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Folorunso Alakija: Biography, Net Worth, Family And Business Career
Chief Folorunso Alakija is a name synonymous with determination, innovation, and resilience in Nigeria and beyond. Born on July 15, 1951, in Ikorodu, Lagos State, she has risen from her modest beginnings to become one of the richest women—and one of the most influential businesswomen—in Africa. Over the decades, Alakija has diversified her interests across several sectors, including fashion, oil and gas, real estate, and printing, while also making a significant impact as a philanthropist. This blog post provides an in-depth look at her biography, net worth, family, and business career—a narrative of a woman whose journey inspires generations.
Early Life and Educational Foundations
Modest Beginnings and a Large Family
Folorunso Alakija was born into a large family on July 15, 1951, in Ikorodu, Lagos State. Her father, Chief L.A. Ogbara, was a polygamist with eight wives and 52 children, and Folorunso was born to his first wife. Despite the size of her family, her upbringing was imbued with values of perseverance, hard work, and cultural pride—qualities that would come to define her entrepreneurial spirit later in life [
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International Exposure Early in Life
At the tender age of seven, Alakija’s life took a pivotal turn when her parents sent her to the United Kingdom for her primary education. She attended Dinorben School for Girls in Llangernyw, Wales, where she received a foundation in discipline and academic rigor. This early exposure to a different cultural and educational environment helped broaden her horizons and laid the groundwork for her future successes [
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Return to Nigeria and Further Studies
After her initial years in the UK, Alakija returned to Nigeria and attended Muslim High School in Sagamu, Ogun State. She then ventured abroad once again to pursue secretarial studies at Pitman’s Central College, London. This period of intermittent education between Nigeria and the United Kingdom not only enriched her academic experience but also exposed her to international standards, which would later influence her business acumen [
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Diverse Educational Pursuits
Beyond secretarial studies, Alakija’s academic interests expanded into the world of fashion. She studied fashion design at the American College in London and the Central School of Fashion. These studies would ultimately lay the cornerstone for her future in the fashion industry—a field in which she would become a household name. The combination of a solid early education, international exposure, and specialized training in fashion provided Alakija with a unique blend of skills and perspectives that would propel her on her entrepreneurial journey [
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A Multifaceted Business Career
Folorunso Alakija’s business career is a testament to her versatility and resilience. She successfully ventured into multiple industries and built an empire that spans from fashion to oil, from real estate to printing. Below, we explore the various chapters of her dynamic career.
The Banking and Secretarial Phase
Alakija began her career in 1974, working as an executive secretary at Sijuade Enterprises in Lagos. This initial exposure to the corporate world provided her with the essential skills in administration and management. Soon after, she worked with the First National Bank of Chicago (which later became FinBank and was eventually acquired by First City Monument Bank) as an executive secretary to the managing director, and later as an office assistant to the treasury department. These early roles in banking and corporate administration instilled in her a meticulous attention to detail and a robust understanding of business operations [
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Transition into Fashion
Despite a promising start in the corporate sector, Alakija’s passion for creativity led her to the world of fashion. In the mid-1980s, after returning to Nigeria from a one-year course in fashion design in the United Kingdom, she established her own fashion label, originally named Supreme Stitches. Working out of a modest three-bedroom apartment in Surulere, Lagos, she poured her heart and soul into the business. The label quickly became synonymous with quality and Nigerian cultural pride, and it was later rebranded as The Rose of Sharon House of Fashion—a name that would forever be linked with her legacy in the fashion industry [
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Her work in fashion went beyond design. As the National President and a lifelong Trustee of the Fashion Designers Association of Nigeria (FADAN), Alakija played a pivotal role in promoting Nigerian fashion both locally and internationally. Her efforts have been credited with helping to reposition Nigerian fashion on the global stage, inspiring a generation of designers and entrepreneurs [
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A Bold Foray into Oil and Gas
In May 1993, Alakija took a significant leap into the oil and gas industry—a move that would transform her financial fortunes. She applied for an Oil Prospecting License (OPL) to explore for oil on a 617,000-acre block known as OPL 216, located in the Agbami Field of the central Niger Delta. This venture marked the beginning of her journey into one of Nigeria’s most lucrative industries.
