The richest man in Akwa Ibom State is currently Akanimo Asuquo Udofia with his net worth estimated at $1 billion. The Canada-based business mogul made much of his income from the oil business.
Akwa Ibom state is notably one of the richest states in Nigeria. It s one of the biggest oil-producing states in the country needless to say why the majority of its business moguls are into oil production. Howbeit, there are also some of the state’s wealthy men whose source of wealth came from other businesses, including agriculture and even politics. But then, who is the richest man in Akwa Ibom state? Here is a list of the top ten men that controls the financial affairs of the state.
Akanimo Asuquo Udofia is the Richest man in Akwa Ibom State
- Full Name: Akanimo Asuquo Udofia
- Net worth: $1 billion
- Age: 54 years old
- LGA: Nsit Ibom
- Major Source of Income: Oil and Gas, Construction, Electrical Utility,
Best known as the Chief Executive Officer and Managing Director of Desicon Engineering Ltd., Akanimo Asuquo Udofia is one of Nigeria’s top business magnates and philanthropists based in Toronto, Canada. He was born on 18 June 1969 to the family of Obong and Obonganwan Asuquo Udofia of Afaha Offiong in Nsit Ibom local government of Akwa Ibom state.
Akanimo is a bachelor’s and master’s degree holder from two prestigious Universities – the University of Uyo (formerly Cross River state University), and Harvard University. Also known as “Akan Udofia”, Akanimo has over three decades of post-graduate experience working in various top-notch business institutions in Nigeria and abroad. However, he started off as a trader dealing majorly in electrical accessories until he became a seasoned consultant in the business.
Through creativity and vast experience in the business world, Akanimo was able to build for himself various business empires that help to generate the income he currently enjoys. Now profiled as an “international entrepreneur,” Akanimo built and owns Desicon Group, a multibillion-dollar firm based in Toronto, Canada, with a chain of businesses spanning various sectors of the nation’s economy with interests in engineering, procurement, construction, oil and gas, and maritime.
The firm, which was founded in the 1970s with the aim of supporting the activities of the Nigerian energy sector, is now widely recognized as a world-class Engineering, Procurement, and Construction Company that provides detailed engineering design and installation services for leading organizations in the Nigerian Oil & Gas Sector.
Between 1990 and 1994, Akanimo was a Senior Business Manager at Vision 2000 Ltd and was in charge of the Business Development and Strategic Planning for the World Bank-financed project, Population Activities Fund Agency – PAFA. He is now the Chairman of Vision 2000 Ltd and a Director of SAIPEM Contracting Nigeria Ltd, an energy service company with a huge structure covering all sorts of services to the Oil & Gas Industry such as Drilling On/Offshore, construction activities on/offshore (pipelines, power plants, fabrication activities) Engineering, Maintenance.
Following his expertise in the field, Akanimo was later elevated to the Board of Saipem Contracting Nigeria Limited. Joining politics, the businessman and philanthropist emerged as the governorship flag bearer of the leading All Progressives Congress (APC) in Akwa Ibom for the 2023 general elections. If he eventually succeeds, he would be generating more income for himself through salaries and every other benefit open for him to enjoy.
Obviously, getting a pay cheque of N2,223,705 as a basic salary with an annual leave allowance of N222,370.50 would be a huge addition to Akanimo’s fast-growing net worth should he emerge as the governor of his state in 2023.
Others That Make Up The Top 10 Richest Man in Akwa Ibom State List
2. Chief Godswill Akpabio
- Full Name: Godswill Obot Akpabio
- Net worth: $100 million
- Age: 60 years old
- LGA: Essien Udim
- Major Source of Income: Politics
Making the list as the second richest man in Akwa Ibom state is the 60 year-old former governor of the state, Chief Godswill Obot Akpabio. Akpabio is not just one of the richest persons in his state but also one of the most influential people in the country who have run the political affairs of his state and the country for several decades.
However, this lawyer and politician did not begin his career in politics but in the classroom where he taught briefly before moving further to practice his career as a lawyer at a law firm in Nigeria. Akpabio also worked with a wireless telecommunications company, EMIS Telecoms Limited, where he rose to the position of Managing Director/Chief Executive Officer.
The year 2002 was indeed a crucial year for Akpabio who while managing the affairs of the telecom company and playing his role as the National Publicity Secretary of the Association of Telecommunication Companies in Nigeria, (ATCOM), to himself his very first political appointment as Commissioner for Petroleum and Natural Resources.
