Forbes Top 10 Richest Women In Nigeria [2023/2024]

Nigeria, despite being one of the poverty capitals of the world, is home to 9100 high-net-worth individuals and 7 billionaires. Amongst these elites, are women who control multi-million dollar conglomerates in Nigeria and Abroad. In celebration of these powerful African Amazons, we have made a compilation of the 10 richest women in Nigeria and their estimated net worth according to Forbes.

It is important to note that despite the existence of these high-net-worth women, there is still a wealth disparity between Nigerian men and women.  According to the World Gender Gap report in 2022, Nigeria ranks 123rd on the wealth disparity index. According to the report, gender gaps in wealth accumulation can be attributed to the underlying gender gap in the labor force.

Although the margin between the male and female labor force in Nigeria is not wide and has also gotten better with increased labor participation of women over the years, the payment for labor of women is relatively low compared to that of males across all occupations. Due to the underrepresentation of women in high-ranking positions, their investments and savings, which drive wealth, are often times lower than those of men. With that being noted, here are the top 10 richest women in Nigeria, according to Forbes.

10. Diezani Allison Madueke

Diezani Allison Madueke is a Politician and one of the richest women in Nigeria, with an estimated net worth of $500 Million.  She’s the first female to become OPEC president. From 2007 to 2015, she served as the Minister of Petroleum Resources, Minister of Transportation, and Minister of Mines and Steel Development.

Madueke began her career at Shell Petroleum Development Corporation working in the estate’s area of operations in the Lagos office of Shell as well as acting as an architectural consultant. She rose to the position of Head of Civil Infrastructure and then became Head of the Corporate Issues and Crisis Management Unit in 1997. Upon completion of her MBA program at Cambridge, she was made Lead Joint Ventures Representation Adviser in 2004.

Madueke was appointed as an Executive Director of Shell in 2006. She was the first woman ever to be appointed by Shell as an Executive Director in Nigeria. She has however been accused of alleged corruption and several financial misconducts, tunning to billions of dollars.

9. Ngozi Okonji Iweala

Director-General of the WTO, Ngozi Okonjo-Iweala.

Ngozi Okonji Iweala is a Nigerian-American economist, and one of the Forbes richest women in Nigeria, with an estimated net worth of $500 Million. She is presently serving as the Director-General of the World Trade Organization. the first woman and African to do so.

Okonji Iweala was previously Nigeria’s Finance Minister and had a 25-year career as a development economist at the World Bank. She, however, rose to become the Managing Director for Operations from 2007 to 2011. She sits on the board of several companies and organizations such as Danone, Standard Chartered Bank, and  Twitter.

Ngozi Iweala is also involved in numerous development Organizations, such as MINDS: Mandela Institute for Development Studies, Carnegie Endowment for International Peace, Georgetown Institute for Women, Peace, and Security, One Campaign, GAVI: Global Alliance for Vaccines and Immunization, Rockefeller Foundation, R4D: Results for Development, ARC: African Risk Capacity and Earth shot Prize plus others.

8. Stella Oduah

Nigerian Senator and former Aviation minister, Stella Oduah takes eighth place among the Forbes richest women in Nigeria, with an estimated net worth of $600 Million. She is the founder of Sea Petroleum & Gas Company Limited (SPG), an independent marketer of petroleum products in Nigeria.

The veteran politician began her career at the Nigerian National Petroleum Corporation in 1983 After bagging her bachelor’s and Master’s Degrees (in Accounting and Business Administration respectively) in the United States.

Stella is also a matron of several companies such as Sea Shipping Agency Limited, Rotary Engineering Services Limited, and Tour Afrique Company Limited. She has been involved in numerous controversies ranging from Corruption allegations to falsification of certain degrees.

7. Mo Abudu

Mosunmola Abudu, the founder of Ebonylife Television and Films joins the list of the Forbes top 10 richest women in Nigeria, with an estimated net worth of $650 Million. She has been described by Forbes as “Africa’s Most Successful Woman”, and one of the Most Powerful Women in Global Television” by The Hollywood Reporter.

