Top Richest Women In Nigeria in 2022

Top Richest Women In Nigeria
Fact Files / General Information / ShowBiz

Top Richest Women In Nigeria in 2022

Many people know more about the wealthiest men in Nigeria but only a few are aware of the women earning their own money and creating sustainable businesses in the country.

They’re the best example of the expression; “what a man can do,  a woman better, or more than that”. These women with wealth have risen beyond the norm and are now sitting on the boards of corporations across different areas in the business world.

In this article, we want to discuss the top richest women in Nigeria, their background, career, profession and most importantly they’d net worth. So sit back and enjoy.

Top Richest Women In Nigeria

NameNet Worth
Folorunsho Alakija$1 billion
Hajia Bola Shagaya$950 million
Daisy Danjuma$900 million
Fifi Ejindu$850 million
Stella Okoli$800 million
Bimbo Alase$750 million
Mo Amudu$650 million
Stella Oduah$600 million
Dr Ngozi Okonjo Iweala $550 million
Diezani Alison Madueke$500 million

Folorunsho Alakija ($1 Billion)

Top Richest Women In Nigeria
Folorunsho Alakija; The Richest Woman in Nigeria
Real NameFolorunsho Alakija
Net Worth$1 Billion
Date of Birth15th/ July/ 1951
Age70 Years (2021)
Place of BirthIkorodu, Lagos
State of OriginLagos State
EducationPitman's Central College, London.
SpouseModupe Alakija (1976 till date)
ProfessionBusinesswoman, Entrepreneur

Folorunso Alakija is the richest woman in Nigeria. She is an oil mogul and philanthropist, whose wealth came from the oil and gas firm, Famfa Oil. Her wealth earned her second place at the top of the Forbes list of the most wealthy females from Africa. She is also the most wealthy woman in Nigeria and a title she’s held for quite a while.

It is rare to discover the list of Nigeria’s wealthiest businessmen without of Folorunsho Alakija appearing. Numerous rankings and reports have declared her as the richest woman in Nigeria and the listing of African’s Billionaires places her at the 20th spot in Africa.

Although most of the public is able to attribute the wealth of her to interest in the oil and gas industry, Alakija also has interests in different areas such as fashion and real property.

She was born July 15, 1951 in the household of chief L.A. Ogbara, of Ikorodu, Lagos State. There was a huge family, and Folorunsho had many siblings.

She began her primary schooling with Our Ladies of Apostles, Lagos between 1955 and 1958. At seven years old she went across England in United Kingdom to attend Dinorben School for Girls located in Harfodunos Hall, Llangernyw, Wales.

Then she returned back to Nigeria in 1963 to complete secondary schooling at Sagamu, Ogun state before returning to London to study Secretarial Studies in Pitman’s Central College.

In the past, it was quite normal for females to pursue studies along the lines of secretarial studies tourism and hospitality, or fashion design.

Alongside the Secretarial courses, she went to the American College, London and the Central School of Fashion for an education with a major in Fashion Designing.

Aside from being secretary as well as a fashion stylist, she returned to Nigeria to start her new job. She started working as Executive Secretary for Sijuade Enterprises in Lagos, in 1974.

In the following years, she became an Executive Secretary for the Director of First National Bank of Chicago that was later renamed FinBank and later purchased from First City Monument Bank (FCMB). In short, she was in the post of Office Assistant for The Treasury Department, and Head of the Corporate Affairs Department.

Folorunsho Alakija Entrepreneurial Career

After a few years in the banking sector, Folorunsho Alakija decided to launch her own fashion-design company, Supreme Stitches. She put in a lot of effort to establish the brand in motion. The brand’s name later was changed Rose of Sharon House of Fashion.

In September 1991, FAMFA Oil Limited was formed, FAMFA Oil Limited was formed and, in 1993, the company was granted the Oil Prospecting License (OPL) on OPL 216 which is a 617,000-acre oil block that is located inside the Agbami Field in the Central Niger Delta.

A few years after, she signed an agreement to join venture together with Star Deep Water Petroleum Limited (a wholly owned company that is part of Texaco).