Akpabio served as a Commissioner in three key ministries between 2002 and 2006. These ministries are Petroleum and Natural Resources, Local Government and Chieftaincy Affairs, as well as Lands and Housing. Although his past earnings and financial status prior to his political appointments were not revealed, it is believed that his earnings during his four years of service as a commissioner of his state helped to form the bedrock of his current net worth.
To say the least, he received an annual basic salary of about ₦1.33 million, plus an allowance of about ₦4.92 million. This presents him with an annual salary of roughly ₦6.25 million for each year of his service as a commissioner of his state. From being a commissioner, Godswill Akpabio contested for the governorship seat in his state, and in 2007, he became one.
At the end of his first four-year tenure in office, he was again elected to a second term which he completed in 2015 after which he moved to become a senator representing Akwa Ibom North-West Senatorial District.
While as a senator, he was also appointed as Senate Minority Leader until 2018 when he resigned to become a minister for Niger Delta Affairs. Akpabio’s political years as governor and member of the Senate may have contributed majorly to his net worth of $100 million. As a governor, he is believed to have earned roughly N2.2 million as a basic salary annually for each of his eight serving years. While as a senate minority leader he earned roughly N13 million.
Although he’s been summoned for several corrupt charges, Godswill Akpabio still hopes to push his political career to the next level, perhaps to the seat of the president of the federal republic of Nigeria. If he succeeds, his net worth will surely be on the rise.
3. Senator Ita Enang
- Full Name: Ita Solomon Enang
- Net worth: $80 million
- Age: 61 years old
- LGA: Ibiono-Ibom
- Major Source of Income: Politics
Ita Enang is a famous Nigerian politician who seemingly attained his current financial status through politics. Ita Enang is a lawyer by profession; he graduated from law school in 1984 and was called to the bar in 1985. Shortly afterward, he entered private practice with his own law firm – Udo Udoma & Belo Osagie, one of Nigeria’s major commercial law companies.
Enang became a councilor in 1987, and a member of the Akwa Ibom State house of assembly in 1992. His first full participation in politics was in 1999 when he was elected to the House of Representatives. He served three terms as a member of the House of Representatives. His return to the House was however truncated as his election was nullified in 2007 by an Election Petition Tribunal sitting in Uyo. But on January 20, 2010, he was eventually reelected.
In April 2011, he contested for and won the senatorial seat in his constituency. At the time of writing this piece, Ita Enang serves as the President’s senior special adviser on Niger Delta issues.
Talking about his earnings, the former senator is believed to have gained much of his current financial status from his three-term service as a House of Rep member as well as his time in office as a senator. As a member of the House of Representatives, he is believed to have earned roughly N9.3 million on a monthly basis while as a senator, he was entitled to monthly expenses of N13.5 million. All these, plus his salary and allowances as a Senior Special to the president, must have accumulated to form his present financial status.
4. Senator Udo Udoma
- Full Name: Udoma Udo Udoma
- Net worth: $60 Million
- Age: 69 years old
- LGA: Uyo
- Major Source of Income: Private Business, Politics
Udo Udoma is yet another accomplished lawyer whose activities in Akwa Ibom state have earned him not just the respect but also the financial stability he desires. Udoma obtained his Bachelor of Arts Degree in Jurisprudence in 1976, a Bachelor of Civil Law Degree, and a Masters of Arts degree in 1977 from St. Catherine’s College, University of Oxford.
He began his career after he was called to the Nigerian Bar Association in 1978 and so far, he has served as a member of several national committees and also as the non-executive Chairman of the Nigerian Securities & Exchange Commission (SEC).
Udoma’s political career began with his election as Senator for the Akwa-Ibom South constituency at the start of the Nigerian Fourth Republic. He took office on 29 May 1999 and the same year, he was appointed a member of committees on Public Accounts, Judiciary, Banking & Currency, Science & technology, Privatization, and Drug & Narcotics. In 2003, he was re-elected as a member of the senate and between 2004 and 2007, he served as Senate Chief Whip.
Though he is now retired, Senator Udo Udoma was the founder and Senior Partner of Udo-Udoma & Belo_Osagie which is largely regarded as one of Nigeria’s premier full-service corporate and commercial law firms with offices across the country’s four major regions. He has also served as Chairman of UAC of Nigeria Plc, and as as the first Chairman of the Corporate Affairs Commission (CAC).
Other key offices he has held so far include
- Special Adviser to the Minister of Petroleum and Mineral Resources from 1993 to March 1994.
