15 Top Richest Politicians in Nigeria

Within the ever-changing Nigerian political environment, where riches and ambition are entwined with power and influence, there is a group of people whose names are heard not just in the halls of power but also in the highest levels of luxury.

These are the titans of Nigerian politics, powerful individuals whose financial empires rival those of tycoons and magnates, whose political maneuvers determine the course of the country’s future, and whose money continues to be a source of intrigue and scrutiny.

The lavish lifestyles and astounding wealth of Nigeria’s top 15 richest politicians are revealed as we investigate their stories in this exposé. 

As the “Giant of Africa,” Nigeria is known for its wide diversity of customs and civilizations, and its political environment reflects this. However, a thread of prosperity and money runs through these corridors of power, influencing choices, forming policies, and igniting ambitions.

Discover the fascinating tales behind the richest politicians in Nigeria and learn about the wider effects of their wealth on the country’s democracy, governance, and socioeconomic advancement. Join us as we set out on an engrossing investigation of wealth, power, and influence in Nigerian politics. 

15 top richest politicians in Nigeria

These lists are in no particular order and we won’t be mentioning any estimated net worth figures as we don’t have the exact statistics on that.

1. BOLA AHMED TINUBU

Bola Ahmed Tinubu, the President of Nigeria popularly known as Jagaban. He is a very influential political leader and one of the richest politicians in Nigeria

Asiwaju Bola Ahmed Tinubu is the owner of Oando Plc, a leading oil-producing company in Nigeria with annual sales of over 450 million Naira.

A television network that transmits throughout Nigeria as well as other African nations like Ghana and South Africa, among others, is called Television Continental (TVC) and is entirely owned by Bola Ahmed Tinubu.

Political Achievements and Contributions

• He became well-known in Nigeria’s military regime in the 1990s as a pro-democracy activist.
• Contributed significantly to the establishment of the Alliance for Democracy (AD), a political group that grew to become a powerful force in the Fourth Republic’s opposition.
• He was elected to two consecutive terms as Lagos State’s governor from 1999 to 2007.
• Renowned for bringing major transport upgrades, road building, and urban regeneration projects to fruition, all of which changed Lagos’s physical environment.
• Having a key role in the establishment of the Action Congress of Nigeria (ACN), which subsequently united to become the All Progressives Congress (APC), one of Nigeria’s largest political parties.
• Leading member of the All Progressives Congress (APC), Tinubu was instrumental in the party’s triumph in the 2015 presidential contest that saw Muhammadu Buhari crowned President of Nigeria.
• Recognized for cultivating and coaching a fresh cohort of political luminaries both inside and outside the APC, encompassing state governors, senators, and additional political officials.
• The President of Nigeria at the moment

Sources oF WEALTH

• Business Ventures
• Political Influence
• Investments and Partnerships
• Real Estate
• Consultancy and Advisory Services

2. IBRAHIM BADAMASI BABAGINDA

Babangida, often known by his initials IBB, is among the most popular and richest politicians in Nigeria. From August 27, 1985, till his resignation in August 1993, he firmly controlled the Federal Republic of Nigeria.

Babangida was the Chief of Army Staff from 1984 to 1985, the year before he rose to power. It was during this period that he masterminded a palace coup d’état that removed Muhammadu Buhari from office. One of the things that influenced the development of Nigeria’s political environment was his ambition for power and influence.

Political Achievements and Contributions

• He was the military ruler of Nigeria from 1985 to 1993.
• Implemented political and economic changes, including the SAP (structural adjustment program).
• He started the process of transferring Nigeria back to civilian governance.
• Oversaw the contentious annulment of the presidential election held on June 12, 1993.
• Chaired the Organisation of African Unity (OAU) from 1989 to 1990.
• Promoted West African regional cooperation and stability.
• Despite criticism, he is still regarded as a prominent and enduring figure in Nigerian politics.

Sources oF WEALTH

• Military Service
• Oil Industry
• Business Ventures
• Political Connections
• Consultancy and Advisory Services
• Investments and Partnerships
• International Engagements

3. IFEANYI PATRICK UBAH

Ifeanyi Patrick Ubah, a billionaire businessperson and politician, has established himself as one of the Richest politicians in Nigeria.

Senator Ifeanyi Ubah made his first million dollars at the young age of 19, which is a startling reality. He first made his money through import and export. which he carried out across the West African nations. Years later, he spread to other continents.

His commercial ventures include oil and gas, real estate, commerce spare parts, transportation, and, most recently, the football team Ifeanyi Ubah FC, which he bought and rebranded. 