Then, she appointed Star Deep Water as technical consultant to explore her license. She also transferred 40 percent of her 100 percent share to the corporation. Star Deep ceded 8% of her 40% stake to Petrobras which brought an even greater number of participants.

Folorunsho Alakija & FG Saga

It’s no surprise then that they had success in their explorations and began to grow into one of the top crude oil exporters in the country. in Nigeria.

Alakija has also delved into other areas like real estate and printing. Her company, the Rose of Sharon Group consists of The Rose of Sharon Prints & Promotions Limited, Digital Reality Prints Limited and Famfa Oil Limited where she is the Executive Vice-Chairman. Her real estate interests lie with the DaySpring Property Development Company, which she holds the majority stake.

After a few years of exploration and drilling, they found oil in OPL 216. The moment the news was made public the government came in and took 40% of the stake shortly thereafter another 10% stake in the bloc of oil. The government’s argument was that, if they let Alakija to hold all of those shares and earn upwards of 10 million dollars per day. For over 10 years, Folorunso Alakija fought the government in court and refused to let it go.

“We believed it was unfair. We took the only risk and put everything we owned in the company. It was now an enterprise run by the family. We worked for the last six years together as a family in order to make sure that it was working and that it was fruitful. They stepped into the picture and took everything we’d put in so much effort to achieve. I thought to myself: “Folorunsho Alakija will not give up and my husband doesn’t give up , and my kids don’t give the fight'” she later said about it.

Then, in the end, they prevailed in the case and reclaimed the stakes that they had taken from the government.

Folorunsho Alakija Recognitions and gestures of philanthropy

As of 2015 Forbes named Alakija as the second most powerful woman in Africa. Alakija as the second-highest-powerful women within Africa as well as the 886th-most powerful female on the planet.

Also, she was ranked as the most powerful female in Nigeria with an estimated net worth of $1 billion at the time of her 2020 census.

She has been awarded no less than eight Honorary Degrees from Universities in Nigeria as well as those in the United States of America, one of them being that she got from Benson Idahosa University, Benin City on the 17th day of July , 2021. She was the very first woman to be a chancellor of Nigeria in 2016, when she was named as the Chancellor of Osun State University in March 2016.

The Rose of Sharon Foundation is one of the ways in which Alakija aids and assists widows and orphans with business grants and scholarships. Folorunso she is also the patron for the Agbami Medical and Engineering Scholarship Scheme, where over 1000 beneficiaries receive each year with scholarships. She also donated a center for skills acquisition at the Yaba College of Technology.

Hajia Bola Shagaya ($950 Million)

Top Richest Women In Nigeria
Hajia Bola Shagaya
Real NameHajia Bola Muinat Shagaya
Date of BirthOctober 10th,1958
Net worth$950 Million

When you think of people with entrepreneurial spirit who manage multi-million dollar conglomerates, Hajia Bola Shagaya is the name that comes to mind.

The accomplished Nigerian commercialist has earned fortunes for herself, with a staggering net worth of $950 million which makes her among the wealthiest women living in Africa.

She is the CEO and founder of Bolmus Group International, a multifaceted Nigerian conglomerate that has investments across a variety of industries, including oil & gas, real estate as well as banking and communications.

Hajia Bola started her career at the Central Bank of Nigeria (CBN) where she was employed in the auditor department. Also, she is a fashion lover who actively supports and promotes the art and fashion industries. Hajia is passionate about fashion-forward clothing and loves to appear stylish; it will not be a surprise to anyone that she was an official of the Fashion Designers Association of Nigeria (FADAN)’s patron. Let’s talk about her successful story.

Hajia Bola Shagaya Started Her Career as an Auditor At the Central Bank of Nigeria (CBN)

After finishing her studies at Ahmadu Bello University, Zaria, Hajia proceeded to the United States, where she earned a degree in accounting as well as Economics at Armstrong College in California.

Right after graduation she went back to Nigeria to gain practical experience of the subjects she had studied. So, she began her career as banker after joining in the Central Bank of Nigeria (CBN).

