Billionaires investing in Nigeria’s future

Politics Spice Special Features Education Sex & Relationship Interview Columns Opinion Advertise with us Billionaires investing in Nigeria’s future Spice October 25, 2026 12:07 am File: President of Dangote Industries, Aliko Dangote

While many Nigerian billionaires are known for their immense wealth and luxurious lifestyles, some have also invested significantly in education and literacy. In commemoration of the Global Media and Information Literacy Week, NAOMI CHIMA examines how some of the country’s prominent billionaires are contributing to educational development through scholarships, donations and infrastructure projects

Billionaire businesswoman, Folorunso Alakija, has supported education, vocational training and healthcare through the Rose of Sharon Foundation and other philanthropic interventions. Founded in 2008, the Rose of Sharon Foundation provides scholarships and financial support to widows and orphans. The foundation has reportedly awarded thousands of scholarships and provided loans to thousands of widows. In 2018, Alakija donated a skills acquisition centre to Yaba College of Technology, Lagos. The facility, commissioned on September 26 of that year, was equipped to provide vocational training for students, graduates and members of the wider community. Its programmes cover fashion design and millinery, shoemaking, bead-making, makeup artistry, hairdressing, barbering, nail artistry, welding, fabrication, plumbing, automobile servicing, soap-making, cake-making, event planning, information technology, web design and photography. The courses include three-month and six-month specialised training programmes aimed at equipping participants with practical skills to improve their employment prospects and encourage self-reliance. In 2025, Alakija also donated a medical research and training hospital to Osun State University. The facility was commissioned by former Vice President Yemi Osinbajo at a ceremony attended by government officials, university authorities, medical professionals and other stakeholders. Speaking at the event, Alakija said the donation was motivated by her desire to support quality healthcare and contribute to the training of future medical professionals in Nigeria. She said the hospital would provide advanced medical care, promote research and build professional capacity while reducing the need for Nigerians to seek specialised treatment abroad. The hospital has a reported capacity of 250 beds and houses 20 clinical departments and five non-clinical departments. Its facilities include a community health unit, maternity and neonatal care services, research and diagnostic laboratories, and four modern operating theatres. Other facilities include CT, MRI, ultrasound and X-ray equipment, radiotherapy suites, 16 intensive care units, an ophthalmology unit and specialised medical support services. The project represents a major private-sector contribution to tertiary healthcare, medical research and professional training in Nigeria.

The chairman of Heirs Holdings, Transcorp and United Bank for Africa, Tony Elumelu, has made education, youth empowerment and economic self-reliance key pillars of his philanthropic work. In 2014, he launched a 10-year, $100m entrepreneurship programme through the Tony Elumelu Foundation. The initiative provides business management training, mentorship and non-refundable seed capital of $5,000 to selected young African entrepreneurs across the continent’s 54 countries. The foundation says its programme has equipped thousands of entrepreneurs with business knowledge and funding to establish and grow their ventures. In 2018, Elumelu established TEFConnect, a digital learning and networking platform designed to connect aspiring entrepreneurs with training resources, business tools and educational content. The platform has reportedly attracted millions of users across Africa. The Tony and Awele Elumelu Prize initiative, launched in 2011, also recognises academic excellence by rewarding outstanding graduates in economics, business administration and medicine at selected Nigerian and African universities. Elumelu also serves on the Global Leadership Council for UNICEF’s Generation Unlimited, advocating investment in education, skills development and employment opportunities for young people.

Through entrepreneurship training, digital learning, academic awards and youth advocacy, Elumelu’s initiatives seek to strengthen practical education and equip young Africans with the skills needed to participate in the economy.

Billionaire businessman, Femi Otedola, has supported education in Nigeria through scholarships, donations to educational institutions and investments in university infrastructure. In 2005, Otedola took over his late father’s scholarship foundation, providing N200m in funding through his energy company. The scheme has supported more than 1,000 underprivileged university students from Epe and other parts of Lagos State. He also donated N100m to the Michael Otedola College of Primary Education, Noforija, Epe, to renovate classrooms and improve facilities for early childhood education. In 2023, Otedola funded and delivered the Dame Doja Otedola Faculty of Engineering at Augustine University. In late 2025, he pledged an additional N4bn for a second phase of the project, which is expected to include a modern Electrical and Electronics Engineering block. At an investiture ceremony, he reportedly donated N750m by giving N1m each to the university’s 750 students to help cover their tuition fees amid economic difficulties. He also provided N140m to furnish the engineering buildings, N110m for solar-powered streetlights across the campus and funding for a standby generator. Otedola has also supported public universities. His contributions include N500m for campus expansion and infrastructure at Federal University, Otuoke, Bayelsa State, and N80m for agricultural research and technology at the University of Port Harcourt.

