Bola Ahmed Tinubu Net Worth

How Much is Bola Ahmed Tinubu Worth?

As of November 2023, Bola Ahmed Tinubu has an estimated net worth of $30 billion from various questionable sources, making him one of the richest politicians in Nigeria.

Asiwaju Bola Ahmed Tinubu, known among Nigerians as BAT, Jagaban, Lion of Bourdillon is a Nigerian politician, accountant and two term past governor of Lagos state, Nigeria from 1999-2007. He also served as senator for Lagos West during the short third republic. Bola Ahmed Tinubi is currently the presidential flagbearer for the 2023 Nigerian General elections under the All Progressive Congress (APC).

Early Life

Tinubu’s background over the years has raised serious concerns as there are little to no information to support claims of his family and primary education. Although his Wikipedia page claims he was born on March 29, 1952, there have also been allegations about age fraud, with some claiming Tinubu is older than he claims.

According to some sources, Bola Tinubu was born in Iragbiji but was later exiled as a teenager by the then Aragbiji or Iragbiji (the king) after he was caught stealing kolanuts from farms twice. This account was also shared on Twitter by Babatunde Gbadamosi, a popular businessman, politician and former gubernatorial candidate for the Action Democratic Party (ADP) in Lagos for the 2019 election who affirmed that Tinubu was never born in Lagos and that a certain someone from Iragbiji was exiled as a teenager for stealing kolanuts from farms on two different occasions. He was pardoned the first time for after the king listened to the plea of his mother but was exiled the second time when he committed the same offence. Upon exile, Tinubu was adopted by the woman who would later be known or referred to as her mother, Abibatu Mogaji, a Lagos-based popular trader who later became the Iyaloja of Lagos State.

To further add credence to the claim about Bola Tinubu’s paternity, the Tinubu family, which is a very popular family in Lagos State  disowned the former Lagos State governor severally, claiming he is not a part of their family. In July 2022, the Tinubu family published a family genealogy book, stating that Bola Ahmed Tinubu was never born by any member of the Tinubu family and his name was neither mentioned nor referenced in the family’s genealogy book. The author of the book, Mr. Rafiu Babatunde Tinubu, a member of the Tinubu family who is also a former Head of Service in Lagos state, insisted that “all members of their that bears the name must have biological relationship with the cleric, the late Alfa Muhammed Bugara Tinubu.” He said, with the book, the family needed to put the record straight for posterity sake and to ensure the name of the family was not polluted.

“Hence, the research into the origin and place of the family became a prominent agenda that kept reverberating at every meeting of the family… I was mandated by the family at its meeting sometime in 1982 under the chairmanship of Papa R.B. King to research into the evolution of the Tinubu family in Lagos in view of my antecedents as a lecturer at the University of Ife, now Obafemi Awolowo University.”

Wikipedia Claims

According to information on Wikipedia, Bola Tinubu was born on March 29, 1952 in the British colony of Lagos according to affidavits. His mother Abibatu Mogaji was a famous trader who later became the Iyaloja of Lagos state.

Tinubu was said to have attended St. John’s primary school, Aroloya, Lagos and Children’s home school in Ibadan. In 1975, Tinubu travelled to the United States and began studying at Richard J. Daley college in Chicago before proceeding to the Chicago State University where he graduated in 1979 with a bachelor of science degree in accounting.

Even with the attestations of fellow classmates as proof, several disputes surround Tinubu’s age, educational qualifications, name and even source of wealth due to the conflicting statements and documents presented by Tinubu himself, the politician has managed to make a name for himself in the world of politics and has some top offices to his record.

Discrepancies

However, it has been revealed that there are discrepancies surrounding the certificates he submitted to the Independent National Electoral Commission. Previous documents presented during the 1999 governorship elections showed that Tinubu attended  Government college, Ibadan for his secondary school education. Chicago State University also recorded his birth year as 1954 and not 1952. In response to the controversies, Tinubu claimed that a former senator, Tokunbo Afikayomi “accidentally” falsified the documents and the university made an error. In 2022, the controversies was reignited when Tinubu did not state his primary and secondary school in the documentation submitted which was contrary to previous sworn affidavits and statements.

Career

As on Wikipedia…

During his time in Bola Tinubu, Bola Tinubu worked for American companies, such as; Arthur Andersen, Deloitte, GTE services corporation, and Haskins & Sells.

American federal authorities investigated him for his suspiciously high income, which led to the freezing of his assets. The court case asserted that the American government believed Tinubu’s bank account to hold payment of heroin deals. It was later reported that Tinubu served as a bagman for two Chicago heroin dealers in the early 90s.

Upon his return to Nigeria, Tinubu  joined Mobil Nigeria and became an executive in the company.

In 1992, Tinubu joined the Social Democratic party which marked the beginning of his political career. He contested and ran for the position of the senator of Lagos West constituency which was cut short by the Third republic. He also supported the restoration of democracy and recognition of MKO Abiola as the winner of the June 12 presidential election through the founding of the National Democratic Coalition. After the seizure of power by Sanni Abacha, Tinubu went on exile and returned to the country after the death of the dictator.