In the CBN, she was employed in the audit department until she left in 1983 to go into full-time business. Despite her time at CBN however, the sum she earned as a salary has not been revealed as it is confidential

Her First Business Venture Was Into Photographic Equipments

With the vast knowledge she gained from her job in the banking sector, Bola made her first move into the business world. Bola began by introducing Nigerian as well as West African markets the Konica brand of photographic products including rolls, films and even chemicals.

The business was solely dependent on the import and distribution and later she was motivated to take the business to a higher scale to include photo lab services.

Being a shrewd businesswoman, Bola saw that the business was growing rapidly in Nigerian markets. She, in 1997, she founded a photo laboratory company, Fotofair (Nigeria) Limited. Fotofair is now one of the most renowned photographic labs in Nigeria and has more than 30 branches across the nation. It is situated at Victoria Island, Lagos, and is utilizing 100 percent Japanese techniques as part of the Konica brand name. Bola was able to earn a lot of money with this company. However, how much has added in her wealth remains to be determined.

In the course of her photographic business grows and her photography business grows, she became a Nigerian business mogul stepped up her horizons towards her involvement in the Nigerian energy and oil industry. She established Practoil limited, which is one of the biggest exporters of and distributers of base oils in Nigeria in the present. It has its oil-lubrication plant located in Kirikiri and produces various grades of lubricants and oils that meet the requirements of local blending factories for lubricants.

In the year 2011, Bola founded another oil and gas company, Voyage Oil and Gas Limited. Voyage Oil and Gas was officially launched in 2012, when it began functioning as an Crude Oil trading and export company.

Since its beginning this company is operating under the Nigerian National Petroleum Corporation (NNPC) crude oil contract, which has an average of 3000 barrels of crude oil per day.

The company also operates as distributors and as independent marketing companies of petroleum, oil products, as well as gas. It is currently involved in sales of petroleum products and marketing, haulage and storage. All of these have significantly boosted the value of her assets.

Hajia Bola Shagaya Real Estate Ventures

Real Estate is another lucrative and profitable business idea Hajia Bola is involved in. Hajia Bola isn’t just an average businesswoman that lives on one source of income.

She is innovative and always seeking out the next big business idea to make use of the many business ideas that are running through her mind.

As mentioned, her business, Bolmus Group International, is also involved in real estate investment. Bolmus Group International has stunning housing estates across several important cities in Nigeria and also properties within the United States and Europe.

These investments are also a part of her wealth, but the value she earns from it isn’t known.

Hajia Bola Shagaya Has Served in Several Boards and is Still Serving

Specializations include merchandising, promotion and resource control management, Hajia Bola Shagaya has made herself an icon of business after being named chairperson of the committee for trade, economy, and investment during the 2014 national conference.

After having left CBN in 1983, Bola returned to the CBN at the end of 1983 Bola came back to banking industry as a member of the Board of Unity Bank Plc and served for eighteen years. Hajia Shagaya has displayed her expertise in business and her tenacity when she was working for one of the largest banks.

Below are some other roles she held during her time in the bank.

  • Chairman of the Bank’s Establishment Committee
  • Chairman of the Audit Committee
  • Member of the Bank’s Audit and Credit Committee.

The smart businesswoman is an active member of the New Partnership for African’s Development (NEPAD) business group in Nigeria. NEPAD offers opportunities for growth in the economy through collaboration between public and private sectors and communication. It also provides information and resources required for investment and trade in Nigeria as well as Africa in general.

She is Committed to Growth and Development

Hajia Bola Shagaya is a person who is obsessed with growing. One of the most effective strategies she employs to keep up with the ever-changing world of business is by learning.

She has been a participant in numerous international and local workshops and seminars, including those held through KPMG, Euromoney, and Harvard Business School in the United States. In her own words she stated that learning never stops for those who succeed.

Therefore, she is a student of business, in contrast to many entrepreneurs, particularly in Nigeria who believe it unnecessary to participate in any type of business education or seminar and claim they’re expensive. Despite the success she has achieved, Hajia Bola continues to take part in seminars and write business courses each year.

