Top 10 Richest Politicians in Nigeria and Their Net Worth 2023

You’ve probably heard rumors about politicians making it rain with wads of cash in Nigeria. Well, it turns out some of those rumors are true. Nigeria has some seriously wealthy politicians with bank accounts bursting at the seams. We’re talking private jets, luxury yachts, and fleets of exotic sports cars.

How did these politicians get so filthy rich? Sadly, some of them acquired their wealth from siphoning public funds and accepting bribes rather than good old-fashioned hard work. Their lavish lifestyles are a harsh contrast to the poverty faced by most Nigerians.

We’ve compiled details on the estimated net worth of Nigeria’s richest politicians. These politicians are living in the lap of luxury. Here are the top 10 richest politicians in Nigeria today and how much they’re worth.

Understanding the Political Landscape in Nigeria

To understand Nigeria’s political landscape, you need to know it gained independence from Britain in 1960 and became a republic in 1963. Nigeria has a federal system with an elected president and legislature. However, the country struggles with corruption and economic troubles.

The two dominant political parties are the People’s Democratic Party (PDP) and the All Progressives Congress (APC). The PDP ruled for 16 years before losing to the APC in 2015. The APC currently controls the presidency and legislature.

There is also conflict between ethnic and religious groups, which impacts politics. The largest ethnic groups are the Hausa-Fulani, Yoruba, and Igbo. The north is predominantly Muslim, while the south is mostly Christian. Tensions have, at times, erupted into violence.

Oil is central to Nigeria’s economy and politics. Most revenue comes from oil, and politicians often provide patronage to their supporters from oil money. However, mismanagement and corruption have prevented oil wealth from helping most citizens.

To sum up, understanding politics in Nigeria means recognizing it is a young democracy facing many challenges but also has potential for improvement. With openness to reform and less division, Nigeria can build a more just and prosperous political system.

Methodology and Criteria for Ranking

To determine the rankings, we looked at several factors, including:

-Net worth: The total estimated value of a politician’s assets, investments, and money minus their liabilities. This includes income, real estate, business interests, and inheritance.

-Political experience: The number of years served in political office and positions held. More experience often means more opportunities to build wealth.

-Salaries and allowances: The basic salaries and allowances politicians receive, which provide a baseline income and contribute to their net worth over time.

-Other sources of income: Additional ways politicians generate income and increase their net worth outside of their political roles. This could include real estate, investments, family businesses, etc.

-Controversies: Any controversies like corruption charges or embezzlement of public funds which may have also contributed to a politician’s wealth in unethical ways. We aimed to highlight politicians with wealth from ethical and legal sources.

-Lifestyle: A measure of a politician’s lavishness, which gives an indication of their level of wealth. Things like the number of houses, exotic cars, private jets, etc.

We analyzed all these factors together to determine the politicians with the highest net worth and rank the top 10 richest for 2023. The results may surprise you!

Top 10 Richest Politicians in Nigeria

The political sphere in Nigeria is home to some of the richest people in the country. These politicians have amassed wealth through various means, ranging from ancestral lineage to personal business interests. Let’s take a look at the top 10 richest politicians in Nigeria and their estimated net worth.

Asiwaju Bola Ahmed Tinubu – $8.4 billion

Asiwaju Bola Ahmed Tinubu is Nigeria’s current President and a former governor of Lagos State from 1999 to 2007. Tinubu has had an interesting career in both politics and business as an experienced, committed, and ambitious politician and businessman. Tinubu’s political career began in the late 1990s when he was instrumental in restoring democracy in Nigeria. His transformational initiatives and devotion to development garnered him widespread acclaim as the former Governor of Lagos State.

President Bola Ahmed Tinubu is an experienced entrepreneur who has made investments in a variety of industries, such as media, real estate, telecommunications, and oil and gas, exhibiting his excellent commercial acumen. These ventures have been the major contributors to his enormous wealth. He has contributed to economic growth and job creation through his companies, solidifying his reputation as a savvy businessman while also amassing vast riches.

Asiwaju Bola Ahmed Tinubu is considered the richest politician in Nigeria, with an estimated net worth of $8.4 billion dollars. Many argue he would not be as rich as he is if he wasn’t a politician because of the numerous controversies surrounding his wealth and real estate properties, which many believe he obtained with his influence.

Some of his alleged assets include 10,000 hectares of Lakowe land near Abijo at Ibeju-Lekki land, valued at N80 billion NairaNaira, the Ogudu foreshore scheme valued at N5 billion NairaNaira, Beechwood Estate in Ibeju-Lekki, 3.8 hectares of land at the Lagos State Fisheries Office in Victoria Island valued at 3 billion, the Ilubinrin housing estate, formerly used for Lagos State Civil Servants and judges until 2007, valued at 2.5 Billion NairaNaira, and a Fishery Landing jetty in Badore valued at N500 million NairaNaira.