- Chairman of the Presidential Committee Waivers, Incentives, and Concessions since 2007.
- Chairman of Union Bank of Nigeria Plc since February 2013 and its Director since November 27, 2012.
- Director of Unilever Nigeria Plc since January 1, 2008
- Director of the United Africa Company of Nigeria (UAC) Plc since 1995.
- Vice-Chairman/Direct of Linkage Assurance Plc
- Director of First Hydrocarbon Nigeria Limited.
While his earnings from these notable offices he occupied were not given, there is no doubt that they played a huge role in his current financial role. His two-term service as a senator could also be a key factor for his financial growth as he is believed to have earned salaries worth millions like his counterparts in the house.
On 11 November 2015, Udoma was appointed the Minister of Budget and Planning by President Muhammadu Buhari. He served in this role until 2019. On 11 November 2015, Udoma was appointed the Minister of Budget and Planning by President Muhammadu Buhari. He served in this role until 2019.
5. Mr. Udom Emmanuel
- Full Name: Udom Gabriel Emmanuel
- Net worth: $50 million
- Age: 57 years old
- LGA: Onna
- Major Source of Income: Politics
Currently the Governor of Akwa Ibom State since 29 May 2015, Udom Gabriel Emmanuel started off his career as a bank manager after obtaining a bachelor’s degree in accounting from the University of Lagos in 1988. He also worked as an audit manager at Price Water House Coopers, a multinational professional services network of firms, before proceeding to work as chief financial officer of Zenith Bank Plc.
For 17 years, Udom worked in Zenith Bank, occupying the post of Non-Executive Director in the bank’s branch in Sierra Leone, The Gambia, and United Kingdom. He also held the same post in other sister companies of the bank such as Zenith Pension & Custodian, Zenith Trustees, Zenith Insurance, Zenith Registrars, and Zenith Securities.
He was elevated to the post of an Executive Director where he oversaw and got in contact with various top personalities in the Oil & Gas Sector, Corporate Strategy, and Planning, Multilaterals, Conglomerates, and Private Banking (MCP) as well as the Telecommunications sector. While this helped to improve his social and public status, it also further opened him to more financial earnings that helped to make his venture into politics in his state a huge success.
Udom Emmanuel received his first political appointment in 2013 when he became the secretary to the State Government of Akwa Ibom State. From there, he contested for the governorship of Akwa Ibom State. He eventually emerged the winner of the governorship seat in his state in 2015.
In the 2019 Akwa Ibom State gubernatorial election, Emmanuel was re-elected as Governor of Akwa Ibom State and for his eight years of service in the state, he is believed to have generated for himself huge financial gains, including a basic salary of N2,223,705 with an annual leave allowance of N222,370.50.
6. Obong Victor Bassey Attah
- Full Name: Obong Victor Bassey Udo Attah
- Net worth: $30 Million
- Age: 84 years old
- LGA: Ibesikpo Asutan
- Major Source of Income: Architecture, Politics
Architect Obong Victor Bassey Udo Attah is another top politician who though not the richest man in Akwa Ibom state, is one of the most influential men in his state. He is known to have served as a two-term Governor of Akwa Ibom State in Nigeria’s fourth republic. Though now retired from politics since 2007 when he withdrew from the year’s presidential nomination, Attah is believed to have gained much of his wealth from his political endeavors.
Attah’s first career experience was as an architect in the Caribbean, New York, and Nigeria. He served as the National President of the Nigerian Institute of Architects. His long years of practicing his profession were instrumental in his financial rise and possibly his change of status.
Not much is known about Attah’s past and present business endeavors, but the 84 year old seems quite wealthy enough to take care of himself and his family.
7. Senator Aloysius Etok
- Full Name: Aloysius Akpan Etok
- Net worth: $10 million
- Age: 65 years old
- LGA: Usuk Obio Ediene
- Major Source of Income: Politics
Aloysius Akpan Etok is another popular Nigerian politician joining our list of richest men in Akwa Ibom. The former senator began his career taking up various posts both in government and in private businesses. He is known to have worked as a board member of the Akwa-Ibom State Water Corp, and as a publisher of a new magazine, the Ntieyong Business Review.
Etok became a member of the House Of Representatives in 1992 and was made a minority whip. He later joined the Akwa-Ibom State House Of Assembly and was earning roughly N2 million annually as his basic salary. In 2007, he was elected to the Nigerian Senate for the Akwa Ibom North-West Senatorial District and like every other Nigerian senator, he was entitled to monthly expenses of N13.5 million ($37500).
