{"id":71904,"date":"2022-03-07T13:36:02","date_gmt":"2022-03-07T12:36:02","guid":{"rendered":"https:\/\/buzznigeria.com\/?p=71904"},"modified":"2023-12-14T01:21:29","modified_gmt":"2023-12-14T00:21:29","slug":"ibrahim-babangidas-net-worth-cars-and-the-mansion-he-lives-in","status":"publish","type":"post","link":"https:\/\/buzznigeria.com\/ibrahim-babangidas-net-worth-cars-and-the-mansion-he-lives-in\/","title":{"rendered":"Ibrahim Babangida’s Net Worth, Cars and The House He Lives In"},"content":{"rendered":"

Ibrahim Babangida’s net worth is estimated at $5 Billion as of 2024. He owns a luxurious and beautifully furnished mansion<\/em> worth about $3 million in Minna, Niger State and the cars he drives include a Mercedes Benz 600 Pullman and a Rolls Royce. He accumulated his wealth primarily from his business acumen, pensions and benefits.\u00a0<\/strong><\/p>\n

Ibrahim Babangida is a former Nigerian military head of state with a net worth estimated at $5 billion. The 82 years old retired Army General from Minna in Niger state ruled Nigeria from August 1985 to August 1993. Following his military career, he delved into business and also dabbled in politics, amassing tons of wealth along the way. All the wealth he has acquired has contributed to him being one of the richest people in Nigeria.<\/p>\n

Ibrahim Babangida’s Net Worth Grew as a Direct Result of His Military Career<\/strong><\/h2>\n

Even though he is less talked about, Ibrahim Babangida is one of the wealthiest people in Nigeria and Africa at large. The foundation for his net worth was first built through his military career before he diversified into various business endeavors.<\/p>\n

Babangida was very popular as a no-nonsense man during his military career. On 26th September 1963, he graduated as a second lieutenant alongside Mohammed Magoro and they were among the first Nigerians to graduate from NMTC, Kaduna. He furthered his military training by registering for a course in the UK. He became commander of the 44 Infantry Battalion in 1964 and was transferred to the 1st Division under the command of General Mohammed Shuwa.<\/p>\n

In 1968, IBB became the commander of the 44 Infantry Battalion which was part of the fight within the Biafran territory. After the war in 1970, he received a double promotion as an instructor and was posted to the Nigerian Defence Academy. In 1973, Babangida was appointed the commander of the 4 Reconnaissance Regiment and in 1975, he was made the commander of the Nigerian Army Armoured Corps. Babangida became the Director of Army Staff Duties and Plans in 1981.<\/p>\n

From 1 August 1975 to October 1979, he served as one of the youngest members of the Supreme Military Council. He became the Chief of Army Staff in 1984. IBB took over the government of Nigeria when he was still serving as the chief of army staff under the administration of Major General Muhammadu Buhari<\/a>.<\/p>\n

\"Gen-Ibrahim-Babangida\"
image source<\/a><\/figcaption><\/figure>\n

Below are all the ranks IBB attained in the military and what he is believed to have earned during that time.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
S\/N<\/strong><\/td>\nRanks\/Years<\/strong><\/td>\nSalaries<\/strong><\/td>\n<\/tr>\n
1<\/td>\nGeneral (1987)<\/td>\nN1,500,000<\/td>\n<\/tr>\n
2<\/td>\nMajor General (1983)<\/td>\nN950,000<\/td>\n<\/tr>\n
3<\/td>\nBrigadier General (1979)<\/td>\nN750,000<\/td>\n<\/tr>\n
4<\/td>\nColonel (1973)<\/td>\nN550,000<\/td>\n<\/tr>\n
5<\/td>\nLieutenant Colonel (1970)<\/td>\nN350,000<\/td>\n<\/tr>\n
6<\/td>\nMajor (1970)<\/td>\nN300,000<\/td>\n<\/tr>\n
7<\/td>\nCaptain (1968)<\/td>\nN220,000<\/td>\n<\/tr>\n
8<\/td>\nLieutenant (1966)<\/td>\nN180,000<\/td>\n<\/tr>\n
9<\/td>\nSecond Lieutenant (1963)<\/td>\nN120,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

He Became the Nigeria’s Head of State in 1985<\/strong><\/h3>\n

Ibrahim Babangida seized power in August 1985 to become Head of State. Even though he instituted many economic and political reforms, it is known that there was widespread corruption and economic alteration during his tenure. IBB finally stepped down as the Nigerian Head of State on 26th August 1993, handing over to an interim civilian panel headed by Ernest Shonekan which returned the country to civilian government.<\/p>\n