Is Hajia Bola more wealthy then Folorunsho Alakija?

Folarunsho Alakija is a Nigerian billionaire. she also works in the real estate, oil and printing sectors. Many people have always wanted to find out how much she earns and who is the more successful financially.

In the eyes of Forbes, Folorunsho Alakija is the most richest woman in Nigeria with a value of $1 billion by 2020 which makes her richer than Hajia Bola Shagaya. Her wealth is largely fueled due to her own oil exploration firm that owns 50% of Oil Mining License (OML) number 127, which is one of Nigeria’s largest oil blocks. Apart from her oil field, Folorunsho Alakija is the owner of a clothing and printing company. She is the director in charge.

The oil company of Hajia produces around 30000 barrels of oil each day Folorunsho’s daily production of oil is currently around 200 barrels. This alone contributed to her net worth of $1 billion which implies that she’s almost twice as rich as Hajia Bola. Bola owns estimated net worth of $950 million. Both women have been extremely accomplished in their own right.

Hajia Bola Shagaya Involvement in Money Laundering

In 2016, the Economic and Financial Crimes Commission (EFCC) has accused Bola Shagaya of laundering a government fund of N1.9 billion. The funds was found in the account of her Unity Bank account was said to total N3.3 billion that she allegedly earned through the “fraudulent activities in the Nigerian National Petroleum Corporation,” in which she was alleged to have “influenced the fraudulent allocation of Dual Purpose Kerosene to Index Petrolube Africa Ltd.”

During the investigation, an anti-graft officer invited Hajai to the court, however, she was adamantly unable to accept the invitation. On the 29th of December after an order was issued in the case by Justice Muslim Hassan of the Federal High Court in Lagos, EFCC froze her Unity Bank account, in which the N1.9 billion is residing.

The sole solution Hajia Shagaya has offered in relation to this scandal and her frozen account , is to file an application with that the federal government lift its freeze order.

She claims that the actions taken on her account is in violation of Section 34 (1) of the EFCC Act, 2004. However, she was received nothing since the EFCC rejected the request, claiming that it had legally obtained. The account has been frozen and there isn’t any other information that can be verified regarding the saga.

Hajia Bola Shagaya Awards and Recognition

  • On July 22nd, 2010 she was presented with her Nigerian distinction award, the merit from Member of the Order of the Niger (MON) by the former president of the Federal Republic of Nigeria, Dr. Goodluck Ebele Jonathan (GCFR).
  • 3rd August 2012: In honor of her exceptional achievements and significant contribution to the growth of the economy she was awarded the National Productivity Order of Merit Award by the President of the Federal Republic of Nigeria, Dr. Goodluck Ebele Jonathan
  • 2012 – Forbes’ Ten Millionaires to Watch in Africa
  • 2012 – Award for Excellent by ThisDay Annual Awards

Hajia Bola Shagaya’s Lavish Lifestyle

A renowned businessperson, Hajia has acquired a massive amount of money. She enjoys luxury lifestyles and pulls out all the stops to enjoy it to the highest degree.

In celebration of her 55th birthday, with fashion The billionaire mogul gave herself with a luxury private jet. It is the latest version of a brand-new Gulfstream G650 model jet reportedly worth N11.5 billion.

She also has a great desire for luxury automobiles and has demonstrated her passion for luxury cars with the purchase of the Rolls Royce Phantom and a Rolls Royce Ghost valued at N90 million. But, it’s no secret that she has one of her mansions in Lagos even though the value is not known.

Daisy Danjuma ($900 Million)

Top Richest Women In Nigeria
Daisy Danjuma
Real NameDaisy Danjuma
Date of Birth6 August 1952
Place of BirthBenin City
SpouseTheophilus Danjuma
ChildYuki Omenai
Net Worth$900 Million
EducationAhmadu Bello University

Another woman to make it onto the top of the list of Nigeria’s richest women is Daisy Danjuma.

Daisy Danjuma is the third richest woman in Nigeria with a total networth of $900 Million.

