Inside the Tinubu Dynasty: Exploring the Wealth of Nigeria’s Political Patriarch

President-Elect, Bola Ahmed Tinubu is one of the influential figures that has dominated Nigeria’s political scene over the years. Popularly referred to as the Jagaban of Borgu, Tinubu’s name has become synonymous with power and wealth. His political dynasty has also become a force to be reckoned with because of the consistency of Tinubu’s political focus.

The political patriarch who has a significant fortune attached to his name has grown his wealth through a variety of options. Let’s take a look at how he started:

How Tinubu made his first millions?

The Nigerian political patriarch reportedly made his first millions when he served as an auditor for an auditing giant, Deloitte and Touche. During an interview with newsmen, Tinubu said “At Deloitte and Touche, I chose to travel more than 80 per cent of my working years there. And that is because if a staff chose to travel, he would make more money because he would get travel allowances.”

Tinubu hinted that he made his first million when he was sent on an assignment to provide assistance in the establishment of an accounting and auditing system for a joint venture between National Oil and Aramco in Saudi Arabia. He added that his employers gave him a huge bonus which turned him into a millionaire. Reports suggest that before Jagaban became a politician, he had investments in the US that generated a substantial sum of money for him. This is confirmed by the 10 accounts linked to him by the United States authorities in the early 90s, one of which $460,000 was deducted as the tax on investments domiciled in US banks. 

Tinubu’s alleged properties

Although Tinubu’s loyalists have argued that Tinubu came into Nigerian politics as a rich man, occupying political positions further enriched him. He served as governor of Lagos state from 1999 to 2007. During his stay in office, his dynasty allegedly accrued the following properties to his name. The properties are a huge composite of his wealth because they run into billions of naira. 

First, The annex of the Lagos State Guest House in Asokoro, Abuja bought by the State Government in 2006 for N450 million was transferred to Tinubu under the pension plan he signed into law before leaving office. Second, Tinubu handed over a 250-hectare land located at the Ajah junction on Lekki Road and valued at about N35 billion to Trojan Estate Ltd – a company owned by Deji and Wale Tinubu. The land which was initially meant for a General Hospital for the people of Eti-Osa Local Government was used to develop Royal Garden Housing Estate.

Also, Tinubu and Fashola partly own 1,000 hectares of land valued at about N75 billion located at Lakowe near Abijo at Ibeju-Lekki Local Government. During his tenure as governor, Jagaban allocated to himself the former Strabag yard beside the Lagos State Secretariat at Alausa, Ikeja to himself. He also obtained a choice property at Lekki-Epe road, where he built the multi-billion naira Oriental Hotel and the extension of a multi-storey car park.  Also, the multi-level recreation centre by Mobil in Oniru Estate on Lekki-Epe road is jointly owned by ARM and Tunji Olowolafe. All these assets valued at over N25 billion were obtained without paying a kobo to the Lagos State Government. Reports also say Jagaban owns the Critical Care unit at the Lagos State University Teaching Hospital (LASUTH) in Ikeja, which was built and equipped with state funds. 

Going further, Tinubu’s residence at 26 Bourdillon Road, Ikoyi was initially presented as Oando Plc Guest House. The property was later purchased by the Lagos State Government and given to Tinubu under the bogus Pension Bill. The property is worth over N600 million.

Moreso, Tinubu owns the Nation and the Television Continental (TVC). It was alleged that he converted all the plots of land where Lagos Polytechnic was located at Ikosi near the old toll gate in 2016 to plots for himself, his cronies and political associates. 

Tinubu’s income from Lagos revenue 

Tinubu has been accused of taking N9 billion monthly from the Lagos state internally generated revenue account. While blaming excessive leakages of revenues and monumental corruption for slow growth in Lagos, Bode George, a chieftain of the Peoples Democratic Party (PDP) revealed that Tinubu takes 15% of the Lagos state internally generated revenue monthly. 

Tinubu’s family and their source of wealth

Tinubu’s wife, Oluremi Tinubu currently serves as a senator representing Lagos Central Senatorial District at the Nigerian National Assembly. She was one of over 100 senators elected in the 8th assembly in 2015. Remi Tinubu, built the massive New Era Foundation youth camp at the junction of Eleko, off the Lekki-Epe express road, with Lagos State funds. Reports say she is allegedly using the property for her personal use. Also, his daughter is the Iyaloja-General (head of market men and women). She makes a lot of money from fines and charges levied on market men and women across the commercial city of Nigeria.

Tinubu’s son, Oluwaseyi Tinubu is the CEO of an out-of-home advertising company, Loatsad Promo Media Ltd, a Patron of the STL Polo Team and a member of several organisations’ boards. The entrepreneur is known for developing tailor-made solutions for successful brands. He also enjoys patronage from state actors due to his father’s political connections.