As Nigeria's 2027 general elections approach, President Bola Tinubu, former Vice President Atiku Abubakar, and former Anambra State Governor Peter Obi have each publicly explained the origins of their substantial wealth. Their statements, made across various interviews, offer a rare glimpse into the financial backgrounds of the country's leading presidential contenders.
Peter Obi: From Trader to Banking Executive
Peter Obi, now the presidential candidate of the Nigeria Democratic Congress (NDC), spoke on Arise TV's The Morning Show in October 2021. He described his career trajectory as starting with trading before moving into banking, long before his entry into public office.
Obi stated that he ran a planned market management company and was the sole importer of Heinz salad cream, Ovaltine, and South African Breweries products into Nigeria. He also revealed that a company he left before becoming governor later became the Next Cash and Carry brand in Port Harcourt and Abuja. He disclosed that he held major shareholding in banks, sat on the boards of three, and chaired one before his election as Anambra governor.
"I had a very good business but went into banking," Obi said, adding that politics had ultimately made him poorer, though he expressed no regrets. His claims came against the backdrop of a report linked to the Pandora Papers, which alleged he operated undisclosed businesses in offshore jurisdictions. Obi rejected the allegations, stating: "I did not in any respect whatsoever violate any law before, during and after my stewardship as the governor of Anambra."
Tinubu Attributes Wealth to Inherited Real Estate
In a BBC interview in December 2022, President Bola Tinubu, a chieftain of the ruling All Progressives Congress (APC), said his wealth grew out of real estate holdings he inherited and built upon over the years. He rejected claims that he drew money from Lagos state coffers, saying the World Bank and IMF had examined Lagos's financial records and found nothing irregular.
"I inherited great real estate; I turned the values around," Tinubu said. He added that since leaving office as Lagos governor in 2007, he had taken no government appointment and received no government contract.
Atiku Cites Oil, Gas, and Agriculture Investments
Former Vice President Atiku Abubakar, now the presidential candidate of the African Democratic Congress (ADC), addressed similar questions in an Arise News interview in April 2026. He said his wealth came from investments in oil and gas, logistics, agriculture, real estate, and education, all built before entering politics. He also stated that he helped fund the Peoples Democratic Party (PDP) from his own resources at its founding.
Atiku brought up a government investigation launched during former President Olusegun Obasanjo's administration, which he said was led by Nasir El-Rufai and Nuhu Ribadu. He said he voluntarily waived his immunity at the time to allow the probe to proceed, and that the investigation cleared him because his sources of income were transparent and legitimate.
Context of Wealth Declarations Ahead of 2027
Legit.ng has previously reported on the declarations and controversies surrounding the finances of Nigeria's top political figures ahead of the 2027 general elections. Earlier, the outlet reported that Prophet Sunday Daramola made a bold prediction about the 2027 presidential election, saying spiritual forces will decide who takes the presidency. Daramola, who shared the prophecy in a Facebook post, said he received a divine revelation about the forthcoming contest, predicting that one candidate will harness spiritual power to draw a significant number of voters to his camp, ultimately determining the outcome.
These public statements from Tinubu, Atiku, and Obi come as Nigerians increasingly question the sources of wealth of their political leaders, with the 2027 election expected to be a highly contested race.
