Peter Obi Net Worth and Biography (Everything You Need To Know)

Peter Obi has a net worth of $10 million according to multiple sources. He is one of the richest politicians in Nigeria. We will be discussing everything you need to know about Peter Obi, the potential president of Nigeria, in this article.

The former Governor of Anambra State is a wealthy politician as well as a successful businessman. From 2006 to 2014, Obi presided over Anambra State for two terms.

He was a successful businessman before entering politics, holding multiple managing roles in several businesses and corporations. The former governor has advanced in both business and politics, amassed a reputation and wealth for himself, and his wealth provides him with nothing less than a pleasant life. That said, let’s discuss more on Peter Obi’s net worth and biography in this guide.

Key Takeaways

• Peter Obi has a net worth of $10 million
• He has worked under 7 different enterprises before politics
• Peter Obi has a £1,000,000 London mansion
• He and his wife, Margaret Brownson Usen have been a couple since 1992

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Peter Obi’s Net Worth and Biography

The table below contains Peter Obi’s net worth and short biodata

Who Is Peter Obi?

Peter Gregory Obi was born in Onitsha, Anambra State. Loved ones dubbed him “OKWUTE,” which means “ROCK.” He was born on the 19th of  July 1961 and received his early education in Onitsha, Anambra State.

He attended Christ the King College in Onitsha for high school. Peter Obi had his higher education at the famed University of Nigeria, Nsukka, where he graduated with a degree in Philosophy in 1984.

Peter Obi’s biography is not complete without mentioning how fascinated he is with academics and knowledge. This hunger motivated him to pursue higher education outside of Nigeria at top international schools.

He attended Harvard Business School in Boston, Massachusetts, and the London School of Economics, where he studied Financial Management/Business Policy; Columbia Business School in New York the USA where he studied Marketing Management.

Peter Obi’s Career

Peter Obi was able to establish a respected corporate career with his intelligence and business aptitude. He had several managerial and business positions with several high-profile companies. He has worked for the following companies:

1. Next International Nigeria Ltd

2. Guardian Express Mortgage Bank Ltd

3. Guardian Express Bank Plc

4. Future View Securities Ltd

5. Paymaster Nigeria Ltd

6. Chams Nigeria Ltd

7. Corp Ltd and Card Centre Ltd

He is a member of the Nigerian Economic Summit Group (NESG), the Nigerian Chartered Institute of Bankers, and the British Institute of Directors, among other prestigious organizations (IOD).

His political career was everything but smooth, and here’s why: his political career was fraught with challenges, but he conquered them all thanks to his courage and tenacity.

As a member of the All Progressives Grand Alliance, he stood for governor of Anambra in 2003. (APGA). INEC, on the other hand, declared Chris Ngige, his opponent, the winner. Peter Obi refused to accept the verdict and fought it in court for three years, eventually winning and being inaugurated as governor on March 17, 2006.

Before becoming a governor, Peter Obi worked as a trader before moving into banking. Publix Super Markets, an American supermarket operator, has even named one of its stores after him.

In 2010, Peter Obi stood for reelection as Governor of Anambra State. In the election, he defeated his opponent, former CBN governor Professor Charles Soludo. Willie Obiano remained to govern the people of Anambra for another four years after taking office in 2014.

Peter Obi ran for Vice President of Nigeria in the 2019 presidential election. In the People’s Democratic Party, he was Atiku Abubakar’s vice-presidential candidate. In the election, however, he was defeated by incumbent President Muhammadu Buhari. And now, he is vehemently vying for the seat of the President of Nigeria come 2023.

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What Is Peter Obi’s Net Worth?

Peter Obi has a net worth of $10 million. He has several retail assets, and according to reports, his family owns a network of supermarkets in Lagos, Anambra, and Abuja. Additionally, he is rumored to own shares in a number of financial services companies, including banks and stock brokerages.

According to reports, Peter Obi owns a home in London and a mansion in the state of Anambra. The Pandora Papers reveal that he has an undisclosed amount of money invested in the US Virgin Islands.

While Peter Obi is not renowned for being a fan of high-end automobiles, he was known to be chauffeured around in a Mercedes G Wagon while he was the governor of the state of Anambra.

The table below contains Peter Obi’s net worth and short biodata

Allowances and Earnings that Contribute to Peter Obi’s Net Worth

There is no denying that Nigerian politicians, including Peter Obi, are among the wealthiest people in the world today. A state governor makes an average annual salary of ₦11,540,896 and an annual leave allowance of ₦222,370.50, while the precise amount he made as governor is unknown.

Then, at the conclusion of his employment, he is eligible to earn a gratuity of ₦6,671,115. Additionally, ex-Nigerian governors who served two consecutive terms in office are entitled to a home in either Abuja or Lagos of their choosing under the Public Office Holder (Payment of Pension) Law.