By September 1996, she had entered into a joint venture agreement with Star Deep Water Petroleum Limited, a subsidiary of Texaco. As part of the deal, she transferred 40% of her 100% stake to Star Deep, thereby leveraging their technical expertise for the exploration of the oil block. Despite the Nigerian government’s attempt to claim a combined 50% stake in the block—first 40% and then an additional 10%—Alakija fought the claim in court, arguing that her family had taken on the entire risk and investment. After years of legal battles, she emerged victorious, securing her stake and further solidifying her position as one of the leading indigenous oil magnates in Nigeria [
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Her involvement in oil not only diversified her business portfolio but also significantly contributed to her net worth. Forbes has frequently listed her among the richest women in Africa; as of recent estimates, her net worth hovers around $1.10 billion to $1.5 billion, making her one of the wealthiest businesswomen in Nigeria [
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Expansion into Real Estate and Printing
Not content with dominating the fashion and oil sectors, Folorunso Alakija expanded her business empire into real estate and printing. She is the Vice Chairman of DaySpring Property Development Company, a venture that underscores her diversified investment strategy. Additionally, through her Rose of Sharon Group, she controls Rose of Sharon Prints & Promotions Limited and Digital Reality Prints Limited. These companies specialize in high-quality printing and promotional materials, contributing to the broad spectrum of her business interests [
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Her ability to identify and seize opportunities across multiple sectors is a key factor in her sustained success. Whether it is in the world of high fashion or the capital-intensive oil and gas industry, Alakija’s strategic foresight and business acumen have enabled her to build a robust, diversified portfolio that continues to grow.
Net Worth: The Financial Legacy
Forbes and Financial Rankings
Folorunso Alakija’s financial success is well-documented in various reputable sources. Forbes has consistently featured her on its lists of the world’s most powerful and richest women. As of the latest rankings, she is estimated to have a net worth of around $1.10 billion to $1.5 billion. This considerable wealth is a reflection of decades of hard work, strategic investments, and the ability to turn challenges into opportunities [
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The Components of Her Wealth
Alakija’s net worth is derived from several key business ventures:
- Oil and Gas: As the executive vice-chairman of Famfa Oil Limited, her stake in the Agbami Field has been a major contributor to her wealth. Despite the legal battles over government claims, her ability to retain a significant share in the oil block has paid off handsomely.
- Fashion: The success of the Rose of Sharon House of Fashion has made her a prominent figure in the Nigerian fashion industry. The brand’s reputation for quality and cultural expression has not only brought in revenue but also solidified her status as a fashion icon.
- Real Estate and Printing: Through her involvement in DaySpring Property Development Company and her printing companies, Alakija has further diversified her income streams, ensuring that her wealth is not dependent on a single sector.
- Investments and Other Ventures: While the exact breakdown is not publicly disclosed, it is known that Alakija’s diversified portfolio also includes investments in other areas that contribute to her overall net worth.
A Legacy of Financial Prudence
What sets Alakija apart is not just the magnitude of her wealth but also the manner in which she has accumulated it. Her financial success is the product of a disciplined approach to investment, a willingness to enter and dominate diverse industries, and an unwavering commitment to excellence. Despite the volatility often associated with the oil industry and the competitive nature of the fashion world, she has managed to build a resilient and expansive empire.
Family: The Pillar Behind the Success
A Strong Marital Partnership
Folorunso Alakija’s success is deeply intertwined with her family life. She married Modupe Alakija, a lawyer, in November 1976. Their union has been a cornerstone of her personal and professional life, providing stability and support as she navigated the ups and downs of her business career. The couple’s long-lasting marriage is not only a testament to their commitment but also a model of partnership for many Nigerians [
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Children and Legacy
Together, Folorunso and Modupe have four sons. The family, residing in Lagos, remains closely knit, with many of the children involved in the family businesses. The involvement of her children ensures that her legacy will continue, as they carry forward the entrepreneurial spirit and the values instilled in them by their parents.
In June 2017, one of her sons, Folarin Alakija, made headlines when he married Iranian model Nazanin Jafarian Ghaissarifar in an extravagant wedding that was widely reported as one of the world’s most expensive. This union not only brought international attention to the Alakija family but also underscored the global reach of their business and cultural influence [
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Family Values and Philanthropy
Despite her vast wealth and business commitments, Folorunso Alakija has remained grounded in her family values. She is known for her warmth, generosity, and deep commitment to the welfare of her loved ones. These values extend beyond her immediate family through her philanthropic efforts. The Rose of Sharon Foundation, established by Alakija, is dedicated to supporting widows, orphans, and other vulnerable groups in Nigeria. The foundation not only awards scholarships and business grants but also helps empower thousands of individuals to build sustainable futures [
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Her ability to balance the demands of a sprawling business empire with a nurturing home life is a key element of her story—a reminder that behind every successful entrepreneur is a supportive family that fuels their drive to succeed.
