| Full Name | Ibrahim Badamasi Babangida |
| Date of Birth | August 17, 1941 |
| Nationality | Nigeria |
| State of Origin | Niger State |
| Net worth | $5 billion |
| Source of Wealth | Politics, stock buying and brokerage |
| Political Position | Former President (1985-1993) |
Ibrahim Babangida’s net worth is estimated to be over $5 billion (₦2.2 trillion), making him the second richest politician in Nigeria after the current president, Bola Ahmed Tinubu.
Babangida’s reign as Nigeria’s military leader followed the tenure of Muhammadu Buhari, leaving an indelible mark on the nation’s history.
Born on August 17, 1941, Babangida, now 82 years old, resides in Minna, Niger state. Throughout his career, he engaged in various businesses and investments, strategically building his wealth and solidifying his financial status.
Through our extensive research on Babangida’s life, assets, political career, controversies, and wealth, we have gained valuable insights into his net worth and various sources of income.
In this blog, we will look into Ibrahim Babangida’s life, net worth, political career, and Sources of income.
Early Life
Ibrahim Babangida Gbadamosi was born on August 17, 1941, in the state of Minna, Nigeria. His father, Muhammad Babangida, and mother, Aisha Babangida, were his parents. Before he started primary school in 1950, he received an early Islamic education. He attended Government College in Bida from 1957 to 1962, along with his classmates Abdulsalami Abubakar, Mamman Vatsa, Mohammed Magoro, Sani Bello, Garba Duba, Gado Nasko, and Mohammed Sani Sami.
Military Career
It all began on December 10, 1962; Babangida joined the Nigerian Army and trained at the Nigerian Military Training College in Kaduna. On September 26, 1963, he received his commission as a regular combatant officer and became a second lieutenant in the Royal Nigerian Army (which later became the Nigerian Army). His personal army number was N/438. Babangida attended the Indian Military Academy from April to September 1963.
From 1964 to 1966, Babangida served as the Commanding Officer of the 1st Reconnaissance Squadron. He underwent training in gunnery and the Saladin armoured car at the Younger Officers School in the United Kingdom, the Royal Armoured Centre, from January to April 1966.
During his time stationed with the 1st Reconnaissance Squadron in Kaduna, Babangida witnessed the brutal coup d’état of 1966, which later resulted in the murder of Sir Ahmadu Bello. He also participated in the July counter-coup led by Murtala Mohammed, which removed General Aguiyi Ironsi from power and replaced him with General Yakubu Gowon. Many young officers from Northern Nigeria participated in this counter-coup.
Civil War
During the civil war, Babangida was called back to duty and assigned to the 1st division led by General Mohammed Shuwa. In 1968, he became the commander of the 44 Infantry Battalion, involved in intense fighting in Biafran territory. While on a reconnaissance mission from Enugu to Umuahia in 1969, his battalion came under heavy enemy attack, and Babangida was shot in the right side of his chest.
He was taken to a hospital in Lagos for treatment and given the option to have the bullet fragments removed, but he chose to keep them instead. While recovering, Babangida married Maryam King on September 6, 1969. In December 1969, he returned to the war zone and led a group of soldiers called a battalion.
In January 1970, Babangida received news from his superior, General Theophilus Danjuma, that the Biafran Army had surrendered to the federal military government in Lagos, marking the war’s end.
Babangida received two promotions after the war in 1970 and was assigned to the Nigerian Defence Academy as an instructor. He furthered his training by attending the United States Army Armor School Advanced Armoured Officers Course from August 1972 to June 1973. In 1973, he became the leader of a group of soldiers called the 4 Reconnaissance Regiment, and in 1975, he was given the role of leading the Nigerian Army Armoured Corps. Babangida attended various defence and strategy courses to enhance his skills and knowledge.
As the Commander of the Armoured Corps, Colonel Babangida played a significant role in the coup d’état of 1975. He was one of the key participants in the overthrow of the government. From August 1975 to October 1979, he was one of the youngest people to be part of the Supreme Military Council, which was a group of important and powerful military leaders.
In 1976, Babangida took swift action to suppress a coup attempt that resulted in the assassination of General Murtala Mohammed. He single-handedly regained control of the Radio Nigeria station from the main perpetrator, Lieutenant Colonel Buka Suka Dimka.
Babangida continued his military education by attending the Senior Officers Course at the Armed Forces Command and Staff College, Jaji, from January 1977 to July 1977. He also went to a special training program called the Senior Executive Course at the National Institute of Policy and Strategic Studies. This program helped him learn important skills and knowledge about making policies and strategic planning. He completed this course between 1979 and 1980.
From 1981 to 1983, Babangida was Director of Army Staff Duties and Plans. During this time, he planned and executed the coup d’état of 1983, which resulted in the overthrow of Nigeria’s Second Republic. He received financial support for the coup from his close associate and businessman, Moshood Abiola.
Babangida and Buhari: Coup D’état of 1985
In 1985, General Babangida orchestrated a carefully planned coup to overthrow General Muhammadu Buhari, the military head of state at the time. Babangida collaborated with critical allies and younger officers he had trained. The coup faced initial delays due to General Tunde Idiagbon.