Her company, Ebonylife Television  & Film is an entertainment company concerned with the creation of movies and entertainment content. The company was founded In 2006, airing in more than 49 countries across Africa, as well as in the UK and the Caribbean.

EbonyLife TV transmitted its first broadcast on 1 July 2013 on Multichoice’s DSTV Channel 165. Less than a year into operations, EbonyLife TV, ranking among the top 25% of most watched channels on the DStv platform, launched a premium, multi-screen video-on-demand (VOD) platform targeting Africans in the diaspora.

6. Bimbo Alashe

The Furniture Tycoon, Bimbo Alashe, with an estimated net worth of $750 Million takes sixth place among the Forbes top 10 Forbes richest women in Nigeria. She is the founder and CEO of Leatherworld Furniture, one of the largest furniture stores in the country.

Like many women on this list, Bimbo began her entrepreneurial journey in a small furniture store in Lagos. She however did not limit her goals to selling furniture products in Lagos, she moved forward to expand the business into a large company.

Leatherworld has risen steadily over the years and expanded its territory and span of operations from Lagos to FCT, Abuja.  The companies also commissioned assembling and manufacturing plants in the Calabar Free Trade Zone. This plant was established to make world-class furniture available in Nigeria.

5. Stella Okoli

Dr. Stella Okoli with an estimated net worth of  $800 Million joins the list of the Forbes top 10 richest women in Nigeria. She is the Chief Executive Officer as well as the Managing Director for Emzor Pharmaceutical Industries Limited; one of the leading pharmaceutical companies in the country.

Stella started out as a ward/clinical pharmacist at Middlesex Hospital in London and afterward, she worked as a pharmacist at Boots UK formerly known as Boots the Chemist Ltd. She then returned to Nigeria and was employed for a short time as a pharmacist at Massey Children Hospital, Lagos before joining a pharmaceutical manufacturing firm, Park Davies Nigeria Limited.

Stella began her entrepreneurship career with a small retail pharmacy, in Shomolu, Lagos, importing pharmaceutical drugs into the country. The establishment was later transformed into Emzor Pharmaceuticals in 1984. Emzor Pharmaceutical is a leading indigenous pharmaceutical company that has more than 50 products under its name.

4. Fifi Ejindu

Fifi Ejindu is an architect, entrepreneur, philanthropist, and one of the richest women in Nigeria, with an estimated net worth of $850 Million according to Forbes. She is the founder and CEO  of Starcrest Group of Companies, One of the biggest architectural firms in the Country

Starcrest Group of Companies is divided into three subdivisions, engaged in real estate, building and designing, and investment opportunities. The subsidiaries involved are real property management, construction, and design, oil and gas, project management as well as youth empowerment and investment opportunities.

Starcrest is responsible for some of the foreign investment in the country. With the help of the former President of Nigeria Chief Olusegun Obasanjo, The company was able to influence fifty prominent businessmen from the U.A.E to invest in various sectors within the Nigerian economy. The company is also responsible for the management of many residential and industrial villas around the country.

3. Daisy Danjuma

Former Edo State Senator, Daisy Danjuma takes third place among the Forbes top 10 richest women in Nigeria with an estimated net worth of $900 Million. She is an attorney and the spouse of the defense minister General Theophilus Yakubu Danjuma.

Daisy began her career as an Executive Assistant for Nigerian Acceptances Limited (NAL) from 1977 to 1978. She was the Company Secretary/Legal Adviser for the Nigerian Television Authority (NTA) from 1982 until 1992. She was elected as a Senator in Nigeria in the Federal Republic of Nigeria (2003-2007) serving as Edo South’s Senator.

The Nigerian attorney served on the board of several public and private firms. She was the director of the leading petroleum company, South Atlantic Petroleum (SAPETRO), and was appointed the chairperson of May & Baker Nigeria PLC, a leading pharmaceutical manufacturing company in 2019.

2. Bola Shagaya

The CEO and founder of Bolmus Group International, Hajia Bola Shagaya takes second place among the Forbes top 10 richest women in Nigeria, with an estimated net worth of $950 Million. She is a Nigerian commercialist, who earned fortunes by venturing into several businesses.

