Folorunsho Alakija

$1.10 B

Ranked #1941 in World

About Folorunsho Alakija

Folorunsho Alakija, born on July 15, 1951, in Nigeria, emerges as a formidable figure in both the fashion and oil sectors. As the Group Managing Director of The Rose of Sharon Group and Executive Vice Chairman of Famfa Oil Limited, Alakija's journey from a banker to a fashion entrepreneur and oil tycoon is noteworthy. Her early education in Nigeria and the UK, combined with a rich familial background of Yoruba ethnicity, laid the foundation for her diverse career. Alakija's significant achievements include acquiring an oil prospecting license in 1993, leading to a fruitful venture in the Agbami Field, and her recognition by Forbes as one of the world's most influential women. Beyond her business endeavors, her philanthropic efforts through the Rose of Sharon Foundation highlight her commitment to aiding widows and orphans. Alakija's personal life, marked by a longstanding marriage to Modupe Alakija and her role as a mother to four sons, adds a personal dimension to her illustrious career.

Born

January 01, 1951 in Ikorodu, Western Region, British Nigeria (now Ikorodu, Lagos State)

Age

75 years

Source Of Wealth

Oil

Industries

Energy

Citizenship

Nigeria

Residence

Lagos

Spouse

Modupe Alakija (Married: 1976)

Children

Folorunsho Alakija was born on July 15, 1951, in Nigeria. Her father had five wives and 23 children, with her mother being the first wife. Alakija belongs to the Yoruba ethnic group and received her education in both Nigeria and the United Kingdom. She studied secretarial studies at Pitman's Central College in London.

Folorunsho Alakija: Family

Folorunsho Alakija is married to Modupe Alakija, and they have four sons together. The couple resides in Lagos, Nigeria. In June 2017, their son Folarin married Iranian model Nazanin Jafarian Ghaissarifar.

Folorunsho Alakija: Career Highlights

Alakija began her career in banking in 1974 as an executive secretary. She worked at Sijuade Enterprises, First National Bank of Chicago (now FinBank), and International Merchant Bank of Nigeria. Later, she pursued her passion for fashion design by studying in London and establishing her own fashion label, Supreme Stitches, which was later renamed The Rose of Sharon House of Fashion. Alakija also served as the president and lifelong trustee of the Fashion Designers Association of Nigeria (FADAN).

Folorunsho Alakija: Companies

Folorunsho Alakija is the group managing director of The Rose of Sharon Group and the executive vice chairman of Famfa Oil Limited.

Folorunsho Alakija: Major Achievements

In 1993, Alakija applied for an oil prospecting license and was granted the opportunity to explore for oil in Agbami Field, offshore Nigeria. She entered into a joint venture with Star Deep Water Petroleum Limited, transferring a 40% stake. However, the Nigerian government claimed a 40% stake and an additional 10% stake in the oil block.

Folorunsho Alakija: Awards & Achievements

Folorunsho Alakija has been recognized multiple times as one of Forbes World's 100 most powerful women. In 2021, she received an honorary doctorate degree in business administration from Benson Idahosa University.

Folorunsho Alakija: Personal Life & Legacy

Alakija is known for her philanthropic efforts through the establishment of the Rose of Sharon Foundation, which supports widows and orphans.

She has also made significant contributions to education by donating a skills acquisition center to Yaba College of Technology.

Folorunsho Alakija: Trivia

Folorunsho Alakija is a devout Christian and actively involved in her church, where she serves as a choir member.

Wealth History

Timeline

July 15, 1951

Folorunsho Alakija was born in Nigeria.

1974

Alakija started her banking career as an executive secretary.

1993

Alakija applied for an oil prospecting license.

2017

Alakija's son Folarin married Iranian model Nazanin Jafarian Ghaissarifar.

2021

Alakija received an honorary doctorate degree in business administration from Benson Idahosa University.

Folorunsho Alakija : FAQs

What is Folorunsho Alakija's net worth?

As of 2019, Folorunsho Alakija's net worth was $1.10 billion.

What are Folorunsho Alakija's main sources of wealth?

Folorunsho Alakija's main source of income comes from Oil.

In which industry does Folorunsho Alakija primarily operate?

Folorunsho Alakija is primarily involved in the Energy industry.

How old is Folorunsho Alakija?

Folorunsho Alakija is 75 years old.

How many children does Folorunsho Alakija have?

Folorunsho Alakija has 4 children.

Who is Folorunsho Alakija and what are her key business roles?

Folorunsho Alakija, born on July 15, 1951, in Nigeria, is a prominent businesswoman serving as the Group Managing Director of The Rose of Sharon Group and the Executive Vice Chairman of Famfa Oil Limited.

How did Folorunsho Alakija transition from a career in banking to the oil and gas industry?

Alakija started her career in banking in 1974 and later made a significant shift to the oil and gas industry by acquiring an oil prospecting license in 1993, eventually founding Famfa Oil Limited.

What philanthropic efforts is Folorunsho Alakija known for?

Folorunsho Alakija is renowned for her philanthropy through the establishment of the Rose of Sharon Foundation, which supports widows and orphans, and donating a skills acquisition center to Yaba College of Technology.

Can you share details about Folorunsho Alakija's family and personal life?

Folorunsho Alakija has been married to Modupe Alakija since November 1976, living in Lagos, Nigeria, with their four sons. Her son Folarin married Iranian model Nazanin Jafarian Ghaissarifar in June 2017.