Political Achievements and Contributions

• Elected Senator in the Nigerian Senate, serving the Anambra South Senatorial District.
• well-known for his charitable endeavors, which include programs to fight poverty and promote education in his community.
• Actively engaged in fostering entrepreneurship and youth development through a range of projects and programs.
• Supported Anambra State infrastructure development initiatives, especially those that affected his constituency.
• He participated in the promotion of laws intended to further economic development, especially in the fields of business and industry.
• He participated in political debate and the Nigerian Senate’s decision-making procedures, especially when it came to matters impacting his constituency and the country’s larger community.

4. CHIEF OLUSEGUN OBASANJO

Chief Olusegun Obasanjo was born on May 5, 1937. He is among the richest politicians in Nigeria.

His political career as president contributed to his fortune, and he continues to receive an annual salary even after his term in office has finished.

Farming is one of his main sources of revenue. Olusegun Obasanjo, who owns one of Nigeria’s biggest farms, makes millions of naira every day. Ex-president Olusegun Obasanjo possesses a collection of vehicles that includes a Rolls Royce, a Benz s23 Sedan, a land cruiser, and a Lexus 570.

Political Achievements and Contributions

• He was twice elected as the President of Nigeria (1976–1979) and 1999–2007.
• He launched several economic initiatives, such as the National Empowerment and Development Strategy (NEEDS).
• He led initiatives to improve the Nigerian government and democracy by implementing institutional changes.
• He supported measures aimed at combating corruption, including the creation of the Economic and Financial Crimes Commission (EFCC).
• He had a significant impact on African peacekeeping and regional diplomacy.
• He pushed for sustainable development programs and debt relief for African nations.
• He actively engaged in efforts to resolve conflicts through mediation, especially in the Niger Delta area.
• He chaired the African Union (AU) from 2004 to 2006, encouraging the continent’s development and unification.
• He remains a well-known voice in African and Nigerian politics, providing opinions on a range of domestic and global topics.

Sources of Wealth

• Oil and Gas Sector
• Business Ventures
• Political Connections
• Investments and Partnerships
• Entrepreneurship
• Sports Ownership
• International Engagements

5. ROCHAS OKOROCHA

Rochas Okorocha, the senator representing Imo West. He is a prosperous Igbo businessman and Imo State’s current governor. He is among the richest politicians in Nigeria.

Born on March 22, 1962, in Ogboko, Ideato South Local Government Area, Imo State, Owelle Rochas Okorocha went from humble beginnings to greatness.

His parents were impoverished, therefore he sold products at Barkin Ladi, Jos. When Rochas Okorocha entered politics in 2007 and gained a significant amount of support, he decided to run for governor under the Peoples Democratic Party (PDP) in the general election that year.

Before joining the APC, Rochas belonged to the All Progressive Grand Alliance (APGA) in the run-up to the 2011 general election. 

Okorocha’s commercial ventures, which include real estate, agricultural, and oil and gas businesses, and his political career account for the lion’s share of his wealth.

He also owns stock in several banks in Nigeria. Okorocha’s wealth acquisition hasn’t, however, been without controversy or criticism. When he was the governor, there were claims of corruption and misappropriation of public monies.

Political Achievements and Contributions

• Elected as the governor of Imo State From 2011 to 2019.
• He carried out several infrastructure development initiatives in Imo State, such as building schools and roads.
• He founded the Rochas Foundation, a nonprofit that helps impoverished youngsters in Nigeria with their schooling.
• He established the Rochas Okorocha Foundation for Africa, which specialized in development and humanitarian aid initiatives.
• He pushed for programs like the Imo State Entrepreneurship Development Programme that encourage young entrepreneurship and empowerment.
• He served as a major politician from South-East Nigeria for the All Progressives Congress (APC).

SOURCES OF WEALTH

• Real Estate
• Agriculture
• Oil and Gas Business
• Politics

6. BUKOLA SARAKI

Bukola Saraki, a former senator from the Federal Republic of Nigeria and governor of Kwara State, is among the richest politicians in Nigeria. Over time, the senator who was born in the United Kingdom has emerged as a notable figure in Nigerian politics, leaving a lasting impression on the political climate of the nation.

Throughout his career as a businessman and politician, Saraki has held important positions and exerted considerable influence. He is renowned for his eloquence and cunning. He carried out several policies and programs aimed at improving the quality of life for the people residing in Kwara State throughout his tenure as governor from 2003 to 2011.

