Virtually all Nigerian senators are wealthy as it would be impossible to win the elections of their various senatorial zones or wards if they are not financially capable. There are 109 senators currently saddled with the responsibility of making laws and representing the public in the National Assembly.
These lawmakers have over the years used their offices to enrich themselves rather than help the people who elected them to represent their interest. Some former governors even see the upper chamber as a retirement home to continue being relevant in politics while getting richer.
Top 10 Richest Nigerian Senators & Their Net Worth (2020)
This post reveals the top 10 richest serving senators in Nigeria this 2020, their net worth and salaries of these lawmakers.
1. Senator Orji Uzor Kalu – Net Worth $330 million
Senator Orji Uzor Kalu is Nigeria’s richest senator this 2020 with his investments, businesses and assets worth over $330 million as rated by Forbes’. He currently represents Abia North senatorial district at the upper chambers of the National Assembly and he is chief whip of the senate house.
Born in April 21, 1960 to Mr. Johnson Uzor Nesiegbe Kalu and Mrs Eunice Kalu, he had his secondary education at Government college, Umuahia and had his university studies at the prestigious Havard university. He began business at the young age of 19 after he dropped out of school.
Currently, Senator Orji Uzor Kalu owns a conglomerate, SLOK Holding and has business interest in the media, oil, banking, shipping, etc. The popular newspapers, Daily Sun and New Telegraph are owned by him. Kalu also served as a two term governor of Abia State, from May 29, 1999, to May 29, 2007 and is one of the richest Igbo men in Nigeria today.
He is currently in jail after the court found him guilty of financial crimes
2. Senator Rochas Okorocha – Net worth $1.4 Billion
Owelle Rochas Okorocha is another rich lawmaker in Nigeria, estimated to having a net worth of $1.4 billion in assets and investments. He served as the past governor of Imo state for two terms and was one of the richest governors in Nigeria last year.
Okorocha is an influential politician in the country that hails from the south eastern region. Born in 1962, Rochas Okorocha story of how he became wealthy and his diversion into politics is well documented. He hawked groceries in Jos as his parents were poor. His surgeon into politics has been controversial which saw him move from one political party to another.
He is a card carrying member of the ruling party, All Progressive Congress (APC), representing Imo west constituency. He is also among the billionaire politicians we have in Nigeria and a successful business man.
3. Senator Dino Melaye – Net Worth $300 million
Dino Melaye is another respected Nigerian senator representing Kogi west constituency at the National Assembly. He is known to speak boldly against the ruling party especially with the way corruption is treated. In fact, he even spoke against the richest politician in the country, Bola Ahmend Tinubu and some top wigs in the political scene.
Aside politics, Senator Dino Melaye is a business man and philanthropist. He left the APC for the People’s Democratic Party, his current political party. He is also contesting for the position of governor of his state under the PDP.
4. Senator Oluremi Tinubu – Net Worth $400 million
She is one of the longest serving senators in Nigeria and wife to APC National leader, Bola Ahmed Tinubu, a former senator and governor in Lagos state.
Senator Oluremi Tinubu hails from Ogun State, Nigeria and was born 21st December, 1960. She currently represents Lagos Central Senatorial District at the Nigerian National Assembly under the umbrella of the APC. While we cannot reveal her assets or investments due to legal reasons, we know she is a wealthy woman and has landed properties scattered round Lagos state.
5. Senator David Mark – Net Worth $200 million
David Mark was a former senate president, a former military governor and a retired Nigerian Army Brigadier General. While you won’t hear him speak at the upper chamber, he is common knowledge that he is a wealthy lawmaker, whose net worth is estimated at $200 million.
6. Senator Ifeanyi Ubah – Net Worth $1.7 billion
Patrick Ifeanyi Ubah is another richest senator in Nigeria and one of the richest Igbo business men representing Anambra South under the platform of the Young Progressive Party (YPP). His net worth is estimated at $1.7 billion USD.
Ubah was born on 3rd December, 1971 to a poor family. He learnt trade at a young age and became successful in business. Today, he is a businessman, entrepreneur, politician and CEO of Capital Oil, an oil and gas company which he established in 2001.
Aside this company, he has business interest in sports, real estate and even the print media. He is the founder of The Authority Newspaper, and the owner of Ifeanyi Ubah F.C., a football club in the Nigeria Premier League.
7. Senator Stella Oduah – Net Worth $150 million
Stella is also listed among the richest senators as she represents the people of Anambra north constituency under the People Democratic Party (PDP).
Under Goodluck Jonathan administration, she was the minister involved in the controversial purchase of BMW cars. Although, her financial valuation isn’t verified, she is worth millions.
8. Senator Ali Ndume
Ali Ndume currently represents Borno south constituency and he is a Nigerian politican under the APC. He was former senate majority leader in 2016 but was impeached due to his conduct.
He also lost the bid to become the current senate president of the 9th senate to Senator Ahmed Lawan. His net worth isn’t known.
9. Senator Andy Uba
Andy Uba is a serving Nigerian lawmaker representing Anambra south constituency under the All Progressive Congress after he left the PDP. His net worth isn’t available as at writing this post.
10. Senator Theodore Orji
Prior to his election as a senator of the Federal Republic of Nigeria, Theodore Orji was two time former governor of Abia state. Corrupt acts and practices was recorded during his tenure as he was allegedly said to have embezzled state funds.
Abia state was even ranked among the dirtiest states in the country during his reign. Orji is also among Nigeria’s richest senators this 2020 under the PDP, but his net worth isn’t public yet.
How Much Do A Senator in Nigeria Earn Monthly?
A Nigerian senator monthly salary has been touted as one of the highest in the world when you compare it to parliamentarians of other countries. There are also benefits and allowances accrued for being a lawmaker in Nigeria. No wonder, politicians jostle for a seat at the upper chamber.
The monthly salary of a Nigerian senator per month is N700,000. When you add their allowances, the figure adds up to N13,500,000 which rates a serving senator in Nigeria among the highest paid law makers in the world.