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Folorunso Alakija

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Chief
Folorunso Alakija
Born (1951-07-15) 15 July 1951 (age 74)
Ikorodu, Western Region, British Nigeria
(now Ikorodu, Lagos State)
OccupationBusinesswoman
Spouse
Modupe Alakija
​
(m. 1976)​
Children4
Websitewww.folorunsoalakija.com

Chief Folorunso Alakijalistenⓘ (born 15 July 1951) is a Nigerian businesswoman and philanthropist.[1][2][3] She is the group managing director of the Rose of Sharon Group and executive vice chairman of Famfa Oil Limited.[4]

Early life

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Alakija was born into a middle-class family in Nigeria[5] on 15 July 1951. Her father, Chief L.A. Ogbara, had 8 wives and 52 children,[6] and Folorunso's mother was his first.[7] She is from the Yoruba ethnicity of south-western Nigeria.[8] At the age of ten, Alakija traveled to the United Kingdom for her education.[citation needed] Alakija attended Muslim High School in Shagamu, Nigeria[citation needed]. She then returned to England for her secretarial studies at Pitman Central College, London.[3]

Career

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In 1974, Alakija began working as an executive secretary at Sijuade Enterprises in Lagos. She later held positions at the First National Bank of Chicago and the International Merchant Bank of Nigeria.[9][10]

Alakija then studied fashion design at the American College in London and the Central School of Fashion.[11] She started a fashion label called Supreme Stitches, renamed in 1996 as the Rose of Sharon House of Fashion.[12][13] She served as the president of the Fashion Designers Association of Nigeria (FADAN) and remains a trustee of the organization.[14][15]

In May 1993, Alakija applied for the allocation of an oil prospecting license (OPL).[16] The license to explore for oil on a 617,000-acre block, about 100 km offshore of Nigeria, in the Agbami Field, was granted to her company, Famfa Limited. In September 1996, Alakija entered into a joint venture agreement with Star Deep Water Petroleum Limited, transferring a 40 percent stake to Star Deep.[17][18] After they struck oil, the Nigerian government claimed a 40% stake, followed by an additional 10%.[19] The Nigerian government subsequently sought to acquire a 50% interest in the block; Alakija contested this acquisition in court and the Supreme Court ruled in her favor in 2012.[20]

Recognition

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In 2014, Forbes ranked Alakija as the 96th most powerful woman in the world. As of 2021, she was the wealthiest woman in Africa with an estimated net worth of $1 billion.[21][22]

In July 2021, Benson Idahosa University, Benin City, conferred on her an honorary doctorate degree. Chrisland University, Abeokuta, Ogun State, in November 2022, gave Alakija an honorary doctorate.[23][24]

Philanthropy

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Alakija established the Rose of Sharon Foundation, which provides scholarships and business grants to widows and orphans[25]

She donated a skills acquisition center to Yaba College of Technology (Yabatech), a higher educational institution located in Lagos.[26][27][28]

In 2025, Alakija funded the construction of the Osun State University Teaching Hospital, a project valued at approximately ₦70 billion.[citation needed] The facility includes 20 clinical departments, including MRI suites and radiotherapy units, intended for medical research and doctor training.[29]

Personal life

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Alakija married Modupe Alakija in November 1976.[30] They reside in Lagos, Nigeria, with their four sons.[31] In June 2017, their son, Folarin Alakija, married Iranian model Nazanin Jafarian Ghaissarifar.[32]

