5 Richest Nigerian Politicians No Longer in Power
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Politics - June 19, 2023

5 Richest Nigerian Politicians No Longer in Power

Nigerian politicians are influential figures who have left an indelible mark on the country’s history. These politicians are individuals who, while no longer in power, have accumulated substantial wealth during their time in public service or through their private businesses. 

Their political careers and subsequent business ventures have helped them amass fortunes that place them among Nigeria’s wealthiest citizens. In this article, we will explore the lives and fortunes of such politicians who are no longer serving but are financially successful.

Atiku Abubakar

Among the prominent Nigerian politicians who have transitioned from power to wealth, Atiku Abubakar stands out as a notable figure. Atiku Abubakar’s political career reached its pinnacle when he served as the Vice President of Nigeria from 1999 to 2007 under the presidency of Olusegun Obasanjo. 

known for his business interests even before his political career, Atiku has made significant investments across multiple sectors. His diverse portfolio includes interests in real estate, logistics, amongst others. These ventures have played a crucial role in his wealth accumulation, elevating him to one of the richest politicians in Nigeria. His entrepreneurial ventures and strategic investments have solidified his position among the richest Nigerian politicians. 

Ibrahim Babangida

Ibrahim Gbadamosi Babangida, popularly known as IBB, is a prominent Nigerian politician who left an indelible mark on the country’s political landscape during his time in power. He is a retired Nigerian army general and politician. He served as military president of Nigeria from 1985 following a military coup that toppled the previous government until his resignation in 1993. 

He governed with an autocratic style, and his regime managed to weather two coup attempts. While serving in the army during the Civil War, he sustained an injury to his shoulder when a stray bullet became lodged in it during a crossfire. Surprisingly, he has chosen to retain the shrapnel and carries it with him to this day.

Upon retiring from the Civil service, he had a staggering fortune of no less than $5 billion. There were speculations regarding the origins of his wealth, suggesting that he had acquired it through various means while holding office. In 2011, Forbes estimated his net worth to be $12 billion, but he vehemently refuted these claims.

Olusegun Obasanjo

Olusegun Aremu Obasanjo, having served as the President of Nigeria from 1999 to 2007, his influence and subsequent business ventures have contributed significantly to his financial success. Obasanjo’s political career spans several decades, beginning with his military service, where he rose to the rank of General. After a brief period as Nigeria’s military Head of State from 1976 to 1979, he returned to power through democratic means in 1999, becoming the first Nigerian military leader to transition to civilian rule.

Obasanjo has demonstrated his entrepreneurial acumen and made strategic investments in various sectors, which have played a crucial role in his wealth accumulation. One notable sector where he has shown a strong presence is agriculture. He established Obasanjo Farm Nigeria Limited which focuses on agricultural activities, including cultivation, livestock farming, and agro-processing. This investment showcases Obasanjo’s commitment to promoting agricultural development in Nigeria while generating substantial financial returns.

Ahmadu Adamu Mu’az

Dr. Ahmadu Adamu Mu’az former Governor of Bauchi state, dedicated his services to the state in multiple capacities. Before assuming the role of Governor, he contributed his expertise as a property manager and quantity surveyor within the State’s Investment and Property Development Company. He was previously called upon by Ibrahim Sani to contest for the 2023 Nigerian Presidency.

During a routine patrol conducted by the EFCC (Economic and Financial Crimes Commission), a building housing fire-resistant cabinets, containing an astonishing sum of over $50 million, was uncovered in one of his apartments. However, he vehemently denied any involvement or ownership of the property, dismissing the claims made by the constipation company witnesses associated with the building.

David Mark

David Alechenu Bonaventure Mark is a retired Nigerian brigadier general and politician. He served as the 12th president of the Nigerian Senate from 2007 to 2015. While he has not been widely associated with significant business ventures or wealth accumulation beyond his political career, his contributions and accomplishments in public service solidified his position as a notable figure in Nigerian politics.

He became a member of the Nigerian Senate, representing Benue South Senatorial District for several terms as well as the 12th Senate President in Nigeria’s history, having held the position from 2007 to 2015.

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