Still, on the night of August 27, 1985, four Majors were assigned to arrest Buhari, successfully taking control of the government by daybreak. Babangida was announced as the new commander-in-chief and justified the coup by criticizing Buhari’s rigid regime.
Babangida ruled by decree, assuming the title of President and Commander-in-Chief of the Armed Forces of Nigeria. Buhari was placed under house arrest until 1988. Babangida established the Armed Forces Ruling Council as the highest legislative body, with himself as the Chairman. He also restructured the national security apparatus, creating new offices such as the State Security Service, the National Intelligence Agency, and the Defense Intelligence Agency.
Political Career
After assuming power, General Babangida established the Nigerian Political Bureau in 1986. The bureau aimed to conduct a nationwide discussion on Nigeria’s political future. It was tasked with reviewing the country’s political history, identifying past failures, and proposing solutions to these challenges. This initiative marked the most extensive political consultation ever conducted in Nigeria.
During the years 1983 to 1985, Nigeria faced an economic crisis. In response, Babangida launched the Structural Adjustment Program (SAP) in 1986, with support from the International Monetary Fund (IMF) and the World Bank. The SAP aimed to restructure the Nigerian economy. Furthermore, in 1987, Babangida started a program called the Mass Mobilization for Self-Reliance, Social Justice, and Economic Recovery (MAMSER). He launched this program after receiving a suggestion from the Political Bureau.MAMSER aimed to promote self-reliance and economic recovery. The policies implemented under SAP and MAMSER included deregulation of the agricultural sector, privatization of public enterprises, devaluation of the Nigerian currency (naira) to enhance export competitiveness and relaxation of restrictions on foreign investment.
From 1986 to 1988, these policies were implemented as intended by the IMF, leading to significant economic growth, particularly in the export sector. However, the reduction in public sector wages, limited expenditure on public services, and other factors resulted in public discontent and protests, making it challenging to sustain support for the SAP.
Babangida also prioritized the development of national infrastructure during his tenure. He oversaw the completion of significant projects such as the Third Mainland Bridge, the Kaduna-Kano highway dualization, the Shiroro Hydroelectric Power Station, the Toja Bridge in Kebbi, the Jibia Water Treatment Plant, and the Challawa Cenga Dam in Kano. He also established the Federal Road Safety Corps to improve the management of national roads. Babangida’s administration further expanded Nigeria’s territorial division by creating new states, including Akwa Ibom, Katsina, Abia, Enugu, Delta, Jigawa, Kebbi, Osun, Kogi, Taraba, and Yobe, bringing the total number of states to thirty by 1991.
Regarding foreign relations, Babangida’s government took a stance against apartheid in South Africa, deployed Nigerian troops in the Liberian Civil War, and hosted the Abuja Treaty, which laid the foundation for establishing the African Union. Nigeria also enhanced its relations with the United States and the United Kingdom.
It is worth noting that the decision to join the Organisation of Islamic Cooperation in 1986 generated mixed reactions. While the Muslim-majority regions of Northern Nigeria welcomed it, non-Muslims raised concerns about a potential Islamization agenda in a secular country. Commodore Ebitu Okoh Ukiwe, Babangida’s second-in-command, opposed Nigeria’s membership in the Islamic organization and was subsequently removed from his position as Chief of General Staff.
How He Makes His Money
Babangida makes his money by being involved in various business ventures and has held positions in private organizations, contributing immensely to his wealth. Some of these business Ventures are:
Fruitex International London Limited
Fruitex International London Limited (FILL) is a company that started operating in 2001 with an initial capital of 400,000 pounds sterling. One of its subsidiaries, Fruitex Oil Exploration and Production Limited (FOEPL) began its business in Nigeria in February 2004. FOEPL is mainly owned by Ibrahim Babangida, who holds 65% of its shares.
The company’s Chairman is Dr A.B.C. Orjiakor, and Chief Boniface Madubunji is a partial owner. FOEPL is based in Nigeria, specifically at plot 175A Moshood Olugbani Street, Victoria Island, Lagos.
FOEPL is engaged in various businesses related to the oil industry, such as oil services, supplying oil rigs, and providing medical services. Some entities associated with FOEPL include Ordreco Shipping Services, First Aries Petroleum, Zebbrah Energy Ltd, Berwick Nigeria Ltd, Odfjell Offshore International Ltd, and Helko Marine Services Ltd.
Ibrahim Babangida has a significant stake in FOEPL, estimated to be worth over $8.2 billion, along with four other entities. He earns a substantial income from an oil block owned by the company, producing between 1,900 and 5,000 barrels of oil daily.
Globacom
Globacom is the second-largest telecommunications company in Nigeria. Ibrahim Babangida, also known as IBB, is widely believed to own a 36% company share. However, he vehemently denies this ownership. The denial came about after the arrest of Mike Adenuga in 2006, during an investigation that the company was undergoing at that time.