As earlier stated Bola Shagya is the CEO and founder of Bolmus Group International, a multifaceted Nigerian conglomerate with investments across a variety of industries, including oil & gas, real estate as well as banking, and communications.

She began her career at the Central Bank of Nigeria (CBN) where she was employed in the auditor department. she left the banking sector and began importing photographic equipment, establishing her first company, Konica Photographic Equipment.

Bola has since then emerged as one of the biggest entrepreneurs on the continent, founding several companies such as Fotofair (Nigeria) Limited, one of the most renowned photographic labs in Nigeria, with more than 30 branches across the nation.

She established Practoil Limit one of the biggest exporters of and distributors of base oils in Nigeria, Voyage Oil and Gas Limited, a Crude Oil trading and export company. The company also operates as a distributor and as an independent marketing company for petroleum, oil products, as well as gas.

1. Folorunsho Alakija

The 70-year-old business magnate, Folorunsho Alakija, is the richest woman in Nigeria, with an estimated net worth of $1 billion according to Forbes.  She is also the founder of many African multi-national companies such as Famfa Oil, Rose of Sharon Group, and many other

Folorunsho, who is also the richest woman in Africa made her money as one of the major stakeholders in the Nigerian Oil and Gas industry.  She began her career as an executive secretary for Sijuade Enterprises in Lagos, in 1974. She also worked in a number of corporate and baking firms, before venturing into entrepreneurship.

Alakija ventured into business launching her own fashion-design company, Supreme Stitches.  The brand’s name later was changed to Rose of Sharon House of Fashion.  FAMFA Oil Limited was established in 1991 and was granted the Oil Prospecting License (OPL) to operate on a 617,000-acre oil block located in the  Niger Delta.

It is imperative to note that the Alakija Mansion located in Ikoyi, Lagos State is the most expensive house in Nigeria, with an estimated value of N10 Billion.

 Summary of the Richest Women in Nigeria

Here is a table summarizing the list of the richest women in Nigeria, it includes their net worth, age, and source of wealth.

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• Forbes Top 10 Richest Women in the World 
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FAQs

Who is the richest woman in Nigeria?

Folorunsho Alakija is the richest woman in Nigeria, with an estimated net worth of $1 billion according to Forbes. The 70-year-old business magnate is the founder of many African multinational companies such as Famfa Oil and Rose of Sharon Group.  She was announced as the richest woman in Nigeria by Forbes in 2014, with an estimated net worth of $2.5 Billion.

How did Alakija become the richest woman in Nigeria?

Alakija began her career as a secretary in a Merchant bank in Lagos. She subsequently founded Supreme Stitches, a tailoring outfit that catered to upscale clientele including Nigeria’s fashionable former first lady Maryam Babangida. In 1993, she acquired an oil prospecting license which granted her a lucrative block in Nigeria’s coastal waters. Her company, Famfa Oil, now holds a 60% stake in the oil field.

Why is Alakija Missing from the Forbes Billionaire list?

Alakija has been experiencing a decline in wealth since 2014, According to a Forbes report, her wealth dropped from $2.5 Billion to $2 billion in 2015. She further experienced more decline, as she was only worth $1.6 Billion throughout 2016 and 2017.  A Naira Metric report stated that the decline was a result of lower oil prices and also the decline of Nigeria’s Naira.  Alakija fell to $1.5 Billion in 2018 and $1.1 in 2019. She is presently worth a little below $1 Billion.  Which is not enough to put you on the Forbes Billionaire list.

Who is the first billionaire woman in Africa

Angola businesswoman, Isabel dos Santos is the first billionaire woman in Africa. She is the eldest child of Angola’s former President José Eduardo dos Santos, who ruled the country as a dictator from 1979 to 2017. She was once the richest woman in Africa, according to Forbes magazine, with a net worth exceeding US$2 billion, she was however dropped from the magazine’s list in January 2021 after the freezing of her assets in Angola, Portugal, and the Netherlands.