Folorunsho Alakija: Biography, Networth, family life, achievements
A multibillionaire businesswoman and philanthropist from Nigeria, Folorunsho Alakija. She works in the printing, real estate, oil, and fashion businesses. She serves as the executive vice-chairman of Famfa Oil Limited and the group managing director of The Rose of Sharon Group, which includes The Rose of Sharon Prints & Promotions Ltd, Digital Reality Prints Limited, and other companies.
Moreover, Alakija owns the majority of DaySpring Property Development Company. In 2020, Folorunsho Alakija, who is thought to have a net worth of $1 billion, was named as Nigeria’s richest woman. After Ngozi Okonjo-Iweala, Alakija was ranked as the 87th most powerful woman in the world and the second-most powerful woman in Africa as of 2015.
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. Folorunso’s mother was the first of 52 children her father had with his 8 wives. From 1955 to 1958, Alakija attended nursery school at Our Lady 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 is now owned 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 (previously First National Bank of Chicago). She was previously the new head of the corporate affairs department. Alakija began a new endeavor, spurred on by her love of fashion, to study fashion design at The American College in London and the Central School of Design, shortly after leaving her 12-year career in the banking industry. She launched her first fashion company, Superior Threads, after she got back to Nigeria. The company was eventually renamed The Rose of Sharon House of Fashion in 1996. It quickly gained notoriety under the name Rose of Sharon House of Fashion. She made an enduring impression by advancing Nigerian culture via design and style as national president and a steadfast trustee of the Fashion Designers Association of Nigeria (FADAN).
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 Ltd. 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 Sea 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. The Nigerian government first claimed a 40% share after they discovered oil, then another 10%. The authorities claimed that Alakija and family would earn $10 million per day if they were permitted to keep their block. Alakija successfully refuted this assertion.
Alakija is ranked by Forbes as the 96th most influential woman in the world as of 2014. According to Forbes, two Nigerian women, Alakija and Finance Minister Ngozi Okonjo-Iweala, were rated among the top 100 most powerful women in the world in May 2015. In the list, she was number 86.
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.
Via her charitable organization, the Rose of Sharon Foundation, Folorunsho Alakija contributes to society. With grants for businesses and scholarships, the charity empowers widows and orphans. The Agbami Medical and Engineering Scholarship Scheme, which yearly counts over 1000 students, is mostly sponsored by her.
She made a sizable donation in 2014 to help Ibrahim Babangida University, Lapai, the Niger State University, finish constructing a 350-seat lecture theater. Also, the structure bears her name in honor of the charitable act she undertook. On July 1st, 2013, she was inaugurated as the Vice Chairperson of the Heritage Council and Endowment for the Arts. She also plays the role of matron for Young Entrepreneurs in Africa.
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In November 1976, Alakija wed Modupe Alakija, a lawyer from the Adeyemo Alakija family. Along 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.
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
This book contains over 2,000 names of God in different languages. The aim 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.
- 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.
Nigerian entrepreneur and philanthropist Folorunsho Alakija is worth $1 billion.
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