- Folorunsho Alakija is a Nigerian billionaire and philanthropist known for her leadership in oil, fashion, and real estate
- She ranked as Africa’s second most powerful woman in 2015 and the 96th most powerful woman globally in 2014 by Forbes
- TheRadar profiled the successful Nigerian entrepreneur in fashion, oil, and real estate
Folorunsho Alakija is an influential Nigerian billionaire, who excels in fashion, oil, real estate, and printing. Her estimated net worth of $1 billion placed her as the wealthiest woman in Nigeria.
In 2015, she was ranked as Africa's second most powerful woman and the 87th most powerful woman globally.
TheRadar profiled the Nigerian billionaire businesswoman and philanthropist below:
Early Life and education
Folorunsho Alakija was born on July 15, 1951, in Ikorodu, Lagos, Nigeria, into a large family. Her father, Chief L.A. Ogbara, had 52 children from his eight wives. At the age of seven, Alakija moved to the United Kingdom, where she attended Dinorben School for Girls in Llangernyw, Wales.
After completing her primary education in 1963, she returned to Nigeria for her secondary studies at Muslim High School in Sagamu, Ogun State. She later moved back to London, where she enrolled at Pitman’s Central College to study secretarial studies.
Career beginnings
Alakija's professional journey began in 1974, working as an executive secretary at Sijuade Enterprises. She then joined the banking sector, where she worked at First National Bank of Chicago (now FCMB) before starting her fashion business.
In 1984, she travelled to the UK for a one-year course in fashion design. Upon her return to Nigeria, she founded Supreme Stitches, which later evolved into the Rose of Sharon House of Fashion.
Her fashion company thrived, and Alakija became the National President of the Fashion Designers Association of Nigeria (FADAN), a position she used to promote Nigerian culture through fashion.
Expansion into oil and gas
In the early 1990s, Alakija shifted her focus to the oil industry, founding Famfa Oil Limited in 1991. Her company applied for an oil prospecting license (OPL 216), covering a vast 617,000-acre block of oil-rich land.
By 1993, Famfa Oil secured the lease, and by 1996, the company had expanded into oil exploration. Alakija made significant strides in the industry by partnering with Texaco's subsidiary, Star Deep Water Petroleum, to explore the Agbami field.
Famfa Oil retained 60% ownership of the field, which became one of Nigeria's largest deepwater oil projects. The government initially sought a 50% stake in Famfa Oil, but after a lengthy legal battle, Alakija won the case in 2012.
Philanthropy and recognition
In addition to her business ventures, Alakija is known for her philanthropic efforts. In 2008, she established the Rose of Sharon Foundation, which focused on empowering widows and orphans by providing them with skills, financial assistance, and education.
Through Famfa Oil, she also offers annual scholarships to thousands of medical and engineering students across Nigeria. Her contributions to society earned her significant recognition.
In 2014, Alakija was named the richest woman of African descent, surpassing Oprah Winfrey. That same year, she was ranked as the 96th most powerful woman globally by Forbes.
The following year, she was listed among the top 100 most powerful women in the world, securing the 87th spot.
Historic appointment and personal life
On March 9, 2016, Alakija made history by becoming the first female Chancellor of Osun State University, marking a significant achievement as Nigeria’s first female to hold such a position.
Additionally, she was appointed Vice-Chairman of the Nigerian National Heritage Council and Endowment for the Arts in 2013.
Alakija married Modupe Alakija, a lawyer from the Adeyemo Alakija family in November 1976 and they have four sons.
Following rumours in 2024 about a potential separation, Alakija took to social media to declare that her peace would not be threatened by negativity.
“Your heart will not be broken by evil-doers. Negativity will not break your heart.
“The enemies will not break your heart. Nothing shall threaten your peace.
“You will have peace in the morning, afternoon, and evening. Your peace will be all around and intact,” she stated.
20 Most Powerful Women in 2024: Nigeria’s Okonjo-Iweala, Mo Abudu make world list
Meanwhile, TheRadar earlier reported that the 2024 Forbes ranking featured a diverse mix of leading women around the world from politics, business, and philanthropy leading the way
According to the report, Ngozi Okonjo-Iweala made her eighth appearance in the Forbes ranking, placing 89th in 2024. Mo Abudu, a Nigerian media mogul was also featured on the list.