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10 Most Successful Business Women in Nigeria
Nigeria has many successful business Women driving societal progress and promoting women’s participation in positive change. These accomplished women, especially in business, have significantly contributed to Nigeria’s economy and various industries, shattering barriers and achieving success.
In this article, RNN will introduce Nigeria’s top 10 successful businesswomen and their accomplishments. They’ve not only achieved personal success but also paved the path for future female entrepreneurs and leaders. Their stories inspire and highlight Nigeria’s business potential. Through their resilience, creativity, and dedication, these 10 exceptional Nigerian businesswomen encourage women to dream big and conquer business challenges.
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10. Tara Fela-Durotoye
Tara Fela-Durotoye, a Nigerian beauty entrepreneur and lawyer, is a highly successful business Woman in Nigeria. She pioneered bridal makeup in Nigeria, launching the first bridal directory in 1999 and establishing the first makeup school. Born on March 6, 1977, she’s the CEO of House of Tara International and the creator of Tara Orekelewa Beauty, Inspired Perfume, and the H.I.P Beauty range.
As of 2019, House of Tara had 270 products, 23 stores, 14 beauty schools, and 10,000 representatives across Africa. Tara Fela-Durotoye received the Africa SMME Award in 2007 and the Entrepreneur Award in South Africa. Forbes listed her as one of the 20 Young Power Women In Africa in 2013 and among “Africa’s 50 Most Powerful Women” in 2020, with an estimated net worth exceeding $5 million.
She has completed various executive programs at institutions like Lagos Business School, INSEAD Abu Dhabi, Yale University, Stanford SEED Transformation Programme, and Harvard Kennedy School, specializing in Global Leadership and Public Policy in the 21st century. Tara is also a member of the France/Nigeria Investment Club, established by French President Emmanuel Macron in 2018.
9. Oby Ezekwesili
Obiageli Ezekwesil is without a doubt one of the most successful Business Women in Nigeria at the moment. she is an African personality that every woman in Nigeria should look up to and also is as fiery as she is intelligent.
Oby, a highly accomplished Nigerian woman, serves as an inspiring role model for women in the country. Born on April 28, 1963, she excels in economics, and champions transparency, accountability, good governance, and human capital growth. Oby is both intelligent and passionate.
She formerly held the position of vice president for the Africa region at the World Bank and helped establish Transparency International. Oby co-founded the #BringBackOurGirls movement and served as a Federal Minister in Nigeria on two occasions. Notably, she founded the #FixPolitics Initiative, the School of Politics Policy and Governance (SPPG), and Human Capital Africa.
Being on the board of directors for Women Political Leaders and Fundacao Dom Cabral, as well as chairing the board of Ehizua Hub, showcases her leadership. From Anambra state, she is also a qualified accountant, public analyst, and senior economic advisor.
8. Ndidi Nwuneli
Ndidi Okonkwo Nwuneli stands as one of the most successful Business Women in Nigeria. She’s a Nigerian businessperson and a specialist in African agriculture, nutrition, philanthropy, and social innovation. With over 25 years of global development involvement, she’s recognized for her roles as an entrepreneur, author, speaker, and consultant. Her efforts span business, government, and non-profit sectors, where she’s driven influential projects in policy, strategy, organization, ecosystem solutions, and growth. She ranks among Africa’s 20 Youngest Power Women, though her exact net worth remains undisclosed.
7. Funmi Iyanda
Funmi Iyanda, also known as Olufunmilola Aduke Iyanda, is a multi-talented Nigerian businesswoman, talk show host, broadcaster, film and TV producer, media executive, philanthropist, journalist, and blogger. She created and hosted the popular talk show, “New Dawn with Funmi,” which aired nationally for over eight years. Funmi Iyanda is the CEO of Ignite Media, now known as OYA Media. She gained recognition for her web series and was honored by the World Economic Forum. Forbes also named her one of the “20 Youngest Powerful Women in Africa.”
Born on July 27, 1971, Funmi Iyanda is a prominent member of the African Leadership Institute, a Tutu Fellow, and a participant in the ASPEN Institute’s Forum for Communications and Society. In 2012, she received recognition from Lagos State Governor, Babatunde Raji Fashola, for her dedication to gender advocacy. This recognition followed her participation in a UN advocacy trek up Mount Kilimanjaro, which aimed to raise global awareness about ending violence against women and girls, involving climbers from over 32 African countries.
Funmi Iyanda has also served on the boards of Farafina Trust and Positive Impact Youth Network. She actively participated in the Occupy Nigeria protests in January 2012, opposing the government’s fuel subsidy removal policy.
In addition to her achievements, Funmi Iyanda was honored by former Lagos State Governor Babatunde Fashola for her collaboration with the United Nations and other African women in climbing Mount Kilimanjaro to raise awareness about ending violence against women and girls in Africa. Her estimated net worth is 312 million.
6. Uju Ifejika
Catherine Uju Ifejika, a Nigerian lawyer, leads Brittania-U Nigeria Limited (BUNL), a local oil company. She’s also the head of Brittania-U Ghana Limited (BUGL). She’s considered among the top six powerful women globally in the oil and gas industry and is one of Africa’s wealthiest women. Uju won awards for her excellent business leadership. Ifejika was born on October 28, 1959. Her persistent efforts have earned her many awards locally and globally. She’s highly respected for her determination, and for emerging from humble beginnings. As per Mysalaryscale.com, Ifejika’s net worth is $18.6 million.