Business Career: Charting a Diverse and Impactful Path
Breaking into the Corporate World
Folorunsho Alakija began her career in the corporate sector, working as an executive secretary at Sijuade Enterprises in Lagos in 1974. This role in the fast-paced environment of a bustling Nigerian city was her first step into the world of business. Soon after, she transitioned to the banking sector, where she worked with the First National Bank of Chicago (later FinBank, and eventually FCMB) as the executive secretary to the managing director. Her early exposure to corporate finance and administration provided her with invaluable insights into the world of business management [
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Transitioning from Banking to Fashion
After a successful 12-year stint in the banking sector, Alakija decided to follow her passion for fashion—a field that had always intrigued her. In the mid-1980s, she pursued fashion design studies in the United Kingdom. Armed with new skills and an entrepreneurial spirit, she returned to Nigeria and established her own fashion label, Supreme Stitches. The brand quickly gained popularity, thanks to its high-quality designs that resonated with Nigerian cultural aesthetics. The label was later rebranded as The Rose of Sharon House of Fashion, a name that became synonymous with elegance and cultural pride. As her fashion business flourished, Alakija’s reputation grew, and she eventually became the National President and lifelong Trustee of the Fashion Designers Association of Nigeria (FADAN) [
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Foraying into Oil and Gas
Perhaps the most defining chapter in Folorunsho Alakija’s business career is her bold entry into the oil and gas sector. In May 1993, she applied for an oil prospecting license (OPL) for a 617,000-acre block, known as OPL 216, located in the Agbami Field of the central Niger Delta. This venture marked a significant risk—one that would ultimately pay off handsomely. In September 1996, Alakija entered into a joint venture with Star Deep Water Petroleum Limited, a subsidiary of Texaco, and appointed them as technical advisers for the exploration of her oil block. Under the terms of the joint venture, she transferred 40% of her stake to Star Deep. However, complications soon arose when the Nigerian government attempted to claim a 50% stake in the oil block by first demanding 40% and later an additional 10%. Alakija fought the claim in court, arguing that her family had taken on the entire risk and had built the business from scratch. After years of legal battles, she emerged victorious, safeguarding her stake in what would become one of Nigeria’s most lucrative oil fields. This triumph not only cemented her status as an oil magnate but also significantly boosted her net worth [
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Diversification into Real Estate and Printing
Not one to rest on her laurels, Alakija further diversified her business interests. Through the Rose of Sharon Group, she expanded into printing and promotions with companies such as Rose of Sharon Prints & Promotions Limited and Digital Reality Prints Limited. These ventures specialize in offset printing, large format printing, and the production of promotional materials. Additionally, she holds a majority stake in DaySpring Property Development Company, which underscores her interests in real estate. This strategic diversification has helped ensure that her wealth is not reliant on a single industry but rather is spread across several profitable sectors [
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Leadership in Business and Entrepreneurship
Over the years, Folorunso Alakija has become a symbol of African entrepreneurship. Her business acumen is frequently cited as an inspiration for aspiring entrepreneurs, especially women, across Nigeria and beyond. As a trailblazer, she has not only built a business empire but also championed initiatives that empower others. Through her philanthropic work, particularly via the Rose of Sharon Foundation, she has provided scholarships, business grants, and support for widows and orphans, reflecting her commitment to using her wealth to create social change [
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Her success in the oil sector, combined with her achievements in fashion and other ventures, has earned her numerous accolades. Forbes has consistently ranked her among the world’s most powerful women, and her net worth has been estimated to be between $1.1 billion and $1.7 billion over the years, placing her among the richest women not only in Nigeria but across the globe [
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Philanthropy and Legacy
The Rose of Sharon Foundation
Philanthropy is a cornerstone of Folorunso Alakija’s legacy. In 2008, she founded the Rose of Sharon Foundation with the aim of empowering widows and orphans through scholarships and business grants. The foundation has been instrumental in transforming lives, offering financial assistance and skills training to thousands of vulnerable individuals across Nigeria. By focusing on education and entrepreneurship, the foundation helps create sustainable opportunities for those who might otherwise be left behind [
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Scholarship and Educational Initiatives
In addition to her work through the Rose of Sharon Foundation, Alakija has been a strong advocate for education. She is the primary sponsor of the Agbami Medical and Engineering Scholarship Scheme, which awards scholarships to over 9,000 students annually. Her contributions to education extend to donations of skills acquisition centers and libraries to various educational institutions, including a significant donation to the Yaba College of Technology. These initiatives reflect her belief that education is the key to unlocking Nigeria’s vast potential [
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Awards, Honors, and Global Recognition
Folorunso Alakija’s contributions to business and philanthropy have not gone unnoticed. She has received numerous honorary degrees from institutions in Nigeria and the United States. In 2016, she became Nigeria’s first female chancellor when she was appointed Chancellor of Osun State University. Forbes has consistently featured her among the world’s most powerful women, and her ranking as one of Africa’s richest women is a testament to her influence and success. In July 2021, Benson Idahosa University conferred upon her an honorary doctorate degree in business administration in recognition of her outstanding contributions to the business world [
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Personal Life: Balancing Business with Family
Marriage and Children
In November 1976, Folorunso Alakija married Modupe Alakija, a lawyer. Their union has been both a personal and professional partnership that has supported her throughout her career. The couple has four sons, and the Alakija family is known for its close bonds and shared commitment to the family business. The children have been involved in various aspects of the family enterprises, ensuring that the legacy of hard work, innovation, and resilience continues into the next generation [
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Family Values and Cultural Roots
Despite her global success and immense wealth, Alakija has never forgotten her roots. She remains deeply connected to her Yoruba heritage and Nigerian culture. This connection is evident not only in her philanthropic endeavors but also in the way she promotes Nigerian fashion and culture through her business activities. Her family’s values—integrity, hard work, and a commitment to giving back—have been central to her personal life and are reflected in every facet of her business and philanthropic activities.
