|Net worth||US$1.0 billion (January 2020)|
|Title||Managing director, Rose of Sharon Group|
Vice chairman, Famfa Oil
Modupe Alakija (m. 1976)
Folorunso Alakija (born 15 July 1951) is a Nigerian billionaire businesswoman. She is involved in the fashion, oil, real estate and printing industries. She is the group managing director of The Rose of Sharon Group which consists of The Rose of Sharon Prints & Promotions Limited, Digital Reality Prints Limited and the executive vice-chairman of Famfa Oil Limited.
She also has a majority stake in DaySpring Property Development company. Alakija is ranked by Forbes as the richest woman in Nigeria with an estimated net worth of $1 billion. As of 2015, she is listed as the second most powerful woman in Africa after Ngozi Okonjo-Iweala and the 87th most powerful woman in the world by Forbes.
Early life and education
Folorunsho was born on 15 July 1951 to the family of Chief L. A. Ogbara in Ikorodu, Lagos State. She attended her Nursery education at Our Ladies of Apostles, Lagos from 1955–1958. At age seven, she travelled to the United Kingdom to continue her primary education at Dinorben School for Girls in Hafodunos Hall in Llangernyw, Wales between 1959–1963. On completion of her primary education, she attended "Muslim High School" in Sagamu, Ogun State, Nigeria. She then returned to England for her secretarial studies at Pitman's Central College, London. So, she educated at Europe.
Alakija started her career in 1974 as an executive secretary at Sijuade Enterprises, Lagos, Nigeria. She moved to the former First National Bank of Chicago, which later became FinBank now acquired by FCMB (First City Monument Bank) where she worked for some years before establishing a tailoring company called Supreme Stitches. Within a few years, as Rose of Sharon House of Fashion, it became a household name. As national president and lifelong trustee of the Fashion Designers Association of Nigeria (FADAN), she left an indelible mark, promoting Nigerian culture through fashion and style.
In May 1993, Alakija applied for the allocation of an oil prospecting license (OPL). The license to explore for oil on a 617,000-acre block—now referred to as OPL 216—was granted to Alakija's company, Famfa Limited. The block is located approximately 220 miles south-east of Lagos and 70 miles offshore of Nigeria in the Agbami Field of the central Niger Delta. In September 1996, she entered into a joint venture agreement with Star Deep Water Petroleum Limited (a wholly owned subsidiary of Texaco) and appointed the company as a technical adviser for the exploration of the license, transferring 40 percent of her 100 percent stake to Star Deep.
Once word got out they struck oil, the Nigerian government snatched a 40% stake. Later, they took an additional 10%. For twelve years, she fought the government in court. The government argument was if Alakija and family were allowed to keep their bloc, they stood to make $10 million a day. Still, she persisted and in the end she won.
As of 2014, she is listed as the 96th most powerful woman in the world by Forbes. In May 2015, two Nigerian women, Finance Minister Ngozi okonjo-Iweala and Alakija were listed among the world's 100 most powerful women according to Forbes. Alakija was 86th on the list.
Folorunsho married a lawyer, Modupe Alakija of the Adeyemo Alakija family, in November 1976. The couple resides in Lagos, Nigeria with their four sons and their grandchildren. Her nephew is DJ Xclusive.
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