The 70-year-old veteran politician got 37% of the vote,
official results show.
His main rival Atiku Abubakar polled 29%, and Labour's
Peter Obi 25%. Their parties had earlier dismissed the poll as a sham, and
demanded a rerun.
Mr Tinubu is one of Nigeria's richest politicians, and
based his campaign on his record of rebuilding the biggest city, Lagos, when he
was governor.
He was nevertheless defeated in the city by Mr Obi, a
relative newcomer who mobilised the support of many young people, especially in
urban areas, shaking up the country's two-party system.
Mr Tinubu won most other states in his home region of the
south-west, where he is known as a "political godfather" - who helps
put others into office.
He campaigned for the presidency under the slogan:
"It's my turn".
In his acceptance speech, Mr Tinubu called for
reconciliation with his opponents.
"I take this opportunity to appeal to my fellow contestants
to let us team up together. It is the only nation we have. It is one country
and we must build it together," he said in a televised speech to the
nation.
He said that they had the right to challenge the results in
court but said that the lapses in the election "were relatively few in
number and were immaterial to affect the outcome of this election".
President Muhammadu Buhari is stepping down after two terms
in office, marked by economic stagnation and growing insecurity around the
country - from an Islamist insurgency in the north-east to a nationwide crisis
of kidnapping for ransom and separatist attacks in the south-east.
Mr Tinubu now has the task of solving these problems, among
others, in Africa's most populous nation and biggest oil exporter. bbc
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