Top 10 Richest Politicians in Nigeria (2024)

Nigeria is a country filled with a lot of natural resources that have contributed to its wealth. The country has the 2nd largest economy in Africa, and it produces a large proportion of goods and services for the region of West Africa.

Nigeria is also home to some of the richest entrepreneurs and politicians who have amassed a lot of wealth both from civil service and their businesses. In this article, we’ll explore the top 10 richest politicians in Nigeria.

Top 10 Richest Politicians In Nigeria

1. Bola Ahmed Tinubu ($8.4 billion)

Bola Ahmed Tinubu, also known as the Jagaban of Lagos, is the current Nigerian president and the richest politician, thanks to his estimated net worth of $8.4 billion. He was born on March 29, 1952, in Osun State, Nigeria, and graduated with a bachelor’s degree in business administration in 1976. Tinubu started his political career as a senator for the Lagos-West senatorial district from 1992 to 1993. He later became the Governor of Lagos State, serving from 1999 to 2007.

After his governorship, Tinubu remained a prominent figure in Nigerian politics. He played a crucial role in the formation of the All Progressives Congress (APC), a major political party in Nigeria. In 2023, Tinubu was elected president of Nigeria and was sworn into office by the Chief Justice of Nigeria, Olukayode Ariwoola, at an inauguration ceremony held in Eagle Square in Abuja.

2. Ibrahim Badamasi Babangida ($5 billion)

Ibrahim Badamasi Babangida takes the second spot on our list of the richest politicians in Nigeria with an estimated net worth of $5 billion. Babangida was a general in the Nigerian Army and held various military positions, including Chief of Army Staff from 1984 to 1985. He then rose to power after orchestrating a palace coup d’état that overthrew the government of Muhammadu Buhari in 1985.

During his time in office, he presided over the Armed Forces Ruling Council and implemented various economic and political reforms, including the introduction of the Structural Adjustment Program (SAP) aimed at revitalizing Nigeria’s economy. However, his regime was also marked by political instability, including the annulment of the June 12, 1993, presidential election, which led to widespread protests and criticism. Later, IBB retired in August 1993.

3. Ifeanyi Ubah ($1.7 billion)

The third man on our list made most of his money from business. He was already a billionaire businessman before venturing into politics. Ubah started his career in business in 2001 when he founded Capital Oil and Gas Industries Limited. He then expanded his business to include exporting motor tyres and spare parts to West African countries.

In addition to this, Ubah ventured into media and sports. He founded The Authority Newspaper and acquired the Ifeanyi Ubah Football Club. In 2019, Ubah transitioned into politics and became the senator representing Anambra South Senatorial District.

4. Olusegun Obasanjo ($1.6 billion)

Olusegun Obasanjo served as Nigeria’s military leader from February 13, 1976, to October 1, 1979, and later as the democratically elected President from May 29, 1999, to May 29, 2007. During Obasanjo’s presidency, he prioritized economic reform and development initiatives. He created the Niger Delta Development Commission and implemented the Universal Basic Education Program to boost literacy levels.

Obasanjo also established anti-corruption bodies like the Independent Corrupt Practices Commission and the Economic and Financial Crimes Commission. He revived key industries such as the National Fertilizer Company and ports in Kaduna and Port Harcourt. Additionally, Obasanjo increased the share of oil royalties to the states, leading to significant economic growth, with Nigeria’s GDP doubling and foreign reserves increasing from $2 billion to $43 billion by the end of his tenure.

He also secured debt pardons and paid off significant debts, leaving Nigeria in a better economic position. All these achievements have made him one of the best presidents Nigeria has ever had. Apart from his political career, Obasanjo is also passionate about agriculture and owns one of Nigeria’s largest farms, Otta Farms.

5. Rochas Okorocha ($1.4 billion)

Rochas Okorocha is a Nigerian politician and philanthropist. He owns Rochas Foundation, an organization that provides education to less privileged children. Okorocha ventured into politics in 1999 when he participated in the National Constitutional Conference and served as a commissioner. In 2011, under the All Progressives Grand Alliance (APGA), Okorocha won the governorship election in Imo State.

