As the Nigerian 2023 general Presidential election draws near, people are eager to access the presidential candidates and their capabilities to serve the country for four years. Anyone would agree that Atiku Abubakar is worth the search.
Even still, a magnifying glass has been used to look deeper and inwards at the assets of these candidates who are determined to serve Nigeria.
One foremost presidential aspirant that has caught the attention of the populace is the candidate of the Peoples Democratic Party. Atiku Abubakar who is the former Vice President of the country.
He is no minor player plowing the fields as he is considered as rich as a host of business tycoons worldwide.
But how rich is he based on a number value? With several priceless assets, Atiku Abubakar has a projected net worth of $1.8 billion.
He is the owner of a $2.95 million chateau near Potomac, Maryland, in the United States, and a $4.1 million personal luxury Embraer Phenom 100 aircraft.
Atiku travels in various opulent cars, including a Range Rover, a Mercedes S550, a Toyota Land Cruiser, etc. This certainly makes him one of the wealthiest politicians in Nigeria.
In addition, the fact that Atiku Abubakar has experience in several lucrative firms shows he is a successful serial entrepreneur.
Atiku comes to mind when discussing those who possess an entrepreneurial drive and manage multimillion-dollar enterprises. In this article, we will provide you with relevant information about Atiku Abubakar’s life:
- How was he able to acquire so much wealth
- How was he able to steadily steer the ship of enterprise side by side with the boat of politics
Early Beginnings
Atiku had already distinguished himself as an entrepreneur before entering politics entirely. He was a high-ranking government official who acquired a fortune in the oil and shipping industries.
He undoubtedly earned a sizable chunk of money via his political career, but his wealth also came from his numerous, tenacious business ventures.
In actuality, Atiku Abubakar’s $1.8 billion net worth was made possible by his network of enterprises and investments. And the fact that Atiku Abubakar works hard and persistently is a critical quality about him.
In the early stage of his life, he could secure a career as a tax officer at the Regional Ministry of Finance while still in university. The Nigeria Customs Service hired him after he earned his degree from ABU.
Twenty years of public service as a customs officer saw Atiku Abubakar advance to the deputy, the second-highest position in the agency. But in April 1989, he decided to start a full-time business before entering politics.
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Atiku Abubakar Enterprises
The commercial activities of Atiku Abubakar did not start today. The former vice president of Nigeria has interests in agriculture, oil services, food and beverage, print media, communications, pharmaceuticals, insurance, and education.
He has founded entrepreneurial ventures in Nigeria, which has allowed him to amass a significant net worth. Here’s a detailed header of some of his business ventures.
Agriculture
Atiku Abubakar has helped the nation’s economy by giving its residents access to work possibilities.
In 1981, he entered the agricultural sector when he bought 2,500 hectares of land in Yola to cultivate cotton and maize. After that, Atiku started trading; he imported and sold rice, sugar, and flour.
Many years later, after thoroughly analyzing the agricultural industry, Abubakar revived the farm, enlarged it, and watched as it grew and prospered.
Atiku Abubakar’s farm, situated in Yola, Adamawa State, is now one of the largest in Nigeria. He raises various animals and practically all types of crops.
Real Estate
While working as a customs officer, Atiku began making real estate investments. He sought and was granted a loan of N31,000 in 1974, which he utilized to construct his first home in Yola.
The home was then rented, and the money earned was used to buy another land and build a second house. He persisted in buying other plots, creating an impressive portfolio of real estate around the nation, particularly in his birthplace of Yola.
NICOTES (INTELS)
When Atiku was a customs officer, he bargained with an Italian business entrepreneur named Gabrielle Volpi. He had a business headquarters in Nigeria, to launch a shipping and logistics firm that would function inside the Ports.
With the Italian entrepreneur, Atiku established Nigeria Container Services (NICOTES), an oil servicing company with branches inside and outside Nigeria. (NICOTES has been renamed and is now more commonly known as INTELS).
Abubakar asserts that he sees himself as Nigeria’s largest employer and investment in the private sector. His business success may be attributed to the expansion of the oil logistics company even today.
Over 10,000 people are employed by INTELS, which has evolved into a mega naira multinational enterprise.
