The Igbinedion University, Okada, conferred the prestigious award on the ex-Ghanaian leader on Saturday at its 16th convocation.
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Igbinedion University, Okada is the first private university in Nigeria, established in 1999.
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Mr Mahama lost his re-election bid in 2016 to Mr Nana Akufo-Addo by one million votes.
He became the first Ghanaian president to lose an election after his first term.
He is seeking to win his party's flagbearership bid to contest in the 2020 election.
