Folorunsho Alakija is a Nigerian businesswoman and philanthropist. She is the Group Managing Director of The Rose of Sharon Group and the Executive Vice Chairman of Famfa Oil Limited.
Alakija made history in 2014 when Forbes ranked her the richest black woman in the world, with a net worth exceeding $7 billion.
She has been recognized multiple times as one of Forbes’ World’s 100 Most Powerful Women.
This is her profile as told by WOA:
Folorunsho Alakija’s Net Worth
In 2020, Forbes reported Alakija’s net worth as $1 Billion, comprised of stakes and interests in multiple companies. She owns the following companies:
- Famfa Oil Limited: An indigenous oil exploration company that has partnered with major players like Chevron.
- Digital Reality Print Limited: Formerly known as Rose of Sharon Prints and Promotions, this company specializes in high-end printing services and is one of Nigeria’s leading commercial print businesses.
- Dayspring Property Development Company: A luxury real estate developer responsible for iconic structures like Rose of Sharon Towers and Center Point in Lagos.
- Rose of Sharon Group: The parent company for her diverse business interests, including fashion, oil and gas, real estate, and philanthropy.
- Rose of Sharon Fashion House(formerly Supreme Stitches): A luxury clothing brand that was her first venture into the fashion industry in the 1980s.
- Rose of Sharon Foundation: An NGO established to empower widows and orphans through educational programs and scholarships.
- Flourish Africa Initiative: A platform dedicated to empowering women entrepreneurs by fostering community support and providing grants.
- Famfa Towers: A 22-story office complex serving as Famfa Oil’s headquarters in Ikoyi, Lagos.
- Rose of Sharon Tower(Victoria Island): A luxury residential development managed by Dayspring Property Development Company Limited.
Aside from her companies, Alakija owns a fleet of high-end automobiles, including customized Mercedes Benz S-Class vehicles, one with her initials “FLO” and another for her husband with the plate “MODU”.
She also owns a Bombardier Global Express XRS private jet valued at approximately $62.31 million.
Additionally, the oil baron has properties in various parts of the world, with her most famous property being her mansion in Ikoyi, Lagos, which is considered one of the most expensive homes in Africa.
The mansion boasts 400 rooms, modern architectural designs, and luxurious amenities. It was built by the renowned German company, Julius Berger, at an estimated cost of $700 million.
According to Forbes, she owns other apartments in Nigeria, London, and Dubai. One of her London apartments is located in One Hyde Park, one of the world’s most expensive apartment blocks.
But how educated is she?
Folorunsho Alakija’s Education qualifications
Alakija attended Dinorben School for Girls in Harfodunos Hall, Llangernyw, Wales, starting at the age of seven.
She completed her secondary education at Muslim High School in Sagamu, Ogun State, Nigeria.
From there she moved to London, where she pursued a secretarial course at Pitman’s Central College in London.
Alakija later studied fashion design at The American College in London and the Central School of Fashion.
Folorunsho Alakija’s Success Journey
Folorunsho Alakija was born on July 15, 1951, in Ikorodu, Lagos State, Nigeria. She was born into a wealthy family, so her story is not a rags-to-riches fairy tale.
Her father, L.A Ogbara, was a government chief who had eight wives and 52 children. Her mother was Chief Ogbara’s first wife and a fabric merchant.
At the age of 7, Chief Ogbara sent his daughter to a girl’s boarding school in London, where she studied for a while before being recalled to Nigeria for her high school education.
After completing her secretarial studies at Pitman’s Central College, Alakija got a job at the now-defunct International Bank of Nigeria before switching careers after a decade to study fashion design in London.
This move was pivotal as it led to her establishing Supreme Stitches (later The Rose of Sharon House of Fashion), making her one of Nigeria’s top designers by 1992.
In 1993, she decided to venture into Nigeria’s booming oil industry by applying for an oil prospecting license (OPL). Leveraging her connections with Nigeria’s then-president Ibrahim Babangida, the government granted her a 620,000-acre tract of land to explore.
In 2000, her gamble paid off when American oil conglomerate Texaco discovered that her land was sitting on an estimated 1-billion-barrel oil field.
By 2014, her company, Famfa Oil, was producing at least 200,000 barrels of oil per day.
With the access to the liquid gold, Alakija’s rise to affluence was all but certain. She would later clash with Babangida’s successor Olusegun Obasanjo, but her tenacity paid off in 2012 when Nigeria’s supreme court granted her full rights to her oil fields.
The rest, as they say, is history.
Folorunsho Alakija’s Family
Folorunsho Alakija is married to Modupe Alakija, a lawyer from the Adeyemo Alakija family. They were married in November 1976.
The couple has four sons together: Omotayo, Oladipupo, Folarin, and another son whose name is not as frequently mentioned in public sources.
