Folorunsho Alakija’s journey from modest beginnings to becoming Africa’s richest woman is a testament to resilience, vision, and entrepreneurial spirit.
Born on July 15, 1951, in Ikorodu, Lagos State, Nigeria, she was one of 52 children in a large polygamous family. At the age of seven, she traveled to the United Kingdom for her education, attending Dinorben School for Girls in Wales. Upon returning to Nigeria, she continued her studies at Muslim High School in Sagamu before pursuing secretarial studies at Pitman Central College in London.
Alakija began her professional career in 1974 as an executive secretary at Sijuade Enterprises in Lagos. She later joined the First National Bank of Chicago (now part of First City Monument Bank), where she worked as an executive secretary to the managing director. Her passion for fashion led her to study fashion design at the American College in London and the Central School of Fashion.
In 1985, she launched her own fashion label, Supreme Stitches, which quickly gained prominence among Nigeria’s elite, including the wife of then-military president Ibrahim Babangida. In May 1993, Alakija applied for an oil prospecting license (OPL) for a 617,000-acre block offshore Nigeria, which was granted to her company, Famfa Oil Limited.
In 1996, she entered into a joint venture with Star Deep Water Petroleum Limited, a subsidiary of Texaco, transferring a 40% stake to the company. The Agbami oil field, located within the block, proved to be highly lucrative. Despite legal disputes with the Nigerian government over ownership stakes, Alakija successfully retained a significant share of the oil field, solidifying her wealth.
Beyond her business ventures, Alakija is a dedicated philanthropist. She established the Rose of Sharon Foundation, which provides scholarships and business grants to widows and orphans. Her commitment to education and empowerment has led to numerous initiatives aimed at uplifting underprivileged communities in Nigeria.
Today, Folorunsho Alakija stands as a symbol of determination and success, with a net worth estimated at over $1 billion. Her story inspires countless individuals across Africa and beyond, demonstrating that with perseverance and faith, extraordinary achievements are possible.
