In the world of wealth and power in Nigeria and across Africa, one name reigns supreme – Folorunsho Alakija. This iconic business mogul has amassed her fortune through her ventures in oil, fashion, and printing. But her story is not one of overnight success; it’s a testament to the relentless pursuit of her dreams. Join us as we delve into the fascinating life of Folorunsho Alakija – her biography, her assets, and her remarkable journey to becoming a billionaire.
Folorunsho Alakija: A Profile
The Early Life and Education of Folorunsho Alakija
Folorunsho Alakija, now 70 years old, is often referred to as Nigeria’s wealthiest woman and one of Africa’s richest female entrepreneurs. Born on July 15, 1951, into the family of Chief L.A Ogbara in Ikorodu, Lagos State, she was the eighth of 52 children. Her educational journey began at the age of 7 when she attended Dinorben School for Girls in Hafodunos Hall, Llangernyw, Wales. After four years, she returned to Nigeria, enrolling in Muslim High School in Ogun State. At 17, Folorunsho Alakija pursued secretarial studies at Pitman’s Central College in London. During her time in London, she also ventured into fashion design at the American College, London.
Folorunsho Alakija’s Career
Folorunsho Alakija’s career kicked off as an executive secretary at Sijuade Enterprises in Lagos, Nigeria, in 1974. She later worked at the First National Bank of Chicago, gaining valuable experience. Her entrepreneurial spirit led her to establish her first personal business, Supreme Stitches, which catered to the fashion demands of Nigeria’s affluent women. Notably, even the wife of General Ibrahim Babangida became one of her esteemed customers. Supreme Stitches quickly rose to prominence, and Folorunsho Alakija’s passion for fashion furthered her involvement in promoting Nigerian fashion and style. She holds the esteemed position of National President and lifelong trustee of the Fashion Designers Association of Nigeria (FADAN).
In a bold move, Folorunsho Alakija applied for an oil prospecting license in May 1993, and the Nigerian Government granted her the rights to explore oil on a 617,000-acre block, now known as OPL 216, situated in the Agbami Field of the central Niger Delta. Three years later, she entered into a joint venture agreement with Star Deep Water Petroleum Limited, a wholly-owned subsidiary of Texaco, appointing them as technical advisers for the exploration of her license. She also transferred 40% of her 100% stake to the company. Famfa Oil Limited subsequently partnered with Chevron and Petrobras. However, her journey was not without obstacles. Folorunsho Alakija found herself embroiled in a lengthy legal battle with the Nigerian government after they attempted to seize 50% of her stake following the discovery of oil on her bloc. Ultimately, she emerged victorious, retaining her ownership.
In 2016, she achieved another historic milestone by becoming the first female appointed to the position of Chancellor in Nigeria. Currently, she holds the position of Group Managing Director of The Rose of Sharon Group, which encompasses The Rose of Sharon Prints & Promotions Limited and Digital Reality Prints Limited. She also serves as the Executive Vice-Chairman of Famfa Oil Limited.
Folorunsho Alakija: Personal Life
In 1976, Folorunsho Alakija married Modupe Alakija, a lawyer, and their union has been blessed with four sons.
Philanthropic Endeavors of Folorunsho Alakija
Beyond her impressive business acumen, Folorunsho Alakija has demonstrated a deep commitment to education and philanthropy. Her philanthropic initiatives include providing scholarships to numerous Nigerian students. Her company is a major sponsor of the reputable Agbami Medical and Engineering Scholarship Scheme.
Moreover, she established The Rose of Sharon Foundation, a charitable organization that offers business grants and scholarships to widows and orphans. Folorunsho Alakija’s dedication to empowering individuals is further exemplified by her donation of a skills acquisition center to Yaba College of Technology.
When reflecting on her journey to success, Folorunsho Alakija attributes her achievements to her faith, values, and unwavering determination. She emphasizes that her success did not happen overnight, underscoring the importance of hard work and perseverance.
Folorunsho Alakija: Net Worth
Folorunsho Alakija’s estimated net worth hovers around $1 billion. Notably, she briefly dropped off the Forbes billionaire list due to fluctuating oil prices, highlighting the dynamic nature of her wealth.
Folorunsho Alakija’s Choice of Cars
While Folorunsho Alakija enjoys the fruits of her wealth, she maintains a discreet approach when it comes to her choice of cars. Unlike many celebrities who flaunt their luxurious vehicles on social media, she opts for classic and modest rides, primarily for her business meetings and short travels. Her preference appears to lean towards Mercedes Benz.
Folorunsho Alakija: Private Jet
As a busy businesswoman traversing different countries, Folorunsho Alakija invested in a private jet to streamline her travel experience. She owns The Bombardier Global Express XRS, valued at approximately 46 million dollars (~₦16.7 billion), a testament to her dedication to convenience and efficiency in her business endeavors.
Folorunsho Alakija: Houses
While Folorunsho Alakija’s immense wealth could easily support extravagant properties, she has chosen to keep her real estate holdings private. However, it is known that she owns various properties in different parts of the world. Her house in the UK, though modest on the exterior, is believed to boast sophisticated and luxurious facilities on the inside. Additionally, her residence in Lagos, Nigeria, was constructed by the renowned German brand Julius Berger, promising opulence and grandeur.
In conclusion, Folorunsho Alakija’s journey from humble beginnings to becoming one of Nigeria’s wealthiest women is nothing short of inspirational. Her dedication to philanthropy, commitment to empowering others, and her modest approach to personal luxury are exemplary. As she continues to make her mark in the business world, Folorunsho Alakija remains a beacon of hope and success for aspiring entrepreneurs in Nigeria and beyond.
