Ibori, who is in Nigeria, said he would appeal against the confiscation order, one of the largest imposed on an individual in recent British legal history.
Ibori was governor of oil-producing Delta State from 1999 to 2007 and was extradited from Dubai to Britain in 2011.
Judge David Tomlinson, delivering the confiscation order at Southwark Crown Court, said Ibori should pay the sum immediately or face an eight-year jail sentence.
Spokespersons for Nigerian President Bola Tinubu did not immediately respond to requests for comment on whether the Nigerian government would cooperate with the British authorities in enforcing the confiscation order.
The confiscation process took over a decade after Ibori's conviction because of lengthy court delays and legal wrangling in London.
Persons:
James Ibori, Ibori, David Tomlinson, Bola Tinubu, Helen Taylor, Felix Onuah, William Maclean
Organizations:
Delta State, Southwark Crown, Delta, Thomson
Locations:
Britain, Nigeria, Nigerian, London, Dubai, Southwark, Delta State, Ibori, Ibori's, Abuja