Folorunso Alakija, widely recognized as the richest woman in Nigeria, born on July 15, 1951, in Ikorodu, Lagos State, Nigeria, is a prominent Nigerian businesswoman and philanthropist.
Early Life and Education
Alakija was born into a large family; her father, Chief L.A. Ogbara, had eight wives and 52 children, with her mother being his first wife. At the age of seven, she traveled to the United Kingdom for her primary education. She attended Dinorben School for Girls in Wales. Upon returning to Nigeria, she attended Muslim High School in Sagamu, Ogun State. She later returned to London to pursue secretarial studies at Pitman’s Central College and fashion design at the American College, London, and the Central School of Fashion.
Career
Alakija’s career began in 1974 as an executive secretary at Sijuade Enterprises, Lagos, Nigeria. She later moved to the former First National Bank of Chicago, now part of First City Monument Bank (FCMB). Her passion for fashion led her to establish her own tailoring company, Supreme Stitches, which quickly became a household name among Nigeria’s elite.
In 1993, Alakija applied for an oil prospecting license, which was granted to her company, Famfa Limited. This license was for a 617,000-acre block, now referred to as OPL 216. Subsequent exploration led to the discovery of significant oil deposits, and Famfa Oil’s partnership with international corporations like Texaco and Petrobras solidified its position in the oil industry.
Companies Owned by Folorunso Alakija
Alakija is the Group Managing Director of The Rose of Sharon Group, which comprises The Rose of Sharon Prints & Promotions Limited and Digital Reality Prints Limited. She also serves as the Executive Vice Chairman of Famfa Oil Limited, a Nigerian oil exploration company with a stake in OML 127, one of Nigeria’s most prolific oil blocks.
Folorunso Alakija Net Worth
Forbes listed Alakija among the world’s most powerful women and ranked her as the richest woman in Nigeria, with an estimated net worth of around $800 million.
Philanthropy
Alakija is the founder of the Rose of Sharon Foundation, which provides support to widows and orphans through scholarships and business grants. She has also donated a skills acquisition center to Yaba College of Technology (YABATECH) in Lagos, aiming to empower youths with vocational skills.
Personal Life
In November 1976, Alakija married Modupe Alakija, a lawyer. They reside in Lagos, Nigeria, and have four sons together. The family is known for their strong Christian faith, and Alakija has often spoken about her commitment to her religious beliefs.
As of December 2024, reports indicate that Folorunso Alakija, Nigeria’s richest woman, and her husband, Modupe Alakija, have separated after 47 years of marriage.
Sources suggest that Modupe has moved out of their matrimonial home in Ikoyi, Lagos. While some reports claim that the couple has officially separated, others indicate that the separation is still under discussion.
As of now, there is no official confirmation of a finalized divorce. Given the lack of official statements from the Alakija family, the exact status of their marital relationship remains unconfirmed.
Impact on Society
Alakija’s journey from a secretary to a billionaire businesswoman serves as an inspiration to many, especially women in Africa. Her philanthropic efforts have positively impacted the lives of numerous widows and orphans, providing them with opportunities for education and economic empowerment. Additionally, her investments in the Nigerian economy, particularly in the oil and fashion industries, have contributed to job creation and economic development.
In recognition of her contributions, Alakija has received several honorary degrees and awards. On July 17, 2021, Benson Idahosa University conferred on her an honorary doctorate degree in Business Administration. Similarly, Chrisland University honored her with a Doctor of Science degree in Business Administration in November 2022.
Alakija’s story exemplifies resilience, determination, and the impact of strategic investments. Her legacy continues to inspire entrepreneurs and philanthropists across the continent.
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