He served as governor from 2011 to 2019, during which he initiated various developmental projects in the state. After his tenure as governor, Okorocha became a senator, representing the Imo West Senatorial District under the All Progressives Congress (APC).

6. Atiku Abubakar ($1.4 billion)

Taking the sixth spot on our list with an estimated net worth of $1.4 billion is Atiku Abubakar. He began his career in the Nigeria Customs Service where he worked for 20 years. He rose to the position of Deputy Director before leaving in 1989 to focus on business and politics. In 1999, Abubakar entered national politics as the vice presidential candidate for the People’s Democratic Party (PDP) alongside President Olusegun Obasanjo.

They won the election and served together until 2007. Despite unsuccessful attempts to secure the presidency from 1993 to 2023, Abubakar remained a prominent figure in Nigerian politics. He amassed significant wealth through his conglomerates and business ventures. Abubakar’s net worth is estimated at $1.4 billion, making him one of the richest politicians in Nigeria.

7. Orji Uzor Kalu ($1.1 billion)

Orji Uzor Kalu is another politician who was already a billionaire businessman before venturing into politics. Starting his career with just $35 borrowed from his mother, Kalu ventured into business and rapidly expanded his interests across various sectors. He became a successful entrepreneur, with investments in several sectors.

Kalu’s political career took off when he served as the governor of Abia State from 1999 to 2007. After his tenure as governor, Kalu transitioned into national politics and became a senator representing the Abia North Senatorial District. He also assumed the role of the Chief Whip of the Nigerian Senate, where he continues to serve.

8. Ahmadu Adamu Mu’azu ($895 million)

Taking the eighth spot on our list of the richest politicians in Nigeria is Ahmadu Adamu with an estimated net worth of $895 million. Ahmadu Adamu Mu’azu initially worked in various government ministries in Kano State, focusing on health, social welfare, youth, sports, and culture.

From 1984 to 1987, he chaired the Federal Polytechnic in Idah and simultaneously served as chairman of the Benue-Plateau Construction Company until 1990. During this time, he also contributed to the Bauchi State Scholarship Board.

Transitioning into broader roles, Mu’azu held positions such as director of the Nigeria Ports Authority and membership in the Bauchi State Rural Development Council between 1987 and 1997. In 1999, Mu’azu secured victory in the gubernatorial election with 56 per cent of the vote, assuming office on May 29 of the same year. He was re-elected for a second term in 2003.

9. Dino Melaye ($800 million)

Dino Melaye is a Nigerian politician from Kogi state. He rose to prominence as a Nigerian senator representing the Kogi West Senatorial district. Melaye gained attention for his luxurious car collections. Dino Melaye owns cars worth several hundreds of millions of Naira, including the latest G-Wagon and Rolls Royce Phantom.

With an estimated net worth of $800 million, the Kogi senator doesn’t come as a surprise on our list. During his tenure as a senator, which spanned from 2015 to 2019, Melaye was actively involved in legislative matters and frequently engaged in debates on the Senate floor. Despite losing his senatorial position in 2019, Melaye remained active in the political arena. He was selected as the spokesperson for Atiku Abubakar’s presidential campaign in the 2023 elections.

10. Rotimi Amaechi ($780 million)

Taking the last spot on our list with an estimated net worth of $780 million is the former governor of Rivers State – Rotimi Amaechi. Before becoming governor, Amaechi was actively involved in politics, holding positions such as Speaker of the Rivers State House of Assembly from 1999 to 2007. Amaechi served as the governor of Rivers State from 2007 to 2015.

His tenure was marked by both achievements and controversies, including disputes with his political party and legal battles over his re-election in 2011. After leaving office in 2015, Amaechi was appointed as the Minister of Transportation by President Muhammadu Buhari, a position he held until at least 2022.

Related:

• Top 10 Richest Men in Abia State
• Top 10 Richest DJs In Nigeria
• Top 10 Richest Men In Bauchi State

Conclusion

This article has highlighted the richest politicians in Nigeria and their net worths.

From former presidents to influential senators, these individuals have not only shaped Nigeria’s politics but have also built considerable wealth.

Another interesting fact about these men is that they have amassed a lot of wealth for themselves in their various businesses long before venturing into politics, which shows how industrious they are.