Folorunsho Alakija, a Nigerian entrepreneur and philanthropist, is worth around $1 billion. She has business interests across various sectors, including fashion, property development, printing, and oil. She is the Group Managing Director of the Rose of Sharon Group and also serves as the Executive Vice Chairman of Famfa Oil Limited. Additionally, she owns the majority of DaySpring Property Development Company.
Alakija began her career as an executive secretary in Lagos while also running a tailoring business on the side. Her fashion business grew rapidly, and she eventually became the National President and a Trustee of the Fashion Designers Association of Nigeria.
In the early 1990s, she applied for an oil exploration license. The area she was assigned turned out to contain over a billion barrels of oil. She holds a 60% stake in the offshore drilling business, while the rest is owned by Star Deep Water Petroleum (a Texaco subsidiary) and Petrobras, a company from Brazil.
After the oil discovery, the Nigerian government tried to revoke her license, leading to a 12-year legal dispute that reached the Nigerian Supreme Court. Alakija eventually won the case, and the reward was immense. Today, she stands as one of the wealthiest Black women globally.
Early Life and Education
Born on July 15, 1951, in Ikorodu, Lagos State—during the colonial era—Folorunsho Alakija came from a wealthy family. Her father, Chief L.A. Ogbara, provided her with a solid foundation. She first attended Our Ladies of Apostles nursery school in Lagos. At the age of seven, she moved to the UK to study at Dinorben School for Girls in Wales. After completing her studies there in 1963, she returned to Nigeria and attended Muslim High School in Sagamu, Ogun State. Later, she went back to the UK to study secretarial work at Pitman’s Central College in London.
Career Beginnings
In 1974, she started working as an executive secretary at Sijuade Enterprises in Lagos. She later joined the First National Bank of Chicago, serving as the executive secretary to the managing director. Her career progressed as she became head of Corporate Affairs at the International Merchant Bank of Nigeria and later served in the Treasury Department.
Transition into Fashion
After spending over a decade in banking, Alakija decided to switch to fashion. She studied fashion at the American College in London and at the Central School of Fashion. After returning to Nigeria, she launched her clothing line, Supreme Stitches, which was later rebranded as the Rose of Sharon House of Fashion in 1996. She solidified her influence in the industry by becoming President and Trustee of the Fashion Designers Association of Nigeria.
Venturing into Oil
In 1993, Alakija applied for an oil exploration license through her company, Famfa. She was granted rights to a large oil-rich block covering 617,000 acres southeast of Lagos. In 1996, she partnered with Texaco’s subsidiary, Star Deep Water Petroleum, for technical support. The venture successfully discovered oil. However, the Nigerian government later claimed a 40% stake and then an additional 10%.
Philanthropy
Alakija is also deeply involved in charitable work. Through her Rose of Sharon Foundation, she provides financial help to widows and orphans, offering scholarships and grants. She also funded the construction of a skills development centre at Yaba College of Technology in Lagos.
Awards and Recognition
In 2015, Alakija was named the second most powerful woman in Africa, just after Ngozi Okonjo-Iweala. In 2020, Forbes recognized her as the richest woman in Nigeria. In 2021, she was awarded an honorary doctorate in business administration by Benson Idahosa University for her contributions to the business world.
Personal Life
Folorunsho married Modupe Alakija, a lawyer, in 1976. They have four sons and live in Lagos. Her nephew is the well-known DJ and music producer, DJ Xclusive.