She is an attorney and former senator who represented Edo South Senatorial District from 2003-2007. She is also the spouse of the former defence minister General Theophilus Yakubu Danjuma.

Daisy has had a successful legal career which saw her hold several high-ranking positions in private and public companies.

In the year 2019 she was appointed as chairman of May & Baker Nigeria PLC which is a top pharmaceutical manufacturing company.

Daisy Ehanire Danjuma (born 6 August 1952) is a Nigerian politician who served as the senator from her Edo South constituency of Edo State in the Nigerian Senate from 2003 until 2007. She also ran for re-election in the Nigeria general election in 2011, but failed.

She attended a government primary school located in Benin city in Edo state. After she graduated, she was admitted to Ahmadu Bello University Zaria to pursue a degree in Law and received the degree of BA in Law in 1976.

In 1977 she was admitted into the Nigerian Bar as a practicing lawyer. She completed her national service with the NYSC as State Counsel in the Ministry of Justice of Lagos State and also served as a legal counsel for the Legal Aid Council of Nigeria.

Later, she was an Executive Assistant for Nigerian Acceptances Limited (NAL) as an Merchant Bank from 1977 to 1978. She was the Company Secretary/Legal Advisor 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. Edo South

Daisy Danjuma is a senator elected in the election of 2003 in Nigeria general elections, to represent the Edo South constituency of Edo State in the Nigerian National Assembly from 2003 until 2007 under the umbrella of the Action Congress Party (AC).

As a senator, she served as the chairman of the Senate Committee on Women Affairs and Youth Development as well as a Member, Senate Committees on Health, Education, Finance and Land Transport of the National Assembly.

Being senators from Nigeria allowed Danjuma the chance to become an active part of the Commonwealth Parliamentary Association (CPA). She been chairman of the Women and Child Right Committee of the Economic Community of West African States (ECOWAS Parliament).

She ran for a second term for the senate seat in her 2011 Nigeria general elections, but was unsuccessful and was defeated by Uzumere’s Ehigie Edobor with nearly double of her votes, by 135,346 votes to a total of 70,725.

It also proves Uzamere was able to win reelection the elections of April 2011 for Edo South Senatorial District. Edo South Senatorial District. After a string of appeals in June 2009 the appeals court ruled that Uzamere was in fact properly elected

In summary, Daisy Danjuma is now a lawyer and politician who currently holds the title of the third-richest female in Nigeria with a net worth of $900 Million.  She has held several political positions. Her political career began with the Lagos ministry of justice in the state of Lagos as the state counsel.

She has worked for several banking institutions as their lawyer advisor and was later named director of the department of law for the Nigerian Television Authority (NTA).

Her wealth was also made by working in the gas and oil industry because she was the director of the leading petroleum company, South Atlantic Petroleum (SAPETRO).

She was in the post for four years, and was later elected as a senator . She also she was a spare head of many committees, specifically for the benefit of Nigerian women. Daisy is a part of numerous national and international associations.

Fifi Ejindi ($800 Million)

Top Richest Women In Nigeria
Fifi Ejindi
Real NameFifi Ejindi
ProfessionNigerian businesswoman, architect, princess
Year of Birth1962
Age60 Years
Net Worth$850 Million

Offiong Ekanem Ejindu aka Princess Fifi Ejindu is the  fourth richest woman in Nigeria. She is the CEO of Building Support Systems and the Principal Partner of Starcrest Group of Companies. The Nigerian is a Neo-traditional architect Fashionista, an businesswoman, and charity worker.

Fifi is the creator of The African Arts and Fashion initiative. She has been recognized as being among Nigeria’s most prominent women architects from Nigeria.

Fifi Ejindu Background

Fifi is born in the year 1962, in Ibadan, Nigeria. She is a princess her maternal great-grandfather King James Ekpo Bassey who was from Cobham Town in Calabar, Nigeria was named the King of Cobham Town by Queen Victoria in 1893.

