Folorunso Alakija

Early Life and Background

Folorunso Alakija was born on July 15, 1951, in Ikorodu, Lagos State, Nigeria, into the esteemed family of Chief L. A. Ogbara of Ikorodu. She is the eighth of twenty-one children, growing up in a large and vibrant household. Her early childhood in Nigeria was foundational, but her parents' commitment to providing her with a global perspective led her to an early international educational experience, which significantly shaped her worldview and future endeavors.

Education

Alakija began her formal education at Our Ladies of Apostles in Lagos, Nigeria, where she attended primary school from 1959 to 1963. At the tender age of seven, she was sent to the United Kingdom for further studies, a common practice among affluent Nigerian families at the time. From 1964 to 1967, she attended Dinorben School for Girls in Hafodunos, Llangernyw, Wales, where she gained exposure to a different educational system and culture. After returning to Nigeria for a brief period, she pursued secretarial studies at the American Secretarial Department of Central College of Commerce in London, meticulously honing her administrative and organizational skills, which proved invaluable in her subsequent career. Later, her innate creativity led her to study fashion design at both the American College, London, and the Central School of Fashion. These experiences laid the crucial groundwork for her initial entrepreneurial venture in the fashion industry.

Career

Folorunso Alakija commenced her professional career in 1970 as a secretary at Sijuade Enterprises in Lagos, Nigeria, gaining her first corporate experience. In 1974, she transitioned to the banking sector, joining the former First National Bank of Chicago, which later evolved into First City Monument Bank (FCMB). During her tenure there, she served diligently as an Executive Secretary, rising through the ranks and acquiring substantial experience in corporate administration, finance, and client relations. After dedicating twelve years to the banking industry, she decided to pursue her passion for creativity and entrepreneurship, departing from the corporate world in 1986.

That same year, she founded "Supreme Stitches," a professional tailoring company that rapidly garnered a reputation for exquisite designs and high-quality craftsmanship. The company was later rebranded as "Rose of Sharon House of Fashion," becoming a preeminent name in the Nigerian fashion landscape. Under her leadership, it catered to Nigeria's elite and influential figures. Her success in fashion led to her becoming the National President of the Fashion Designers Association of Nigeria (FADAN), where she mentored numerous young designers and shaped the industry.

Her pivotal entry into the highly lucrative oil industry, which would ultimately define her global standing, began in 1993. Through her newly established company, Famfa Oil Limited, she applied for an Oil Prospecting License (OPL 216). The license was successfully granted, encompassing a vast 617,000-acre block in the Agbami field of the central Niger Delta, an area known for its significant hydrocarbon reserves.

In 1996, Famfa Oil Limited entered into a strategic joint venture agreement with Star Deep Water Petroleum Limited, a subsidiary of Texaco (now Chevron), and Petrobras. Under this agreement, Famfa Oil farmed out a 40% stake in OPL 216 to Star Deep Water Petroleum Limited, while retaining a substantial 60% ownership. This partnership was crucial for the development of the deepwater block, leveraging the technical expertise and financial resources of international oil majors.

However, a significant challenge arose in 2000 when the Nigerian government, under the administration of President Olusegun Obasanjo, attempted to reclaim a 50% stake in OPL 216, citing national interest. This move would have drastically reduced Famfa Oil's ownership to a mere 10%. Folorunso Alakija, demonstrating remarkable resilience and determination, vigorously contested this governmental action. What followed was a protracted and arduous twelve-year legal battle that ultimately reached the Supreme Court of Nigeria. In a landmark decision in 2012, the Supreme Court ruled unequivocally in favor of Famfa Oil Limited, affirming their original 60% ownership and restoring their full rights to the highly valuable oil block. This victory not only solidified her position as a formidable force in the Nigerian business landscape but also set a precedent for investor rights in the country's oil sector.

Today, Folorunso Alakija serves as the Executive Vice-Chairman of Famfa Oil Limited, actively overseeing its strategic direction, operations, and continued growth in the global energy market.

Major Achievements

• Pioneering Oil Magnate: Successfully established and developed Famfa Oil Limited, securing and, crucially, retaining the highly valuable OPL 216 against a protracted legal challenge from the Nigerian government. This block is recognized as one of Nigeria's most prolific deepwater assets.
• Fashion Industry Leader: Founded and grew "Rose of Sharon House of Fashion" into a prestigious and influential brand within Nigeria, serving as a trendsetter and providing mentorship to emerging designers.
• Philanthropy: Established The Rose of Sharon Foundation, a non-profit organization dedicated to empowering widows and orphans. The foundation provides comprehensive support, including grants, scholarships for their children, and skill acquisition programs, significantly impacting thousands of beneficiaries across Nigeria.
• Recognized Wealth and Influence: Consistently ranked among the wealthiest women in Africa and globally, a testament to her exceptional business acumen, strategic foresight, and unwavering resilience. At its peak, her net worth was estimated by Forbes to exceed $1 billion, making her one of the richest self-made women in the world.
• Author and Inspirational Speaker: Authored several highly regarded inspirational books, including "Window of Opportunity," "Growing with the Word," and "The Cry of Widows and Orphans." She frequently shares her entrepreneurial journey and life lessons as a motivational speaker.

Personal Life

Folorunso Alakija has been happily married to Mr. Modupe Alakija since 1976, a union that has spanned over four decades. Together, they have built a strong family foundation. They are blessed with four sons: Rotimi, Ladi, Folarin, and Dele. All her sons are actively involved in various aspects of her businesses and other entrepreneurial ventures, carrying forward the family's legacy. A devout Christian, Folorunso Alakija is a strong advocate for faith-based living and leadership. Alongside her husband, she co-founded the Rose of Sharon Glorious Ministry International, a non-denominational Christian ministry dedicated to spreading spiritual guidance and community outreach.

Legacy

Folorunso Alakija's legacy is profoundly multifaceted, extending far beyond her immense financial success. She stands as a powerful emblem of entrepreneurial tenacity, demonstrating that with unwavering perseverance and strategic acumen, even the most daunting challenges, such as a prolonged legal battle against a sovereign government, can be successfully overcome. Her remarkable trajectory from a modest fashion designer to a formidable oil magnate serves as a profound inspiration for aspiring business leaders, particularly women, across Africa and globally. Through The Rose of Sharon Foundation, she has meticulously cultivated a lasting and transformative impact on countless lives, embodying her deep-seated commitment to social responsibility, community development, and humanitarian aid. Furthermore, she has emerged as a prominent mentor and influential public speaker, consistently sharing her invaluable experiences, insights, and wisdom to encourage others to pursue their dreams, overcome adversity, and contribute positively to society. Her life story is a compelling narrative of ambition, resilience, faith, and enduring philanthropy, cementing her status as a true icon of African leadership and enterprise.