Folorunsho Alakija: The billionaire oil tycoon redefining philanthropy and empowerment

Oluwatosin Racheal Alabi -

Key Points

  • Folorunsho Alakija, with a net worth of $1 billion, co-founded Famfa Oil, which owns a significant stake in Nigeria's prolific Agbami oil field.
  • Through Dayspring Property Development, Alakija owns landmark projects like the $145 million Famfa Tower in Lagos, showcasing her diversification into high-end real estate.
  • Her Rose of Sharon Foundation has empowered over 3,500 widows, provided 9,000 scholarships, and funded healthcare initiatives, reflecting her commitment to societal transformation.

With an estimated net worth of around $1 billion, Folorunsho Alakija stands as a beacon of entrepreneurial success and philanthropic commitment. As the executive vice-chairman of Famfa Oil Limited and Group Managing Director of The Rose of Sharon Group, Alakija has built a lasting legacy that transcends business, focusing on empowerment and societal transformation.

A remarkable journey

Born on July 15, 1951, in Lagos, Nigeria, Alakija was raised in a polygamous household as the first of 23 children. Her educational journey began at Muslim High School in Shagamu, Nigeria, before continuing in the UK, where she studied secretarial work at Pitman’s Central College. She later pursued fashion design at the American College and Central School of Fashion in London.

Her professional career began in banking in 1974, with roles at Sijuade Enterprises and the International Merchant Bank of Nigeria. However, it was her foray into fashion that made her a household name. Founding Supreme Stitches, later rebranded as The Rose of Sharon House of Fashion, Alakija became a sought-after designer for Nigeria's elite, including Maryam Babangida, wife of the former president.

The oil empire

In 1993, Alakija took a daring step by securing an Oil Prospecting License (OPL) for a 617,000-acre offshore block in Nigeria's Agbami Field. Initially seen as a risky move, the venture turned into a goldmine when oil was discovered in commercial quantities. Through her company Famfa Oil, Alakija holds a significant stake in one of Nigeria’s most productive oil blocks. Her partnership with Chevron and Petrobras solidified her position as one of the wealthiest women in Africa.

Real estate investments

Alakija's influence extends well beyond oil into real estate. Her company, Dayspring Property Development Company, owns a number of prestigious assets, including the $145 million Famfa Tower in Ikoyi, Lagos. This state-of-the-art, 22-story office complex showcases her commitment to innovation, luxury, and architectural excellence.

A heart for philanthropy

Through the Rose of Sharon Foundation, Alakija has transformed the lives of over 3,500 widows and 10,000 households by providing zero-interest loans and scholarships. The foundation has also awarded nearly 9,000 scholarships to students pursuing degrees in medicine and engineering, underscoring her commitment to education and skill development.

Her philanthropic efforts extend to healthcare as well, with Famfa Oil having established 21 chest clinics for tuberculosis treatment across Nigeria, in addition to funding science laboratories and e-libraries at schools across the country.

Recognitions and advocacy

A passionate advocate for women’s empowerment, Alakija continues to inspire through her speeches, books, and philanthropic initiatives. She is widely recognized as one of the most influential African women, blending business acumen with a deep passion for uplifting others.

Folorunsho Alakija’s story is one of resilience, vision, and generosity, making her a true icon of African excellence and a role model for generations to come.