It is commonplace to know that Nigeria has arguably the wealthiest set of politicians globally - they’re the highest-paid public officers so this title isn’t very shocking. Everyone is aware of the political money-making syndrome, once you get into the corridors of power in Nigeria, your bank account won’t stop skyrocketing. This is primarily a result of one factor which every Nigerian is aware of. Fortunately, the shady enterprise isn’t on our radar today, we’d be focusing on the top 10 richest politicians in Nigeria and their net worths. If there is a question popping up in your mind who is the richest politician in Nigeria?, let’s join Naijauto and find out who has harnessed more cash amongst the popular leading names you know.
Top 10 richest politicians in Nigeria 2020 with net worths
|List of top 10 richest politicians in Nigeria (2020) & net worth|
|Rank||Name||Highest position||Net worth|
|#1||Chief Bola Ahmed Tinubu||Former Governor of Lagos State||$8.4 billion (₦3 trillion 46 billion)|
|#2||Ibrahim Badamasi Babangida GCFR||Former Military President of Nigeria||$5 billion (₦1 trillion 813 billion)|
|#3||Ifeanyi Ubah||Anambra South Senator||$1.7 billion (₦616 billion 454 million)|
|#4||Olusegun Obasanjo GCFR||
Former Nigerian Army General
Former Nigeria’s Head of State
|$1.6 billion (₦580 billion 192 million)|
|#5||Rochas Okorocha||Former Governor of Imo State||$1.4 billion (₦507 billion 668 million)|
|#6||Atiku Abubakar GCON||Former Vice President of Nigeria||$1.4 billion (₦507 billion 668 million)|
|#7||Orji Uzor Kalu||Former Governor of Abia State||$1.1 billion (₦398 billion 882 million)|
|#8||Ahmadu Adamu Mu’Azu||
Former PDP Chairman
Former Governor of Bauchi State
|$895 million (₦324 billion 545 million)|
|#9||Dino Melaye||Former Senator of Kogi West||$800 million (₦290 billion 96 million)|
Former governor of Rivers
Former Minister of Transportation
|$780 million (₦282 billion 843 million)|
Dazzled by the net worths? Now let's see how each of them earn that money and how they spend it on luxury belongings.
The richest politicians in Nigeria & their car collections
1. Chief Bola Ahmed Tinubu - Net worth: $8.4 billion (₦3 trillion 46 billion)
Bola Ahmed Tinubu - Lagos State Governor from May 1999 - May 2007 is the official richest politician in Nigeria. Apart from being the National Leader of the All Progressives Congress party, Bola Tinubu is also allegedly the owner of Oando PLC, the largest oil-producing company in Nigeria with a revenue of about ₦449 million.
The former Lagos State Governor takes hold of a fleet of high-end vehicles
The Jagaban of Lagos is married to Oluremi Tinubu, a senator representing Lagos Central Senatorial District. One of his children - Seyi Tinubu, was appointed as the emergency financial consultant to all parastatals and local governments in Lagos State. Bola Tinubu also reveals his ambition of becoming Nigeria's President in 2023.
The largest scandals of Tinubu include the lawsuit where Tinubu’s consultant company Alpha Beta is accused of N100bn money laundering, tax evasion and fraud by its Managing Director/Chief Executive Officer (Sep 2018). Just at the beginning of 2020, Bola Tinubu was charged for involving in a white heroin trafficking network operated in the US between 1988 and 1993.
Bola Tinubu's landed properties scattered across Nigeria are worth over ₦120 billion including the mansion worth ₦5 billion at Bourdillon drive, Ikoyi, Lagos. He owns a G-Wagon worth ₦600 million, 2 other Mercedes Benzes, a Range Rover, a Lexus LX 550 and other luxurious vehicles which are undisclosed. Let’s not forget his Bombardier Global Express XRS worth $60 million, it’s probably not his only jet.
One of Tinubu's mansions in Lagos
A private jet is considered a basic item to a politician of his caliber
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2. Ibrahim Badamasi Babangida GCFR - Net worth: $5 billion
Ibrahim Badamasi Babangida (IBB) - born 17th August 1941 in Niger State, is a businessman and politician that served as Nigeria's military president from August 1985 to August 1993. The rich man is mostly famous for the annulment of the June 12, 1993, general election, during which MKO Abiola was the supposed winner.
Ibrahim Badamasi Babangida even has a private jet worth ₦594.7 million
Ibrahim Babangida is allegedly appropriated a lot of money during his tenure as Major General, which he publicly denied. He also owns 65% of the London-based Fruitex International Limited in London, 24% of Nigeria's second-largest telecom company, Globacom. Ibraham Babangida's net worth now is ₦1 trillion 813 billion ($5 billion), making him the 2nd richest politician in Nigeria.
He has in his garage a BMW 760LI (₦35.2 million), 2015 Mercedes-Benz S Class (₦33.7 million), Toyota Land Cruiser (₦30.6 million), among other luxury cars. He also flies a Learjet 45 worth ₦594.7 million.
