Undoubtedly, Nigeria is a very wealthy country. However, it appears as though the country’s wealth only circulates around the corridors of power; and as such, the leaders grow richer and richer, while the masses grow poorer with each passing day.
All over the world, Nigerian political leaders are known to be very corrupt – if not the most corrupt. Most of them are masters of embezzlement and misappropriation of public funds. This is not a fallacy of hasty generalization; it is the bitter truth, testifying to the presence of the indefatigable canker called corruption, that has eaten deep into the fabrics of our leadership structure. The few honest leaders in the system who have the interest of the masses at heart are never given the opportunity to lead at high levels of influence. Their efforts at maintaining integrity and sanctity in public service are frustrated to the point where they either join the bandwagon of corruption, or back out of the system totally, to avoid infiltration and compromising of values.
Such is the state of the political climate in Nigeria.
However, in spite of this sad situation, there are still a few wealthy leaders and politicians who made their wealth by hard-working and shrewdness, before venturing into politics. Simply put, these few are wealthy, and their wealth did not necessarily come via corruption while in public office.
Well, this post does not actually seek to expose corruption, but to highlight the top ten wealthiest politicians in Nigeria. Nigerian politicians are amongst the highest paid lawmakers in the whole world; yet, with their mammoth salaries and incredulous allowances, the country has been unable to see or experience sustainable progress within nearly two decades of democracy.
Many have argued for and against some of the individuals we have presented in this list of wealthiest Nigerian politicians. Well, we have made thorough research into the facts and figures, and can guarantee that this is the most comprehensive list of such nature that is currently available. Some of them are businessmen who made some of their money before venturing into politics, while, interestingly, some others made their money in office.
So, here is the current list of the top ten richest politicians in Nigeria, starting with the least rich of the lot.
#10. Senator Ben Murray-Bruce ($720 million)
Senator Ben Murray-Bruce is a Nigerian lawmaker from Bayelsa state. He is popularly known for his recent campaigns on television and social media tagged “Make Common Sense”. He is currently the Chairman of Silverbird Group, which consists of Silverbird Television, Silverbird Cinemas, Silverbird Galleria, and a couple of other arms. As a senator in the federal house of assembly, he represents Bayelsa East Senatorial district.
Ben Bruce (as he is often called) is an entertainment industry veteran. He has been in the show business in this country for a long time. He earned his right to be heard and to make a difference before he ventured into politics, little wonder he had little trouble in campaigning for, and eventually winning the senatorial seat representing his constituency in the national assembly.
He is the brains behind the popular Most Beautiful Girl in Nigeria (MBGN) beauty pageant, which brings together several models from all around the country to select the most beautiful girl in the country. The show has been up and running consistently for the past thirty years.
For his involvements in the Silverbird Group, as well as in Politics, Senator Ben Murray-Bruce is worth an estimated $720 million. This places him as number ten on our list.
#9. Senator Chibuike Rotimi Amaechi ($780 million)
Senator Chibuike Rotimi Amaechi is a veteran politician. He has been on the political scene for several years, serving in various capacities particularly in his home state, Rivers State. He is a two-time governor of the state (ruling from 2007 to 2015); and even before then, he once served as the Honourable Speaker of the Rivers State House of Assembly.
After his stint as Governor of Rivers State, he was appointed to serve as the Minister of Transportation in the Muhammadu Buhari-led administration.
Rotimi Amaechi is no stranger to controversies. He has been implicated in a number of financial scandals in the past, though he was eventually vindicated from some of them. Nonetheless, he currently serves in the capacity of the country’s minister of transport.
He is known to have houses, landed properties, businesses and other assets, running into billions of naira. His current networth is put at $780 million, which places him as our number nine on the list of the country’s richest politicians.
#8. Senator Dino Melaye ($800 million)
Senator Dino Melaye is arguably one of the fieriest lawmakers in Nigeria at the moment. He is the senator representing Kogi East constituency in the national assembly. He is known to be very outspoken, hard-headed and contentious. He is also a known critic of the current national administration. He does not hesitate to link societal and economic failures to the incompetence of the Muhammadu Buhari-led administration.
Dino Melaye does not have many known business investments or dealings, so it is unclear as to where he derives his mammoth wealth from. He owns an exotic fleet of automobiles, powerbikes and other lavish gadgets. He also owns lots of houses and properties in exquisite locations, both in Nigeria and abroad.
He is worth an estimated $800 million, which places him as our number eight on the list of top ten richest politicians in Nigeria.
#7. Orji Uzor Kalu ($1.15 billion dollars)
Orji Uzor Kalu is one of the country’s wealthiest and most industrious politicians. He is from Abia state, in the Eastern part of Nigeria. He has been on the political scene in his state and in the country for several years. He once served as the governor of Abia state for two tenures.
Orji Uzor Kalu is known to be a business man, with stakes in many businesses that cut across several sectors of the economy. He is the Chairman of popular newspaper, Sun Daily. He also occupies an influential position in the administration and management of athe New Telegraph. As an international businessman, he also has several investments in several countries.
