Folorunsho Alakija is an entrepreneur and billionaire businesswoman. She is the executive vice chairman of FAMFA Oil Limited and Managing Director of Rose of Sharon Group. Folorunsho Alakija’s net worth has been featured on Forbes alongside influential businessmen Aliko Dangote, Mike Adenuga and Femi Otedola. Beauty with brain is a rare combination, Folorunsho Alakija is a rare gem because she is beauty and brain combined.
Folorunsho Alakija is a fearless woman who does not back down when she is on her right. She fought the Federal Government of Nigeria in court for 12years for snatching 50% stakes from OPL 216 (her oil block). She kept fighting till she won. In her word, “We felt like it was unfair. We had taken the sole risk and invested everything we had in the business. It had become a family business. We spent six years as a family to ensure this worked out and now that it was bearing fruit, they just stepped in and took away everything we had struggled and worked extremely hard for. I said to myself, ‘Folorunsho Alakija does not give up, my husband does not give up and my children do not give up.”
Read on to know more about Folorunsho Alakija.
Folorunsho Alakija Background
Folorunsho Alakija was born on the 15th of July, 1951 to the family of Chief L.A. Ogbara in Ikorodu, Lagos State and she has 51 siblings. She traveled to United Kingdom at age seven for her primary school education at Dinorben School for Girls in Harfodunos Hall, Llangernyw, Wales. Afterwards, she returned to Nigeria and attended Muslim High School, Sagamu Ogun State. Folorunsho Alakija went back abroad for her Secretarial studies at Pitman’s Central College, London.
Due to her interest in fashion, Folorunsho pursued a degree in Fashion Designing at the American College, London and the Central School of Fashion. The power woman has 8 Honorary Degree Awards from Universities in Nigeria and the United States of America.
Folorunsho Alakija got married to Modupe Alakija, a lawyer in November, 1976 and they are blessed with four sons and grandchildren. She lives in Lagos, Nigeria with her family.
Folorunsho Alakija Net Worth
Folorunsho Alakija’s net worth as at 6th August, 2018 is estimated at $1.5b according to Forbes.com.
Business Life Of Folorunsho Alakija
She started her career in 1974 at Sijuade Enterprises in Lagos where she worked as an Executive Secretary. Afterwards, she worked for a while with First National Bank of Chicago (renamed, FinBank) now acquired by First City Monument Bank (FCMB).
Folorunsho Alakija left the bank to pursue her interest in fashion. Her fashion design company, Supreme Stitches became a known brand after working hard on the brand. Supreme Stitches was later renamed ‘Rose of Sharon House of Fashion’ which has become a household name that Folorunsho Alakija is associated with today.
Aside Fashion, Folorunsho Alakija is an amazing leader who served as the National President and lifelong Trustee of the Fashion Designers Association of Nigeria (FADAN). She made an exemplary contribution to the Association.
In May 1993, Folorunsho Alakija delved into Oil and Gas exploitation and exploration. She was granted an Oil Prospecting License (OPL) to start exploring oil on a 617,000 acre block known as OPL 216 located in the Agbami Field of the central Niger Delta.
In September 1996, Folorunsho Alakija went into a joint venture agreement with Star Deep Water Petroleum Limited and she later appointed Star Deep as the technical adviser for the exploration of her license. She transferred 40% of her 100% stake to Star Deep Waters Limited. Star Deep later sold 8% of the 40% shares to Petrobras, a Brazilian company.
Folorunsho Alakija became the Chancellor of Osun State University on 9th March 2016. Record has it that she is the first female chancellor in the history of Nigeria.
Folorunsho Alakija’s Companies
Rose of Sharon Fashion House
The home of classy wears for both genders.
FAMFA Oil Limited
A family Oil & Gas business formerly known as OPL 216. It was incorporated in September, 1991 and is one of the largest indigenous Nigerian owned exporters of crude oil in Nigeria.
Rose of Sharon Prints and Promotions
A monogramming printing outlet. The company prints on ready made shirts, towels, bed sheets, Uniforms, table cloths and the like.
Digital Reality Print Limited
Specializes in design and offset printing, large format printing, Industrial/corporate signage and promotional prints.
Dayspring Property Development Company Limited
A real estate company where Folorunsho Alakija operates as the Vice Chairman.
Folorunsho Alakija Christian Life
Alakija accords all glory to God for all her achievements. She is a devout Christian with an evangelical calling. Since giving her life to Christ in 1991, she preaches the gospel ceaselessly to anyone that cares to listen even in the market place. She and her husband started a house fellowship which is now a ministry, Rose of Sharon Glorious Ministry International.
Folorunsho Alakija Philanthropic Gestures
Folorunsho Alakija gives back to the society through her foundation, Rose of Sharon Foundation. The foundation empowers widows and orphans through scholarships and business grants.
She is the primary sponsor of the Agbami Medical and Engineering Scholarship Scheme which records over 1000 beneficiaries annually.
In 2014, she donated a huge amount of money towards the completion of a 350 seat lecture theatre building in Ibrahim Babangida University, Lapai, the Niger State University. The building was named after her in appreciation of her philanthropic gesture.
She was appointed as the Vice Chairman of Heritage Council and Endowment for the Arts inaugurated on the 1st of July, 2013 and she serves as matron to Africa’s Young Entrepreneurs.
Books Authored By Folorunso Alakija
Alone with God
A free daily devotional guide published annually to help the spiritual growth of believers on a daily basis. Alone With God is available online both in PDF and hard copy.
University of Marriage – Your Textbook for a successful Marriage
Written to help married couples bring back spark to their marriages.
Growing with the Hand that Gives the Rose
The autobiography of Folorunsho Alakija. The book captured how she was able to succeed notwithstanding her large family background.
The Cry of Widows and Orphans
Written to serve as a knowledge bank for widows and orphans. The book help them understand their fundamental right and encourages them to seek help when necessary.
His Name is
Over 2,000 names of God in different languages are contained in this book. The aim of the book is to get Christians to know the God they are serving and to pass the name on to upcoming generations.
Folorunsho Alakija Speaks – An Inspirational Book for all
The book compiles some of the Inspirational quotes by Folorunsho Alakija during her motivational talks and ministrations. It is designed for every individual.
Folorunsho Alakija Speaks – An Inspirational Book for Christians
This book is a compilation of Inspirational words by Folorunsho Alakija specifically for Christians.
See Also: Biography of a true Nigerian economist: Ngozi Okonjo Iweala.
Wish for it? Pray for It (Scriptures for Wives)
The book is written for christian wives to get acquainted with scriptures they can employ in fighting for their marriages on their knees.
Wish for it? Pray for It (Scriptures for Husbands)
This book contains scriptures that help Christian husbands understand the role and responsibilities in the home and how to apply them.
Window Shop for your Spouse
A practical guide for singles looking to enter into the marriage institution.
Folorunsho Alakija Awards And Recognition
96th most powerful woman in the world by Forbes 2014
Second most powerful woman in Africa by Forbes 2015
87th most powerful woman in the world by Forbes 2015