3. Ifeanyi Ubah - Net worth: $1.7 billion
Ifeanyi Ubah was born on 3rd September 1971. His wealthy status didn’t kick off with politics, he’s a hardcore businessman who already built a fortune for himself before choosing to serve Nigeria.
Ifeanyi Ubah cars include models from the most valuable brands
Growing up in the suburb of Abuja as the first of seven kids, he had to drop out of school to become a trader, but luck shone on him at 19, when he hit his first million. In 2014, he contested for the governorship of his state and lost. However, in 2019, he contested for a seat in the Nigerian Senate to represent Anambra South Senatorial District, which he won.
Apart from owning a football club called Ifeanyi Ubah FC, Ifeanyi Ubah is also the chairman, board of directors of a few notable companies in Nigeria. With the net worth of $1.7 billion, Ifeanyi Ubahand is one of the 10 richest men in Nnewi and Nigeria.
Ifeanyi Ubah is a real car collector who owns an extremely expensive Roll-Royce, a Land Rover, a Cadillac Escalade, a Toyota Land Cruiser and a Toyota Highlander. Ifeanyi Ubah also flies an Embraer Legacy 600 private jet, worth $31 million.
Ifeanyi Ubah's mansion and a fleet of SUVs
The Rolls-Royce is worth ₦90 million naira
4. Olusegun Obasanjo GCFR - Net worth: $1.6 billion (₦580 billion 192 million)
Olusegun Obasanjo or OBJ is a proud indigene of Ogun State, born on 5th March 1938. The former Nigerian Army General also served twice as Nigeria’s Head of State: first as a military ruler from 1976 to 1979, and as a civilian president from 1999 to 2007.
Besides cars, he nurtures his love for planes as well
Obasanjo got married four times. He married Esther Oluremi first, then Lynda, who was severely shot by armed men. His third wife was Mojisola who’s also late. His famous fourth wife - Stella Obasanjo served as Nigeria’s First Lady for a while and passed away while undergoing an Abdominoplasty surgery in 2005. He’s currently married to Mrs. Bola Obasanjo. Obasanjo has twenty children.
OBJ reportedly owns Otta Farms, one of the largest chicken poultries in West Africa. Although not of general knowledge, he is also involved in over 6.5% of the total major oil production, marketing, and distribution in Nigeria.
He has in his garage a Mercedes-Benz S63 Sedan, a Lexus 570, a Toyota Land Cruiser and a Toyota Highlander 2017. He also owns a Bombardier Challenger 300 jet and a Helicopter, both worth about $42 million.
5. Rochas Okorocha - Net worth: $1.4 billion (₦507 billion 668 million)
Rochas Okorocha served as the governor of Imo State, South-Eastern part of Nigeria for two terms. Just like Ifeanyi Ubah, he was also thriving in business before he joined politics. He is the founder of Rochas Foundation, a non-profit fund that builds colleges for poor children.
The collection of 8 cars is not enough. He was alleged to own 3 privates as well
In June 2019, Okorocha and his family were accused of taking away valuable assets of Imo state including 67 government vehicles, which Okorocha described as "diversionary" (see details here).
Rochas Okorocha was listed as one of the richest politicians in Nigeria for the year 2018 with a net worth of $1.4 billion. He owns an impressive garage that houses a Rolls-Royce Phantom, a Mercedes-Benz S600, a Mercedes-Benz Klassen V220, Mercedez Benz AMG63, a Lexus LX 570 among other luxury cars.
A few years ago, he was said to own three private jets by another governorship aspirant but according to Rochas, he owns just two, which he purchased before becoming a governor. One of his private jets, LearJet 45, is worth N700 million.
The ₦162 million Rolls-Royce is built for Royals
The Learjet 45 seems to be the cheaper one, the second jet is worth $45 Million
6. Atiku Abubakar GCON - Net worth: $1.4 billion (₦507 billion 668 million)
Atiku served as the Vice President of Nigeria from 1999 to 2007, with Olusegun Obasanjo as president. He was also a comptroller general of the Nigerian Customs for 20 years and made a fortune from his position.
He definitely has more than one private jet
While working for Nigerian Customs, he founded logistic company Nigeria Container Service (INTELS). The company has accused of laundering over $100 million into the United States between 2000 and 2008. Besides INTELS, Atiku Abubakar owns a variety of businesses in Nigeria ranging from beverage, media to education, and others.
Atiku hails from Adamawa State and was born on 25th November 1946. He has four wives and 28 children.
The former vice-president is among very few persons in Nigeria who owns private jets
With a net worth estimated at $1.4 million, Atiku Abubakar possesses many valuable assets. He owns an Embraer Phenom 100 private jet worth $4.1 million and a $2.95 million mansion near Potomac, Maryland, USA. Among many luxury cars he rides are a Range Rover, a Mercedes S550, a Lexus 570, a Toyota Land Cruiser and many more.
