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Who is Folorunso Alakija, Nigeria’s Richest Woman?

March 20, 2024

Who is Folorunso Alakija, Nigeria’s Richest Woman?

Hardly would you find a list of Africa’s richest women without the name – Folorunsho Alakija popping up. Several sources have acclaimed her to be the richest woman in Nigeria, and Forbes names her among Africa’s billionaires.

Though most public knowledge attributes her wealth to her interests in the oil sector, Alakija also has interests in other sectors like fashion and real estate.

Folorunso Alakija Biography

Folorunso Alakija (born 15 July 1951) is a Nigerian billionaire businesswoman. She is involved in the fashion, oil, real estate and printing industries. She is the group managing director of The Rose of Sharon Group which consists of The Rose of Sharon Prints & Promotions Limited, Digital Reality Prints Limited and the executive vice-chairman of Famfa Oil Limited.

Folorunso also has a majority stake in DaySpring Property Development Company. Alakija is ranked as the richest woman in Nigeria with an estimated net worth of $1 billion. As of 2015, she is listed as the second most powerful woman in Africa and the 87th most powerful woman in the world

Early life and education

Folorunsho Alakija was born on the 15th of July 1951 in Ikorodu, Lagos. Her family was a large one, as her father, Chief L.A Ogbara had 52 children bore to him by his 8 wives.

At an early age of 7, she was relocated by her parents to the UK where she had her primary education at Dinorben School for Girls, Llangernyw, Wales. By 1963, after her primary education, she returned back to Nigeria where she had her secondary education at the Muslim High School, Sagamu, Ogun State. On graduation from high school, she returned back to England where she enrolled at Pitman’s Central College, London, to study secretarial studies.

Business career

Alakija officially began her career journey in 1974 where she worked at Sijuade Enterprises as an executive secretary. Her next point was the First National Bank of Chicago (now FCMB).

She worked there for a couple of years before she establishing her first fashion firm, Supreme Stitches. In 1984, she went back to the United Kingdom to take a one-year course in fashion designing. It was at her return that she established her fashion firm.

The company thrived successfully, and a few years later, it was renamed to Rose of Sharon House of Fashion, thereby making it a proper fashion line. As her successes and influence in fashion grew, she was later made the National President of the Fashion Designers Association of Nigeria (FADAN).

She was also a long-time trustee with the association. During her term in the office, she dedicated her resources to promote Nigerian culture through fashion.

Ventured into oil and gas

By the early 1990s, Alakija decided it was time to expand her business tentacles to oil and gas. Her company Famfa Ltd was incorporated in September 1991.

The company applied for an OPL (oil prospecting license) to explore a 617,000-acre block for oil (now OPL 216). In August 1993, the company was awarded the leasehold rights of the OPL 216 oil block, and by 1996 it was officially renamed Famfa Oil Limited. Its goal is to be at the forefront of indigenous oil and gas exploration and production in Nigeria.

Alakija got on board the exploration of a major deepwater oil field located 1,500 meters off the Niger Delta—Agbami field. She gained access by partnering with Star Deep Water Petroleum, a subsidiary of Texaco—through a joint venture agreement.

Famfa Oil Ltd then appointed Star Deep Waters Petroleum as its official technical advisor for the OPL 216 exploration license. The company received 40% of Famfa’s 100% stake, while the remaining 60%, retained by Famfa/Alakija. It was first discovered in 1998 by Shell. Star Deep Water Ltd (affiliate to Chevron) functions as the operator of the field.

Through her company, Famfa, Alakija and other companies are oil benefactors of the Agbami field. The Agbami field was first discovered in 1998 but only became active in 2008, its operations will last through to 2024 after a majority of its vast reserves would have been extracted.

Court case with FG

She had fought back against the government in court for laying claims to a 50% stake in her company. It was initially a 40% stake, but the government later returned to as for an additional 10%. Claiming that the company generated a daily revenue of $10 million from the oil block. In response to this, Alakija had this to say,

“We felt like it was unfair. We had taken the sole risk and invested everything we had in the business. It had become a family business. We spent six years as a family to ensure this worked out and now that it is bearing fruit, they just stepped in and took away everything we had struggled and worked extremely hard for.”

As ones who do not relent, the Alakija family fought the government until they won in the end—22 May 2012.

The first drilling of the Agbami well was done on 15 July 1998. The exploratory well was about 4,700 feet underwater which the deepest water depth in Nigeria was at that time. From the license application point to the company’s first strike was an interval of 17 years

Other businesses

Rose of Sharon Prints and Promotions
Digital Reality Print Limited
DaySpring Property Development Company

Folorunsho Alakija Net Worth

Alakija is worth over $1 billion and has held the title of the richest woman in Nigeria for years. She made her money from oil and gas, the fashion printing industry, and real estate.

Philanthropy

Folorunsho Alakija’s success story would not be complete without an account of her tremendous impact on the society, Her desire to help people, to meet the needs of others, and to see people succeed inspired her to create the Rose of Sharon foundation, in 2008, the Rose of Sharon Foundation which concerned the empowerment of widows and orphans by providing them with the necessary resources and skills

Needed to navigate through life. Basically, the foundation awards grants and scholarships to widows and orphans within the country. Through Famfa Oil Limited, Alakija also hands out yearly scholarships to 9,000 medical and engineering students across the nation.

By July 2013, she was appointed as the vice-chairman of the Nigerian National Heritage Council and Endowment for the Arts.

