Who Is Folorunsho Alakija? Biography, Wiki, Husband, Kids, Family, Net Worth & Facts
Folorunsho Alakija is a Nigerian businesswoman and philanthropist who has made a name for herself in the oil and fashion industries. She is the group managing director of The Rose of Sharon Group and the executive vice chairman of Famfa Oil Limited, one of the largest indigenous oil companies in Nigeria.
She is also the founder of the Rose of Sharon Foundation, a non-governmental organization that supports widows and orphans. She is one of the richest women in Africa and the world, with a net worth of $1 billion as of 2020, according to Forbes.
Early Life and Education
Folorunsho was born on July 15, 1951, in Ikorodu, Lagos State, Nigeria. She is the daughter of L. A. Ogbara, a prominent lawyer and businessman, and his first wife. She has seven siblings, including Hakeem Ogbara and Doyin Ogbara, who are also successful professionals. She belongs to the Yoruba ethnic group.
At the age of 10, Alakija traveled to the United Kingdom for her education. She attended Muslim High School in Sagamu, Ogun State, Nigeria, before returning to England for her secretarial studies at Pitman’s Central College, London. She also studied fashion design at the American College in London and the Central School of Fashion.
Folorunsho Alakija Wiki/Bio
| Name | Folorunsho Alakija |
|---|---|
| Born | July 15, 1951 |
| Birthplace | Ikorodu, Lagos State, Nigeria |
| Nationality | Nigerian |
| Occupation | Businesswoman and philanthropist |
| Net worth | $1 billion (2020) |
| Spouse | Modupe Alakija (m. 1976; div. 2024) |
| Children | 4 |
| Website | www.folorunsoalakija.com |
| Social Media Links | Twitter: alakijaofficial Instagram: alakijaofficial Facebook: alakijaofficial LinkedIn: folorunso-alakija-01077512b |
| Wikipedia | Folorunso_Alakija |
| Homepage | newsinbollywood.com |
Career and Achievements
Alakija started her career in 1974 as an executive secretary at Sijuade Enterprises, a Nigerian company. She then moved to the former First National Bank of Chicago, which later became FinBank, now acquired by First City Monument Bank, as the executive secretary to the managing director. She rose to become the head of the corporate affairs department of the International Merchant Bank of Nigeria, formerly First National Bank of Chicago.
In 1985, Alakija left the banking sector to pursue her passion for fashion. She established her own fashion label, Supreme Stitches, which catered to the elite clientele in Nigeria, including the wife of former Nigerian president Ibrahim Babangida.
She later renamed her company The Rose of Sharon House of Fashion in 1996. She became the president and lifelong trustee of the Fashion Designers Association of Nigeria (FADAN), the umbrella body for fashion designers in the country.
In 1993, Alakija ventured into the oil industry by applying for an oil prospecting license (OPL) from the Nigerian government. She was granted the license to explore for oil on a 617,000-acre block, about 100 km offshore of Nigeria, in the Agbami Field. She set up her own company, Famfa Limited, to manage the oil block.
In 1996, she entered into a joint venture agreement with Star Deep Water Petroleum Limited, a subsidiary of Texaco, and transferred a 40 percent stake to Star Deep. Later, Petrobras, a Brazilian company, also joined as a partner.
Rise To Fame
The oil block turned out to be one of the most prolific in Nigeria, producing over 200,000 barrels of crude oil per day. However, Alakija faced a legal battle with the Nigerian government, which claimed a 50 percent stake in the block, leaving her with only 10 percent. She challenged the government’s decision in court and after a 12-year litigation, she won the case and regained her 60 percent stake in the block.
Alakija has also diversified her business interests into other sectors, such as real estate and printing. She is the vice chairman of Dayspring Property Development Company Limited, a real estate company with investments in different parts of the world, and the vice chairman of Digital Reality Print Limited, a company that specializes in digital large-format printing.
Alakija has received several awards and recognitions for her achievements and contributions to the Nigerian economy and society. She has been listed among the Forbes World’s 100 Most Powerful Women multiple times.Â
She was conferred with the national honor of Officer of the Order of the Niger (OON) by the Nigerian government in 2006 and the honorary doctorate in business administration by Benson Idahosa University, Benin City, in 2021. She was also ordained as an apostle by the Rose of Sharon Glorious Ministry International, a non-denominational ministry that she oversees, in 2020.
Height, Weight, and Physical Stats
| Weight | In Kilograms: 58 kg In Pounds: 128 lbs |
| Height | In Feet Inches: 5′ 6″ In Meters: 1.67 m In Centimetres: 167 cm |
| Hair Color | Black. |
| Eye Color | Black. |
| Shoe Size | 5 US. |
| Piercing | Ears. |
Divorce Announcement 2024
In 2024, Folorunsho and her husband, Modupe Alakija, reportedly announced their divorce, after more than 30 years of marriage. The couple, who had been married since 1976, had four sons and several grandchildren. However, they allegedly faced significant challenges in their relationship, leading to their decision to live separately.
According to sources, the couple had frequent conflicts and disagreements, which prompted Alakija to seek privacy within her residence. Consequently, Modupe Alakija moved out of their matrimonial home in Ikoyi, Lagos, and found alternative accommodation nearby. The sources also revealed that the couple had been living apart for several years, and that they had maintained a united front in public due to their public status and reputation.
The divorce announcement came as a shock to many, as the couple had been regarded as one of the most successful and influential couples in Nigeria. The divorce was said to be amicable and mutual, and the couple agreed to share their assets and properties equally. They also agreed to remain friends and co-parents to their children and grandchildren.
Net Worth and Income Sources
Folorunsho Alakija’s net worth is estimated at $1 billion as of 2020, making her the richest woman in Nigeria and the 20th richest person in Africa. She is also ranked as the 80th most powerful woman in the world by Forbes.
Personal Life and Philanthropy
Alakija is married to Modupe Alakija, a lawyer and businessman, since 1976. They have four sons: Folarin, Rotimi, Dele, and Ladi. They also have several grandchildren. Alakija is a devout Christian and a member of the Redeemed Christian Church of God.
Alakija is also a generous philanthropist who has a sincere desire to help the needy. She established the Rose of Sharon Foundation in 2008, a non-governmental organization that provides scholarships, grants, and empowerment programs to widows and orphans in Nigeria. The foundation has supported over 3,000 widows and 12,000 children since its inception.
In addition to the foundation, Alakija also founded Flourish Africa in 2017, a platform that aims to create a community of like-minded women who share their experiences, encourage one another, and provide grants to female entrepreneurs to succeed. The platform has organized several events and workshops to inspire and empower women across Africa.
Alakija is also involved in various social and humanitarian causes, such as supporting the fight against breast cancer, HIV/AIDS, and malaria. She is a chief matron of the African Young Entrepreneurs, an ambassador of the Junior Chambers International, a member of the Commonwealth Enterprise and Investment Council Advisory Board, and a member of the Harvard University Center of African Studies Advisory Board.
Folorunsho is a remarkable woman who has risen from humble beginnings to become one of the most influential and successful businesswomen in Nigeria and the world. She has shown resilience, courage, and vision in pursuing her dreams and overcoming the challenges she faced.
She has also demonstrated compassion, generosity, and faith in giving back to the society and uplifting others. She is a role model and an inspiration to many, especially women, who aspire to achieve greatness in their fields of endeavour. She is truly a Nigerian icon and a global phenomenon.