Tinubu’s collection includes a G-wagon worth 600 million dollars, two more Mercedes-Benz, a Range Rover, and other high-end automobiles. He also owns a $60 million Bombardier Global Express XRS private plane.

Ibrahim Badamasi Babangida – $5 Billion

Ibrahim Badamasi Babangida, also known as IBB, is a former Nigerian military leader and politician who served as the President of Nigeria from 1985 to 1993. His estimated net worth is $5 billion, making him one of the richest politicians in Nigeria.

IBB accumulated much of his wealth through embezzlement and corruption during his time as President. He was notorious for annulling the freest and fairest elections in Nigerian history. IBB institutionalized corruption in Nigeria and made it into an art. He also enriched himself through oil windfalls, inflation of contracts, and kickbacks. As one of Nigeria’s wealthiest politicians, he has fancy cars and mansions around the world.

Babangida was Chief of Army Staff from 1984 to 1985, and it was during this period that he staged a palace coup that deposed Muhammadu Buhari. After he stepped down in 1993, IBB retired to his mansion in Minna, Niger State and has since avoided the public eye. His luxuries include a Mercedes Benz S 600, a Rolls Royce Phantom III luxury sedan, a BMW 760LI, a Toyota Land Cruiser, and a Learjet 45 worth 594.7 million NairaNaira.

However, his legacy of corruption lives on, and he still remains an influential figure in Nigerian politics. Though often criticized, IBB continues to be revered by some for ushering in Nigeria’s new era of democracy.

Atiku Abubakar – $1.8 billion

Atiku Abubakar is a Nigerian politician, businessman and philanthropist who served as the Vice President of Nigeria from 1999 to 2007 under the Olusegun Obasanjo administration. He ran for President of Nigeria in 2019 but lost to former president Muhammadu Buhari. He did re-run in 2023 and lost to incumbent Asiwaju Bola Ahmed Tinubu.

He worked for the Nigeria Customs Service for twenty years, rising to the position of Deputy Director, the service’s second-highest position at the time. He quit the military in April 1989 to pursue a full-time career in business and politics. He ran for Governor of the old Gongola State, now known as Adamawa and Taraba States, in 1991 and for President in 1993 but lost. Furthermore, he has unsuccessfully run for the office of President of Nigeria five (5) times (in 2003, 2007, 2015, 2019, and 2023) but lost each time.

Atiku built his immense wealth through various business interests, starting as a customs officer and then moving into the real estate and logistics sectors. He partially owns Intels, an oil logistics firm and other companies. He is known for his entrepreneurial skills and promotion of private enterprise; Atiku’s business success and political clout have earned him significant influence in Nigeria. His luxuries include an Embraer Phenom 100 Private jet, a Range Rover, a Mercedes S550, a Lexus 570, and a Toyota Land Cruiser.

Atiku’s fortune has not been without controversy and criticism, with critics doubting the sources of his wealth and accusing him of leveraging political ties for personal benefit. These controversies have spurred debates and inquiries, casting a shadow over his financial actions and contributing to the diverse impressions around his wealth.

Ifeanyi Ubah – $1.7 billion

Patrick Ifeanyi Ubah is a Nigerian oil magnate, entrepreneur and politician. He is the founder and CEO of Capital Oil and Gas Industries Limited, one of Nigeria’s largest petroleum products marketing and distribution companies.

Ubah built his multi-billion dollar fortune from his oil and gas company, Capital Oil and Gas Industries Limited. He started the company in 2001, and it has since become one of the largest importers and marketers of petroleum products in Nigeria. The company imports and distributes various petroleum products, including diesel, kerosene, and petrol. Through strategic investments and business deals, Ubah grew Capital Oil into a major player in Nigeria’s oil industry and built his immense wealth in the process. Ifeanyi Ubah founded The Authority Newspaper, a daily newspaper published in Nigeria.

Meanwhile, in addition to his business ventures, Ubah has dabbled in politics with the goal of bringing constructive change to Nigeria. He ran for Senate representing Anambra South and won, earning a seat in the Nigerian Senate.

Ubah has been a prominent supporter of causes such as youth empowerment, education, and infrastructure development throughout his political career. Some of his luxuries include a Rolls Royce, a Land Rover, a Cadillac Escalade, a Toyota Land Cruiser, a Toyota Highlander, and an Embraer Legacy 600 private jet.

Ubah’s grassroots approach and determination to bridge the gap between the government and the people have struck a chord with many, despite the fact that controversies are unavoidable as politicians, one of which nearly cost him his life in 2022 when he survived an assassination attempt.