Political Achievements and Contributions

• Elected to serve as Kwara State’s governor in Nigeria from 2003 until 2011.
• He implemented several infrastructural, healthcare, and education development projects in Kwara State.
• From 2015 until 2019, He was the President of the Nigerian Senate.
• He played a key part in the enactment of important laws while serving as Senate President, such as the Not Too Young to Run and Petroleum Industry Governance Bills.
• pushed for legislative changes that would have improved Nigeria’s accountability, transparency, and governance.
• He played a significant part in fostering communication among political stakeholders and settling disputes between them.
• He shaped the national conversation on topics including security, healthcare, and education by introducing legislation and participating in public affairs.

SOURCES OF WEALTH

• Business Ventures
• Banking
• Real Estate
• Agriculture
• Politics
• Consultancy and Advisory Services
• Investments and Partnerships
• Education
• International Engagements

7. ROTIMI CHIBUKE AMAECHI

Rotimi Chibuke Amaechi is one of the richest politicians in Nigeria. He was born on May 27, 1965. 

Rotimi Chibuke Amaechi is an active member of APC. His rapport with the Buhari administration is excellent, and he holds the position of minister of transport at the moment.

Amaechi has multiple sources of income, including commercial investments, especially in the transportation and maritime industries, of which politics is one of the main sources.

Mercedes-Maybach Vision 6, Mercedes Amg G63, Mercedes S550, Land Rover Discovery, and Lexus LX 570 are just a few of the high-end vehicles in Rotimi Amaechi’s collection. 

Political Achievements and Contributions

• Elected to serve as Rivers State’s governor in Nigeria from 2007 until 2015.
• He constructed roads, built healthcare facilities, and established educational institutions, among other infrastructure development initiatives in Rivers State.
• Renowned for his contribution to the transformation of Nigeria’s transportation industry, serving as Minister of Transportation since 2015.
• He encouraged the implementation of laws designed to enhance the effectiveness and infrastructure of transport, hence promoting development and economic expansion.
• He held a pivotal position in the Buhari Campaign Organization’s 2019 reelection campaign for President Muhammadu Buhari.

SOURCES OF WEALTH

• Politics
• Commercial investments
• Transportation and maritime industries

8. 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.” In the meantime, 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. Throughout his path, he has held several significant roles because of his calm and considerate demeanor.

Before entering civilian politics, he served in the military for the first part of his career. There, he demonstrated his 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 and worked tirelessly to foster collaboration among his colleagues.

Political Achievements and Contributions

• The Nigerian senator with the longest tenure.
• The Senate President’s term ended in 2015.
• Advocacy for national unity and legislative reforms.
• Encouragement of the construction of infrastructure in his district.
• Advocacy on behalf of accountability and sound governance.
• The People’s Democratic Party’s (PDP) leadership.
• Contributions to programs for national development.
• Ongoing impact on politics in Nigeria.
• Mentoring and advice for upcoming legislators.

9. ORJI UZOR KALU

Orji Uzor Kalu, a politician and businessman, led the Peoples Democratic Party and served as the governor of Abia State. The SLOK Holdings group, which includes holdings in manufacturing, finance, media, and oil and gas, is led by him as chairman and CEO.

After studying business administration at the University of Maiduguri, Kalu went on to Harvard Business School. After being elected to the House of Representatives in 1992, he entered politics. The House Committee on Customs and Excise was chaired by him. After winning the 1999 election, he was elected to two terms as governor of Abia State.

Political Achievements and Contributions

• Elected to serve as Nigeria’s Abia State governor from 1999 to 2007.
• Over his time as governor, he implemented several programs and infrastructure projects with the goal of development.
• Involvement in the politics of Nigeria as a member of the People’s Democratic Party (PDP) and the All Progressives Congress (APC), respectively.
• Contributions to the national dialogue on socioeconomic growth and governance.
• Assistance with youth entrepreneurial and empowerment programs.
• Creation of foundations and programs focused on welfare and community development.
• Support of stability and peace in Nigeria, especially in his native state of Abia.
• Remains significant in Nigerian politics despite controversy.
• Continuous involvement in political campaigns and projects that support Nigeria’s growth and development.

SOURCES OF WEALTH

• Business Ventures
• Banking
• Media
• Real Estate
• Politics
• Consultancy and Advisory Services
• Investments and Partnerships
• Education
• International Engagements

10. NYESOM WIKE

Former Rivers State governor Nyesom Wike is one of the richest politicians in Nigeria. 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 business endeavors. Some detractors have questioned whether his holdings match his claimed income and expressed questions about the source of his funds. 