The father of her daughter, Sylvester Joseph Una is an instructor at the University of Ibadan in Oyo State. The professor was also the initial Health Minister in the former Eastern region of Nigeria and was also an elected participant in the House of Parliament before Nigeria became independent.

Princess Fifi Ejindu was born and raised in Ibadan However, she’s origins from Uyo within Akwa Ibom State.

Fifi Ejindu Educational Career And Early Career

Fifi Ejindu received attended The Senior Staff Primary School of the University of Ibadan and her secondary education was at Queens College, Yaba, Lagos.

She earned her B.Arch diploma in the year 1983 at Pratt Institute, a private design school located that is located in Brooklyn, New York. Fifi was among the very first African women to earn an Architecture Bachelor’s degree at the Institution.

After having graduated from Pratt Institute, Fifi enrolled at the Massachusetts Institute of Technology where she completed a number of courses before accepting a position at Grant Associates in New York City.

Then she returned to Pratt Institute for her Master’s in Urban Planning before moving to Nigeria.

Fifi Ejindu: Starcrest Group of Companies.

Starcrest was born from Fifi’s vision of creating something brand new in Nigeria. Starcrest was established as soon as when she was back in Nigeria and now has three divisions;

  1. Starcrest Investment Limited.
  2. Starcrest Associates Limited.
  3. Starcrest Industries Limited.

The subsidiaries involved are real property managing, construction and design oil and gas project management as well as youth empowerment and investment opportunities.

Starcrest Investments

The subdivision was able to successfully bring foreign investment in to the United Arab Emirates into Nigeria. Fifi Ejindu got the help from the former President of Nigeria chief Olusegun Obasanjo in influencing fifty prominent businessmen from U.A.E to invest in various sectors within the Nigerian economy. The former president stepped up for her, and the investment led to jobs for Nigerians and helped the country’s GDP. (GDP).

Starcrest Associates

This subdivision creates designs for buildings creates residential villas as well as estates, and provides architectural services as well as engineering, urban planning and interior decoration. The subdivision additionally participates in the management of projects from the beginning to completion.

She has developed and constructed numerous projects for people including the government as well as companies. The Spanish Ambassador’s home situated in Maitama, Abuja, Nigeria was one of the highlights of Fifi’s career as she was very happy with her job accomplished.

Her work has always been an important reference point and she is able to get suggestions from people she has never seen. It was through this that she was able in the position of designing the residence that was the residence of professor Charles Soludo, a one-time governor of the Central Bank Of Nigeria.

Soludo was impressed by her designs and approached her for the job , without having any prior knowing the person she was. This is a reminder that we must be attentive to the details and be meticulous in everything we do. It is impossible to know the distance your work can travel.

Other Projects Handled By Princess Fifi Ejindu.

Fifi was looking to promote African culture and talent , therefore she founded The African Arts and fashion Initiative on Sunday, the 4th August 2013, in The Dorchester Hotel in London.

The company was established to promote Africa by showcasing the rich culture of the region as well as its talents across the world. It also offer opportunities to help enrich African young people.

The organization is a platform for dialogue and exhibitions that highlight and promote African antiques and arts, African fashion style, African music, and many other items that are produced in Africa.

Prints are published every quarter on fashion journals as well as other publications that focus specifically on African Arts and Style to inform and educate.