Olusegun Obasanjo – $1.6 billion

The 5th richest politician in Nigeria is Olusegun Obasanjo, with an estimated net worth of $1.6 billion. Known as Chief Olusegun Matthew Okikiola Aremu Obasanjo, GCFR, he served as Nigeria’s head of state from 1976 to 1979 and as its President from 1999 to 2007. Obasanjo was instrumental in the founding of the People’s Democratic Party (PDP) in 1998, which went on to become a dominating force in Nigerian politics for several years.

Obasanjo built his wealth through various business investments and assets. Obasanjo’s engagement in commercial enterprises and investments has added to his fortune. He has made investments in industries such as agriculture, telecommunications, and energy, demonstrating his financial acumen and diversifying his income streams.

He owns a multi-billion naira farm called Obasanjo Farms Nigeria Ltd., located in Ota, Ogun State. The massive farm has branches in about 12 states across Nigeria, with over 1000 workers. The farm produces poultry, fishery, cassava, maize, etc. Obasanjo also owns stakes in various companies like Transcorp and has landed properties worth billions of NairaNaira. Some of his luxuries include a Mercedes-Benz S63 Sedan, a Lexus 570, a Toyota Land Cruiser, a Toyota Highlander 2017, a Bombardier Challenger 300 jet, and a Helicopter.

Obasanjo’s wealth accumulation, however, has not been without controversy and criticism. Many people have questioned the transparency and authenticity of many commercial transactions and acquisitions attributed to him. These controversies have spurred questions over how much political authority and influence he may have wielded in his commercial pursuits and wealth accumulation.

Rochas Okorocha – $1.4 billion

Rochas Okorocha is a Nigerian politician who served as the Governor of Imo State from 2011 to 2019. He is the Senator representing the Imo West Senatorial district at the 9th Nigerian Senate. Okorocha built his wealth through business investments, starting with the transportation business and education.

Okorocha joined politics in 1999 and was a member of the People’s Democratic Party (PDP) before defecting to the All Progressives Grand Alliance (APGA). He was elected Governor of Imo State in 2011 and 2015, the first person to win a gubernatorial election in two political parties (APGA and APC). During his time as Governor, Okorocha focused on free education, healthcare, rural electrification and road construction. Some of his luxurious cars include a Rolls-Royce Phantom, a Mercedes-Benz S600, a Mercedes-Benz Klassen V220, a Mercedes Benz AMG63, and a Lexus LX 570.

Okorocha’s wealth is primarily derived from his political career and commercial interests, which include assets in real estate, agribusiness, and oil and gas. He is also a shareholder in several Nigerian banks. Okorocha’s wealth acquisition, however, has not been without controversy and criticism. During his tenure as Governor, there have been allegations of corruption and mismanagement of public funds.

Rochas has often refuted these charges, claiming that his fortune is the result of his hard work and successful business enterprises. Nonetheless, his political career has been tainted by these allegations, which have resulted in ongoing investigations and legal battles.

Orji Uzor Kalu – $1.1 billion

Orji Uzor Kalu is a businessman and politician who served as Governor of Abia State and the Peoples Democratic Party’s flag bearer from 1999 to 2007.

Kalu built his wealth through his company, Slok Holding, a conglomerate that operates in various industries like media, oil and gas, banking, and real estate. Kalu entered politics in 1992 when he was elected to the House of Representatives. He was the chairman of the House Committee on Customs and Excise. He was also elected Governor of Abia State in 1999, a position he held for two terms.

According to Forbes, he started the business with a $35 loan from his mother and then expanded into furniture manufacture and transportation. He became a millionaire at the age of 20. Forbes Magazine ranked him 49th among Africa’s 50 Richest Net Worth in 2015. Some of his luxuries include 7 Private jets, a Bentley, a Range Rover, a Mercedes Benz S550, and a Mercedes Benz C Class.

Without any doubt, Kalu is one of Nigeria’s most successful and wealthy politicians. In terms of wealth, Orji Uzor’s net worth is estimated to be $1.1 billion. While his economic success has provided him with substantial financial resources, the critiques and scandals surrounding his wealth accumulation continue to cast a shadow on his overall legacy. He continues to be an influential figure in Nigerian politics and still wields considerable power and connections.

Daisy Danjuma – $900 million

Daisy Danjuma is a Nigerian politician and entrepreneur who has held roles in numerous public and commercial organizations and is one of Nigeria’s wealthiest politicians.

Daisy began her career in 1977 as an Executive Assistant with Nigerian Acceptances Limited (NAL). From 1982 to 1992, she worked as the Nigerian Television Authority’s (NTA) Company Secretary/Legal Adviser. She was elected as a Senator in Nigeria, representing the Edo senatorial district from 2003 to 2007. Daisy re-contested during the 2011 Nigeria general election, but was unsuccessful. She was a director of South Atlantic Petroleum (SAPETRO), a significant petroleum firm, and was appointed chairperson of May & Baker Nigeria PLC, a leading pharmaceutical manufacturing company, in 2019.