In 2014, Alakija was listed as the 96th most powerful woman in the world, while in 2015, she was listed among the 100 most powerful women in the world, with Alakija as the 87th on the list. On the 9th of March 2016, she was made the Chancellor of Osun State University, making her the first female Chancellor in the history of Nigeria.

The foundation has also donated a total of 21 chest clinics for the treatment of tuberculosis in 21 states across Nigeria, including the Niger Delta region and Lagos State. They have also successfully donated 4 e-Libraries and 2 school libraries to schools within the nation.

Folorunsho Alakija Family

Folorunsho married a lawyer, Modupe Alakija of the Adeyemo Alakija family, in November 1976. They reside in Lagos, Nigeria, with their four sons and their grandchildren, Folorunso’s son Folarin Alakija, married Iranian model Nazanin Jafarian Ghaissarifar in a wedding at Blenheim Palace in England. Media reports suggested the event was one of the world’s most expensive weddings.

Positions, Awards, and Recognitions

Folorunsho Alakija holds six honorary degrees and a fellowship at Yaba College of Technology. She became the first female Chancellor in Osun State University and Nigeria’s first female chancellor on the 9th of March, 2016.

Folorunsho is one of the Lagos Business School Alumnus and member of the Commonwealth and Investment Council Advisory Board. She is on the Advisory board of the Center for African Studies, Harvard.

In 2014 and 2015, she was on Forbes’ list of Most Powerful Women in the World. In the July 2013 inauguration of the National Heritage Council and Endowment for the Arts, Folorunsho Alakija was appointed vice chairman of the committee.

Recognised as one of the champions of African Entrepreneurship, she was named Chief Matron of the Africa’s Young Entrepreneurs (AYE) NGO. She is a public speaker, a writer, and has also authored several inspirational books.

Her dedication to the Nigerian fashion industry earned her the presidential seat at the Fashion Designers Association of Nigerian. And after serving two terms, she is now a lifelong Trustee of the association.

In 2014, she was named the richest woman from an African descent, a position that was previously occupied by Opera Winfrey.

Smart Money Lessons from Folorunsho Alakija

Go with your guts: Leaving a seemingly successful 12-year career in the banking industry would look dangerously audacious. But Alakija knew it was time to leave, especially as she was overlooked for certain promotions. Have you abandoned a business idea because you felt incapable. Or are you ignoring the signs that it’s time to leave that toxic or stagnant career for your dreams? Then draw some inspiration from Alakija’s journey. Know that nothing extraordinary happens except you step out of your comfort zone.
Seize opportunities: From being in a fashion competition that shot her label into success. To leveraging her network to build a successful oil business. Alakija’s story has been one of seizing opportunities. Being a smart money woman means optimising opportunities and resources that come your way. Opportunities are an invitation to your next success. Don’t take them for granted.
Be open to multiple income streams: From being a secretary, banker, and fashion designer to oil mogul. Alakija has dived into many income streams and shows no signs of slowing down. Even with the success of Famfa Oil, the 70-year-old still runs her digital printing agency. She still authors several books and holds speaking engagements. Want to level up your income? Then start by monetizing your skills, talents and leveraging your networks to seek new income opportunities.
Never give up: In 1999, the Nigerian government claimed 40% of her 60% shareholding of Famfa Oil. Feeling cheated, she disputed the government over a 12-year fearsome legal battle period, eventually winning. When you face opposition, never be intimidated to stand your ground or pursue what is right. You’d be grateful that you never gave up.

Books Authored by Folorunso Alakija

Alone with God: A free daily devotional guide published annually to help the spiritual growth of believers on a daily basis. Alone With God is available online both in PDF and hard copy.
University of Marriage – Your Textbook for a successful Marriage: Written to help married couples bring back spark to their marriages.
Growing with the Hand that Gives the Rose: The autobiography of Folorunsho Alakija. The book captured how she was able to succeed notwithstanding her large family background.
The Cry of Widows and Orphans: Written to serve as a knowledge bank for widows and orphans. The book help them understand their fundamental right and encourages them to seek help when necessary.
His Name is: This book contains over 2,000 names of God in different languages. The aim is to get Christians to know the God they are serving and to pass the name on to upcoming generations.
Folorunsho Alakija Speaks – An Inspirational Book for all: The book compiles some of the Inspirational quotes by Folorunsho Alakija during her motivational talks and ministrations. It is designed for every individual.
Wish for it? Pray for It (Scriptures for Wives): The book is written for christian wives to get acquainted with scriptures they can employ in fighting for their marriages on their knees.
Wish for it? Pray for It (Scriptures for Husbands): This book contains scriptures that help Christian husbands understand the role and responsibilities in the home and how to apply them.
Window Shop for your Spouse: A practical guide for singles looking to enter into the marriage institution.

Conclusion

Folorunso Alakija’s success story is a tale of hard work, persistence, courage and the will to break through barriers. She did not only created a $2 billion enterprise but has crafted a legacy that will last for generations.

Alakija has succeeded in building her empire, marriage, and raising upstanding family.

Still fully active in the business world, she is involved in the management and strategic planning of her oil and real estate companies, Famfa Limited and Dayspring Property Development Company Limited. The 67-year-old Mogul is the Group Managing director of the Rose of Sharon Group and the Executive Chairman of Famfa Oil Limited.

She is a living proof that success is not limited by gender, age, nationality or financial backgrounds, but rather, success is the product of courage to take risks and stand up strong in the face of adversity.

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