As she would say “The minute you settle for less than you deserve, you get even less than you settled for”.
Early Life and Education
Folorunso Alakija was born on July 15, 1951, in Ikorodu, Lagos State, Nigeria. She hails from a wealthy and influential family and was one of 52 children born to Chief L. A. Ogbara.
Her early education began at Our Ladies of Apostles Private School in Lagos, after which she moved to the United Kingdom at the age of seven to continue her studies at Dinorben School for Girls in Hafodunos Hall, Wales. She later attended Muslim High School, Sagamu, Nigeria, before returning to the UK to study secretarial studies at Pitman’s Central College. She also pursued fashion design at the American College in London and the Central School of Fashion.
Career Beginnings: From Banking to Fashion
Alakija began her career as a secretary at Sijuade Enterprises, Lagos, and later worked at the First National Bank of Chicago (now part of FCMB), where she gained experience in corporate banking. However, she eventually shifted her focus to the fashion industry, a passion she had nurtured for years.
In the 1980s, she founded Supreme Stitches, later rebranded as Rose of Sharon House of Fashion. Her brand quickly became a favorite among Nigeria’s elite, earning her a reputation as a leading fashion designer. She was also appointed as the National President of the Fashion Designers Association of Nigeria (FADAN).
Entry into Oil and Gas: The Birth of Famfa Oil
Alakija’s career took a dramatic turn in 1993 when she applied for and was granted an Oil Prospecting License (OPL 216) under her company, Famfa Oil Limited. The oil block, located in the deep waters of the Niger Delta, was later discovered to be one of the richest oil fields in Nigeria.
Due to its enormous potential, she entered a partnership with Star Deep Water Petroleum Limited, a subsidiary of Texaco (now Chevron Corporation), to develop the oil field. However, the Nigerian government later revoked a significant portion of her stake in the oil field, leading to a long legal battle. After a 12-year court battle, Alakija successfully reclaimed her 60% stake in the oil block, solidifying her status as one of Africa’s most powerful businesswomen.
Other Business Ventures
Beyond oil and fashion, Alakija has investments in real estate through her company, Dayspring Property Development Company. She owns prime real estate properties in Lagos and other parts of Nigeria, further expanding her financial empire.
Philanthropy and Impact
Alakija is a dedicated philanthropist, using her wealth to support underprivileged Nigerians. She founded the Rose of Sharon Foundation, which provides scholarships, grants, and financial support to widows and orphans.
She is also deeply involved in Christian ministry, serving as the Vice Chair of Famfa Oil and a trustee of the Rose of Sharon Glorious Ministry International.
Net Worth and Recognition
Alakija has been consistently recognized as one of the richest women in Africa. In 2014, she overtook Oprah Winfrey as the world’s richest Black woman, according to Forbes. While her net worth fluctuates due to oil prices, she remains one of the most powerful women in business and philanthropy.
She has received numerous awards and recognitions, including:
• Forbes’ Most Powerful Women in Africa
• Guardian Woman Entrepreneur of the Year
• Honorary Doctorate from Benson Idahosa University
Personal Life and Legacy
Folorunso Alakija is married to Modupe Alakija, and they have four children. Despite her immense wealth, she is known for her humility, faith, and commitment to family values.
Her story is one of determination, resilience, and breaking barriers in male-dominated industries. She remains a role model for African women, proving that with vision and persistence, success is achievable.
