Folorunso Alakija (MRS) is a Nigerian entrepreneur and managing director of The Rose of Sharon Group. She is involved in the fashion, oil, real estate and printing industries and also has a majority stake in DaySpring Property Development company.
With a net worth of $1 billion, Alakija is ranked by Forbes as the richest woman in Nigeria.
We’d be seeing Folorunso Alakija’s biography, date of birth, age, early life, family, parents, siblings, husband, children, education, entertainment career, net worth, houses, cars, social media handles and everything else you’d love to know about her.
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Folorunso Alakija Profile
Before we continue, here’s a quick run down on Folorunso Alakija’s profile and a few things you’d love to know about her:
Full name: Folorunso Alakija
Date of birth: 15th July, 1951
Age: 68 years old
Place of birth: Lagos State
Education: Pitman’s Central College, London
Marital status: Married
Spouse(s): Modupe Alakija
Children: Dele, Ladi, Rotimi, and Folarin
Net worth: $2.1 billion
Folorunso Alakija Biography, Date Of Birth, Age, Early Life, Family And Education
Folorunso Alakija was born on the 15th of July, 1951 into the family of Chief L. A. Ogbara in Lagos, Nigeria. She started her early education in at Our Ladies of Apostles, Lagos but moved to the United Kingdom after her 7th birthday.
At UK, she continued her primary education at Dinorben School for Girls in Hafodunos Hall in Llangernyw, Wales. On finishing primary school, she returned back to Nigeria for her secondary education at ‘Muslim High School’ in Sagamu, Ogun State.
After her SSCE, Alakija returned back to England for her secretarial studies at Pitman’s Central College, London.
Folorunso Alakija started her career in 1974 as an executive secretary at Sijuade Enterprises, Lagos, Nigeria. Before establishing her own tailoring company (Supreme Stitches which was later renamed to Rose of Sharon House of Fashion), she worked with the former First National Bank of Chicago, which later became FinBank now acquired by FCMB (First City Monument Bank).
Within a few years of running Rose of Sharon House of Fashion, it became a household name in Nigeria. While serving as the national president and lifelong trustee of the Fashion Designers Association of Nigeria (FADAN), Folorunso Alakija left an indelible mark, promoting Nigerian culture through fashion and style.
In 1993, she applied applied for the allocation of an oil prospecting license (OPL) to explore for oil on a 617,000-acre block and it was granted to her company, Famfa Limited.
In September, Alakija entered into a joint venture agreement with Star Deep Water Petroleum Limited (she also later appointed Star Deep as the technical adviser for the exploration of her license), transferring 40% of her 100% stake to Star Deep Waters Limited. Star Deep later sold 8% of the 40% shares to Petrobras, a Brazilian company.
Alakija started having issues with the government after striking oil. According to the information, the Nigerian government first snatched a 40% stake and an additional 10% stake from the company.
The case was in court for 12 years, as the Alakija family battled on getting the stake back. The government argument was that the Alakija family stood to make $10 million a day if they were allowed to keep the block.
Finally, after much persistence, Folorunso Alakija won the case. In her words,
‘We felt like it was unfair. We had taken the sole risk and invested everything we had in the business. It had become a family business. We spent six years as a family to ensure this worked out and now that it was bearing fruit, they just stepped in and took away everything we had struggled and worked extremely hard for. I said to myself, ‘Folorunsho Alakija does not give up, my husband does not give up and my children do not give up.‘
In November 1976, Folorunso Alakija got married to Modupe Alakija, a lawyer from the Adeyemo Alakija family. They have four children; Dele, Ladi, Rotimi, and Folarin together.
She is also related to popular Nigerian disc jockey and recording artist, Rotimi Alakija popularly known as DJ Xclusive.
Alakija is a Christian and never hesitates in flaunting her religious doctrines online. In one instance, she was spotted with American pastor and televangelist, Joel Osteen in the United States.
Awards and Recognition
Folorunso Alakija became the first female chancellor of a Nigerian university after she was made Chancellor of Osun State University on 9th March 2016.
In 2014, Alakija ranked 96th in the Forbes list of the most powerful woman in the world. In May 2015, she made it again to the list but this time around, she ranked 86th.
Folorunso Alakija Net Worth
Folorunso Alakija is the richest woman in Africa with an estimated net worth of $2.1 billion. Her companies include, Rose of Sharon Fashion House, Rose of Sharon Prints and Promotions, FAMFA Oil Limited, Dayspring Property Development Company Limited and Digital Reality Print Limited.
Social Media Handles
You can connect with Folorunso Alakija on:
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