The exact figures of Ibrahim Babangida’s salary and earnings as the Head of State is not recorded but we know that those are obviously high-ranking positions that definitely come with mouthwatering benefits.<\/p>\n

Benefits and Pension as a Former Head of State<\/strong><\/h3>\n

Benefits and incentives entitled to former Nigerian presidents include a well-furnished office and a five-bedroom apartment in any location of their choice, a diplomatic passport for life, vehicles that are replaceable every four years, free medical treatment which may be abroad or wherever necessary for themselves and their immediate family members, a thirty-day all-expense-paid annual vacation within and outside the country, and others. All these and more contribute to Ibrahim Babangida’s net worth.<\/p>\n

Nigeria pays its former heads of state and presidents a taxable pension which takes effect immediately after they depart from office. As an upkeep allowance, there is a mandate of N350,000 monthly payments to former presidents which is subject to review whenever there is an increase in the salary of the sitting president.<\/p>\n

Ibrahim Babangida’s Businesses and Investments<\/strong><\/h2>\n

Babangida is renowned for his business acumen and this is where his major source of income comes from. He allegedly possesses a secret multi-billion-dollar fortune through his ownership of stakes in a number of top Nigerian companies.<\/p>\n

Fruitex International London Limited<\/strong><\/h3>\n

Fruitex International London Limited (FILL) began operation in 2001 with 400,000 pounds sterling share capital. Fruitex Oil Exploration and Production Limited, FOEPL Nigeria, a subsidiary of FILL, began business in February 2004. 65 percent of it is owned by Ibrahim Babangida.<\/p>\n

Dr. A.B.C. Orjiakor is known to be the chairman of the company and Chief Boniface Madubunji is a part-owner. The Nigerian address of Fruitex Oil Exploration and Production Limited is at plot 175A Moshood Olugbani Street, Victoria Island, Lagos.<\/p>\n

FOEPL is involved in various businesses such as oil services, oil rigs supply, and medicare, including Ordreco Shipping Services, First Aries Petroleum, Zebbrah Energy Ltd, Berwick Nigeria Ltd, Odfjell Offshore International Ltd, and Helko Marine Services Ltd. IBB owns a substantial interest in the company estimated to be worth over $8.2 billion and four entities. He is understood to be earning extensively from the oil block which produces between 1,900 barrels to 5,000 BPD per day.<\/p>\n

Globacom<\/strong><\/h3>\n

Globacom is the second biggest telecommunications company in Nigeria. People believe that Ibrahim Babangida owns a 36% share of the company but he vehemently denies<\/a> this. Babangida denied owning the share following the arrest of Mike Adenuga in 2006 over an investigation the company was undergoing then.<\/p>\n

Other companies IBB owns and has stakes in include Triple Heritage Group, Amach Security Services Limited, Shebah Exploration and Production Limited, among others.<\/p>\n

Ibrahim Babangida Net Worth Growth<\/strong><\/h2>\n\n\n\n\n\n\n\n
Ibrahim Babangida’s Net Worth 2023<\/td>\n$5 Billion<\/td>\n<\/tr>\n
Ibrahim Babangida’s Net Worth 2022<\/td>\n$4.2 Billion<\/td>\n<\/tr>\n
Ibrahim Babangida’s Net Worth 2021<\/td>\n$3 Billion<\/td>\n<\/tr>\n
Ibrahim Babangida’s Net Worth 2020<\/td>\n$1 Billion<\/td>\n<\/tr>\n
Ibrahim Babangida’s Net Worth 2019<\/td>\n$944 Million<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

A Look at How Ibrahim Babangida Spends His Money<\/strong><\/h2>\n

Being a wealthy man, IBB spends his money in different ways. With a whopping net worth of $5 billion, he is one of the richest politicians in Nigeria and owns one of the most expensive and tastefully furnished houses. He also has an interest in giving back to society. Here are some of the major ways IBB spends his wealth.<\/p>\n

He Has a Mouth-Watering Car Collection<\/strong><\/h3>\n

Being wealthy makes it easy for one to enjoy a luxury that includes an exotic car collection and private jets. Below are some of Babangida’s cars and the private jet he flies in.<\/p>\n

\"Ibrahim-Babangidas-Rolls-Royce-Phantom-III\"
image source<\/a><\/figcaption><\/figure>\n