, mainly in the oil and gas sector. Her background and industry understanding influenced her nomination as Minister of Aviation. Her political career changed after Stella Oduah was elected to the Nigerian Senate in 2015. She is now a member of the People’s Democratic Party and represents the Anambra North Senatorial District.
Meanwhile, she receives money from her private businesses and her pay and benefits as a public official. Before beginning her political career, Oduah had financial interests in the oil and gas industry. However, her money gain has been the subject of debates and complaints.
She was accused of financial misconduct in 2013 about acquiring armored cars for the Nigerian Civil Aviation Authority. According to estimates, her net worth is around $600 million, placing her among Nigeria’s wealthiest senators and politicians.
14. Nyesom Wike
Nyesom Wike, a former governor of Rivers State, has an estimated net worth of $550 million, making him one of Nigeria’s wealthiest politicians. He was the Federal Capital Territory’s minister at the time. Before taking on these new roles, Wike presided over Rivers State as governor from 2015 until 2023.
When Wike was named chairman of his local government, Obio Akpor, in 1999, he officially started his political career. After that, from 1999 to 2007, he was the governor of Rivers State’s chief of staff. From 2011 to 2015, he held the Minister of State for Education position.
Nyesom Wike announced his campaign for the President of Nigeria in March 2022, a historic move. He would run for office under the People’s Democratic Party in the general election 2023. However, he was defeated by Atiku Abubakar in the party primaries due to fierce competition.
His pay and benefits as a public worker, including his tenure as a governor and minister, are his known sources of income. Though precise information is not generally known, Wike has also engaged in investments and commercial endeavours. Some detractors have questioned whether his holdings match his claimed income and expressed questions about the source of his finances.
Although the country may still be far from achieving complete openness in the governmental sphere, transparency and oversight in Nigerian politics are essential for maintaining accountability and fighting corruption, promoting integrity and confidence in the political system. The future of wealth distribution and politics in Nigeria ultimately rests on changes that give equal distribution, moral leadership, and chances for socioeconomic growth to all citizens top priority.
Nigeria may work towards a more equitable and prosperous society by tackling structural issues and advocating for laws encouraging equitable income distribution. In addition to putting excellent administration first, political leaders must prioritize the welfare of the populace and seek to create a more inclusive and fair country.