Once more, an ex-governor is entitled to six brand-new cars every three years, a furnishing allowance equal to 300 percent of their yearly basic pay, and free medical care for himself and his family. This is in addition to their annual basic wage. Peter Obi’s tremendous net worth was boosted by all of these.

Peter Obi’s Net Worth Affords Him Luxurious Houses

It goes without saying that Peter Obi has a comfortable life thanks to his $10 million net worth. He owns two homes—one in the UK and the other in his hometown of Onitsha, Anambra State, even though he doesn’t flaunt his riches or acquisitions in front of the media.

The former governor disclosed that he paid £1,000,000 for his opulent London mansion in September 1996. Peter Obi denied social media rumors that he purchased a mansion in Enugu State valued at roughly N650 million, insisting that he only owns one house in Nigeria.

The table below contains Peter Obi’s net worth and short biodata

Pandora Papers Accusations

Peter Obi has consistently presented himself as an open leader who supports good government, however, he has been the subject of several corruption claims.

The Pandora Papers investigation, which is the largest historical cross-border collaboration, reveals secret assets, swap deals, and hidden riches of the super-rich, former, and serving public officials around the world. It also covers a large number of previously concealed offshore firms.

Records revealed that Mr. Peter Obi had been concealing parts of his financial operations when the papers were leaked in October 2021. He was accused of engaging in covert business and violating Nigerian law in at least three different ways.

One example is that 14 months after taking office as the governor of Anambra State, the former governor kept his position as a director of his UK company, NEXT International (UK) Limited.

The Code of Conduct Bureau and Tribunal Act’s Section Six, according to them, is violated by this. Second, by establishing offshore corporations in tax havens like the British Virgin Islands, Mr. Obi violated Section 11 of the Fifth Schedule of the 1999 Constitution.

He reportedly created shell corporations using Beauchamp Investments Limited, a Barbados-based company. The accusation was that he failed to disclose all of his riches, in violation of the Constitution’s requirement that public officials disclose all of their assets both before and after taking office.

Thirdly, Peter Obi violated the law and the public service code of conduct by running a foreign account while serving as governor. A public official is not permitted to manage a bank account outside of Nigeria, according to both the Nigerian constitution and the Code of Conduct Bureau and Tribunal Act.

However, Peter Obi asserted that he promptly tendered his resignation letter to his wife after taking over the job in response to the initial accusation. He opined that his firm might not have implemented the adjustments right away or may not have properly documented his departure.

Mr. Peter Obi clarified that those assets are offshore in his answer to the accusation about the disclosure of assets. His family members jointly control several businesses, and he is not under any duty to

List any joint-owned businesses or assets. He claims that he was unaware of the legal provision. That instructs declaring all assets, whether jointly owned or not

Peter Obi Awards And Honors

According to Wikipedia, this is a list of the awards and honors Peter Obi has received for his great business and political endeavors.

• Man of the Year, Sun Newspaper, 2007
• Most Prudent Governor in Nigeria, Thisday Newspaper, 2009
• Nigeria’s Most Trustworthy Governor, Champion Newspaper, 2009
• Governor of the Year, West Africa ICT Development Award, 2010
• Zik Leadership Prize, 2011
• Best Performing Governor on Immunization in South-East Nigeria, Bill & Melinda Gates Foundation, 2012
• Leadership and Good Governance Award, Ezeife Leadership Foundation, 2012
• Golden Award on Prudence, Methodist Church of Nigeria, 2012
• Man of the Year, Business Hallmark Newspaper, 2012
• Man of the Year, Silverbird, 2013
• Award for Outstanding Example in Leadership and Governance, The Voice Newspaper, 2014
• Most Outstanding Igbo Man of the Decade, Champion Newspaper, 2014
• Golden Merit Award, Nigerian Library Association, 2014
• Golden Jubilee Award, Catholic Diocese of Onitsha, 2015

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Peter Obi’s Achievement As Governor Of Anambra State

Peter Obi was elected governor of Anambra on March 17, 2006.  The State House of Assembly impeached him eight months later on November 2, 2006. Later, Obi would admit that one of the factors leading to his impeachment was his failure to inflate the government’s annual budget.

On February 9, 2007, his impeachment was quashed, and he was re-elected, as governor. By this point, he had only a few months left in government since Chris Ngige, the governor for three years prior to a court ruling that Obi was the legitimate victor of the 2003 election, had stolen most of his time in office.

Obi was reappointed governor of Anambra State on June 14, 2007, following a court decision that he should be permitted to serve out his four-year term. He was re-elected and served a second term when the first one concluded in 2010. In 2014, he ultimately turned the reins up to Willie Obiano.

