Nigeria, Africa’s most populous nation, is undoubtedly a thriving center of business and economic growth. Just as there are the richest men in Nigeria, similarly, we also have a category for the wealthiest women in the country.
In 2023, Nigeria showcases a remarkable group of female pioneers who have gained substantial wealth through their sharp business skills and unwavering determination.
These women have acquired their wealth through their businesses like Oil sector and, for some of them, through their involvement in Nigerian and World politics.
Here are the top 10 richest women in Nigeria.
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Folorunsho Alakija, a 72-year-old businesswoman and philantropist, is the group managing director of The Rose of Sharon Group and the executive vice chairman of Famfa Oil Limited.
Her wealth has earned her #2 position on Forbes as the richest woman in Africa, and even richer than renowned Nigerian economist, Tony Elumelu.
Aside from being an oil mogul, she started a fashion label known as Supreme Stitches, which was later renamed The Rose of Sharon House of Fashion in 1996. She was the president and lifelong trustee of the Fashion Designers Association of Nigeria (FADAN).
On July 17, 2021, a private Christian university in Benin City, Benson Idahosa University, bestowed on her an honorary doctorate degree in business administration.
Alakija founded the Rose of Sharon Foundation, assisting widows and orphans with scholarships and business grants. She has also contributed a skills acquisition center to Yaba College of Technology in Lagos.
Alakija’s net worth is estimated to be $1 billion. She owns the most expensive mansion in Nigeria, valued at $700 million, and located in the Ikoyi area of Lagos.
Hajia Bola Shagaya
The 64-year-old Nigerian businesswoman and fashion enthusiast, Hajia Bola Muinat Shagaya, is the second wealthiest woman in Nigeria. She makes her money from real estate, Oil and gas, banking and photography.
Hajia Shagaya was an auditor for the Central Bank of Nigeria before she started her own business.
She is the managing director of Practoil Limited, one of the largest importers and distributors of base oil in Nigeria, serving local lubricant blending plants. She is currently on the board of Unity Bank plc (formerly Intercity Bank) and has been for over eight years. Her net worth is estimated to be $950 million.
Daisy Ehanire Danjuma is a Nigerian politician who was the senator representing the Edo South Senatorial District of Edo State at the Nigerian Senate from 2003 to 2007.
Danjuma is married to Theophilus Yakubu Danjuma, the former Nigerian military general and minister of defense, who founded the oil exploration company South Atlantic Petroleum. They have one child together.
In 2019, she was appointed the chairperson of May & Baker Nigeria PLC, a leading Pharmaceutical manufacturing company. She owns some luxury cars, but nothing is known about them on social media. Her net worth is expected to be $900 million.
The Ibadan-born architect, businesswoman and philanthropist, Fifi Ekanem Ejindu, is the great-granddaughter of King James Ekpo Bassey of Cobham Town in Calabar.
Being a leading female architect in the country, she is the founder of the Starcrest Group of Companies, which operates in three divisions: real estate, building and designing, and investment opportunities.
Fifi’s net worth is amount to be about $850 million.
She received the African Achievers African Arts and Fashion Lifetime Achievement Award in 2013.
She’s widely known for her radical ideas and contributions in the world of Architecture as hers is neo traditional.
Dr. Stella Okoli
The 79-year-old Nigerian pharmacist and entrepreneur, Stella Okoli, is the founder and current chief executive officer of one of the leading pharmaceutical companies in Nigeria with over 50 products since its incorporation in 1984, Emzor pharmaceutical company.
She is the fifth among the top richest Nigerian women with net worth of $800 million.
Stella Okoli currently serves as the Vice President of Manufacturers Association of Nigeria and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture.
Following her son Chike Okoli’s death in 2005, Stella Okoli established the Chike Okoli Foundation in 2006. This non-profit organization focuses on combating poverty and diseases, particularly raising awareness about cardiovascular diseases. Additionally, she oversees the Chike Okoli Centre for Entrepreneurial Studies.
Without hesitation, Bimbo Alase-Arawole can be confidently recognized as one of the leading female entrepreneurs in Nigeria.
She is the mastermind behind Leatherworld, the highly acclaimed luxury furniture company and is estimated to be worth about $750 million.
The company sourced its materials both locally and internationally, only targeting the best. The work was also mostly done by Nigerians in line with the set standard.
Mosunmola Abudu, popularly known as Mo Abudu, is a Nigerian media mogul, philanthropist, and former human resources management consultant.
Forbes has labeled her as “Africa’s Most Successful Woman,” and she has been acknowledged as one of the “25 Most Powerful Women in Global Television” by The Hollywood Reporter.
At the age 19, Mo Abudu was selected to be the brand ambassador for AVON Cosmetics for the African market.
The 59-year-old entreprenuer is the founder of Vic Lawrence & Associates Limited. She went on to create, produce and present Moments with Mo, later founded a television station (Ebony Life Television) and has been producing entertainment contents to date.
Her net worth is estimated to be $650 million. Mo owns a Mercedes-Benz G-Wagon, an Escalade ESV SUV, a Lexus LX570 and a Mercedes-Benz S-Class.
Stella Oduah’s journey to wealth intertwines with her contributions to both the aviation industry and Nigerian politics.
In 2015, she was elected to the Nigerian Senate to represent Anambra North Senatorial District. She was one of the only seven women elected to the 8th.
However, her political career has been marred by controversies, including allegations of misappropriating government funds, notably in the 255 million Naira bulletproof car purchase scandal, involving BMW vehicles. The BMW cars are the only ones publicly associated with her name. She is worth $600 million.
Ngozi Okonjo-Iweala is a Nigerian-American economist, who has been serving as the Director-General of the World Trade Organization since March 2021.
Notably, she is the first woman and first African to lead the World Trade Organization as Director-General.
The 69-year-old politician is married to Ikemba Iweala, a neurosurgeon from Umuahia, Abia State, Nigeria. They have four children, including author Uzodinma Iweala.
Her net worth is estimated to be $550 million.
Diezani K. Alison-Madueke is a Nigerian politician and the first female President of OPEC.
In October 2010 she became the first woman to head a country delegation at the semi-annual OPEC conference. She was also the first female Minister of Transportation, and the first woman to be appointed to the board of Shell Petroleum Development Company Nigeria.
Since 1999, she has been married to Admiral Allison Madueke (retired), one-time Chief of Naval Staff who was at various times governor of Imo and Anambra States. She is mother to six children; one biological son and five step children including Chimezie Madueke and Ogonna Madueke.
In September 2011, Alison-Madueke was awarded an honorary Doctorate degree in Management Sciences by the Nigerian Defence Academy, Kaduna. She is the first woman to be so awarded.
Controversy surrounded Diezani Alison Madueke during her time in office, as some of the money handled by her office was used to buy a yacht, cars, and properties. Her net worth is estimated to be $500 million
These outstanding women have broken stereotypes and redefined success in Nigeria. Recognizing the top 10 richest women in Nigeria for 2023, their journeys serve as inspiration, paving the way for future generations of women to excel in various industries and make a lasting impact on the nation’s economic prosperity.