In Nigeria, wealth and politics have always been strange bedfellows. Few embodied this reality more than Chief Moshood Kashimawo Olawale (M.K.O) Abiola; a businessman who climbed the ladder of influence until it became clear that money alone could not guarantee power.

But how did Abiola rise to such prominence? And what was his relationship with General Ibrahim Badamasi Babangida (IBB)?

This is the story of friendship, betrayal, and the politics of power.

The Business Empire That Opened Doors

By the 1980s, M.K.O Abiola was not just a businessman; he was one of the richest men in Africa. His company, Concord Group, had interests in banking, oil, media, and telecommunications. Abiola was also deeply connected to international power circles, from Western corporations to Arab financiers.

His wealth made him a key player in Nigeria’s economy, but he wanted more. He wanted power.

This ambition brought him close to the ruling military elites; including IBB.

Friends or Strategic Allies?

When Babangida overthrew Buhari in 1985, Abiola was one of the many businessmen who supported the new regime. He was a major donor to government projects and was seen as a close ally of IBB.

• He backed Babangida’s economic policies.
• He used his media influence to shape public opinion in favor of the military regime.
• He became a trusted financier for political activities.

Many believed that Abiola was being prepared for something bigger. He was not just a businessman; he was a power broker.

But in politics, alliances don’t always last.

The 1993 Election: From Kingmaker to Betrayed Candidate

By 1993, after years of military rule, IBB promised a return to democracy. It was during this period that M.K.O Abiola decided to step forward not as a supporter, but as a candidate.

He ran for president under the Social Democratic Party (SDP) and won the election in what was widely considered the fairest vote in Nigerian history.

But then, something unexpected happened.

IBB annulled the election.

Abiola had won, but he was never allowed to take office. The betrayal was complete. Why Did Babangida Annul the Election?

To this day, Babangida has never given a clear reason why he annulled the June 12, 1993 election.

Some theories include:
1. Pressure from the military elite – Some generals were not comfortable handing over power to Abiola.
2. Foreign influence – Some international powers allegedly preferred a weaker, military-controlled government.
3. Fear of Abiola’s independence – IBB may have feared that Abiola would not be a puppet president.

Whatever the reason, the annulment led to protests, political chaos, and eventually Babangida’s resignation.

But for Abiola, the fight had just begun.

A Tragic End

Abiola spent years fighting for his mandate. He was arrested by General Sani Abacha and kept in detention, where he remained until 1998.

On the day he was supposed to be released, he suddenly died.

Coincidence? Assassination? Poisoning?
Nobody knows for sure.

But one thing is clear; the friendship between Babangida and Abiola had turned into one of Nigeria’s greatest political betrayals.

Legacy: The Cost of Mixing Business and Politics

M.K.O Abiola’s story is a lesson in the dangers of trusting power.
• He was one of the richest men in Africa, yet money could not save him.
• He was a friend of the military, yet they turned against him.
• He won an election, yet he never ruled.

His death marked the end of an era, but the effects of June 12 still shape Nigerian politics today.

And as for Babangida?
His name will always be linked to the rise and fall of M.K.O Abiola