Folorunso Alakija

Folorunso Alakija
Born (1951-07-15) 15 July 1951
Ikorodu, Lagos State, Nigeria Protectorate
Residence Lagos, Lagos State, Nigeria
Nationality Nigerian
Occupation Businesswoman
Net worth US$1.5 billion (August 2018)[1]
Title

Managing director, Rose of Sharon Group

Executive Vice Chairman, Famfa Oil
Spouse(s)
Modupe Alakija (m. 1976)
Children 4
Website www.folorunsoalakija.com

Folorunso Alakija (born 15 July 1951) is a Nigerian billionaire businesswoman, one of the richest African women, and one of the richest black women in the world. In 2014, she temporarily unseated Oprah Winfrey as the richest woman of African descent in the world.[2] She is involved in the fashion,[3] oil and printing industries.[4] She is the group managing director of The Rose of Sharon Group which consists of The Rose of Sharon Prints & Promotions Limited and Digital Reality Prints Limited and the executive vice-chairman of Famfa Oil Limited.[5] Alakija is ranked by Forbes as the richest woman in Nigeria with an estimated net worth of $2.1 billion.[6][4] As of 2015, she is listed as the second most powerful woman in Africa after Ngozi Okonjo-Iweala and the 87th most powerful woman in the world by Forbes.[7]

Early life and education

Folorunsho was born in 15 July 1951 to the family of Chief L. A. Ogbara in Ikorodu, Lagos State. At age seven, she travelled to the United Kingdom to begin a four-year primary education at Dinorben School for Girls in Hafodunos Hall in Llangernyw, Wales. After returning to Nigeria, she attended Muslim High School Sagamu Ogun State, Nigeria. Afterwards, she returned abroad for her secretarial studies at Pitman's Central College, London. She also studied fashion design at the American College, London and the Central School of Fashion.[8]

Career

Folorunsho started her career in 1974 as an executive secretary at Sijuade Enterprises, Lagos, Nigeria. She moved on to the former First National Bank of Chicago, now FinBank now acquired by FCMB (First City Monument Bank)[9] where she worked for some years before establishing a tailoring company called Supreme Stitches. It rose to prominence and fame within a few years, and as Rose of Sharon House of Fashion, became a household name.[4][10] As national president and lifelong trustee of the Fashion Designers Association of Nigeria (FADAN), she left an indelible mark, promoting Nigerian culture through fashion and style.[3][11]

In May 1993, Folorunsho applied for the allocation of an oil prospecting license (OPL).[12] The license to explore for oil on a 617,000-acre block—now referred to as OPL 216—was granted to Alakija's company, Famfa Limited. The block is located approximately 220 miles south east of Lagos and 70 miles offshore of Nigeria in the Agbami Field of the central Niger Delta. In September 1996, she entered into a joint venture agreement with Star Deep Water Petroleum Limited (a wholly owned subsidiary of Texaco) and appointed the company as a technical adviser for the exploration of the license, transferring 40 percent of her 100 percent stake to Star Deep.[13][14]

Once word got out they struck oil the unthinkable happened: the Nigerian government snatched a 40% stake! Later, they took an additional 10%. According to her:

“We felt like it was unfair. We had taken the sole risk and invested everything we had in the business. It had become a family business. We spent six years as a family to ensure this worked out and now that it was bearing fruit, they just stepped in and took away everything we had struggled and worked extremely hard for. I said to myself, ‘Folorunsho Alakija does not give up, my husband does not give up and my children do not give up.’”[15]

She took them to court. For 12 years she fought the government in court. The stakes were high. The government argued if Alakija and family were allowed to keep their bloc they stood to make $10 million a day! Still she persisted and in the end she won.[16]

Subsequently, Star Deep sold off 8 percent of its stake in OPL 216 to Petrobras, a Brazilian company. On 9 March 2016, Nigeria had its first female chancellor as she became the chancellor of Osun State University.

Recognition

As of 2014, she is listed as the 96th most powerful woman in the world by Forbes.[7] In May 2015 two Nigerian women, Finance Minister Ngozi Okonjo-Iweala and Alakija were listed among the world's 100 most powerful women according to Forbes. Alakija was 87th on the list.[17]

Philanthropic interests

Folorunsho has a foundation called the Rose of Sharon Foundation that helps widows and orphans by empowering them through scholarships and business grants.[18][19][20][21] Her company is also a major sponsor of the Agbami medical and engineering scholarship scheme, one of the most reliable scholarship scheme in Nigeria with over a thousand people yearly as beneficiaries.[22] Mrs Alakija is a fervent supporter of education in Nigeria; for example in 2014 she donated a substantial amount of money to Ibrahim Badamasi Babangida University Lapai, the Niger State University. The money was used to complete the construction of a 350 Seat Lecture Theater, which was named after her.