Political Achievements and Contributions

• Elected Governor of Rivers State in 2015.
• Execution of several Rivers State infrastructure development projects.
• Fighting within the Nigerian federation for the rights and interests of Rivers State.
• Engaging in political activity in Nigeria as a People’s Democratic Party (PDP) member.
• Fostering safety and tranquility in Rivers State.
• Assistance with youth entrepreneurial and empowerment programs.
• Contributions to the national dialogue on socioeconomic growth and governance.
• Creation in Rivers State of programs targeted at welfare and community development.

SOURCES OF WEALTH

• Political Positions and Appointments
• Business Ventures
• Investments
• Real Estate
• Legal Practice
• Consultancy and Advisory Services
• Inheritance
• Public Speaking Engagements
• Endorsements and Sponsorships

11. DINO MELAYE

Dino is among the most prominent politicians in the Peoples Democratic Party. Dino Melaye was born on January 1, 1974, and is a resident of Kogi state. Dino Melaye has a lot of investments, most of which are located overseas. He owns McDonald’s in the United States and other fast food franchises, for example.

Before losing his Senate seat, Dino Melaye is most recognized for his time spent serving as a senatorial district senator representing Kogi West. Dino Melaye was a highly vocal senator and a scathing critic of presidents who came after him.

One of the most divisive figures in Nigerian politics, Dino Melaye has been a popular topic on social media for the last few years.

Being among the richest politicians in Nigeria, he doesn’t hesitate to flaunt his wealth. He is a car enthusiast who posts several videos and pictures of himself and his exotic vehicles online.

Political Achievements and Contributions

• Elected to represent Kogi West Senatorial District in the Nigerian Senate.
• Well-known for being outspoken and loud, he has supported several social and political causes.
• advocated for laws designed to advance accountability, openness, and sound governance.
• took part in national discussions on important topics influencing the sociopolitical climate of Nigeria.
• promoted youth empowerment and education through a range of projects and activities.
• Contributed to the resolution of political disputes and encouraged communication between political parties.
• Despite scandals, continues to have a significant impact on Nigerian politics, especially in Kogi State and the Senate.
• stays involved in political activities and campaigns that support Nigeria’s growth and development. 

SOURCES OF WEALTH

• Political Positions and Salaries
• Business Ventures
• Investments
• Real Estate
• Public Speaking Engagements
• Book Sales and Royalties
• Consultancy and Advisory Services
• Endorsements and Sponsorships
• Legal Practice

12. AHMADU ADAMU

Ahmadu Adamu Mu’Azu, a former governor of Bauchi State, under PDP. He was a property manager for the Bauchi State Investment and Property Development Company. He is among the richest politicians in Nigeria.

The Economic and Financial Crimes Commission (EFCC) stormed an Ikoyi property in April 2019 as part of President Muhammadu Buhari’s anti-corruption campaign, and they discovered almost $50 million in cash hidden behind false walls in fire-resistant cabinets.

The company that constructed the mansion claimed Ahmadu Adamu Mu’Azu as the owner, but the affluent Northerners refuted this information. In his garage, Mu’Azu keeps a Toyota Prius, a Range Rover Discovery, and a Lexus LX570.

Political Achievements and Contributions

• President of the Democratic Party of the People (PDP).
• Bauchi State’s governor from 1999 until 2007.
• Active participation in politics in Nigeria.
• He is in favor of democratic government.
• Contributions to the development of the country.
• Political advisory services.
• Efforts for community development.
• Sustained power in the politics of Nigeria.

SOURCES OF WEALTH

• Business Ventures
• Investments
• Political Positions and Appointments
• Consultancy and Advisory Services
• Public Speaking Engagements
• Endorsements and Sponsorships
• Real Estate
• Inheritance
• Gifts and Donations

13. BEN BRUCE

This man is extremely wealthy just by looking at him. In addition to being a dynamic politician, he is a businessman. Ben is the creator of the well-known Nigerian group Silverbird Group. In addition, he is currently the senator for the state of Bayelsa.

Mr. Ben, often known as the “Twitter senator,” is a social media facilitator. Additionally, he actively organizes the yearly MBGN (Most Beautiful Girl in Nigeria) beauty pageant.

Political Achievements and Contributions

• Elected Senator in the Nigerian Senate, serving the Bayelsa East Senatorial District.
• Acknowledged for his support of numerous social and economic causes, such as employment creation and youth empowerment.
• He backed legislative efforts to advance accountability, openness, and sound governance.
• He engaged in vigorous national discourse on matters impacting Nigeria’s socio-political terrain.
• He argued in favor of conservation and environmental sustainability.
• He helped to facilitate communication among political stakeholders and mediate disputes between them.
• Stayed powerful in Nigerian politics despite scandals, especially in the state of Bayelsa and the Senatorial chamber.
• He keeps participating actively in political campaigns and endeavors that support Nigeria’s growth and advancement.