Through scholarships, tuition support and infrastructure development, Otedola has contributed to efforts to improve access to education and the quality of learning facilities in Nigeria.

BUA Group founder, Abdulsamad Rabiu, has supported education, healthcare and infrastructure development through ASR Africa and other philanthropic initiatives. Through its Tertiary Education Grants Scheme, ASR Africa initially awarded N1bn grants to six universities, with one institution selected from each of Nigeria’s six geopolitical zones. The beneficiary institutions were Ahmadu Bello University, Zaria; the University of Maiduguri; the University of Ilorin; the University of Ibadan; the University of Nigeria, Nsukka; and the University of Benin. Nnamdi Azikiwe University, Awka, was subsequently added to the institutional grant framework. ASR Africa and BUA Group also launched a N5bn tertiary education grant scheme aimed at addressing infrastructure gaps in Nigerian higher institutions. The scheme supported 22 selected institutions, including Bayero University Kano, the University of Lagos and the Nigerian Law School. Rabiu has also supported infrastructure at Adamawa State University, where he funded a N350m, 500-seat lecture theatre at the Mubi campus. The facility features modern learning resources, while four boreholes were provided to help address water supply challenges. In the health sector, funding from the initiative supported the development of a 7,000-square-metre paediatric ward at Aminu Kano Teaching Hospital to improve healthcare services for children in northern Nigeria. Bayero University Kano also benefited from a Centre for Islamic Studies designed to strengthen academic research, learning and community engagement. Rabiu’s educational philanthropy extends to scholarships at Khalifa Isyaku Rabiu University, named after his late father. Through the Abdul Samad Rabiu Foundation scholarship programme, eligible students receive tuition support, with 60 per cent of the scholarship slots reportedly reserved for female students. Through grants, scholarships and institutional infrastructure, Rabiu’s initiatives seek to improve access to higher education and strengthen learning and research facilities.

The founder of Zenith Bank, Jim Ovia, has invested in education through scholarships, digital literacy programmes and the establishment of educational institutions. In 1998, Ovia launched the Mankind United to Support Total Education Initiative to provide tuition and maintenance allowances to underprivileged undergraduates across Nigeria. The initiative has reportedly supported more than 1,500 students who went on to graduate in fields including medicine, law and engineering. Between 2001 and 2003, Ovia also promoted digital literacy through his involvement with the Nigeria Internet Group, where he served as its first president. He advocated wider internet access and the adoption of digital technology in Nigeria’s corporate and educational sectors. In August 2003, he established the Jim Ovia Foundation, a non-profit organisation focused on addressing youth poverty through education and access to digital resources. Its programmes include youth empowerment and information and communications technology training, with initiatives designed to provide computer facilities and digital skills to primary and secondary school pupils. The foundation has also supported intensive coding and application development training for young people seeking opportunities in the technology sector.

Ovia founded James Hope College in Agbor, a co-educational boarding school offering a Cambridge-standard curriculum. The Jim Ovia Foundation provides full scholarships to students, with more than half of the student population reportedly benefiting from the support. He also founded James Hope University, which offers postgraduate business education. Ovia’s involvement in education extends to the Nigerian Education Loan Fund, where he was appointed chairman by President Bola Tinubu. The agency administers student loans designed to help eligible Nigerians finance higher education. Through scholarships, digital skills training, school development and student financing initiatives, Ovia has supported efforts to improve educational access and prepare young Nigerians for the changing demands of the economy.

Billionaire industrialist and founder of the Eleganza Group, Razaq Okoya, has contributed to education in Nigeria through donations to educational institutions, scholarships and vocational training initiatives. Okoya’s commitment to education is rooted in his personal experience. He received his formal education at Ansar-Ud-Deen Primary School in Lagos before building his manufacturing empire through apprenticeship and practical business experience. Among his contributions to higher education, Okoya funded the construction of a building housing the Faculty of Business Administration at Ekiti State University, formerly the University of Ado-Ekiti. In recognition of his contributions and business achievements, the institution conferred an honourary doctorate on him. He also sponsored the construction of a library at the Island Club in Lagos and has supported scholarship schemes for indigent students in higher institutions across Nigeria. Through his philanthropic activities and corporate social responsibility initiatives, Okoya has also supported the development of schools and educational facilities. His business interests have contributed to the local production of everyday items used in educational settings, including ballpoint pens, plastic desks and chairs, helping to make some classroom supplies more accessible. Okoya also promotes vocational and technical skills development through practical industrial training. His Eleganza Industrial City serves as a base for manufacturing activities and offers opportunities for young Nigerians to gain experience in an industrial environment.