On 1 July 2013, the federal government of Nigeria inaugurated the National Heritage Council and Endowment for the Arts and appointed Alakija as vice-chairman of the body. While inaugurating the council, Nigeria's Minister of Tourism, Culture and National Orientation, Edem Duke, said Nigeria had identified 100 new heritage sites, which "are unique and uncommon assets that we intend to preserve and promote." He charged the council, which is headed by Igho Sanomi, to "ensure the protection and conservation of places and objects of heritage significance and the registration of such places and objects."[23]

She serves as the Chief Matron of Africa's Young Entrepreneurs.[24]

Personal life

Folorunsho married a lawyer, Modupe Alakija in November 1976. The couple reside in Lagos, Nigeria with their four sons[8] and grandchildren.[5][25] Her nephew is the Nigerian, DJ Xclusive.[26]

Further reading

  • Alakija, Folorunsho (2011). Growing with The Hand that Gives The Rose. Ancorapoint Nigeria. ISBN 978-978-915-529-3.

References

  1. ↑ "Forbes profile: Folorunsho Alakija". Forbes. Retrieved 9 August 2018.
  2. ↑ Iyengar, Rishi (30 December 2014). "Here's She is the World's Richest Black woman in the world". TIME. Retrieved 30 December 2014.
  3. 1 2 Wilson, Julee (5 December 2012). "Richest Black Woman in the World, Folorunso Alakija, Was A Major Fashion Designer in Africa". The Huffington Post.
  4. 1 2 3 Kehinde FALODE (17 September 2011). "Fashion icon, Folorunso Alakija at 62". The Nation. Retrieved 20 June 2013.
  5. 1 2 "Nigerian oil tycoon takes Oprah's place as richest black woman in the world". The Daily Mail Reporter. London. 4 December 2010.
  6. ↑ "Africa's 40 Richest". Forbes. November 2012.
  7. 1 2 "The World's 100 Most Powerful Women". Forbes. Forbes. Retrieved 26 June 2014.
  8. 1 2 Sessou, Ebun (9 September 2011). "My life is full of blissful moments – Folorunso Alakija". The Vanguard. Nigeria.
  9. ↑ "First City Monument Bank".
  10. ↑ "Folorunsho Alakija". Forbes. November 2012. Retrieved 19 December 2012.
  11. ↑ Gabriel, Gift (24 June 2012). "I moved out of the crowd to get it right – Mrs Alakija". Sunday Tribune. Nigeria.
  12. ↑ "The Richest Black Woman in the World, Folorunsho Alakija". Ventures Africa. Lagos. 29 November 2012.
  13. ↑ "Folorunso Alakija richest black woman on earth". PM News. 25 December 2012.
  14. ↑ "Agbami Oilfield, Nigeria". offshore technology.com. Nigeria.
  15. ↑ "How Africa's second richest woman gained her fortune - CNBC Africa". CNBC Africa. 2016-09-17. Retrieved 2018-08-03.
  16. ↑ "5 Lessons Folorunsho Alakija Could Teach Christian Entrepreneurs - Tithehacker.org". Tithehacker.org. 2018-07-29. Retrieved 2018-08-03.
  17. ↑ Sotubo, Jola (27 May 2015). "Nigerians make Forbes' most powerful women list". Forbes. Retrieved 28 May 2015.
  18. ↑ "The Rose of Sharon foundation". 8 September 2010. Retrieved 19 July 2013.
  19. ↑ "Finance, Fashion, Philanthropy: Folorunsho Alakija, FAMFA Oil". Ventures Africa. Lagos. 29 November 2012.
  20. ↑ Ellis, Jessica (16 February 2012). "Nigerian billionaire takes on cause of 'mistreated widows'". CNN.
  21. ↑ Amos, Adaeze (26 May 2013). "My passion for widows and orphans –Folorunso Alakija". National Mirror. Nigeria. Retrieved 20 June 2013.
  22. ↑ "Agbami scholarship scheme". Retrieved 11 December 2015.
  23. ↑ Kamarudeen Ogundele (5 July 2013). "FG inaugurates Council on National Heritage, Endowment for Arts". Punch Newspapers. ... Chaired by Mr. Igho Sanomi, the council has the richest African woman, Mrs. Folorunsho Alakija, as the vice-chairman.
  24. ↑ "Photos from dinner night with Mrs. Folorunsho Alakija".
  25. ↑ "Africa's Richest Woman Folorunsho Alakija: "It Has Not Been a Rag to Riches Fairytale"". Bella Naija. 29 August 2014.
  26. ↑ ""I'm Not Folorunsho Alakija's Son" – DJ Xclusive". Silverbird Television. Retrieved 14 November 2014.
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