Etok was re-elected on the PDP platform as senator for Akwa Ibom North West in April 2011. While there are no other known businesses Etok is involved in that generate more income for him, it is believed that a large chunk of his fortune was amassed via public service.
8. Senator Albert Bassey
- Full Name: Bassey Albert Akpan
- Net worth: $5 million
- Age: 50 years old
- LGA: Ibiono Ibom
- Major Source of Income: Politics
Albert Bassey is a prominent banker turned politician who made our list of richest men in Akwa Ibom State. Bassey has held positions of leadership in FCMB, UBA, and the now-defunct continents Trust Bank. He is presently serving as a senator in the Akwa Ibom North-East Senatorial District, representing the people of Akwa Ibom.
From 2007 to 2014, Albert held the position of Commissioner of Finance in Akwa Ibom State and was apparently paid about ₦1.33 million as an annual basic salary for each year. During the period of his service as a commissioner, he was the Chairman of the Inter-ministerial Direct Labour Coordinating Committee whose job was to ensure that government projects were completed using direct labor to save funds for the state.
Although his ambition to become the governor of his state in 2014 was truncated following his party’s zoning policy, Albert got the chance to win the senatorial seat of his constituency in 2015 and he was sworn in as a Senator of the Federal Republic of Nigeria, on 9 June 2015.
During the period of his service as a senator, he is believed to be earning the usual N13.5 million ($37,500) salary like his counterparts in the service. While other sources of Albert Bassey’s wealth cannot be ascertained, it is quite clear that a huge percentage of it came from the various public offices he occupied. In 2018, charges were filed against Albert Bassey for failing to declare his true assets including the true cost of several houses.
9. Nsima Udo Ekere
- Full Name: Nsima Udo Ekere
- Net worth: $4 million
- Age: 58 years old
- LGA: Ikot Abasi
- Major Source of Income: Politics
The Ikot Oboroenyin native Nsima Udo Ekere is another known public figure who though may not qualify as the richest man in Akwa Ibom, is one of the richest persons in the state. He is known as the former Niger Delta Development Commission (NDDC) managing director. Nsima has also chaired the Akwa Ibom State Emergency Management Agency and the Ibom Power Company, the power generating company owned by Akwa Ibom State.
Nsima is also the Principal Partner of Ekere and Associates, an agency of property valuers and actual property improvement consultants with workplaces in Port Harcourt, Lagos, Abuja, and Uyo. Mr. Ekere was also the Executive Chairman of Akwa Ibom Investment & Industrial Promotion council (AKIIPOC).
His political career began in 1997 when he contested and won election into the Akwa Ibom State House of Assembly in the course of the Abacha Transition on the platform of the Grassroot Democratic Movement (GDM). However, his ambition to join the league of the House of Assembly was truncated following the death of Sani Abacha. Despite not being able to achieve all his political endeavors, there is no doubt that Ekere is making some reasonable income from various political appointments he’s received.
10. Unyime Josiah Idem
- Full Name: Unyime Josiah Idem
- Net worth: $3 million
- Age: 48 years old
- LGA: Ukanafun
- Major Source of Income: Business, Politics
Unyime Josiah Idem is one of the very few businessmen that made it on our list of richest men in Akwa Ibom state. He is a businessman, politician, and honorable member representing Ukanafun/Oruk Anam federal constituency in the Nigeria Federal House of Representatives.
As a businessman, Hon. Idem’s areas of interest include telecommunications, agriculture, real estate, construction, oil and gas, and banking. He is the founder of Idems Ultimate Limited, Nigeria’s Most Celebrated Telecoms Service Partner, and Stanford Microfinance Bank Limited, providing thousands of direct and indirect employment to Nigerians.
His political career began in the year 2000 when he was first elected as assistant secretary in his ward, under the Peoples Democratic Party (PDP). In the same year, he was appointed Special Adviser Projects to Ukanafun Local Council Chairman. Following his successes in various business fields, Idem was elected into the Federal House of Representatives in the February 2019 general election. There he held several Committee assignments.
While it may not be clear how much Idem makes from his businesses, we are sure it constitutes a major source of his wealth. Additional income came from the numerous political offices he occupied, including his current position as a member of the Federal House of Representatives where he is believed to earn up to N1,985,212 as a basic salary per year. These allowances, of course, include money for the constituency, vehicle fueling, and maintenance, newspaper, wardrobe, and many others.