Following the transition to the Fourth Republic in 1999, Tinubu ran for the position of the Governor of Lagos state under the Alliance for Democracy (AD) and won. He re-contested for the governorship position in 2003 and was voted in for a second term.

Heroine Drug Lord and Bag Handler

A detailed piece by investigative journalist, David Hundeyin titled “Bola Ahmed Tinubu: From Drug Lord to Presidential Candidate” detailed how Tinubu lied about so many things, including a supposed $850,000 before tax bonus by Mobil around the 90’s which he claimed marked the big break to his financial breakthrough. The United States indictment of Tinubu’s involvement with heroine and serving as a bag man can be found here and also on the investigative piece published by David Hundeyin.

Eventually his assets were frozen in 1993 by the court through Federal Agents as a result of a court case asserting that the American government had “probable cause” to believe Tinubu’s American bank accounts held the proceeds of heroin dealing. He would settle with the government and forfeit about $460,000 later that year. Court documents and later reporting on the case revealed that Tinubu had served as a bagman for two Chicago heroin dealers in the early 1990s.

Below is a Cliff Notes version culled from the investigative report by David Hundeyin:

• The US Attorney for the Northern District of Illinois, Michael Shepard files the complaint for forfeiture of funds in bank accounts held by Tinubu as they hold the proceeds of a heroin distribution organization headed by Adegboyega Mueez Akande. Tinubu’s funds represent the “proceeds of this operation or property involved in money laundering” and the “proceeds of narcotics trafficking.” Shepard requests that the Court adjudge and decree that the funds should be forfeited to the United States.
• Special Agent Moss has analysed financial documents including bank statements, money orders, cashier’s checks, tax returns, and “wire transfers of huge amounts of cash generated by individuals who are believed to be members of this heroin distribution organization,” and he reaches a professional conclusion that the accounts controlled by Tinubu “were involved in financial transactions representing proceeds of drug trafficking.”
• The investigation, which began in 1988 has identified Adegboyega Mueez Akande, and his nephew, Abiodun Agbele as key figures in the trade and distribution of heroin. The investigation identifies the third individual working with the duo to launder their money as a certain Bola Tinubu.
• In December 1989, Akande takes Tinubu to a First Heritage Bank to open an individual money market account. On the application, Tinubu gives his address as 7504 South Stewart Avenue, Chicago, which is the same address Akande uses as his heroin trap house. Special Agent Moss discovers that Mrs. Oluremi Tinubu has previously opened a joint account at the same bank with Audrey Akande, wife of Adegboyega Mueez Akande.
• On January 4, 1990, just 5 days after opening the account, Tinubu deposits $80,000 into it. On a subsequent credit application dated January 6, 1990, Tinubu states that he is an employee of Mobil Oil Nigeria Limited, with a total monthly salary of $2,400 and no other sources of income. He gives his address as 7504 South Stewart, and lists Akande as his cousin.
• Despite earning $2,400 a month with no other known source of income, bank records from First Heritage Bank show that over the course of 1990 alone, Bola Tinubu deposits $661,000 into his individual money market account, followed by a further $1,216,500 in 1991. (If you’re paying attention, that is roughly equal to the $1,800,000 he would later claim he made from Deloitte bonuses and salary deposits).
• When Special Agent Moss interviews Mobil Oil reps about Tinubu’s employment, they confirm that Tinubu works at Mobil Oil Nigeria as a treasurer, in a capacity that does not involve transfer or custody of large amounts of money. Moss also discovers that Tinubu has failed to file US income tax returns since 1984.
• On January 10, 1992, a court order is obtained to freeze some of Tinubu’s bank accounts containing the suspected proceeds of heroin trafficking in excess of $1,400,000.
• On January 13, 1992, during a telephone conversation from Nigeria with Special Agent Moss, Tinubu admits to the Agent that he knows Akande and that he had previously wire transferred $100,000 to Akande’s account in Houston. Further, Tinubu says that the $80,000 he deposited into the First Heritage Bank came from Akande. Tinubu also reveals that he had additional bank accounts in Fairfax, Virginia and London, UK.
• Speaking over the telephone with Special Agent Moss on January 14, 1992, Tinubu admits that he knows Agbele and that he met him through Akande. Tinubu admits he has associated with Agbele and Akande in the US and Nigeria. In this conversation, Tinubu denies having any additional bank accounts in the US.
• On January 24, 1992, following a seizure warrant to freeze over $500,000 of unexplained funds in Tinubu’s Citibank account, Citibank discovers 2 additional bank accounts controlled by Tinubu under the name of “Compass Finance and Investment Company Ltd.” Citibank’s account-opening KYC records bring up a Memorandum of Association and Articles of Organization identifying Akande and Agbele as directors of Compass Finance and Investment Company Ltd.
• Between January 30 and 31, 1992, Tinubu does an about-face and tells US agents that he has never had any business association or financial relationship with Agbele or Akande. This statement directly contradicts his earlier statements and the documentation from Citibank and First Heritage Bank.
• Special Agent Moss concludes in his submission, that based upon this evidence, there is probable cause to believe that a number of Tinubu’s accounts are involved in narcotics transactions. The Court concurs and orders the forfeiture on August 18, 1993.
• Tinubu opts to fight the case, claiming that the money is legitimate and it belongs to his adoptive uncle Kafaru Tinubu, and his surrogate mother Alhaja Habibat Mogaji. Ultimately, he enters into a settlement with the US government on September 15, 1993, agreeing to forfeit $460,000 of the heroin trafficking proceeds to the US government. The balance of roughly $1 million is released to him.