Fifi Ejindu Awards, Features and Recognitions of Princess

  • Fifi Ejindu was presented with his “Honorary Patron Membership” of the elite Dubai Icons Club.
  • Featured in the Famous African Women Architect Magazine by People Maven – 2018 Edition.
  • Winner of “The Nigerian Golden Book Professional Icon Award” in 2015.
  • Recognized as one of the Top Twenty Inspirational Women in 2015 by the African Diaspora Professional Women in Europe (ADIPWE).
  • Princess Fifi Ejindu won the “Diaspora Excellence Award” in 2015.
  • Fifi Ejindu was named the prizewinner of the 2014 African Child Nobel Prize.
  • The award was presented with the African Achievers Awards for the “Lifetime Achievement Award” the ceremony took place at the Dorchester Hotel’ on Sunday the 4th of August , 2013.
  • She was inducted as a member of the Global Women Leaders Hall of Fame in the Global Women Leaders Hall of Fame African Chapter. She was one of Africa’s top 20 Women of Influence in 2013.
  • Fifi was praised to members of the Georgia House of Representatives, America for her accomplishments. She was awarded the title of “African Female Economic Champion” in 2013.
  • The award was presented to her with”Patriotic Women of Integrity International Award” in 2004 “Patriotic Women of Integrity International award” in 2004.
  • Fifi Ejindu was awarded an award titled “African International Achievers Merit Award for excellence” from the Soroptimist Club of Abuja.
  • Princess Fifi Ejindu is a part of the Nigerian National Heritage Council.
  • Fifi was part of the eleven members of the technical committees established by the state government in Akwa Ibom state to attract foreign direct investment (FDI) to the state.

Princess Fifi Ejindu Net Worth.

From the calibre of customers and her authenticity in the work There is no doubt that Fifi ought to be worth several millions. According to studies, Fifi is worth about $800 million Nigerians which makes her the fourth richest woman in Nigeria.

Stella Okoli ($800 Million)

Top Richest Women In Nigeria
Stella Okoli
Real NameStella okoli
Date of Birth30th of July 1944
Place of BirthKano State
ParentsFelix Ebelechukwu and Margaret Modebelu.
Age78 Years
Net Worth$850 Million

Stella Okoli is according to numerous reports, is the fifth richest woman in Nigeria with a whopping net worth of $800 Million.

She’s an entrepreneur, pharmacist, and a philanthropist. She’s also the Chief Executive Officer as well as the Managing Director for Emzor Pharmaceutical Industries Limited; one of the leading pharmaceutical companies in India.

If you take a look at Dr. Stella Okoli, what you can see is determination and a strong drive that is able to accomplish anything she will to achieve what she sets her mind to. While others see obstacles she sees opportunities.

She was able to transform her modest retail pharmacy shop located in Somolu, Lagos into a multibillion-dollar pharmaceutical business. Stella Okoli is a strong advocate of the entrepreneurship of young people is key to stopping youth criminality in Nigeria.

Stella Okoli Background

Stella Okoli was born on the 30th July on the 30th of July 1944 in Kano State to the family of Felix Ebelechukwu and Margaret Modebelu. She’s currently 78 years old (2022)

She is from Nnewi within Anambra State, Nigeria. Stella attended All Saints Primary School, Onitsha (1954-1959), Ogidi Girls Secondary School in Ogidi between 1959 and 1964 as well as Federal Science School, Lagos from 1964 until 1966

Then, Stella moved to United Kingdom to further her education. She received her degree from The University of Bradford as a Pharmacists. She is a Dr. Stella Okoli also has completed a master’s degree with a concentration in Biopharmaceutical of The University of London, Chelsea College.

She is a graduate of Lagos Business School, Harvard Business School, Boston and I.E.S.E Business School in Barcelona, Spain.

She was married to late Barister Christopher Okoli and they are blessed with three children: Uzoma Okoli Emeka Okoli as well as (Late) Chike Okoli.

Stella Okoli Entrepreneurial Journey

Stella Okoli started out as an ward/clinical pharmacist at Middlesex Hospital in London and afterwards, 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 (now Pharma-Deko Plc). In Pharma-Deko Plc she was employed as a Medical Rep and later, as Sales Manager.

It was in 1977 that Stella discovered the entrepreneurial bug that runs through the veins of Nnewi indigenes of Nnewi. She started a small retail pharmacy, Emzor Chemist Ltd in Shomolu, Lagos. It was named Emzor Chemists Limited which later transformed into Emzor Pharmaceuticals in 1984.

Emzor Pharmaceutical is a leading indigenous pharmaceutical company that has more than 50 products under its name.

When she was running Emzor Chemist Ltd in 1981, Stella was into importation and wholesale of pharmaceuticals to provide drugs that meet the needs of the health problems of Nigerians. The products she imported included Ethical as well as Over The Counter (OTC) medications.