Apart from Globacom, IBB has ownership and stakes in several other companies. One is Triple Heritage Group, which is involved in various industries and sectors. Additionally, IBB owns Amach Security Services Limited, which provides security services. Another company he has a stake in is Shebah Exploration and Production Limited, which is engaged in the exploration and production of oil and gas.
Family
From 1969 until she died in 2009, Maryam Babangida married Ibrahim Babangida. They had four children: Aisha, Muhammad, Aminu, and Halima. Unfortunately, Maryam Babangida passed away on December 27, 2009, due to complications arising from ovarian cancer. Her death was a result of the effects of this illness.
Philanthropic Activities
In addition to his involvement in politics and business, Ibrahim Babangida is known for his charitable nature and dedication to giving back to society. One of the ways he accomplishes this is through the Maryam Ibrahim Babangida Foundation (MIBF), which is named after his late wife. The MIBF is a non-profit organization that aims to assist and provide financial support and necessary resources to individuals who are less privileged but determined to make a positive impact.
Apart from the foundation, Babangida has also volunteered and donated to various other causes. On the occasion of his 78th birthday in 2019, he outlined several charitable activities that were successfully executed. These activities primarily focused on the northern part of the country. Some initiatives included renovating classrooms in multiple schools, covering medical expenses for financially disadvantaged individuals, granting scholarships to students to pursue their education at El-Amin International Schools, and providing significant financial support to a widow who had lost her husband in a heroic act.
Assets
IBB spends his money in various ways especially on assets and philanthropic Activities. He owns a luxurious and beautifully furnished mansion worth about $3 million.
He also possesses several valuable cars, including luxury cars and an impressive aircraft. Some of the cars in his collection include a BMW 760LI valued at ₦35.2 million, a 2015 Mercedes-Benz S Class worth ₦33.7 million, and a Toyota Land Cruiser valued at ₦30.6 million.
In addition to his cars, Babangida also owns a Learjet 45, an exclusive private jet with an estimated worth of ₦594.7 million. This aircraft allows him to travel comfortably and conveniently to various destinations.
These assets showcase Babangida’s taste for luxury and his ability to acquire high-end vehicles and aircraft. It is important to note that these values are approximate and can vary based on market conditions and other factors.
Controversies
During his time in power, the former Nigerian Head of State was involved in various corrupt activities. He was accused of misusing the country’s funds, allegedly murdering his opponents and imprisoning journalists. He even called himself the “Evil Genius” because he believed he could get away with anything.
One controversial incident involved killing of a magazine editor named Dele Giwa, who criticized Babangida’s administration. Babangida claimed to have used a letter bomb for the assassination, but the case remains unresolved.
Babangida refused to cooperate with human rights abuse panels, arguing they had no authority to summon him. During his presidency, the Nigerian Senate accused him of embezzling around $6 billion through a debt buy-back scheme.
Amidst the 2011 general election, Muhammadu Buhari accused Babangida of contributing to the destruction of Nigeria’s oil industry and causing suffering for the people. In response, Babangida implied that Buhari was also corrupt during his own time as the head of state.
In 2012, it was alleged that Babangida laundered approximately $12 billion from an oil windfall earned during the 1992 Gulf War. Despite legal action by an organization called SERAP, Babangida never provided a proper account of the missing money. Influential and wealthy individuals, especially politicians, often evade the consequences of their actions in Nigeria, allowing Babangida to remain free.
Conclusion
Ibrahim Babangida has amassed a significant amount of wealth throughout his life. With a net worth of $5 billion, the wealthy politician has proven to be a successful man.
Frequently Asked Questions
How old is Ibrahim Babangida now?
Ibrahim Babangida, the former military ruler of Nigeria, was born on August 17, 1941. Therefore, he is 82 years old now.
Who was Ibrahim Babangida Vice?
Ibrahim Babangida had multiple Vice Presidents during his time as the military ruler of Nigeria. From 1985 to 1993, he appointed two Vice Presidents. The first was Augustus Aikhomu, who served as Vice President from 1985 to 1993. After Aikhomu’s tenure, Babangida appointed a new Vice President, Admiral Ebitu Ukiwe, who served from 1985 to 1986. However, please note that political situations can change, and it’s always advisable to consult reliable sources for the most up-to-date information.
Is Maryam Babangida still alive?
Maryam Babangida, the wife of former Nigerian President Ibrahim Babangida, passed away at the age of 61 on December 27, 2009. She died from ovarian cancer while receiving treatment at a Los Angeles, California hospital. Her husband, Ibrahim Babangida, was with her at the time of her death.
Who was president before Ibrahim Babangida?
Before Ibrahim Babangida, the President of Nigeria was Muhammadu Buhari. Muhammadu Buhari served as the military ruler of Nigeria from 1983 to 1985. He came to power through a military coup on December 31, 1983, and was subsequently overthrown by Ibrahim Babangida in another military coup on August 27, 1985.
What is Ibrahim Babangida net worth?
Ibrahim Badamasi Babangida is very wealthy, with an estimated net worth of $5 billion. He earned this money from his work as a politician and military leader, along with other activities he’s involved in. In Nigeria, he is known as one of the wealthiest retired politicians.
