Six Nigerian billionaires funding Africa's future through Philanthropy
Several Nigerian billionaires have channelled their wealth into structured philanthropic foundations that support education, healthcare, economic empowerment and social development across Nigeria and the wider African continent.
- Aliko Dangote – Aliko Dangote Foundation
Aliko Dangote, widely regarded as Africa’s richest individual, chairs the Aliko Dangote Foundation, one of the largest private foundations in sub-Saharan Africa. Founded in 1994 and formally endowed in 2014, the foundation focuses primarily on health, nutrition, education and economic empowerment.
Its interventions have included large-scale efforts to combat severe acute malnutrition in northern Nigeria, support for maternal and child health initiatives, contributions to polio eradication campaigns, and disaster relief funding. The foundation has also financed school construction projects and provided scholarships, while partnering with governments and multilateral agencies on broader public health and poverty reduction programmes across Africa.
2. Tony Elumelu – Tony Elumelu Foundation
Tony Elumelu established the Tony Elumelu Foundation in 2010 with the goal of promoting entrepreneurship as a driver of Africa’s economic transformation. In 2015, he committed 100 million dollars to fund 10,000 African entrepreneurs over a ten-year period.
Through its flagship Entrepreneurship Programme, the foundation provides seed capital of 5,000 dollars per beneficiary, alongside business training, mentorship and networking opportunities. Through this programme, TEF has disbursed over US $100 million in non-refundable seed capital to more than 24,000 entrepreneurs across all 54 African countries, and has connected millions more to business training and mentorship, helping create over 1.5 million job
3. Femi Otedola – Femi Otedola
Femi Otedola has carried out philanthropic work through the Femi Otedola Foundation, focusing on education, healthcare and community welfare. His interventions have included financial support for medical institutions, scholarships for students, and assistance to vulnerable communities.
In 2023, he announced a multi-billion naira donation to Save the Children for education and child welfare initiatives in Nigeria, reinforcing his foundation’s focus on social impact through direct funding and institutional partnerships.
4. Abdul Samad Rabiu – ASR Africa
Abdul Samad Rabiu operates his philanthropic activities through ASR Africa, the Abdul Samad Rabiu Africa Initiative, launched in 2021. The initiative commits $100 million annually to health, education and social development programmes across Africa.
ASR Africa has funded infrastructure projects in Nigerian universities and healthcare institutions, while also supporting continental health interventions through partnerships with governments and regional bodies. Its model centres on large-scale grants aimed at strengthening public institutions and expanding access to essential services.
5. Folorunsho Alakija – Rose of Sharon Foundation
Folorunsho Alakija founded the Rose of Sharon Foundation to support widows and orphans through education, empowerment and welfare programmes. The foundation provides scholarships, vocational training and business grants to women in need.
In 2020, Alakija pledged to build a 250-bed world-class medical centre in Lagos through her Rose of Sharon Group, with the aim of strengthening local medical capacity and research. The project was presented as a long-term intervention to reduce outbound medical tourism and improve specialist healthcare services within Nigeria.
6. Igho Sanomi – Dickens Sanomi Foundation
Igho Sanomi established the Dickens Sanomi Foundation in honour of his father. The foundation sponsors educational initiatives, including national essay competitions, scholarships and mentorship programmes for students.
It has also funded disaster relief efforts and community support projects, with a particular focus on youth development and educational advancement in Nigeria.