Family

Tinubu is married to Oluremi Tinubu, a former senator of the Lagos Central Senatorial district and an Assistant Pastor of The Redeemed Christian Church of God. Tinubu is also believed to have been married previously to a woman who is alleged to be the mother of his first two children. His mother, Abibatu Mogaji died in 2013 at the age of 96. Tinubu gave birth to a total of six children; Olajide Tinubu, Folashade Tinubu-Ojo, Seyi Tinubu, Zainab Abisola Tinubu, Habibat Tinubu, Olayinka Tinubu. However, Tinubu’s first son, Jide Tinubu died in London after suffering from a heart attack.

Bola Ahmed Tinubu Net Worth

According to Forbes metrics, Bola Ahmed Tinubu is the richest politician in Nigeria As of November 2023 with a net worth of $30 billion. Despite not having a known or legitimate source of wealth, Tinubu has landed properties scattered in different states across Nigeria and beyond. His landed properties in Nigeria alone are valued at 250 billion naira. He also owns a N5 billion mansion in Ikoyi, Lagos, a private jet, $60 million Bombardier Global Express XRS to mention but a few.

Source of Wealth

Tinubu has been involved in money laundering charges, conspiracy, abuse of office and corruption relating to the sale of V-mobile network shares in 2004. In 2009, the British Metropolitan Police began to investigate an investment transaction between the Lagos state government and the then ECONET (now Airtel Nigeria). The request for evidence by the British Force from the Federal Government of Nigeria to persecute three Nigerian former governors in a London court was rejected.

Tinubu is also recognized by Nigerians as the Godfather of Lagos as a result of his strong political grip he has on the state. The movie, “The Lion of Bourdillon”, documented the extent of the power Tinubu held on the politics and finances of the state. However, the documentary stopped airing in 2015 following a N150 million libel suit against the producer. He is also believed to influence the use of bullion van to influence elections in Lagos state. Tinubu has also been persistently accused by Chief Bode George for milking the state mostly through Alpha Beta consulting set up to collect revenues for the state. All these point to the fact that Tinubu’s wealth comes from illegitimate sources.

As a result of the scrutiny on his source of income ahead of the 2023 elections, Tinubu claimed to have made his wealth from trading in foreign stocks as explained by the Director of Strategic communications of the All Progressive Congress, Dele Alake during an interview.

List of Properties Owned by Tinubu

Below are some of the properties owned and acquired by Bola Ahmed Tinubu after he became the governor or Lagos State:

• Prime land of 157 hectares with 2.5km of Atlantic beachfront valued at about N10 billion
• The 1,000 hectares of land valued at about N75Billion located at Lakowe near Abijo at Ibeju-Lekki Local Government and given to Lekki concession company [LCC] which is partly-owned by Tinubu and Fashola and being developed as a golf course and housing estate by Assets and Resource Management Ltd [ARM] as ADIVA project.
• 14 hectares Parkview Ikoyi Estate foreshore land reclaimed by Lagos State Government
• The annex of the Lagos State Guest House in Asokoro, Abuja, which the state Government purchased in 2006 for N450 million
• A 5-bedroom detached house on one acre of land valued at N450 million.
• His home at Bourdillon is reportedly worth over N1 billion
• The 250-hectares of land valued at about N35Billion and strategically located at the Ajah junction on Lekki Road which was initially meant for a General Hospital for the people of Eti-Osa is now the property of Tinubu currently in the control of Trojan Estate Ltd, a  company owned by Tinubu. The property has been developed as Royal Garden Housing Estate and now worth over N200 Billion.
• He is also said to own a 1,000 hectares of land located at Lakowe close to Abijo at Ibeju-Lekki Local Government Area and valued at about N75 billion.
• Another property belonging to him is a Fishery Landing Jetty in Badore, the Ogudu Foreshore Scheme worth N15 billion naira.
• Tinubu is allegedly the owner of Oando Oil Company which is managed by his blood brother. The company is said to be the largest oil production company in Nigeria with equity of N162 billion and a revenue of N449 million.
• He also owns several costly private jets with the most exquisite known as Bombardier Global Express XRS. The jet is estimated at 60 million dollars (N21.7 billion)
• Tinubu also owns luxury cars including a G-Wagon worth N600 million, built with bomb detector apparatus, surveillance camera and bulletproof.
• He also owns TVC and Radio Continental, located along Aladelola Road, Ikosi, Ketu.
• Tinubu reportedly owns Oriental Hotel, located on Admiralty Way, and is valued to be around N120 billion.
• He also owns the recreational centre at Oniru, which he jointly owns with ARM and Tunji Olowofe.