Folorunso Alakija
Folorunso Alakija | |
|---|---|
| Born | July 15, 1951 Nigeria |
| Occupation(s) | Entrepreneur, humanitarian |
| Known for | Group managing director of The Rose of Sharon Group, Executive vice chairman of Famfa Oil Limited |
Folorunso Alakija (born 15 July 1951) is a prominent Nigerian entrepreneur and humanitarian. She holds the position of group managing director at The Rose of Sharon Group and serves as the executive vice chairman of Famfa Oil Limited.
Early life
Born on 15 July 1951 into a middle-income family in Nigeria, Alakija is of Yoruba descent from the southwestern region. Her father, Chief L.A. Ogbara, had eight wives and fathered 52 children; Alakija’s mother was his first spouse. At the age of ten, she traveled to the United Kingdom for her education. Prior to this, she attended Muslim High School in Shagamu, Nigeria, before returning to England to pursue secretarial training at Pitman Central College in London.
Career
Alakija’s professional journey began in 1974 with a twelve-year tenure in banking, starting as an executive secretary at Sijuade Enterprises located in Lagos, Nigeria. She subsequently worked as Executive Secretary to the Managing Director at the former First National Bank of Chicago. Later roles included Head of Corporate Affairs at the International Merchant Bank of Nigeria and Office Assistant within the Treasury Department.
She expanded her expertise by studying fashion design at the American College in London and the Central School of Fashion. Alakija established a fashion brand initially named Supreme Stitches, which was rebranded in 1996 as The Rose of Sharon House of Fashion. She also held leadership roles as president and lifelong trustee of the Fashion Designers Association of Nigeria (FADAN).
In May 1993, Alakija sought an oil prospecting license (OPL) through her company Famfa Limited, which was awarded exploration rights for a 617,000-acre offshore block within the Agbami Field. By September 1996, she formed a joint venture with Star Deep Water Petroleum Limited, transferring a 40% share to them. Following oil discovery, the Nigerian government claimed an initial 40% stake and later an additional 10%. The government asserted that if full ownership remained with Alakija, she would likely initiate legal action to contest their claim and stand a strong chance of success.
Recognition
In 2021, Forbes recognized her among the world’s 100 most influential women and identified her as Africa’s wealthiest woman.
On 17 July 2021, Benson Idahosa University in Benin City conferred upon her an honorary doctorate in business administration. Later, in November 2022, Chrisland University in Abeokuta, Ogun State, honored her with an Honorary Doctorate Degree, Doctor of Science (D.Sc) in Business Administration.
Philanthropy
Alakija is the founder of the Rose of Sharon Foundation, which offers scholarships and business funding to widows and orphans. Additionally, she donated a skills acquisition center to Yaba College of Technology (Yabatech) located in Lagos.
Personal life
She married Modupe Alakija in November 1976. The couple resides in Lagos with their four sons. In June 2017, their son Folarin Alakija wed Iranian model Nazanin Jafarian Ghaissarifar during an extravagant ceremony.