What is Folorunsho Alakija's Net Worth?
Folorunsho Alakija is a prominent Nigerian businesswoman and philanthropist with an impressive net worth of $1 billion. She is extensively involved in diverse sectors such as fashion, real estate, printing, and oil. Alakija holds notable positions, including the group managing director of the Rose of Sharon Group and the executive vice chairman of Famfa Oil Limited. She also possesses a substantial stake in DaySpring Property Development Company.
Alakija's journey began as an Executive Secretary in Lagos, Nigeria, while concurrently launching her tailoring business, which saw immense success. Her achievements in the fashion industry led her to become the National President and a Trustee for the Fashion Designers Association of Nigeria.
In the early 1990s, Alakija took a bold step by applying for an oil prospecting license. The land granted to her turned out to be a goldmine, with over 1 billion barrels of potential oil reserves. She owns a 60% stake in the drilling venture off Nigeria's coast, with the remaining owned by Star Deep Water Petroleum Limited, a Texaco company, and the Brazilian company Petrobras.
Following the oil discovery, a prolonged legal battle lasting 12 years ensued as the Nigerian government attempted to reclaim the land. Alakija's perseverance paid off, and she retained her rights. Today, she stands among the richest black women globally.
(Photo by Bennett Raglin/Getty Images)
Early Life and Education
Born on July 15, 1951, in Ikorodu, Lagos State, Folorunsho Alakija hails from an upper-class family, with her father being Chief L. A. Ogbara. Her early education took place at the Our Ladies of Apostles nursery school. At age seven, Alakija moved to the United Kingdom for her education at the Dinorben School for Girls in Wales, from where she graduated in 1963. Returning to Nigeria, she attended Muslim High School in Sagamu, Ogun State, and later pursued secretarial studies at Pitman's Central College in London.
Career Beginnings
In 1974, Alakija embarked on her professional journey as an executive secretary at Sijuade Enterprises in Lagos. Her career progressed as she joined the First National Bank of Chicago, becoming the executive secretary to the managing director. She then transitioned to the International Merchant Bank of Nigeria as the head of the Corporate Affairs Department and later served as the office assistant to the Treasury Department.
Fashion Career
After 12 years in the banking sector, Alakija shifted to fashion, enrolling in courses at the American College in London and the Central School of Fashion. Upon returning to Nigeria, she founded her first fashion label, Supreme Stitches, later rebranding it to the Rose of Sharon House of Fashion in 1996. Alakija's influence in fashion grew, leading her to become the national president and a trustee of the Fashion Designers Association of Nigeria.
Oil Career
In 1993, Alakija sought an oil prospecting license through her company Famfa, receiving the rights to explore a 617,000-acre block southeast of Lagos. By 1996, a joint venture with Texaco subsidiary Star Deep Water Petroleum resulted in a major oil discovery. The Nigerian government subsequently claimed a 40% stake, followed by another 10%, igniting a lengthy legal dispute.
Philanthropy
Alakija's philanthropic work is notable. Through the Rose of Sharon Foundation, she provides grants and scholarships to support orphans and widows. Additionally, she funded a skills acquisition center at Yaba College of Technology in Lagos to aid vocational training.
Honors and Awards
Folorunsho Alakija has received numerous accolades for her contributions. In 2015, she was ranked as the second most powerful woman in Africa by Forbes, following economist Ngozi Okonjo-Iweala. By 2020, Forbes listed her as the wealthiest woman in Nigeria. In recognition of her business achievements, Benson Idahosa University awarded her an honorary doctorate in business administration in 2021.
Personal Life
Folorunsho Alakija married lawyer Modupe Alakija in 1976, and the couple has four sons. They reside in Lagos, Nigeria. She is also noted for being the aunt of the recording artist and record producer DJ Xclusive.
