Tinubu’s roll-call of billionaire friends

Nigeria’s President Bola Tinubu did not arrive in office as an outsider to wealth. Long before his 2023 victory, his financial standing had been part of his public image.

On the eve of the 2019 presidential election, viral footage showed two bullion vans driving into his Bourdillon residence in Ikoyi, Lagos. Bullion vans are typically used by banks to transport large volumes of cash and the images quickly fuelled speculation about what, and how much, was being moved.

At his polling unit on election day, when journalists pressed him about the bullion vans, Tinubu brushed aside the speculation with a pointed reply: “Is it my money or the government’s money? … I don’t work for the government. Even if I have money to spend on my premises, what’s your headache?”

Ahead of his swearing-in as president in May 2023, his wife, Oluremi, said: “God has blessed my family. We don’t need the wealth of Nigeria to survive.”

A seasoned politician and long-time kingmaker in Lagos, Tinubu commands vast networks and his circle of influence parades some of Nigeria’s billionaires.

Eighty-year-old Nigerian-Lebanese businessman Chagoury and Tinubu share a long-standing relationship that stretches back nearly three decades, with notable business intersections.

Chagoury, born in Nigeria to Lebanese immigrants in 1946, began business along with his brother Ronald Chagoury around 1971 with interests spanning flour mills, construction, hospitality and transportation. The group owns the landmark Eko Hotel and Suites on Victoria Island, Lagos.

In 2007, while Tinubu was governor of Lagos State, the Chagoury Group secured government approvalto reclaim 10 million square metres of coastal land from the Atlantic Ocean for the Eko Atlantic Cityproject, where a plot of land now sells for at least N2bn.

In January 2025, Television Continental, a media house associated with Tinubu, moved its headquarters to a world-class facility at the Eko Atlantic City.

Months after becoming president, the Tinubu government awarded the $11bn Lagos-Calabar Coastal Highway project to Hitech Construction Company, a company in the Chagoury conglomerate.

The close relationship between Tinubu and Chagoury is public knowledge. Shortly after winning the 2023 presidential election, Tinubu travelled to France “to rest” and was reportedly joined by Chagoury in Paris. In December 2023, Chagoury was listed as the president’s “confidante” on Nigeria’s “bloated” delegation to the COP28 in Dubai.

In a birthday tribute, Tinubu said of  Chagoury: “He is generous with both his heart and his resources. With friends like him, one can sleep with a still mind.”

In 2025, Tinubu awarded Chagoury Nigeria’s second-highest national honour – Grand Commander of the Order of the Niger (GCON) – which is typically conferred on Nigeria’s vice president, Senate president and the chief justice.

Aliko Dangote

Africa’s richest man, Aliko Dangote maintains pragmatic closeness to power. He is not known to publicly declare a partisan leaning, but he has historically cultivated ties with successive administrations.

Days after Tinubu was declared the winner of the 2023 poll, Dangote, alongside his billionaire friend, Femi Otedola, paid the incoming president a visit at his lodge in Abuja. He paid a second visit in April 2023 after Tinubu moved into Defence House, Abuja, as president-elect, ahead of his inauguration in May 2023.

In 2024, Tinubu appointed Dangote to serve on his Presidential Economic Advisory Council. The billionaire enjoys access to President Tinubu and visits him from time to time in Aso Rock.

Dangote’s latest project – the $20bn Dangote Petroleum Refinery and Petrochemicals in Lekki, Lagos – enjoys tremendous government support.

Kessington Adebutu

Billionaire gaming magnate ‘Sir’ Kessington Adebutu and Tinubu share a long-standing relationship. In December 2025, when Tinubu came to Lagos for the Yuletide break, the president and First Lady Oluremi paid a visit to Adebutu at his Lagos residence on Christmas Day.

In his 90th birthday tribute to Adebutu last year, Tinubu described him as “a reliable brother, a loyal, honest and dependable gentleman whose integrity and humility are widely admired”. To celebrate his ninth decade, Adebutu had donated a N5bn medical research centre to the Lagos University Teaching Hospital.

Wale Tinubu

Chief Executive Officer of Oando Wale Tinubu is a nephew of President Tinubu. Those close to them say Wale’s father, the late Alhaji Kafaru Oluwole Tinubu, a lawyer, and the president come from the same extended family.

In June 2025, the president released an official statement to congratulate Oando CEO on his 58th birthday, calling him “my brother” while praising his “exemplary life and the hard workthat has made him one of the significant contributors to our country’s economic growth and development”.

