Victor EzejaPolitics in African society, seems to be one of the most lucrative professions even though it is an avenue for offering public service.
Some politicians make their wealth with a combination of investment in businesses and earnings from political offices held.
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In this article, we will take a look at the top 10 richest politicians in Africa in 2023, based on publicly available information on their assets and net worth.
The article focused on current and former political leaders in Africa
Richest Politicians in Africa 2023
1. King Mohammed VI (King of Morocco) Net worth: $8.2 billion
Born 21 August 1963, Mohammed VI became the king of Morocco, a north African country, on 23 July 1999, upon the death of his father, King Hassan II.
Currently 59 years old, Mohammed has vast business holdings across several economic sectors in Morocco. His net worth has been estimated at US$8.2 billion.
In 2015, Forbes named him the richest king in Africa and the fifth wealthiest monarch in the world.
2. Ibrahim Badamasi Babangida – Net worth $5 billion
Ibrahim Badamasi Babangida, former Nigeria’s head of state is said to be worth $5 billion.
Born 17 August 1941 in Minna, Niger State, General Babangida (retired) served as military president from 1985 to 1993.
According to 2011 publication by Forbes Magazine, Babangida is estimated to be worth US$12 billion.
He is believed to secretly possess a multi-billion dollar fortune through successive ownership of stakes in a number of Nigerian companies.
3. Asiwaju Bola Ahmed Tinubu (Nigeria) – Net Worth: $4 billion
Asiwaju Bola Ahmed Tinubu, also known as Jagaban of Borgu Kingdom, is Nigeria’s president-elect.
Born on 29th March 1952, Tinubu served as the governor of Lagos State (the largest commercial city in Nigeria) from 1999 to 2007.
He was first elected as senator representing Lagos West Senatorial district during the brief Third Republic in Nigeria.
Tinubu lived in the United State where he studied Accounting at Chicago State University and worked for some American companies (Arthur Andersen, Deloitte and GTE Services Corporation) before returning to Nigeria where he also worked for Mobil Oil. Soon after joining Mobil Oil, he was appointed as the company’s executive.
His wealth was gotten through a combination of investments in private sector and political career.
He will be sworn in as Nigeria civilian president on May 29, 2023.
4. Ifeanyi Ubah (Nigeria) – Net Worth: $1.7 billion
Dr Ifeanyi Ubah is a Nigerian politician and businessman currently serving as Senator representing Anambra South Senatorial District under the Young Progressives Party.
He is the CEO of Capital Oil, which he founded in 2001. He is also the founder of The Authority Newspaper, a Nigerian daily newspaper and also the owner of Ifeanyi Ubah F.C., a football club in the Nigeria Premier League.
Ubah also runs a foundation which is named after him as Ifeanyi Ubah Foundation.
5. Olusegun Obasanjo- Net worth $1.6 billion
Olusegun Obasanjo, a former president of Nigeria from 1999 to 2007, has the net worth of $1.6 billion.
Born 5 March 1937, Obasanjo also served as Nigeria’s military head of state between 1976 and 1979. He handed over to a second republic civilian administration headed by Shehu Shagari as president in the West African country which abruptly ended in 1983 when Major General Muhammadu Buhari (retired) took over in a military coup.
Obasanjo invested in farming in his Ota residence in Ogun State. He is also said to be having a stake in some companies.
6. Atiku Abubakar (Nigeria) – Net Worth: $1.4 billion
Atiku Abubakar is a former Vice President of Nigeria under Obasanjo administration from 1999 to 2007.
Atiku ran for the office of governor of Adamawa State in 1990, 1996, and in 1998, when he was finally elected before he became Obasanjo’s running mate.
He has also contested for the position of president in 2007, 2011, 2015, 2019 and 2023 under different political parties.
Atiku, a retired Customs officer, who is also a businessman, is estimated to be worth $1.4 billion.
He invested in real estate, transportation (logistics company), education (the American University of Nigeria (AUN), and agriculture.
7. Rochas Okorocha (Nigeria) – Net Worth: $1.4 billion
Rochas Okorocha, a former governor of Imo, one of Nigeria’s Southeast states (2011 to 2019), is a businessman and politician.
He is the senator representing Imo West Senatorial District at the 9th Nigerian Senate.
Okorocha was born on 22 September 1962 in Ogboko, Ideato South, Imo State.
He is the founder and chairman of Rochas Foundation, a non-profit organization that focuses on education and healthcare in Nigeria.
Okorocha is also the President, Rochas Group of Companies Limited, Pro-Chancellor, African Business School and former Chairman, Board of Nigerian Airspace Management Agency.
8. Orji Uzor Kalu (Nigeria) – Net Worth: $1.1 billion
Orji Uzor Kalu is a Nigerian politician and businessman who made his fortune through his investments in different business ventures.
He is the founder and chairman of Slok Holding, a conglomerate with interests in media, oil and gas, banking, and real estate.
Kalu is a former governor of Abia State and currently the senator representing Abia North Senatorial District. He also serves as the Chief Whip of the Senate.
He was reelected for the 10th Nigerian Senate and is aspiring to be the Senate President.
9. Ali Bongo Ondimba (Gabon) – $1 billion
Born 9th February 1959 (64 years old), Ali Bongo Ondimba, who is the president of Gabon, has net worth of $1 billion. He has ruled the country from 2009 (when he took over upon the death of his father, Omar Bongo) till date.
Omar Bongo was President of Gabon from 1967 until his death in 2009.
During his father’s presidency, Ali Bongo held key government positions including being the Minister of Foreign Affairs from 1989 to 1991; represented Bongoville as a Deputy in the National Assembly from 1991 to 1999, and was Minister of Defense from 1999 to 2009.
10. Ahmadu Adamu Mu’azu (Nigeria) – Net Worth: $895 million
Ahmadu Adamu Mu’azu is a Nigerian politician and entrepreneur, who served as Governor of Bauchi State (one of the states in northeastern part of the country) from 1999 to 2007.
He made his fortune through a combination of politics, entrepreneurship, and Investments.
Mu’azu has also served as the national chairman of the People’s Democratic Party from 2014 to 2015. In addition to his political career, Mu’azu has been involved in various business ventures.
He ran for a Senate seat in the 2007 general election, but was defeated.
Conclusion
A look at the analysis above shows that Nigerians dominated the list of top 10 richest politicians in Africa with seven of them having nothing less than $1 million. They have their wealth from a combination of investments in businesses and earnings from political positions held.
The King of Morocco, Muhammed VI, who has ruled the north African country for about 14 years, is the richest so far, also appears to be the richest serving African leader.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
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