The idea of producing local drugs came as the result of her drive to provide affordable healthcare in Nigeria. As we’ve mentioned, when other people see problems she sees opportunities and seeks ways to make the most of the potential for public good.

Emzor Pharmaceutical Industries Limited

Emzor Pharmaceuticals is a wholly owned, indigenously owned company founded in the year 1984. The company was created with the purpose of making premium pharmaceutical products and medical consumables.

The company started production in 1985 following the launch of its brand name, Emzor Paracetamol. Since since then, Emzor has continuously expanded its product line and has produced more than 50 tested products.

The range of products includes vitamins, antibiotics, anti-malaria Analgesics, antacids anti-histamines, and much more.

Remember that it all started with a small chemist store in Shomolu. The tiny shop has grown to become one of the most reputable pharmaceutical firms that operates in Nigeria that has affiliates. Emzor operates offices across Mali, India, Liberia, Ghana and Sierra Leone.

Emzor is now an international brand and leader in the pharmaceutical market in Nigeria.

Subsidiaries of Emzor Pharmaceutical Industries Limited

Zolon Healthcare Limited

This company operates as a specialist healthcare provider that can provide an innovative solutions to the healthcare requirements of individuals. The company’s specialties are oncology, gynecology and cardiology, biotechnology and more.

Emzor Hesco Limited

They are a full healthcare solutions provider. The company offers products and solutions to hospitals with trusted manufacturers and brands that are based in Europe, America and Asia. Their offerings include procurement consulting as well as the supplies of equipment for medical use, instruction of best practices, the supply of medical supplies hospitals, turnkey hospital projects as well as services.

Emzor Pharmacy and Store

Emzor’s retail pharmacy that distributes Emzor Pharmaceutical products to Nigerians.

Life Gate Medicals Limited

They provide education for healthcare professionals as well as medical tourism.

Stella Okoli As A Philanthropist

In honor of her late Son, Stella Okoli started Chike Okoli Foundation (COF) in the year 2006. Chike Okoli Foundation is a non-governmental organization that aims to promote healthy lifestyles and entrepreneurial skills in Nigerian young people.

Since its founding COF has provided training to hundreds of business owners as well as young entrepreneurs. Since 2011, COF constructed the Chike Okoli Centre for Entrepreneurial Studies located at Nnamdi Azikiwe University, Awka. The center provides research on entrepreneurialism as well as education and training for youngsters.

The foundation also offers free healthcare and talks to all over the world about the impact of stroke and heart disease. It has educated millions of Nigerians for advice on how to live a healthier way of life.

Boards Where Stella Okoli Serves

She has served in a variety of capacities, including Nigeria’s Economic Summit of Nigeria and the Health Matters Advisory Boards of Nigeria.

Stella was the Vice President of Manufacturers Association of Nigeria and the Nigerian Association of Chambers of Commerce, Industries, Mines and Agriculture.

She was once Chairperson of both the Pharmaceutical Manufacturer Group and the Manufacturers Association of Nigeria. She was elected in 2010 to was a non-executive director for Guaranty Trust Bank.

Stella Okoli is a member of the Nigeria Industrial Policy and Competitiveness Advisory Council.

Stella Okoli Recognitions and Awards

  • Honorary Doctor of Business Administration by Nnamdi Azikiwe University, Awka 2011
  • International Women’s Entrepreneurial Challenge Award 2012
  • Women of Distinction and Lifetime Achievers at ThisDay Annual Awards 2012
  • Nigeria Royalty Awards 2013
  • Business Person of the Year at the Sun Newspaper Awards 2016
  • Africa Women Innovation and Entrepreneurship Forum 2017
  • Silverbird Lifetime Achievement Award 2018

Watch Top Richest Women In Nigeria


A lot of Nigerian women have proven their worth through their hard work and loyal in their work. They have resulted in some women earning an honorable place on the list of the most wealthy women of Nigeria. This is a proof that wealth and success are not tied to neither gender.

Originally posted 2022-01-13 13:13:28.

Was this article helpful?

Leave a Reply