Daisy Danjuma hails from a distinguished family; she is the wife of General Theophilus Danjuma, a successful businessman and former military commander. While her estimated net worth and income sources are not easily accessible, her net worth is estimated to be $900 million by several sources. Daisy’s business sectors include oil and gas, telecommunications, real estate, and philanthropy.

The Danjuma family’s wealth has been the focus of criticism and disputes. Many have expressed worries about the transparency and impartiality of their economic operations, implying that their riches were amassed through unethical ways.

Ahmadu Adamu Mu’az – $895 million

Ahmadu Adamu Mu’az is a Nigerian politician and businessman. Mu’azu worked in the private sector as a businessman from 1984 until his election as state governor in 1999.

Between 1984 and 1987, he was chairman of the Federal Polytechnic in Idah, and from 1986 to 1990, he was chairman of the Benue-Plateau Construction Company in Jos. During this time, he was also a member of the Bauchi State Scholarship Board. He served in a variety of capacities between 1987 and 1997, including director of the Nigeria Ports Authority and member of the Bauchi State Rural Development Council.

He served as the Governor of Bauchi State for two terms, from 1999 to 2007. In the 2007 general election, he ran for Senate but was defeated. Due to pressure from party officials, stakeholders, and supporters, he resigned as Chairman of the Peoples Democratic Party (PDP) in 2015.

It is difficult to provide an accurate assessment of his net worth because this information varies. However, he is likely to earn money from a variety of sources, including salary and allowances from his political roles. Mu’azu’s involvement in business initiatives and investments may have also had an impact on his finances. However, information regarding his business ventures is unavailable.

Dino Melaye – $800 million

Dino Melaye is a Nigerian politician, activist, and businessman with an estimated net worth of $800 million, making him one of the richest politicians in Nigeria.

He is a former senator and member of the House of Representatives, as well as a member of the People’s Democratic Party. He defected to the All Progressives Congress (APC) in 2015 but returned to the PDP in the run-up to the 2019 elections after months of political wrangling with Kogi State’s Governor. And he was the Chairman of the Senate Committee on Federal Capital Territory (FCT) Abuja. In addition, the Senate Committee Chairman on Aviation in Nigeria. He served as the spokesperson for the People’s Democratic Party’s presidential candidate, Atiku Abubakar, in the 2023 general election.

Dino Melaye has a large number of investments, most of them are situated abroad. He owns fast food franchises and McDonald’s in the United States, among other similar investments.

Dino Melaye is most known for his time as a senator from Kogi West. Dino Melaye was a harsh critic of subsequent presidents and one of the most vocal senators. He is one of Nigeria’s most divisive politicians, and he has been a controversial topic on social media in recent years.

Dino Melaye, possibly Nigeria’s biggest vehicle collector, has a collection of luxury cars in his garage, including; a Mercedes E Class ₦19.2 million, a 2020 Lamborghini Huracan $1 Million, Mazda CX 3 ₦8.6 million, Rolls-Royce Ghost ₦105.7 million, Harley Davidson ₦9.4 million, Lamborghini Huracan ₦86.7 million, Porsche Carrera 911 ₦34.6 million, and a Rolls-Royce Phantom ₦163.3 million.

The rankings of the richest politicians in Nigeria are constantly changing due to fluctuations in business interests, investments, and political influence. However, the top positions have remained largely unchanged over the past few years. The politicians with the greatest wealth and most diversified business portfolios are typically able to maintain their high rankings.

Some politicians may see a temporary increase or decrease in net worth and ranking due to election cycles, political turmoil, or macroeconomic factors in Nigeria. But the upper echelon, including the likes of Tinubu, IBB, Atiku, and Ubah, has dominated the list of richest politicians in Nigeria for many years thanks to their holdings in sectors like oil & gas, manufacturing, telecoms, and real estate.

Barring any major political upheavals, the rankings of the richest politicians in Nigeria are likely to remain fairly stable, with incremental changes happening over time rather than sudden disruptions at the top of the list. Of course, new politicians emerge and build their business empires; the potential exists for major shifts. But entrenched power and wealth are hard to displace.

Conclusion

So there you have it, the top 10 richest politicians in Nigeria and their estimated net worth in 2023. These wealthy public servants have amassed fortunes through various means, whether from successful business ventures, investments, or positions of power and influence.

While their vast riches may seem excessive or disproportionate, these politicians continue to shape Nigeria’s political and economic landscape. Whether or not their wealth and status ultimately benefit the citizens they represent remains an open question. Regardless of your views on money and politics, you have to admit these are some seriously loaded leaders.