Profile: Folorunsho Alakija – Nigeria’s Billionaire Businesswoman

Folorunsho Alakija, a name that resonates across multiple industries, is one of Nigeria’s most influential entrepreneurs and the richest woman in Africa. Known for her remarkable journey from a fashion designer to an oil magnate, Alakija’s success story is one of resilience, innovation, and empowerment.

Early Life and Education

Born on July 15, 1951, in Ikorodu, Lagos State, Nigeria, Folorunsho Alakija came from humble beginnings. She attended the prestigious Dinorben School for Girls in Wales, UK, and later pursued office administration and banking studies. Her passion for fashion led her to the American College in London, where she studied fashion design, marking the beginning of her entrepreneurial path.

Rising to Prominence: Fashion & Oil

Alakija initially ventured into the fashion industry, founding her high-end fashion label, Supreme Stitches. The brand quickly became a favorite among Nigeria’s elite, and it was here that she began making a name for herself.

However, her journey took a transformative turn in 1993, when she secured an oil exploration license for her company, Famfa Limited. Through Famfa, she obtained a 60% stake in OML 127, a lucrative offshore oil field. This move catapulted her into the oil and gas sector, where she would eventually become one of the wealthiest women in the world.

Diversification: Real Estate and Printing

Alakija’s business acumen didn’t stop at oil. She expanded into real estate with Dayspring Property Development Company and the printing industry with The Rose of Sharon Group, which includes The Rose of Sharon Prints & Promotions. These ventures, combined with her other investments, have solidified her as a major player in multiple sectors.

A Legacy of Philanthropy

Beyond her business achievements, Folorunsho Alakija is committed to giving back. Through the Rose of Sharon Foundation, she has touched countless lives by providing scholarships and grants to widows and orphans. Her foundation reflects her belief in empowering the underprivileged and supporting education, one of her core passions.

A Global Inspiration

Alakija’s extraordinary rise to success has made her an icon of inspiration, not just in Nigeria but across Africa. In 2014, she surpassed Oprah Winfrey to become the world’s richest black woman, with an estimated net worth of over $3 billion. Her story underscores the importance of hard work, determination, and resilience.

Folorunsho Alakija is a shining example of what is possible when ambition meets perseverance. She has redefined success, inspiring countless women and entrepreneurs in Nigeria and beyond. Her contributions to business, philanthropy, and the empowerment of others have left an indelible mark on the world.