SOURCES OF WEALTH

• Business Ventures
• Investments
• Media Ownership
• Public Speaking Engagements
• Consultancy and Advisory Services
• Endorsements and Sponsorships
• Real Estate
• Book Sales and Royalties
• Inheritance

14. GODSWILL AKPABIO

Godswill is another renowned politician in Nigeria. He is also among the richest and most well-known politicians in Nigeria. A lawyer by profession, but he is also into politics. 

Joining the People’s Democratic Party (PDP) was how Akpabio got his start in politics. However, his ascent to fame started when he was chosen to lead Akwa Ibom State for two terms in a row, from 2007 to 2015. 

Political Achievements and Contributions

• Elected governor of Nigeria’s Akwa Ibom State from 2007 until 2015.
• The construction of roads, healthcare facilities, and educational institutions, among other infrastructure development projects, in Akwa Ibom State.
• He is well-known for having played a key role in the development of new schools and scholarship initiatives in Akwa Ibom State’s educational system.
• Involvement in politics actively as a member of the People’s Democratic Party (PDP) and then the All Progressives Congress (APC) in Nigeria.
• Contributions, especially in the Niger Delta region, to the national conversation on socioeconomic growth and governance.
• Advocacy through a range of projects and programs for young entrepreneurship and empowerment.
• Contributed to the resolution of political disputes and encouraged communication between political parties.

SOURCES OF WEALTH

• Political Positions and Appointments
• Business Ventures
• Investments
• Real Estate
• Consultancy and Advisory Services
• Public Speaking Engagements
• Endorsements and Sponsorships
• Inheritance
• Gifts and Donations

15. ADAMS OSHIOMOLE

Comrade Adams Oshiomole, a former national chairman of the APC, was the governor of Edo State in the southern part of the nation.

Oshiomhole has a history of involvement in a variety of commercial endeavors, including real estate and consulting services.’

On the other hand, there have been disagreements and objections regarding his acquisition of money. His wealth, according to some detractors, has increased disproportionately to his sources of income, which raises concerns about possible corruption or misuse of authority.

Political Achievements and Contributions

• Elected to serve as Edo State’s governor in Nigeria from 2008 until 2016.
• Renowned for his vigorous efforts to expand infrastructure while serving as governor, which included building new roads, implementing reforms to the educational system, and enhancing healthcare.
• Played a vital part in changing Edo State’s public sector management and civil service by promoting transparency and accountability.
• Oversaw party affairs and organizational restructure while serving as National Chairman of the All Progressives Congress (APC) from 2018 to 2020.
• crucial to the All Progressives’ (APC) triumph in the 2019 general elections, especially the presidential contest.
• As a former labor party leader, I fought for workers’ rights and welfare, especially for Nigerian workers’ concerns.

SOURCES OF WEALTH

• Political Positions and Appointments
• Business Ventures
• Investments
• Real Estate
• Public Speaking Engagements
• Consultancy and Advisory Services
• Endorsements and Sponsorships
• Inheritance

FREQUENTLY ASKED QUESTIONS

CONCLUSION

Finally, a fascinating look into the lives and fortunes of the top 15 richest politicians in Nigeria provides an insight into the complex web of influence, wealth, and power that makes up Nigerian politics. Each of these people exemplifies the intricate relationship between politics and prosperity in the most populous country in Africa, from previous military dictators who became civilian governors to shrewd businessmen who have taken advantage of their political ties for personal benefit.

Their tales not only demonstrate the enormous fortune acquired by a mix of commercial endeavors, political scheming, and occasionally scandal but also the more general consequences of their impact on Nigeria’s socioeconomic environment. As giants of Nigerian politics, their riches and influence determine public opinion, set policies, and direct the country’s progress.

However, the top 15 Richest politicians in Nigeria stand for more than simply material prosperity. They are important figures in the continuing story of Nigeria’s political development, influencing discussions about social fairness, economic reform, and the country’s future course. Whether praised or derided, they had an irreversible impact on Nigerian politics, influencing millions of people’s lives and etching their legacy into the very fabric of the country.

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REFERENCES

rnn.ng: Top 20 Richest Politicians in Nigeria [2024]

bscholarly.com: Richest Politicians in Nigeria 2024

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