References

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  1. ^ "Collectively, we can build a thriving economy - Folorunsho Alakija". Vanguard. Lagos, Nigeria. October 2017. Retrieved 17 September 2024.
  2. ^ Iyengar, Rishi (30 December 2014). "Here's She is the World's Richest Black woman in the world". Time. Archived from the original on 3 May 2018. Retrieved 30 December 2014.
  3. ^ a b "Folorunso Alakija". africa.harvard.edu. Retrieved 20 May 2021.
  4. ^ "Folorunso Alakija". Folorunsho Alakija. Archived from the original on 27 April 2021. Retrieved 27 April 2021.
  5. ^ "Folorunsho Alakija: From a Middle Class Home to becoming Nigeria's richest woman". Nairametrics.com. 17 September 2021. Retrieved 17 September 2024.
  6. ^ "FOLORUNSHO ALAKIJA - A Pathway For Very Female Entrepreneur". Alamin Abdulhadi. 22 February 2021. Retrieved 24 April 2024.
  7. ^ "Covenant I made with God at age 40 — Folorunso's Alakija". The Punch. 18 July 2021. Retrieved 20 January 2023.
  8. ^ Sadiq, Mobola (18 July 2021). "Covenant I made with God at age 40 — Folorunsho Alakija". The Punch. Retrieved 10 February 2024.
  9. ^ "Business – Alakija". Archived from the original on 27 April 2021. Retrieved 31 August 2023.
  10. ^ "Folorunsho Alakija Biography - Biopreneur Nigeria". Retrieved 31 August 2023.
  11. ^ Folorunsho, Alakija. "Success in the Fashion World". folorunshoalakija. Folorunsho Alakija. Archived from the original on 27 April 2021. Retrieved 27 April 2021.
  12. ^ Falode, Kehinde (17 September 2011). "Fashion icon, Folorunso Alakija at 62". The Nation. Lagos, Nigeria. Retrieved 20 June 2013.[permanent dead link]
  13. ^ "Folorunsho Alakija". Forbes. November 2012. Retrieved 19 December 2012.
  14. ^ Wilson, Julee (5 December 2012). "Richest Black Woman in the World, Folorunso Alakija, Was A Major Fashion Designer in Africa". The Huffington Post.
  15. ^ Gabriel, Gift (24 June 2012). "I moved out of the crowd to get it right – Mrs Alakija". Vanguard. Nigeria.
  16. ^ "The Richest Black Woman in the World, Folorunsho Alakija". Ventures Africa. Lagos. 29 November 2012. Archived from the original on 16 April 2015. Retrieved 25 July 2013.
  17. ^ "Folorunso Alakija richest black woman on earth". P.M. News. Lagos, Nigeria. 25 December 2012.
  18. ^ "Agbami Oilfield, Nigeria". offshore technology.com. Nigeria.
  19. ^ "How Africa's second richest woman gained her fortune - CNBC Africa". CNBC Africa. 17 September 2016. Archived from the original on 4 August 2018. Retrieved 3 August 2018.
  20. ^ "5 Lessons Folorunsho Alakija Could Teach Christian Entrepreneurs - Tithehacker.org". Tithehacker.org. 29 July 2018. Archived from the original on 4 August 2018. Retrieved 3 August 2018.
  21. ^ "Folorunsho Alakija: Nigerian businesswoman, oil baroness Folorunsho Alakija Profile". BBC News Pidgin. Retrieved 19 November 2024.
  22. ^ "Folorunsho Alakija". Forbes. Retrieved 19 November 2024.
  23. ^ "BIU Confers Jedy-Agba With Doctorate Degree In Public Admin". Retrieved 19 November 2024.
  24. ^ Nigeria, Guardian (15 November 2022). "Varsity awards Alakija honorary doctorate degree". The Guardian. Lagos, Nigeria. Retrieved 19 November 2024.
  25. ^ Folorunsho, Alakija. "Folorunsho Alakija Foundation". folorunshoalakija. Folorunsho Alakija. Retrieved 27 April 2021.
  26. ^ Ellis, Jessica (16 February 2012). "Nigerian billionaire takes on cause of 'mistreated widows'". CNN.
  27. ^ Amos, Adaeze (26 May 2013). "My passion for widows and orphans –Folorunso Alakija". National Mirror. Nigeria.
  28. ^ Nsehe, Mfonobong. "Nigeria's Richest Woman Folorunsho Alakija Donates Skills Acquisition Center To School". Forbes. Retrieved 27 July 2020.
  29. ^ "Adeleke Inaugurates First Integrated Medical Research Hospital – THISDAYLIVE". Retrieved 12 April 2026.
  30. ^ Allen Lee (9 October 2019). "Meet Folorunso Alakija: The Richest Woman in Africa". Money Inc. Retrieved 31 March 2020.
  31. ^ Sessou, Ebun (9 September 2011). "My life is full of blissful moments – Folorunso Alakija". Vanguard. Nigeria.
  32. ^ "Folarin Alakija marries Nazanin Jafarian Ghaissarifar in a luxurious $8 million wedding".
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