Biography, wealth, age, and profession of Folorunsho Alakija
A rich entrepreneur and philanthropist from Nigeria, Folorunsho Alakija was born on July 15, 1951. She works in the printing, real estate, oil, and fashion businesses. She serves as the executive vice chairwoman of Famfa Oil Limited and the group managing director of The Rose of Sharon Group, which includes The Rose of Sharon Prints & Promotions Limited, Digital Reality Prints Limited, and other companies.
Additionally, Alakija owns the majority of DaySpring Property Development Company.
According to Forbes, Folorunsho Alakija has an estimated net worth of $1 billion as of 2020, making her the richest woman in Nigeria. In 2015, Forbes ranked Alakija as the 87th most powerful woman in the world and the second-most powerful woman in Africa, behind Ngozi Okonjo-Iweala.
Early life and education
Her father, Chief L. A. Ogbara of Ikorodu, Lagos State, was the head of her upper-middle-class family when Alakija was born on July 15, 1951. From 1955 to 1958, Alakija attended nursery school at Our Ladies of Apostles in Lagos. Alakija moved to the UK when she was seven years old and attended the Dinorben School for Girls in Hafodunos Hall in Llangernyw, Wales, from 1959 to 1963. Alakija attended Muslim High School in Sagamu, Ogun State, Nigeria, after finishing her basic school. Her studies in secretarial science at Pitman’s Central College in London followed her return to England.
Immediately after completing a secretarial course at Pitman’s Central College London, Alakija began her work in 1974 as an executive secretary at Sijuade Enterprises in Lagos, Nigeria. She transferred to the former First National Bank of Chicago, which later changed its name to FinBank and was subsequently bought by FCMB (First City Monument Bank), to work as the managing director’s executive secretary. She later changed positions to become the office assistant to the Treasury Department at the International Merchant Bank of Nigeria (formerly First National Bank of Chicago). She was previously the new head of the corporate affairs department. Shortly after her career in the banking world which lasted for 12 years, Alakija took up new challenge which was driven by her passion for Fashion to study fashion design at The American College in London and the Central School of Fashion. After her return to Nigeria, she started her first fashion label known as Supreme Stitches, which was later renamed The Rose Of Sharon House of Fashion in 1996. 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.
Alakija submitted a request for the issuance of an oil prospecting license in May 1993. (OPL). Oil exploration permission for a 617,000-acre block, currently known as OPL 216, was given to Alakija’s business, Famfa Limited. The block is located in the Agbami Field of the central Niger Delta, about 110 kilometers (70 miles) offshore of Nigeria and around 350 kilometers (220 miles) southeast of Lagos. Alakija and Star Deep Water Petroleum Limited, a wholly owned subsidiary of Texaco, entered into a joint venture agreement in September 1996. Alakija selected Star Deep as a technical consultant for the exploration of the license and transferred to Star Deep 40% of her 100% ownership.
After they struck oil, the Nigerian government claimed a 40% stake, followed by an additional 10%. The government’s argument was if Alakija and family were allowed to keep their bloc, they stood to make $10 million a day. Alakija disputed this claim and won.
Alakija is ranked by Forbes as the 96th most influential woman in the world as of 2014.
Alakija is ranked #20 on 2020’s Africa’s Billionaires list, #1941 on 2019’s Billionaires list, and #80 on 2016’s Power Women list, all of which fell off the list in 2021.
Benson Idahosa University in Benin City awarded her an honorary doctorate in business administration on July 17, 2021. This was done in honor of what she had given to the corporate world.
Alakija founded the Rose of Sharon Foundation, which provides grants and scholarships to support widows and orphans.
A skills development center has been provided by Alakija to the higher education facility Yaba College of Technology (Yabatech) in Lagos.
In November 1976, Alakija married Modupe Alakija, a lawyer from the Adeyemo Alakija family.
Together with their four sons and their grandchildren, they live in Lagos, Nigeria.
She has DJ Xclusive as a nephew.
Folarin Alakija, the son of Folorunso, wed Iranian model Nazanin Jafarian Ghaissarifar at Blenheim Palace in England in June 2017.
According to media accounts, the occasion was one of the priciest marriages ever.