Folorunso Alakija is the group managing director of The Rose of Sharon Group and executive vice chairman of Famfa Oil Limited.
She founded the Rose of Sharon Foundation, empowering widows and orphans through education and entrepreneurship support.
With a $1 billion net worth, Alakija is also involved in various subsidiaries such as Digital Reality Prints Limited, a printing company and The Rose of Sharon Prints & Promotions Limited.
In the real estate sector, she is involved with Dayspring Property Development Company, where she holds majority stakes.
Additionally, Alakija is also the first female Chancellor of a public university in Africa and has authored several inspirational books.
Education
Alakija’s education began at Our Ladies of Apostles for nursery school in Lagos.
At age seven, she moved to the UK, attending Dinorben School for Girls in Wales.
Upon returning to Nigeria, Alakija completed her secondary education at Muslim High School in Sagamu.
She later returned to England for secretarial studies at Pitman’s Central College, London, before pursuing fashion design courses at the American College and the Central School of Fashion in London.
Career
Alakija began her professional journey in 1974 as an executive secretary at the International Merchant Bank of Nigeria.
After spending over a decade in the banking sector, she made a significant career shift into the fashion industry.
In 1985, Alakija founded Supreme Stitches, a high-end fashion label that specialized in bespoke clothing.
Supreme Stitches became known for its exquisite tailoring and unique designs, earning Alakija accolades and a loyal customer base.
In 1993, Alakija took a bold leap into the oil and gas industry by acquiring an oil prospecting license from the Nigerian government.
Famfa Oil Limited, the company she founded, entered into a joint venture with Texaco (now part of Chevron) for oil exploration in Nigeria. Oil Limited, the company she founded, entered into a joint venture with Texaco (now part of Chevron) for oil exploration in Nigeria.
Philanthropy
Alakija is deeply committed to philanthropy, primarily through the Rose of Sharon Foundation, which she established in 2008.
Initially starting with just three widows, the foundation has since expanded its reach across Nigeria, impacting thousands of lives by offering educational scholarships and financial support.
The Rose of Sharon Foundation provides 0% interest loans to widows, enabling them to start their own businesses and achieve financial independence.
Additionally, the foundation has donated medical facilities, such as chest clinics for tuberculosis treatment, and established e-libraries and school libraries to enhance educational opportunities.
Alakija also founded Flourish Africa, a platform designed to create a community for women to share experiences and encourage one another while providing grants to female entrepreneurs.
Recognitions
In 2011, Alakija was honored with the Humanitarian of the Year Award, recognizing her significant impact in charitable endeavors.
Come 2013, she received the Lifetime Achievement Award from the Council of Legal Education and has also been awarded several honorary doctorate degrees from prestigious institutions.
Notably, Alakija received an honorary doctorate from Lagos State University in 2017 and another from Benson Idahosa University in 2021, reflecting her contributions to education and society.
In addition to these honors, she was recognized as the Most Fashionable Woman by Fashion & Style Magazine in 2006, showcasing her influence in the fashion industry.
In 2013, Alakija was presented with the Distinguished Gold Service Award for Excellence.
