Folorunso Alakija, Nigeria’s richest woman and one of the world’s wealthiest Black women, owes her fortune to diverse ventures spanning fashion, oil, gas, and real estate. Forbes has recognized her as one of the world’s most powerful women multiple times, attesting to her resilience and smart investments.
As the vice chair of Famfa Oil, a Nigerian oil exploration company, Alakija has played a pivotal role in the company’s remarkable success. Famfa Oil has cemented its position in the oil and gas industry through strategic partnerships with major players like Chevron and Petrobras.
Alakija’s entrepreneurial journey started in the fashion industry, with her first fashion label, “Supreme Stitches,” which swiftly rose to prominence in the 80s as a fearless force setting the pace with the trendiest fashion pieces. From there, she transitioned into the oil and gas industry, leading Famfa Oil to manage the Agbami Oilfield with a commitment to excellence and sustainability. Additionally, she heads The Rose of Sharon Group, reflecting her dedication to community impact.
Her journey from fashion to oil exploration showcases her versatility and unyielding determination. Alakija’s philanthropic efforts are equally remarkable. Her Rose of Sharon Foundation empowers widows, their families, and orphans through educational programs and scholarships.
Beyond the foundation, and to further empower women from all walks of life, she founded “Flourish Africa,” a platform that fosters a community of like-minded women, encourages their potential, and provides grants to female entrepreneurs.
Billionaires.Africa has identified and cataloged seven companies owned by Alakija, showcasing her diverse business empire.
- Famfa Oil
Famfa Oil, an indigenous company, boldly ventured into the oil and gas industry with an audacious application for an exploration and production license in 1991. In a triumphant partnership with Texaco Nigeria Ltd. (now Chevron Nigeria Ltd.), the company commenced operations five years later, in 1996, ushering in a new era of prosperity. This incredible success story is rooted in a family legacy, led by the visionary Chairman, Modupe Alakija, with Alakija serving as vice chairman, and their four talented sons as executive directors. Together, they have redefined success on the African continent, leaving an indelible mark on the oil and gas industry while nurturing the bonds of family.
- Dayspring Property Development Company
Alakija’s foray into real estate, Dayspring Property Development Company Limited, underscores her prowess as an entrepreneur and astute investor. Driven by her spirit of adventure and creative vision, Dayspring has become a premier luxury real estate developer based in Lagos. Responsible for iconic structures like the waterfront Rose of Sharon Towers in Victoria Island and Center Point, Africa’s premier workspace. Dayspring’s impressive portfolio boasts luxury homes, apartments, and mixed-use commercial properties in Lagos’ most sought-after neighborhoods. Each property reflects their commitment to quality, style, and functionality, setting a standard of excellence in the industry.
Fueled by Alakija’s enterprising spirit and creative drive, Rose of Sharon Prints and Promotions factory transformed into Digitalreality Print Limited in September 2006. Today, it stands as one of Nigeria’s leading commercial printing giants, offering cutting-edge technology to bring ideas to life. From commercial printing to laser cutting, engraving, monogramming, and direct-to-garment printing, Digitalreality sets unbeatable standards in quality and efficiency. With an unwavering commitment to excellence and a passion for innovation, Digitalreality is the top choice for businesses across Nigeria.
- The Rose of Sharon Group
The Rose of Sharon Group, founded by Alakija, serves as the parent company and conglomerate for Rose of Sharon Towers, Rose of Sharon House of Fashion, and Famfa Oil. This diversified conglomerate spans fashion, oil and gas, real estate, and philanthropy, reflecting Alakija’s multifaceted entrepreneurial vision.
- Rose of Sharon Foundation
Established in 2008 by Alakija, the Rose of Sharon Foundation is an NGO dedicated to providing financial independence and educational opportunities to widows, their children, and orphans. It has positively impacted nearly 1,000 widows and more than 4,262 widows through vocational skills and scholarships, offering interest-free loans and accommodation. Additionally, the foundation provides free healthcare consultations, legal services, and spiritual support through Rose of Sharon Glorious Ministry International, offering solace and encouragement to widows, orphans, and the neglected in society.
- Famfa Towers
Famfa Towers, a 22-story office complex in upscale Ikoyi, Lagos, stands as the corporate headquarters of Famfa Oil. Developed by Julius Berger Nigeria Plc and Dayspring Property Development Company, owned by Alakija, this iconic building encompasses 21,840 square meters of gross leasable space. The top five floors are utilized by Famfa and Alakija for personal purposes, while the rest are available for rent. The tower, which cost more than $100 million and was financed without bank loans, is a testament to Alakija’s commitment to excellence.
- Rose of Sharon Tower
Situated on Victoria Island with panoramic views of Kuramo waters and the Atlantic Ocean, the Rose of Sharon Tower is a mixed-use development comprising eight residential floors housing 32 apartments of varying luxury levels. Managed by Day Spring Development Property Company Limited, owned by Alakija, the tower boasts an international standard gym, a pool, and a club room, offering residents a luxurious living experience.