Billionaire businessman, Mike Adenuga, has supported education and literacy through philanthropic initiatives, cultural institutions and investments in telecommunications infrastructure. The Mike Adenuga Centre, which opened in 2019, was established to deepen cultural and educational ties between Nigeria and the French-speaking world. The centre offers language courses, an art gallery and opportunities for cultural exchange, enabling Nigerians to engage with Francophone culture without travelling abroad. The Mike Adenuga Foundation also supports initiatives in education, entrepreneurship, healthcare and rural development. Adenuga has reportedly contributed to humanitarian interventions, including N500m for flood victims in Bayelsa State in 2012 and N1.5bn towards efforts to combat COVID-19. His philanthropic activities have also included scholarship support for students pursuing secondary and tertiary education. Such assistance is intended to ease the financial burden on students from disadvantaged backgrounds and help them continue their studies. Through Globacom, the telecommunications company he founded, Adenuga has also contributed to the expansion of telecommunications and broadband infrastructure in Nigeria. The company’s Glo 1 submarine cable has helped expand international connectivity, supporting access to internet-based services, including digital learning resources. Adenuga has also supported institutions promoting language learning, art and cultural exchange, including Alliance Française in Lagos. His contributions to education span financial assistance, cultural learning and digital connectivity, all of which can help widen access to knowledge and educational opportunities.

Billionaire businessman, Emeka Offor, has supported education and literacy through the Sir Emeka Offor Foundation, which funds book donations, scholarships and educational infrastructure. On August 18, 2020, the foundation donated 22,000 volumes of books to Ahmadu Bello University, Zaria, and 10 public primary and secondary schools in Kaduna State. It also rehabilitated the Waziri Alhassan Public Library in Daura, Katsina State. Education remains a major focus of the foundation’s activities, which include efforts to improve access to reading materials and strengthen learning facilities. Its interventions have included support for model schools and modern classrooms equipped with educational resources and internet access. The foundation also operates a scholarship programme for academically gifted students from economically disadvantaged backgrounds. According to the information provided, more than 120 full university scholarships have been awarded. The programme further rewards outstanding academic performance, with scholarship recipients who graduate at the top of their classes reportedly eligible for a car and a job offer within the Chrome Group of companies. Offor has also partnered with Books For Africa, an organisation that distributes books to schools and communities across the continent. Since 2011, he has reportedly donated $950,000 to the organisation to support the shipment of 1.7 million books and computers, valued at more than $18m, to students and schools in Africa. His support has also covered logistical expenses associated with distributing educational materials. The foundation’s activities have extended beyond Nigeria, with educational resources reaching students in several African countries, including Botswana, Chad, Egypt, Ethiopia, The Gambia, Kenya, Liberia, Malawi, Namibia, Niger, Rwanda, Senegal, Sierra Leone, Somalia, South Africa, South Sudan, Tanzania and Uganda. Through book donations, scholarships and support for educational infrastructure, Offor has contributed to efforts to expand access to learning resources across Nigeria and other African countries.

Businessman, Aigboje Aig-Imoukhuede, has made education and public-sector capacity development central to his philanthropic work. He gained prominence during his tenure as Chief Executive Officer of Access Bank, helping to grow the financial institution. He is the founder and Chairman of Coronation Group Limited and has also been involved in initiatives aimed at improving governance and institutional performance. Through the Africa Initiative for Governance, founded in 2014, and the Aig-Imoukhuede Foundation, established in 2020, he has supported programmes focused on public-sector transformation, healthcare and professional development. A key component of his education-related work is a partnership with the Blavatnik School of Government at the University of Oxford. Launched in 2017, the initiative provides annual Master of Public Policy scholarships for outstanding West African students, with the aim of preparing future leaders for public service. Since 2021, the partnership has also supported executive education for Nigerian civil servants, providing training in public policy and governance. Aig-Imoukhuede has advocated improvements in the quality of public institutions, arguing that education and professional training are essential to effective governance. The foundation also introduced the AIG Visiting Fellowship Programme, designed to provide African public-sector executives with opportunities to undertake advanced academic research at Oxford University.

Through scholarships, executive education and institutional partnerships, Aig-Imoukhuede’s initiatives seek to strengthen public-sector capacity and develop leaders equipped to address governance challenges.

Naomi Chima is an entertainment and lifestyle correspondent at Punch Newspapers with over three years of experience. She covers Nigerian entertainment, culture, and social events, conducts personality interviews, and contributes to features across desks. Her work demonstrates hands-on newsroom experience, editorial judgment, and a commitment to engaging, accurate, and audience-focused journalism.

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