Folorunsho Alakija is a Nigerian businesswoman and the wealthiest woman in Nigeria. Her estimated net worth as of 2020 was $1 billion, which ranked her at number 23 on Forbes’ list of richest women in Africa.
She currently runs Rose of Sharon Group, an international trading company that specializes in exporting garments to over 50 countries around the world including Japan, United States, Canada among others; and Famfa Oil Limited-a petroleum refinery located near Lagos State.
As she continues to grow her empire across industries such as fashion retailing (Oki Doki) telecommunication consulting services (Folashade Communications), Mrs Alakija has proven herself time and again through hard work ethic for success.
Despite being the only female billionaire in Africa, folorunso alakija has seen her net worth drop over this year due to a decline of oil prices. The Forbes list had been dominated by men until she appeared as number 236 with $1 billion but now there are no women on that same list at all and they were not replaced for their lack of representation.
Folorunso Alakija Career
A Nigerian businesswoman, Folorunsho Alakija was born on 15 July 1951. She has had a successful career in the fashion and oil industries as well being involved with printing. In her life she’s been able to purchase real estate which is now worth billions of dollars due to its location near Lagos Island waterfront properties – an ideal area for development midway between Victoria island (Lagos) and Ajeromi-Ifelodun axis where thousands are being relocated daily from their slums at Eko Atlantic City project site.
Folorunsho Alakija was born on 15th July 1951 near Nigeria’s largest city: Lagos, Nigeria. Throughout her lifetime she founded many companies that have made millions upon millions.
In the Nigerian fashion industry, Folorunsho Alakija is a powerhouse. The Rose of Sharon Group consists of three companies all with different products and focuses: in addition to printing company Digital Reality Prints Limited, she’s also running Famfa Oil Ltd., which produces crude oil as well as owns some land for exploration; Alakija herself has been called “the richest black woman in Africa.”
Folorunso Alakija Background
Folorunsho Alakija is a Nigerian woman known for her success in business. She was born on July 15th, 1951 to an upper-middle class family with connections in the oil industry and education system.
After finishing primary school, she traveled abroad from 1959 to 1963 where she attended Dinorben School of Girls’ Hafodunos Hall near Llangernyw Wales; there were both Muslims (her aunt), Christians and Jews at this boarding school which had just started admitting girls only two years prior rather than 10 as it did before that time period – when boys would have been taught here primarily instead!
After rising to success in her first career, she took a break from it all and returned home. She went back to school for secretarial studies at Pitman’s Central College, which is located right outside of London.
Folorunsho’s father Chief Ogbara worked closely with Shell Petroleum Company back home.
Folorunsho Alakija is an example of how the power in a woman can transcend borders. In May 2015, Folorunsho was one of two Nigerian women on Forbes’ list for “The World’s 100 Most Powerful Women.” That year she ranked 86th out of all other powerful women around the world and 20th among African billionaires when only considering Africans.
Her influence has also helped her to maintain being listed as one every single time since then with some exceptions such as 2020 where she had dropped from 19-41 billionaire category or 2016 ranking 80 (out of 97) according to Power Woman rank published by Fortune magazine
Folorunso Alakija Family
The first Nigerian female billionaire, Folorunsho Alakija is the woman behind some of Nigeria’s biggest fashion designers. She and her late husband Modupe had 4 sons together before he passed in 1984 from cancer. The family resides mainly in Lagos, but she also has a home on Victoria Island where she spends time with friends like DJ Xclusive who is nephew to Mrs. Alakija by marriage (Modupe was married to his cousin). In June 2017 there were over 150 wedding guests at Blenheim Palace for Folarin Alakija and Iranian model Nazanin Jafarian Ghaissarifar’s ceremony which cost $1 million USD – one of the most expensive weddings ever!
The Rose of Sharon Foundation is a charity founded by Folorunsho Alakija, Nigerian businesswoman and philanthropist. The foundation helps widows and orphans through educational scholarships as well as grants for entrepreneurship projects. Recently she donated the skills acquisition center to Yaba College of Technology (Yabatech), located in Lagos Nigeria’s capital city that offers higher education courses!
The Rose of Sharon Foundation was established by Nigerian entrepreneur, Folorunsho Aikaliya who has helped countless numbers with her contributions to various charities such as helping out widows and orphan children through providing them opportunities for advancement either financially or academically in both instances having been done so via means funding schooling programs but also establishing an entrepreneurial program.
Other Facts About Folorunsho Alakija
- Folorunsho alakija is a Nigerian businesswoman, entrepreneur and philanthropist.
- She was born in October 1954. Alakija is the founder of Famfa Oil Company Limited which she established with her late husband, Kola Alakija. The company has grown to be one of Nigeria’s top five oil producing companies and supplies crude oil to many countries across Africa including Ghana, Cote d’Ivoire, Zambia and Benin Republic.
- She also founded Ajapa Limited in 1989 as a joint venture with Royal Dutch Shell PLC for the manufacturing of plastic films for packaging purposes.
- Alakija graduated from King’s College London in 1977 with an honours degree in Economics and Political Science .
- She was honoured by many Nigerian organizations. She has received the Nigeria National Order of Merit Award, Commander of the Federal Republic (CFR), and is a recipient of an honorary doctorate degree from in Nigeria including University of Jos, Bayero University Kano and Lagos State University.
- Her father died when she was two years old and her mother raised six children on a teacher’s salary of £20 per month.
- She attended the University College Ibadan where she studied Economics and Political Science . She graduated with an Honours degree in Economics and Political Science
- She has been an entrepreneur for over 40 years. She is the founder, owner and chairman of Alakija Group of Companies with global interests across sectors such as oil production, real estate development, agriculture & trading
- Folorunsho alakija was honoured by many Nigerian organizations. She was listed in the 2013 Forbes list of 100 most powerful women and was awarded Nigeria’s highest national honour, Member of the Order of the Federal Republic (MFR)
- Along with her work as a businesswoman, she is also an active philanthropist. She has donated generously to educational initiatives and chairs various boards such as Alakija Foundation for mental health, National Council for Women & Girl Child and the Centre for African Studies in University of Ibadan
- Folorunsho alakija is also a recipient of numerous awards such as Honorary Doctorate from five different universities.
- She has been recognized with many international awards including World Entrepreneur Award by Ernst&Young Global Forum 2000.