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.

View this post on Instagram

A post shared by Apostle Folorunso Alakija (@alakijaofficial)

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.

RECOMMENDED FOR YOU

15 Most Successful Nigerian Entrepreneurs Without a University Degree

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.

RECOMMENDED FOR YOU

Who is the Founder of Dangote Group?

Sending money to Nigeria is big business. With millions of Nigerians living and working abroad, remittances are a lifeline for families and an essential part of the economy. The Central Bank of Nigeria estimates that billions of dollars flow into the country every year through different remittance channels. But for many people, the question remains: what is the best, fastest, and cheapest way to send money from abroad to Nigeria?

Today, technology has made international transfers easier than ever. Nigerians abroad now have a wide range of trusted platforms to choose from, offering bank transfers, mobile wallet deposits, and even instant cash pickups. The key is knowing which service offers the best balance of speed, cost, and reliability.

Best Money Transfer Services to Nigeria

Which Option is Right for You?

• Fastest transfer: Sendwave, WorldRemit, and Taptap Send deliver almost instantly.
• Lowest cost: Wise and Afriex are excellent for transparency and minimal fees.
• Best for flexibility: WorldRemit offers bank transfers, airtime top-ups, and cash pickups.
• Good for first-time senders: Remitly often gives promotional fee waivers.

Tips for Sending Money to Nigeria

1. Always compare total cost. Don’t just look at the transfer fee—check the exchange rate too. Some services hide extra costs in their rate.
2. Use licensed platforms. Stick to companies approved by regulators in your country and recognized by the Central Bank of Nigeria.
3. Match service to urgency. If the money is needed immediately, choose instant services like Sendwave or WorldRemit. For less urgent transfers, Wise or Instarem may save you money.
4. Check for promotions. First-time transfers are often free or discounted.

In conclusion, the best way to send money from abroad to Nigeria depends on what matters most to you. If speed is the priority, go with Sendwave or WorldRemit. If cost transparency is key, Wise and Afriex stand out. For versatility and payout options, WorldRemit is a reliable choice.

Ultimately, comparing fees, exchange rates, and delivery times before sending ensures your loved ones in Nigeria get the most out of every transfer.

RECOMMENDED FOR YOU

Naira Strengthens Slightly as Reserves, Remittances Boost Market Confidence