Folorunso Alakija

Folorunsho Alakija (born July 15, 1951) is a Nigerian businesswoman and philanthropist.[1][2]

Folorunso Alakija
Born (1951-07-15) 15 July 1951
Ikorodu, Western Region, British Nigeria
(now Ikorodu, Lagos State)
OccupationBusinesswoman
Spouse
Modupe Alakija
​
(m. 1976)​
Children4
Websitewww.folorunsoalakija.com

She is the group managing director of The Rose of Sharon Group and the executive vice chairman of Famfa Oil Limited.[3]

Early life

Alakija was born on July 15, 1951. Her father had 5 wives and 23 children, and Folorunso's mother was the first.[4] At the age of seven, Alakija traveled to the United Kingdom for her education. Alakija attended Muslim High School in Shagamu, Nigeria. She then returned to England for her secretarial studies at Pitman's Central College, London.[2]

Career

Alakija started her 12-year banking career in 1974 as an executive secretary at Sijuade Enterprises in Lagos, Nigeria. She moved to the former First National Bank of Chicago, which later became FinBank now acquired by First City Monument Bank as the Executive Secretary to the Managing Director. She became the new Head of the Corporate Affairs Department of the International Merchant Bank of Nigeria (formerly First National Bank of Chicago) and later became the Office Assistant to the Treasury Department.[5][6]

Alakija then studied fashion design at the American College in London and the Central School of Fashion.[7] She started a fashion label known as Supreme Stitches, which was later renamed The Rose of Sharon House of Fashion in 1996.[8][9] She was the president and lifelong trustee of the Fashion Designers Association of Nigeria (FADAN).[10][11]

In May 1993, Alakija applied for the allocation of an oil prospecting license (OPL).[12] The license to explore for oil on a 617,000-acre block, which is about 100km offshore of Nigeria in the Agbami Field was granted to Alakija's company, Famfa Limited. In September 1996, Alakija entered into a joint venture agreement with Star Deep Water Petroleum Limited (a wholly owned subsidiary of Texaco) transferring a 40 percent stake to Star Deep.[13][14]

After they struck oil, the Nigerian government claimed a 40% stake, followed by an additional 10%.[15] The government argued that if Alakija and his family were allowed to keep their block, Alakija would dispute this claim and win.[16]

Recognition

Alakija was listed among the Forbes World's 100 most powerful women multiple times.[17][18]

On July 17, 2021, Benson Idahosa University, Benin City, bestowed on her an honorary doctorate degree in business administration.

Philanthropy

Alakija established the Rose of Sharon Foundation that helps widows and orphans through scholarships and business grants.[19] Alakija has donated a skills acquisition center to Yaba College of Technology (Yabatech), a higher educational institution located in Lagos.[20][21][22]

Personal life

Alakija married Modupe Alakija in November 1976.[23] They reside in Lagos, Nigeria, with their four sons[24] In June 2017, their son Folarin Alakija married Iranian model Nazanin Jafarian Ghaissarifar.[25]

References
  1. Iyengar, Rishi (30 December 2014). "Here's She is the World's Richest Black woman in the world". Time. Archived from the original on 3 May 2018. Retrieved 30 December 2014.
  2. "Folorunso Alakija". africa.harvard.edu. Retrieved 20 May 2021.
  3. "Folorunso Alakija". Folorunsho Alakija. Retrieved 27 April 2021.
  4. "Covenant I made with God at age 40 — Folorunso's Alakija". Punch Newspapers. 18 July 2021. Retrieved 20 January 2023.
  5. "Business – Alakija". Retrieved 31 August 2023.
  6. "Folorunsho Alakija Biography - Biopreneur Nigeria". Retrieved 31 August 2023.
  7. Folorunsho, Alakija. "Success in the Fashion World". folorunshoalakija. Folorunsho Alakija. Retrieved 27 April 2021.
  8. Falode, Kehinde (17 September 2011). "Fashion icon, Folorunso Alakija at 62". The Nation. Retrieved 20 June 2013.
  9. "Folorunsho Alakija". Forbes. November 2012. Retrieved 19 December 2012.
  10. Wilson, Julee (5 December 2012). "Richest Black Woman in the World, Folorunso Alakija, Was A Major Fashion Designer in Africa". The Huffington Post.
  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. Archived from the original on 16 April 2015. Retrieved 25 July 2013.
  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. 17 September 2016. Archived from the original on 4 August 2018. Retrieved 3 August 2018.
  16. "5 Lessons Folorunsho Alakija Could Teach Christian Entrepreneurs - Tithehacker.org". Tithehacker.org. 29 July 2018. Archived from the original on 4 August 2018. Retrieved 3 August 2018.
  17. Sotubo, Jola (27 May 2015). "Nigerians make Forbes' most powerful women list". Forbes. Retrieved 28 May 2015.
  18. "The World's 100 Most Powerful Women". Forbes. Retrieved 26 June 2014.
  19. Folorunsho, Alakija. "Folorunsho Alakija Foundation". folorunshoalakija. Folorunsho Alakija. Retrieved 27 April 2021.
  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.
  22. Nsehe, Mfonobong. "Nigeria's Richest Woman Folorunsho Alakija Donates Skills Acquisition Center To School". Forbes. Retrieved 27 July 2020.
  23. Allen Lee (9 October 2019). "Meet Folorunso Alakija: The Richest Woman in Africa". Money Inc. Retrieved 31 March 2020.
  24. Sessou, Ebun (9 September 2011). "My life is full of blissful moments – Folorunso Alakija". The Vanguard. Nigeria.
  25. "Folarin Alakija marries Nazanin Jafarian Ghaissarifar in a luxurious $8 million wedding".
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