Folorunso Alakija (born 15 July 1951) is a Nigerian billionaire businesswoman. She is involved in the fashion, oil, real estate, and printing industries. She is the group managing director of The Rose of Sharon Group which consists of The Rose of Sharon Prints & Promotions Limited, Digital Reality Prints Limited and the executive vice-chairman of Famfa Oil Limited. She also has a majority stake in the DaySpring Property Development company.
Folorunso Alakija was born in Ikorodu, Lagos State on July 15, 1951. She was from a sizable family due to her father, Chief L.A. Ogbara, having been married eight times and fathering 52 children. Alakija was his second surviving child and her mother, a fabric merchant, was his first wife.
At the age of seven Alakija and her younger sister, Doyin were sent to study abroad at Dinorben School for Girls in Northern Wales.
The pair of sisters attended the school for four years before they returned to Nigeria at the request of their parents who did not want the girls’ African values, traditions, and culture to be lost. Alakija would continue her studies at Muslim High School Sagamu, Ogun State, Nigeria. She then ventured abroad again, this time to Pitman’s Central College in London to pursue an education in secretarial studies.
- Folorunsho Alakija is vice chair of Famfa Oil, a Nigerian oil exploration company with a stake in Agbami Oilfield, a prolific offshore asset.
- Famfa Oil’s partners include Chevron and Petrobras.
- Alakija’s first company was a fashion label whose customers included the wife of former Nigerian president Ibrahim Babangida.
- The Nigerian government awarded Alakija’s company an oil prospecting license in 1993, which was later converted to an oil mining lease.
- The Agbami field has been operating since 2008; Famfa Oil says it will likely operate through 2024.
Folorunso Alakija Net Worth (2020)
Folorunsho Alakija is vice chair of Famfa Oil, a Nigerian oil exploration company with a stake in Agbami Oilfield, a prolific offshore asset and the richest woman in Nigeria with an estimated net worth of $1B (N363,000,000,000 or N363 billion), according to Forbes.