The projects and initiatives Peter Obi worked on while serving as governor of Anambra State are listed below:

1. Management of Funds

2. Education

3. Foreign Investments

4. Health

5. Economy

6. Infrastructure

1. Management of Funds

Anambra State started Sub-Sovereign Wealth savings under Obi, making it the first country in Sub-Saharan Africa to do so. Peter Obi claimed that he left the Anambra State the equivalent of $500 million in investments in both local and foreign money, including about $156 million in bonds denominated in dollars, at a period when many other governors were leaving enormous debts.

The state was deemed to be the least indebted state in Nigeria by the Nigerian Debt Management Office (DMO). Peter Obi won praise for avoiding taking out loans to finance his ventures. During his administration, Anambra State was rated by the Senate of the Federal Republic of Nigeria as being the most fiscally sound state in the nation.

2. Education

While the Missions handled overall management, Obi managed the transfer of schools back to their original missionary proprietors while the government continued to pay for the staff wages.

Anambra State moved up from 36th place to first in the National Examination Council (NECO) and West African Examination Council (WAEC) examinations for three consecutive years, demonstrating the extreme effectiveness of this technique. Due to this action, the World Bank commissioned a study in the state that was overseen by the famous Prof. Paul Collier of Oxford University.

Over 30,000 computers, including 22,500 HP models, were purchased and donated by Obi’s government to secondary schools in the region. The deployment, according to Mr. Fabrice Campoy, Managing Director for Personal Systems Group HP Inc., is the largest project of its kind in the Middle East and Africa.

3. Foreign Investments

When Obi was governor of Anambra State, numerous ambassadors and high commissioners from illustrious nations, including the United States, Britain, Russia, the European Union, South Africa, Belgium, Israel, the Netherlands, and Canada, among others, paid the state their maiden visits.

Prior to his administration, Anambra, in the words of Obi, was treated as a pariah state and was shunned by the diplomatic community and international aid organizations.

Development partners that were not initially present in Anambra State, such as UNDP, UNICEF, the World Bank, DFID, the European Union, etc., began cooperating with the State. Anambra has continuously been rated as one of the states with the best commitment to good governance reforms and development partnerships.

4. Health

In the health industry, Peter Obi’s administration established strategic alliances with the Churches, just like he had done with the schools. The symbiotic partnership gave Anambra State’s healthcare system a major boost. Health facilities run by nonprofit organizations and missionaries kept providing their services while the state subsidized the organizations and made more than $50 million in various forms of assistance accessible to them.

The Bill and Melinda Gates Foundation awarded a $1 million grant to Obi’s government for being the South-East region’s top performer in immunization. The first state-owned teaching hospital, Chukwuemeka Odumegwu-Ojukwu Teaching Hospital, was designed and built entirely by the Obi administration.

More than twelve healthcare organizations, including two hospitals, achieved accreditation at the time of his presidency in 2014. There were no properly accredited healthcare facilities in Anambra State prior to the launch of Obi in 2006.

5. Economy

Some businesses received invitations from the Obi administration to erect facilities in Anambra State. The second-largest brewery in the world, SABMiller, is a prime example. It created its first Green Field operation in the State.

The administration of Obi backed and encouraged a number of additional businesses that followed the SABMiller model; one such company is INNOSON Motor Manufacturing Company, from which Obi’s government purchased over 1,000 automobiles for official usage. Anambra State became an oil-producing State under Obi’s leadership.

6. Infrastructure

The administration of Obi initiated a vast internal road construction program and oversaw extensive electricity projects throughout the state.

To consolidate the State Government Ministries that had previously been dispersed around the State, Obi constructed the first Secretariat Complex. The planned development of the Chukwuemeka Odumegwu-Ojukwu University’s Igbariam Campus got underway under Obi’s administration, which also included building the school’s faculty of law, auditorium, administrative block, faculty of agriculture, management building, etc.

Who Is Peter Obi’s Wife?

His wife is Margaret Brownson Usen,  originally Margaret Brownson Usen, a.k.a. Margaret Obi. The couple married in the year 1992. Margaret is the main force behind her husband’s National Gender Affirmative Action, which ensured that at least half of the seats in Obi’s cabinet were filled by women.

Margaret is known for her humility, despite her intelligence, which she concealed while working persistently and secretly to increase the popularity of her husband’s government. Her uncompromising devotion to women’s empowerment and child welfare is also well-known.

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Conclusion

Peter Obi has a net worth of $10 million. He was raised in a trading family, and once his father passed away, it was up to him to oversee the household companies. He first completed his education in Nigeria before moving to America to continue them.

After finishing his education, he transformed the family firm into a retailer before making a number of investments in the financial services industry and other sectors.

Peter Obi later entered politics, serving in that capacity for a tumultuous period before running for higher positions such as vice president and now president of the Federal Republic of Nigeria.

He has a number of investments both domestically and overseas and served as governor admirably, building roads and finishing rural electrification projects.

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Peter Obi’s Net Worth and Biography

The table below contains Peter Obi’s net worth and short biodata