Chief Folorunso Alakija is a distinguished Nigerian businesswoman and philanthropist whose story is nothing short of inspiring. She is currently the Group Managing Director of The Rose of Sharon Group and serves as the Executive Vice Chairman of Famfa Oil Limited. SONIA OKERE writes
In 2014, Alakija made history by being named the world’s richest Black woman, surpassing Oprah Winfrey. Forbes had listed her among the world’s 100 most powerful women, and by 2021, she was recognized as the richest woman in Africa. In a society where women often face significant challenges, how did Mrs. Alakija achieve such remarkable success?
How it all started
Chief Alakija was born on July 15, 1951 in Ikorodu, Lagos State, into a polygamous family. Her father had 8 wives and 52 children. At the young age of seven, her parents relocated her to the UK, where she began her primary education. After completing her primary schooling, she returned to Nigeria in 1963 and continued her education at Muslim High School in Sagamu, Ogun State.
Later, she moved back to England to study Secretarial Studies at Pitman’s Central College in London. She also attended the American College in London and the Central School of Fashion to hone her skills in fashion design. This diverse and well-rounded education laid the groundwork for her future success.
Building a successful career
Upon returning to Nigeria, Alakija began her career as a secretary at Sijuade Enterprises in Lagos. She later joined the former First National Bank of Chicago as an executive secretary and also worked at the International Merchant Bank of Nigeria (IMB), where she quickly gained the respect of her colleagues and superiors. Alakija was eventually appointed Head of the Corporate Affairs Department and later took on the role of Office Assistant to the Treasury Department.
After spending several years in banking, Alakija transitioned into the fashion industry. She launched her own fashion label, Supreme Stitches, which was renamed in 1996 as Rose of Sharon House of Fashion. Her commitment to quality and innovation propelled her brand to prominence, and established her as a fashion mogul. As a leading figure in Nigeria’s fashion industry, she served as the president and lifelong trustee of the Fashion Designers Association of Nigeria (FADAN).
Journey into the oil sector
Chief Folorunso Alakija is a woman who never shies away from exploring new horizons. According to her statement during an interview, Maryam Babangida, the wife of former Nigerian President Ibrahim Babangida, was a loyal and cherished customer of the Rose of Sharon House of Fashion. She supported Alakija by helping her secure a meeting with the former Petroleum Minister, Jubril Aminu. With a bold spirit, Alakija ventured into the oil sector and founded Famfa Limited in 1991. Two years later, Famfa successfully applied for an Oil Prospecting License (OPL) to explore a 617,000-acre block in the Agbami Field. This company is primarily involved in oil and gas exploration, development, and production.
In 1996, Famfa made history by entering a joint venture agreement with Star Deep Water Petroleum Limited, a subsidiary of Texaco (now Chevron), to explore and produce oil in the Agbami Field—one of Nigeria’s largest offshore oil reserves. Today, Famfa Oil Limited, a subsidiary of Famfa Limited, continues to be a key player in Nigeria’s oil and gas sector.
Challenges and obstacles
Alakija’s journey was not without challenges. Early in her fashion career, she faced fierce competition from established fashion houses and many people doubted her ability to succeed. Transitioning into the oil sector brought its own set of hurdles. As a woman entering the male-dominated oil industry, she faced resistance and skepticism. Securing a joint venture for the Agbami oil field in 1996 with Chevron required not only technical expertise but also financial backing, which was also very challenging.
After the discovery of oil in the Agbami oil block, Alakija found herself in a tough fight with the Nigerian government. Initially, the government claimed a 40% stake in her company but later pushed for an additional 10%, bringing it to 50%. Determined to protect her hard-earned success, Alakija and her family took the matter to court and, after a long and challenging legal battle, they emerged victorious.
Awards and recognition
Chief Folorunso Alakija has received numerous accolades and recognitions throughout her remarkable career. According to Forbes, as of 2020, Alakija’s net worth was estimated at $1 billion, making her one of the wealthiest women in Africa. She has also received several prestigious awards, including the Nigerian Women Awards and recognition from various international organizations for her contributions to business and philanthropy.
A woman with a compassionate heart
Beyond her business success, she is deeply committed to philanthropy. Through the Rose of Sharon Foundation, she provides vital support to widows and orphans. Her foundation offers financial assistance and skills training to empower them. Her charitable efforts are deeply rooted in her Christian values of love, compassion, and service to others.
Additionally, Alakija has written several books that reflect her faith and personal growth. In her writing, she combines her business experience with biblical principles. She also helps readers navigate life’s challenges while staying true to their faith.
Even at 73, Chief Alakija continues to inspire many women with her vision, compassion, and unwavering commitment to making a difference.
