Nigeria boasts a roster of billionaires and multi-millionaires. Among these prominent figures is Folorunsho Alakija, a businesswoman whose journey from a secretary to a fashion icon and an oil magnate inspires many.
Starting her career dressing the who’s who in Nigeria, including former First Lady Maryam Babangida, Alakija made her way into the male-dominated oil sector, establishing herself as a formidable oil magnate.
Alakija has never shied away from risks, evident in her diverse business portfolio. Despite her modest beginnings, she has become a trailblazer, advocating for educational reforms and empowering women across the continent.
A devout Christian, Alakija was ordained as an apostle a few years ago. In a past interview, she revealed that she changed her dressing style and stopped wearing wigs after receiving a divine message.
Businesswise, Alakija holds influential positions including Vice Chairman of FAMFA Oil Limited, where she oversees strategic planning and daily operations. Her impact extends to real estate as Vice Chairman of Dayspring Property Development Company Limited and to the printing industry with Digitalreality Print Ltd.
A notable milestone in her career was her appointment as the first female Chancellor of a public university in Africa. In addition to her business and philanthropic efforts, Alakija is an avid art collector who supports Nigerian artists and contributes to the country’s growing art scene. Her achievements have earned her numerous accolades, both locally and internationally.
In 2020, Alakija was ranked 20th on the Forbes African Billionaires list with a net worth of $1 billion. Although she dropped off the list the following year, she remains one of Africa’s richest women.
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Early life
Folorunsho Alakija was born on July 15, 1951, in Ikorodu, Lagos. Her family was large; her father, Chief L.A. Ogbara, had eight wives and 52 children, with Alakija’s mother being the first wife.
At age seven, Alakija and one of her younger siblings went to the UK. There, she completed her primary education at Dinorben School for Girls in Llangernyw, Wales. After returning to Nigeria in 1963, she attended Muslim High School in Sagamu, Ogun State for her secondary education.
Initially aspiring to become a lawyer, Alakija’s father did not see the value in legal education for her. Instead, he sent her to a secretarial school in England after her secondary education. She enrolled at Pitman’s Central College in London for secretarial studies.
Career
Alakija began her secretarial career at Sijuade Enterprises in Lagos for 18 months. She then joined The First National Bank of Chicago (now Fin Bank) as an Executive Secretary to the Managing Director.
She later worked at the International Merchant Bank of Nigeria, initially heading the corporate affairs department before becoming the Office Assistant to the Treasury Department. Although she worked there for 12 years, her entrepreneurial spirit drove her to leave and pursue business.
“I no longer saw a future for myself at International Merchant Bank where I used to work. Over the years, the rate at which people got promoted was slowing down. The management began creating more ‘posts in between the existing posts,’ meaning I wasn’t likely to become a manager quickly. I decided to leave while I was still energetic and able to do something for myself,” she told Punch.
“I always had it at the back of my mind that I would branch into business eventually. While working at the bank, I was always selling something to my friends. On weekends, I would dash to Italy to buy jewellery,” she added.
Fashion
After leaving the corporate world, Alakija entered the rapidly growing fashion industry. Supported by her husband, she studied fashion design at the American College in London and the Central School of Fashion.
Upon returning to Nigeria, Alakija set up her fashion house, Supreme Stitches, and quickly established herself as a key player in the fashion industry. She won the ‘Designer of the Year’ award shortly after starting her business.
Alakija’s fashion house catered to high-end Nigerian women and flourished, leading to its renaming as The Rose of Sharon House of Fashion in 1996.
As her influence grew, she was made the National President of the Fashion Designers Association of Nigeria (FADAN).
Eventually, Alakija grew weary of the fashion industry and sought new challenges.
Famfa Oil
In September 1991, Alakija’s company Famfa Ltd was incorporated. The company applied for an Oil Prospecting License (OPL) to explore a 617,000-acre block for oil (now OPL 216) about 100 km offshore Nigeria, in the Agbami Field, in 1993. In August 1993, the company was awarded the license, which was later converted to an oil mining lease.
“When I was making the application, I listed several blocks. I didn’t want to risk someone else taking my block. I applied for several blocks, and the one I was allocated was the one nobody wanted because it was deep offshore and exploring it was too expensive with the technology available at the time,” Alakija said to CNBC.
Alakija and her husband used all their savings to secure the license, but it wasn’t enough. They spent three years seeking new partners after their previous ones backed out.
Famfa Ltd was officially renamed Famfa Oil Limited in 1996. That year, Alakija entered into a joint venture agreement with Star Deep Water Petroleum Limited, a subsidiary of Texaco, transferring a 40% stake.
“Texaco was already in Nigeria and looking to expand. They were linked to us by the Department of Petroleum Resources (DPR), which told them Famfa Oil was seeking technical partners. The license we had was not worth much until they came in,” Alakija explained.
Five years later, Chevron acquired Texaco, including the partnership with Famfa Oil. Alakija used part of the signature bonus from this partnership to secure the license.
Alakija held a 60% shareholding in the oil block, with Chevron holding the remaining 40%. The company sold 8% of their 40% stake to Petrobras for their deep offshore expertise. Fortunately, they soon struck oil, but this also led to trouble with the government. The government seized a 40% stake from Alakija, followed by an additional 10%, leaving her with just a 10% stake.
Feeling deflated but determined, Alakija took legal action against the government. After a 12-year court battle, she won, and the government was compelled to return her 60% shareholding.
Other businesses
Besides fashion and oil, Alakija has several other businesses:
Rose of Sharon Prints and Promotions
Launched in 2006 as a large-format printing company, it faced challenges due to Lagos State’s restrictions on billboards. Inspired by offset printing machines she saw abroad, Alakija transformed it into Digital Reality Print Limited.
Today, it is one of Nigeria’s leading commercial printing firms, specializing in mass-produced t-shirts, monograms, screen-printing, and picture transfers, and featuring the latest laser cutting and engraving equipment.
DaySpring Property Development Company
This real estate company is behind notable projects like the Waterfront Rose of Sharon Towers in Victoria Island and Centre Point. The firm also manages several luxury homes, apartments, and commercial mixed-use properties in Nigeria’s most sought-after areas.
Philanthropy
Alakija is passionate about helping others. She established the Rose of Sharon Foundation in 2008, focusing on widows and orphans.
The foundation provides grants and scholarships to widows and orphans in Nigeria.
Additionally, through Famfa Oil, she awards about 9,000 scholarships annually to medical and engineering students.
Family
Alakija married lawyer Modupe Alakija of the Adeyemo Alakija family in November 1976. They have four sons.
In June 2017, their son Folarin Alakija married Iranian model Nazanin Jafarian Ghaissarifar in what was said to be one of the world’s most expensive and elaborate events.
