Folorunsho Alakija Net Worth
Net Worth: $1 Billion
Category: Richest Business › Richest Billionaires
Birthdate: 1951 (73 years old)
Birthplace: Ikorodu, Lagos State, Nigeria
Profession: Business Magnate
Folorunsho Alakija is a prominent Nigerian businesswoman and philanthropist with a net worth of $1 billion. She is involved in various industries, including fashion, real estate, printing, and oil. Alakija is the group managing director of the Rose of Sharon Group and the executive vice chairman of Famfa Oil Limited. She also holds a majority stake in DaySpring Property Development Company.
Career Beginnings
Alakija started her professional journey as an executive secretary in Lagos while also launching her tailoring business, which thrived and led her to become the National President and a Trustee for the Fashion Designers Association of Nigeria.
Oil Industry Success
In the early 1990s, Alakija ventured into the oil industry by applying for an oil prospecting license. Her company, Famfa Oil, was granted a license for a 617,000-acre block of land off the coast of Nigeria, which turned out to hold over 1 billion barrels of oil. Alakija owns 60% of the drilling venture, with the remainder owned by Star Deep Water Petroleum Limited (a Texaco company) and Petrobras, a Brazilian company.
After discovering oil, the Nigerian government attempted to reclaim the land, leading to a 12-year legal battle. Alakija ultimately won, significantly boosting her wealth and establishing her as one of the richest black women in the world.
Early Life and Education
Folorunsho Alakija was born on July 15, 1951, in Ikorodu, Lagos State. She was raised in an affluent family; her father was Chief L. A. Ogbara. She attended Our Ladies of Apostles nursery school in Nigeria and later moved to the UK for further education. She attended Dinorben School for Girls in Wales and later studied secretarial skills at Pitman’s Central College in London.
Professional Development
In 1974, Alakija began her career at Sijuade Enterprises in Lagos, eventually moving to the First National Bank of Chicago and then the International Merchant Bank of Nigeria. After 12 years in banking, she pursued fashion, studying at the American College in London and the Central School of Fashion. She founded Supreme Stitches, later rebranded as the Rose of Sharon House of Fashion.
Philanthropy
Alakija is deeply involved in philanthropy through her Rose of Sharon Foundation, which supports orphans and widows with grants and scholarships. She also donated to create a skills acquisition center at the Yaba College of Technology in Lagos.
Honors and Awards
Folorunsho Alakija was named the second most powerful woman in Africa in 2015 by Forbes, following Ngozi Okonjo-Iweala. In 2020, Forbes listed her as the wealthiest woman in Nigeria. She received an honorary doctorate in business administration from Benson Idahosa University in 2021.
Personal Life
Alakija married lawyer Modupe Alakija in 1976. They have four sons and live in Lagos. Her nephew is the well-known recording artist and producer DJ Xclusive.
Alakija’s story is one of entrepreneurial success and resilience, marked by her significant contributions to various industries and her commitment to philanthropic causes.
