In conversations about wealth and influence in Africa, Nigeria often takes center stage. While much of the spotlight falls on male billionaires dominating the oil, telecoms, and banking sectors, one woman has consistently carved her place at the very top. Folorunso Alakija, business magnate, philanthropist, and fashion entrepreneur, stands as the richest woman in Nigeria, a symbol of determination, resilience, and bold ambition in a male-dominated world of commerce.

Her story is not just about wealth but about vision: rising from a modest background to building one of the most powerful business empires spanning fashion, oil, real estate, and philanthropy.

Born in 1951 in Lagos, Alakija’s rise to global prominence was far from ordinary. She began her career as a secretary at the now-defunct International Merchant Bank of Nigeria, but her ambitions stretched far beyond clerical work. In the 1980s, she studied fashion in London and launched her label, Supreme Stitches, which soon became a favorite among Nigeria’s elite. Her designs placed her on the cultural map, but it was in oil and gas that her fortune would truly take shape.

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Alakija is the vice chair of Famfa Oil Limited, the company that holds a stake in the Agbami oil field, one of the largest deep-water offshore oil fields in Nigeria, operated by Chevron. The deal, signed in the early 1990s, turned out to be one of the most lucrative oil ventures in the country’s history, catapulting her into billionaire status.

Her fortune, estimated at over $1 billion, is not limited to oil. Alakija has also expanded into real estate and printing industries, demonstrating the range of her entrepreneurial vision. Beyond business, she has built a reputation as a philanthropist. Through the Rose of Sharon Foundation, she supports widows, orphans, and vulnerable groups across Nigeria, cementing her role as a benefactor as much as a business mogul.

Despite her wealth, Alakija often speaks openly about faith and resilience, attributing her success to hard work and divine providence. She is also a vocal advocate for women in business, frequently challenging stereotypes that limit female participation in Nigeria’s corporate and industrial sectors.

Nearly four decades after launching her first fashion house, Folorunso Alakija’s story is a testament to Nigeria’s entrepreneurial spirit. From fabrics to oil rigs, she has woven a legacy that ensures her place not just as the richest woman in Nigeria, but as one of the continent’s most influential voices in business and philanthropy.

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Business magnate and Chairman of UBA Group, Tony Elumelu, has expressed deep sorrow over the tragic fire incident at Afriland Towers in Lagos, which claimed the lives of several people, including staff within the UBA community.

In an emotional message, Elumelu described the last few hours as “tough,” noting that the victims were not just colleagues but family and friends, making the loss even more painful.

He also addressed UBA’s initial public statement on the tragedy, admitting it was released in haste and did not capture the gravity of the incident. Elumelu described the misstep as “regrettable,” while reassuring the public that the bank is truly heartbroken.

“The past few hours have been tough. We and others lost colleagues in the fire at Afriland Towers.
As a community, we are grieving for all and doing what we can to support their families and loved ones.
I also saw the initial statement from the comms team at UBA Group – which was put out in haste, without understanding the full gravity of what happened. This is regrettable. The statement does not reflect how deeply saddened we are. The loss of a life is painful, all the more so when it is family and friends.
Our Group paused today to reflect and remember all who passed. They are irreplaceable and will remain in our memories always. May their souls rest in perfect peace and may God comfort their loved ones and us all.”

The Afriland Towers fire, which broke out earlier this week, left multiple casualties and has thrown families, friends, and the Lagos business community into mourning.

🕯️ May the souls of the departed rest in peace.

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Africa’s richest man, Alhaji Aliko Dangote, has taken full responsibility for funding a ₦1.1 billion student hostel project at the University of Ilorin, a landmark initiative tied to the Ilorin Central Jumma’at Mosque.

The 250-bed facility, once completed, will ease the accommodation shortage on campus while generating rental income to support the Mosque’s upkeep — a rare blend of philanthropy, education, and faith-based investment.

At a press conference in Ilorin, the Secretary of the Mosque’s Board of Trustees, Alhaji Shehu AbdulGafar, confirmed that Dangote had officially committed to financing the entire project. He added that a Memorandum of Understanding has been signed with the University of Ilorin, granting the Mosque management rights for 21 years before ownership reverts to the institution.

Beyond the construction funds, Dangote has also pledged a ₦5 million monthly donation until the hostel is completed, a commitment he has already begun fulfilling. AbdulGafar described this as a demonstration of the billionaire’s devotion to both education and religion, noting that it strengthens the Mosque’s long-term sustainability.

When completed, the hostel will provide modern, safe accommodation for students while serving as a steady income stream for the Mosque. Community leaders have praised the gesture as a model for collaboration between faith-based institutions and the private sector in driving sustainable development.

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