Overall, Atiku Abubakar employs roughly 50,000 people in Nigeria through his businesses. The firm works with Nigeria’s oil and gas sectors to provide integrated logistics services.
Furthermore, it maintains client activities, including pipe racks, warehouses, power stations, stacking spaces, jetties, compressors, and storage tanks, among several other infrastructure and activities.
It also offers various agency services, such as port management and assistance services on coasts.
Other Businesses Worthy of NoteÂ
The Priam Group is the collective name for all Atiku Abubakar’s businesses. Gotel Communications, a multimedia company with offices in Yola. And one of the most well-known TV stations in the northern region of Nigeria, is a group member.
Additionally, he owns a private elementary and secondary school, formerly known as ABTI Academy, that was founded in 2002. It is presently called AUN Academy and is situated in Yola, Adamawa State.
In addition, Atiku is the owner of the Chicken Cottage fast food business, which has locations in Yola and Abuja. Adama Beverages is a successful business that undoubtedly increases Atiku Abubakar’s net worth.
The beverage business was established in 2007 and produces natural juice, fruit drinks, and table water for customers in Nigeria and its surrounding nations.
With locations in Umuahia, Abuja, and Kano, Adama Beverages’ market distribution is handled by a third-party logistics system.
In May 2021, the previous vice president inaugurated shrink laminate and woven sack manufacturing facilities.
The business can create more than 9 million sacks annually, claims Abubakar. The business increases Atiku Abubakar’s financial wealth while also giving youngsters in Adamawa state a tonne of job chances.
Now we know so much about his business life that placed him as one of Nigeria’s wealthiest men. What about his political life, and how did his political life affect his business life?
Atiku Abubakar’s Political Career
Early in the 1980s, Atiku Abubakar got his political start by assisting Bamanga Tukur behind the scenes during his election for governor.
At the time, Takur served as the managing director of the Nigerian Ports Authority, and Atiku canvassed for votes on his behalf. While simultaneously making sizable contributions to the campaign.
He had spoken with Shehu Musa Yar’Adua, the military leader of the Supreme Headquarters from 1976 to 1979 when he was still working for the Customs department.
Shehu Musa was responsible for bringing Atiku to political gatherings that ultimately led to the formation of the Peoples Front of Nigeria (PFN).
Atiku Abubakar desired to contest for governor of the long-gone Gongola State on September 1st, 1990. But before the actual election, the federal government divided the state into Taraba and Adamawa States, with Atiku under Adamawa state’s jurisdiction.
He won the Social Democratic Party’s primaries in November 1991. But he was sadly disqualified from running in the general election.
He refused to give up and returned to run for office eight years later, this time as a member of the United Nigeria Congress Party.
Just before the election, Atiku switched to the Peoples Democratic Party (PDP). And was able to win the candidacy for governor of Adamawa State. On January 9th, 1999, he won the gubernatorial election held in December 1998.
Atiku Abubakar: 1999 Presidential Election
However, before taking the oath of office, he agreed to serve as Olusegun Obasanjo’s running mate in the PDP presidential primary.
Obasanjo would ultimately win the 1999 presidential election. Atiku Abubakar (vice president) and President Olusegun Obasanjo were sworn in on May 29, 1999.
His leadership of the National Council on Privatization and Chairman of the National Economic Council during his first term in office best encapsulates it. He coordinated the sales of several mismanaged governmental companies alongside Nasir El Rufai.
To establish the South Africa Nigeria Binational Commission, Atiku also collaborated with the president of South Africa, Jacob Zuma Rock.
Following Obasanjo’s decision to abandon his plan to modify the constitution to run for the president a third time, their friendship entirely soured.
Regarding the money that Atiku made from his political posts. It is no longer a secret that Nigerian politicians rank among the wealthiest people in the world right now.
Even while exact numbers may conflict, it is undeniable that those are impressive jobs with outstanding salaries.
However, Atiku Abubakar is one of the few exceptions of Nigerian politicians who had a keen eye for business. He made most of his fortunes from a business that has guaranteed him the status of one of the wealthiest politicians in Nigeria.