5. Mosunmola Abudu
Mo Abudu, also known as Mosunmola Abudu, is a Nigerian media mogul, philanthropist, and former human resources management consultant. She’s a powerful career woman in Nigeria, breaking societal barriers for women’s career success. She’s made a significant impact by creating jobs and positively influencing her generation in Nigeria.
At 19, she became the African brand ambassador for AVON Cosmetics. She started her professional journey in 1987 as a recruitment consultant at Atlas Recruitment Consultancy in the UK, then moved to Starform Group in 1990. She created, produced, and hosted “Moments with Mo,” established Ebony Life Television, and continues to produce entertainment content.
Forbes described her as “Africa’s Most Successful Woman,” noting her $1.7 billion net worth. The Hollywood Reporter recognized her as one of the “25 Most Powerful Women in Global Television.”
4. Hajia Bola Shagaya
Nigerian businesswoman Bola Shagaya is highly successful with a $630 million net worth. She founded Bolmus Group International, which covers real estate, oil and gas, banking, and photography.
Born in 1959, Shagaya began in the audit department of the Central Bank of Nigeria. Later, she moved into business, starting with importing and distributing photographic materials. She introduced the Konica brand to Nigeria.
Shagaya also runs Practoil Limited, a significant base oil importer in Nigeria, and invests in real estate across the country. She’s been on the board of Unity Bank plc for over eight years and is part of the Nepad Business Group – Nigeria. Shagaya supports the Fashion Designers Association of Nigeria.
She’s under investigation by Nigeria’s EFCC for money laundering, along with former first lady Patience Jonathan.
3. Ibukun Awosika
Ibukun Awosika, a successful Nigerian entrepreneur, speaker, and author, was born on December 24, 1962. She began her career during her National Youth Service Corps (NYSC) in Kano State, working as an audit trainee at Akintola Williams & Co. She later joined Alibert Nigeria Ltd., a furniture company, as a showroom manager. In 1989, she founded Quebees Limited, which eventually became The Chair Centre Limited and later SOKOA Chair Centre Limited after merging with SOKOA S.A and Guaranty Trust Bank in 2004.
Awosika is a fellow of the African Leadership Initiative and Aspen Global Leadership Network. She is a member of the Nigerian Economic Summit Group, the board of the Nigerian Sovereign Wealth Fund, and a former Chairperson of the Board of Trustees of Women in Management, Business, and Public Service. In 2011, she co-founded the Afterschool Graduate Development Centre to address unemployment in Nigeria.
On September 7, 2015, Ibukun Awosika made history by becoming the first female Chairman of the First Bank of Nigeria. She also serves on IESE’s International Advisory Board (IAB) and sits on the boards of Digital Jewel Limited and Cadbury Nig Plc. Her net worth is approximately $18.6 million.
2. Ngozi Okonjo Iweala
Ngozi Okonjo-Iweala, born on June 13, 1954, is a Nigerian-American economist. Iwela has been the Director-General of the World Trade Organization since March 2021, making her the first woman and first African in this role. She sits on various boards, including Danone, Standard Chartered Bank, MINDS, Carnegie Endowment for International Peace, Georgetown Institute for Women, Peace and Security, One Campaign, GAVI, Rockefeller Foundation, R4D, ARC, and Earthshot Prize. She used to be on the Twitter Board of Directors but stepped down in February 2021 due to her appointment as Director-General of the World Trade Organization.
Ngozi also serves as Commissioner Emeritus and Co-Chair of the Global Commission on the Economy and Climate. She had a 25-year career as a development economist at The World Bank, rising to become Managing Director for Operations from 2007 to 2011. She was Nigeria’s Finance Minister under President Olusegun Obasanjo from 2003 to 2006 and again under President Goodluck Jonathan from 2011 to 2015 and also served briefly as Minister for Foreign Affairs of Nigeria from June to August 2006. In 2005, Euromoney named her Global Finance Minister of the Year.
1. Folorunsho Alakija
Folorunsho Alakija remains the wealthiest woman in Nigeria and Africa. She was born on July 15, 1951, and is a successful Nigerian businesswoman and philanthropist She is known for her successful career in Nigeria and Africa. She currently leads The Rose of Sharon Group and is the executive vice-chairman of Famfa Oil Limited. Forbes ranked her as Nigeria’s richest woman in 2020 with an estimated net worth of $1 billion, which has now grown to $3 billion.
In 1974, Alakija began her 12-year banking career as an executive secretary at Sijuade Enterprises in Lagos, Nigeria. She later worked at what is now First City Monument Bank, starting as an Executive Secretary and eventually becoming the Head of the Corporate Affairs Department at the International Merchant Bank of Nigeria. She also served as an Office Assistant in the Treasury Department.
Alakija pursued fashion design studies at The American College in London and the Central School of Fashion. She launched her fashion label, originally called Supreme Stitches and later renamed The Rose Of Sharon House of Fashion in 1996. She also held the position of president and lifelong trustee of the Fashion Designers Association of Nigeria (FADAN).