Tinubu’s political rival, Atiku Abubakar, has repeatedly accused the administration of giving Oando preferential treatment based on Wale and Bola Tinubu’s family ties.

In 2024, Atiku questioned the decision to put the retail arm of the Nigerian National Petroleum Corporation (NNPC) “under the control of OVH, a company in which Oando owns 49%.” But the presidency countered the claim, stating: “Wale Tinubu and Oando do not own a 49% stake in OVH after Oando sold its downstream business.”

He also asked the federal government to “explain why Oando, owned by the president’s nephew, got an accelerated approval to buy the onshore assets of AGIP and ENI.”

The government has offered explanations, denying the claims. Ex-presidential spokesman, Reno Omokri, said that it was Wale who introduced Babatunde Fashola to Tinubu, leading to Fashola’s appointment as Tinubu’s chief of state and eventually his successor as Lagos governor in 2007.

Seyi Tinubu

Tinubu’s son Seyi is an entrepreneur and co-founder of Loatsad Promomedia, a major Lagos-based digital and outdoor advertising firm established in 2014 and serving clients ranging from blue-chip companies to multinational brands.

A Bloomberg investigation has also linked the 40-year-old with Aranda Overseas Corporation, an offshore firm in which the United Kingdom records list him as a beneficial owner with more than 25% control. The firm was in the news in 2023 for buying a controversial $10.8m UK property under investigation by the Economic and Financial Crimes Commission.

Since his father became president, Seyi has launched several nationwide philanthropic activities, including the donation of N500m worth of relief materials to victims of the 2024 flooding in Borno State, through his Noella Foundation.

Oluremi Tinubu

Tinubu’s wife, Oluremi, is not publicly associated with any company, but she commands billions in naira. She served three terms of 12 years as a legislator in the Nigerian Senate. Since her husband assumed office as president three years ago, Oluremi has been involved in heavy monetary donations, running into over N12bn.

In October 2024, she announced a donation of N1bn to Obafemi Awolowo University to restore the university’s horticultural landscape. In addition, she donated 50 shuttle buses and 40 tricycles to the university.

In July 2025, she announced a N1bn cash donation to victims of terror attacks and flooding in Plateau State, saying: “Please understand that the money I have for this initiative is not government funds … I do not have vast sums of money, but what I have is meant to bring life, not to pour money into a basket.”

In August 2025, she announced a donation of N1bn, through her Renewed Hope Initiative (RHI), to victims of natural disasters in Niger State. In March 2024, she announced a donation of N1bn towards the eradication of tuberculosis, similarly through RHI.

In September 2025, as part of events marking her 65th birthday, the First Lady spearheaded the donation of over N20.4bn for the completion of the long-abandoned National Library project in Abuja.

Jimoh Ibrahim

A businessman and politician with interests spanning oil and gas, insurance and hospitality, Jimoh Ibrahim is an ally whom the president trusts to advise him. He served as the deputy director of the Finance Committee for the Tinubu/Shettima 2023 Presidential Campaign Council.

In 2024, it was Ibrahim, then a senator, who urged Tinubu “to dissolve the cabinet and come up with knowledgeable people”.

He was recently nominated by Tinubu and confirmed for an ambassadorial position.

Oba Saheed Elegushi

Lagos monarch Oba Elegushi is one of Nigeria’s wealthiest traditional rulers; his garage parades high-end luxury vehicles such as a Rolls-Royce Phantom, a Maybach 600 and a 1967 Vintage Cadillac De Ville.

He is an ally of the president, serving as a special assistant to Tinubu during his time as Lagos governor and also serving as a senior special assistant under Tinubu’s successor, Babatunde Fashola, before ascending the throne in April 2010.

Wole Olanipekun

Wealthy lawyer and philanthropist, Olanipekun, is one of Tinubu’s top lawyers. Olanipekun led the legal team that defended and successfully quashed the Code of Conduct Tribunal false asset charges against Tinubu in 2011. In 2023, he also led Tinubu’s legal team to defend his electoral victory in court in 2023. He represented Tinubu in a N150bn libel suit against Africa Independent Television in 2015.

In May 2024, Tinubu appointed him pro-chancellor and chair of the University of Lagos Governing Council.

In a message celebrating Olanipekun’s global recognition by Chambers and Partners, Tinubu said Olanipekun is  “one of Nigeria’s most sought-after advocates in electoral and constitutional matters”.

“Olanipekun has stood in the forefront of landmark legal battles that defined political transitions and clarified constitutional interpretations. His mastery of advocacy, understanding of constitutional law and commitment to justice have earned him a place among respected legal minds,” he said. (The Africa Report)