A Role Model for Women
Folorunso Alakija is a trailblazer for women in Nigeria and across Africa. Her success story is a powerful message that with determination and resilience, gender should never be a barrier to achieving greatness. Through her businesses, philanthropy, and leadership, she has become an inspiration to countless women, encouraging them to pursue their dreams and break through traditional glass ceilings. Her life is a testament to the fact that success is not limited by gender, and that with hard work and dedication, one can rise to the very top of their field [
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Challenges, Triumphs, and the Road Ahead
Battling Adversity
Like many great entrepreneurs, Folorunso Alakija’s journey was not without its challenges. One of her most notable battles was with the Nigerian government over its claim to a stake in her oil block, OPL 216. The government initially claimed a 40% stake and later demanded an additional 10%, arguing that the oil block could generate up to $10 million per day. Alakija, however, fought these claims in court, asserting that her family had taken all the risks and made significant investments to develop the oil block. Her unwavering determination and resilience in the face of government pressure are a hallmark of her character and a key reason why she remains an icon in Nigerian business [
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Business Resilience and Innovation
Throughout her business career, Alakija has demonstrated an ability to adapt and innovate. Whether transitioning from banking to fashion or from fashion to oil, she has consistently identified new opportunities and capitalized on them. Her willingness to embrace risk, coupled with her strategic thinking and meticulous planning, has enabled her to build a diversified business empire. This resilience is particularly notable in the highly volatile oil and gas industry, where her successful acquisition and retention of an oil prospecting license have been celebrated as a major victory for indigenous entrepreneurs [
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Continuing Impact and Future Prospects
At 74 years of age, Folorunso Alakija shows no signs of slowing down. Her passion for business, philanthropy, and empowerment continues to drive her endeavors. As she manages her vast business empire—which spans oil, fashion, real estate, and printing—she also dedicates significant time and resources to philanthropic activities. Her focus remains on empowering vulnerable groups in Nigeria, particularly widows and orphans, and on improving educational outcomes through scholarship programs and skills acquisition initiatives.
Looking ahead, Alakija’s story serves as a beacon for future entrepreneurs, especially women, in Nigeria and across Africa. Her legacy is not just measured in financial terms but also in the impact she has had on society. By paving the way for indigenous participation in the oil and gas industry and by promoting Nigerian culture through fashion, she has set a high standard for what is possible when ambition meets opportunity.
Conclusion
Chief Folorunso Alakija’s journey from a large, modest family in Ikorodu to becoming one of Nigeria’s most powerful and wealthiest businesswomen is a story of inspiration, resilience, and transformative leadership. Her diverse career—spanning banking, fashion, oil and gas, real estate, and printing—illustrates how determination and strategic vision can create opportunities even in the most challenging environments.
Her net worth, estimated by Forbes to be between $1.1 billion and $1.7 billion, is a testament to her business acumen and relentless pursuit of excellence. Yet, beyond the impressive numbers and accolades lies a legacy that is equally defined by philanthropy and a commitment to uplifting others. Through the Rose of Sharon Foundation and numerous scholarship programs, Alakija has made a lasting impact on the lives of thousands, ensuring that her success translates into opportunities for future generations.
Balancing her vast business empire with a fulfilling family life, Alakija remains deeply connected to her roots. Married to Modupe Alakija since 1976 and a mother of four, she has managed to maintain a strong and nurturing family environment that has provided the support necessary to sustain her ambitious career. Her story is a shining example of how success is not solely measured by wealth, but by the positive changes one brings to society.
As Nigeria continues to evolve, the life and career of Folorunso Alakija will undoubtedly inspire countless others—especially women—to dream big, take risks, and persevere in the face of adversity. Her journey serves as a powerful reminder that true success is not just about personal gain but about making a lasting impact on one’s community and beyond.
In the world of business and philanthropy, Folorunso Alakija stands tall as a role model who has broken barriers, challenged norms, and redefined what it means to be a successful entrepreneur in Africa. Her legacy is one of courage, innovation, and an unwavering commitment to giving back—a legacy that will continue to shape the future of Nigerian entrepreneurship for generations to come.