He is very popular for his support of Enyimba Football Club of Aba. In 2004, he invested heavily in the club and helped them win the CAF Intercontinental Competition.
Orji Uzor Kalu is one of the wealthiest politicians in the country. He is worth a whopping $1.15 billion dollars, making him the number seven on our list.
#6. Atiku Abubakar ($1.4 billion)
Atiku Abubakar, also referred to as the ‘Turakin Adamawa’, is one of the richest politicians to come from the northern part of the country. He hails from Adamawa state, and is one of Nigeria’s most seasoned politicians. He has served in various capacities in the country; most notably, as the country’s Vice president during the administration of President Olusegun Obasanjo. He served as Vice president for two terms, before launching his own presidential ambitions, which have so far failed to materialize. He even recently won the PDP presidential election primaries, and would thus be contesting for the presidency of the federation in the 2019 general elections.
Atiku is one of the politicians that has had only few scandals. He is known to be a shrewd businessman and investor. His investments include the American University of Nigeria (founded in 2005), a supply company, a world class secondary school, and a number of other investments. He is also into real estate business.
His networth is an estimated $1.4 billion, placing him as number six on our list.
#5. Owelle Rochas Okorocha ($1.5 billion)
Owelle Rochas Okorocha is arguably the richest actively-serving politician in Nigeria. He is from Imo state, and has been rich businessman before he ventured into politics. He twice contested for the governorship seat of Imo state under different political parties and failed at both attempts, before he eventually won in the year 2011. He is currently serving his second term in office as governor of Imo state.
He founded the Owelle Rochas Okorocha foundation, which caters to the educational and welfare needs of the less privileged in the state. The foundation gives scholarships to indigent students at different levels.
Okorocha is worth an estimated $1.5 billion, making him the fifth richest Nigerian politician on our list.
#4. Senator Asiwaju Bola Ahmed Tinubu ($1.7 billion)
Asiwaju Bola Ahmed Tinubu is a political icon in Nigeria. He is revered in the echelons of power as one who wields enormous influence. He has been actively involved in the Nigerian politics for several years. He has served in various capacities in the past, most notably, as one-time governor of Lagos state, and also as a former Senator of the federal republic of Nigeria. His wife, Oluremi Tinubu, is also into politics. She currently serves as a senator in the national assembly.
He is arguably the highest ranking individual in the APC’s national hierarchy, and he was highly instrumental to the victory of Muhammadu Buhari over Good luck Jonathan at the 2015 presidential elections.
Also known as ‘Jagaban’, Tinubu is known to have massive investments and businesses worth several billions of naira. He is reportedly the owner of Television Continental (TVC), as well as other companies within and outside Nigeria. His networth is put at $1.7 billion, making him the fourth richest Nigerian politician on our list.
#3. President Olusegun Obasanjo ($1.9 billion)
President Olusegun Aremu Obasanjo is one of the most decorated politicians Nigeria has ever produced. He has been a leader on both national and international stages, and his track record of excellent leadership leaves many longing to be like him.
He is the only president to have ruled Nigeria three times; once as a military administrator, and twice as a democratically-elected president.
Also fondly called ‘OBJ’, he hails from Ogun state, and is a known investor in Agribusiness. He also has massive investments in Oil and Gas, as well as in Real Estate. He owns several properties within and outside Nigeria. After his time at the helm of affairs in Nigeria, he served in the United Nations.
He owns a world-renowned agricultural Enterprise known as Otta Farms, which is worth several billions of naira. He is reportedly worth a whopping $1.9 billion.
#2. Ifeanyi Ubah ($2.5 billion)
Ifeanyi Ubah is one of the few politicians that became very wealthy before they decided to venture into politics.
According to reports, Ifeanyi Ubah started raking in millions as profits from as early as his teenage years, when he dealt in spare parts and general automobile merchandise.
In his native state, Anambra state, he is known to be one of the wealthiest business men. Asides his spare parts business, Ifeanyi Ubah is known to have investments in the Oil and Gas sector. In fact, he is the owner and Chairman of Capital Oil. He is also into real estate business, and owns properties all over the country and in other parts of the world.
He also owns a football club named Ifeanyi Ubah F.C. that is currently making waves in the Nigerian professional league. He also runs a transportation company in Nigeria.
Ifeanyi Ubah is worth an estimated $2.5 billion. He is the second richest politician in Nigeria.
#1. General Ibrahim Badamosi Babangida ($5 billion dollars)
Amongst Nigerian politicians past and present, General Ibrahim Badamosi Babangida is the undisputed king of wealth. This highly revered elder statesman is also very influential in the corridors of power. He was military administrator of the federal republic of Nigeria at some point in his political career, and he also served in a number of positions at different times.
Also known as IBB, he is notoriously known for his annulment of the June 12 1993 presidential elections where Moshood Abiola emerged victorious. Abiola won the elections fairly but never ascended into office, due to IBB’s annulment of the election.
Ibrahim Badamosi Babangida is a business magnate. He has investments and properties that run into trillions of naira!
His current networth is put at $5 billion, making him the richest politician in the history of Nigeria.