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7. Orji Uzor Kalu - Net worth: $1.1 billion (₦398 billion 882 million)
The former governor of Abia State was born on April 21, 1960, and is one of the richest politicians in Nigeria. Before his election, he was the chairman of Cooperative and Commerce Bank Limited. He was also a member of the Peoples Democratic Party (PDP), Progressive Peoples Alliance (PPA) and the chairman of the PPA Board of Trustees.
Orji Uzor Kalu made his name in arms and ammunition industry
Just like a few others on this list, Uzor Kalu runs a number of businesses. He’s the current chairman of SLOK Holding and two influential newspapers - the New Telegraph and the Daily Sun. He holds stakes in Enyimba FC of Aba, a very successful club in CAF competition. The club was the first Nigerian club to win the top honor of the flagship club competition on the African.
Although not specified, Uzor Kalu owns several mansions across high-ranking locations in Nigeria. A notable one is called Camp Neya, located in his hometown, in Abia State. He also owns a home in Maryland, USA.
Camp Neya is probably one of the biggest mansions in Abia State.
In 2014, Uzor Kalu acquired what is believed to be his 5th private jet, the Gulfstream G650 model, is worth a whopping ₦11.5 billion. Another news about his 7th jet was published in 2018, codenamed N7-OUK. Orji Uzo Kalu's garage is filled with exotic cars including a Bentley, a Range Rover, Mercedes Benz S550 and a Mercedes Benz C Class among others.
8. Ahmadu Adamu Mu’Azu - Net worth: $895 million (₦324 billion 545 million)
Ahmadu Adamu Mu’Azu used to be the governor of Bauchi State as well as the former chairman of the Peoples Democratic Party (PDP). He also served as property manager of the Bauchi State Investment and Property Development Company. His net worth is estimated at ₦324 billion 545 million, putting him in the list of top ten richest politicians in Nigeria.
Ahmadu Adamu Mu'Azu is a luxury car collector
In April 2019, the Economic and Financial Crimes Commission (EFCC) busted a mansion in Ikoyi as part of Buhari's anti-corruption campaign and discovered over $50 million of cash hidden in fire-resistant cabinets behind false walls. The company that built the house claimed Ahmadu Adamu Mu’Azu is the owner, but the Northern millionaire rejected all the accusations.
Mu’Azu has in his garage a Lexus LX570, a Range Rover Discovery and Toyota Sequoia among other luxury rides.
9. Dino Melaye - Net worth: $800 million (₦290 billion 96 million)
In the history of Nigeria, Dino has been the most entertaining politician ever! He was born on 1st of January, 1974 and hails from Kogi State. He was a Senator and a member of the 8th National Assembly, representing Kogi West Senatorial district before being sacked by the gubernatorial election tribunal of the state in late August 2019.
He's almost like a celebrity politician, as good as Wizkid
Dino is known for various scandals and political controversies. He once threatened to beat up Senator Oluremi Tinubu and "impregnate" her on the floor of the Senate. Dino had two marriages which both ended after his wives accused him of severe domestic violence.
Dino Melaye is a real car freak and a very flaunting type so it’s easy to get a glimpse of his luxurious lifestyle. Among his giant car collection are one of the most expensive cars in the world - Bugatti Veyron (₦616 million), 3 Roll-Royces (₦318 million combined), a Lamborghini Huracan (₦86.7 million), a Bentley Continental (₦71 million) and many other extravagant supercars such as the McLaren MP14 you can see in this post or the Mercedes G55 Mansory.
Dino's garage is constantly on the internet.
The one and only Ajekun Iya crooner!
10. Rotimi Amaechi - Net worth: $780 million (₦282 billion 843 million)
Rotimi Chibuike Amaechi served as governor of Rivers State from 2007 to 2015, and he’s currently the Minister of Transportation in Nigeria. He was born on 27th May, 1965.
You can hardly see a second Mercedes-Maybach Vision 6 in Nigeria
Rotimi Amaechi was the director general of Buhari re-election campaign in early 2019. However, he was in the eye of a storm after a series of audio recordings leaked, in which he harshly criticized Buhari for not meeting Nigerians' expectations and described Nigeria as a never-going-to-change hopeless nation.
“This country can never change, I swear... This country is hopeless and helpless.
“Three years of Buhari oo, everybody is crying... The President has established a record of failures which probably no other President would ever equal or erase."
Rotimi Amaechi has for his own a fleet of luxury cars including a rare Mercedes-Maybach Vision 6, a Mercedes Amg G63, Mercedes S550, a Land Rover Discovery, a Lexus LX 570 among others. Although he claims to not own a private jet but there’s a high chance he owns a Brazillian Embraer Legacy worth about N9 billion.
Video: Top 10 Nigerian Politicians Bought/Ride the Most Expensive Cars in Africa
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