Olusegun Obasanjo (born 9 October 1937) is a Nigerian politician who was the President of Nigeria from 1999 to 2007, and he is the first African head of state in modern history to voluntarily step down from power. He was elected president on 27 May 1999, defeating then-incumbent general Abdulsalami Abubakar.
He is the founder of the People’s Democratic Party (PDP), which he led until 2007. Obasanjo was re-elected democratically for another four-year term in 2003, but chose not to contest in 2007, when his presidential term constitutionally ended.
Obasanjo was born in Abeokuta, Ogun State on 9 October 1937. Obasanjo was elected governor of his native Ogun State in 1979 and then re-elected in 1983. He was re-elected in 1989 and also was a minister of state for defence in the late 1980s. Obasanjo briefly served as vice-president from 1979 to 1980 under Shehu Shagari, who died in office.
After Zik’s death, Olusegun Obasanjo who was then elected president on a Zikist platform became Acting President (as Vice President), being sworn in on 6 August 1979. However, there were serious complaints of vote buying and ballot box stuffing during the election, and a tribunal which investigated the allegations in 1980 found that Shagari had also engaged in such practices.
Obasanjo has a reported net worth of $2.0 billion as of January 2013, making him the third richest African in the world, according to Forbes.
His net worth has been estimated at $1.4 billion, according to Africa Business Magazine, which was adjusted to account for property, equity and financial interests.
The United States Department of State estimates that Obasanjo’s net worth as of 2006 was $1.1 billion.
According to a 1997 Money Week profile, Obasanjo’s net worth has been estimated at $1.2–1.6 billion.
Despite Obasanjo’s acknowledged annual pay as Nigeria’s President was $5,000 per month, Forbes estimated his net worth at $700 million in 1998. Sources Olusegun Obasanjo biography, Wikipedia.
In the 1968 Nigerian general election, Obasanjo won a seat in the House of Representatives, where he served as the deputy leader of the Unity Party of Nigeria (UPN) between 1972 and 1975. Obasanjo became the Deputy Secretary-General of the UPN in 1975 and Chief Whip of the party from 1979 to 1982.
In 1983, he was appointed Minister for Economic Planning and Development in the cabinet of Alhaji Shehu Shagari. In 1983, the military government of General Muhammadu Buhari attempted to overthrow the civilian administration of Shehu Shagari, overthrowing Shagari’s government in an October 1983 coup.
Obasanjo refused to support Buhari’s coup and instead created his own opposition movement, the National Republican Convention (NRC), in an attempt to prevent a second military dictatorship.
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