Folorunsho Alakija

About Folorunsho Alakija

Birth Day: July 15, 1951
Birth Place: Lagos, Nigeria, Nigeria
Residence: Lagos, Lagos State, Nigeria
Occupation: Business tycoon
Known for: Philanthropy
Title: Group Managing Director
Spouse(s): Modupe Alakija (m. 1976)
Children: 7

Folorunsho Alakija Net Worth

Folorunsho Alakija was born on July 15, 1951 in Lagos, Nigeria, Nigeria. Folorunsho Alakija is vice chair of Famfa Oil, a Nigerian oil exploration company with a stake in Agbami oil field, a prolific offshore asset. Famfa Oil's partners include Chevron and Petrobras. Alakija's first company was a fashion label whose customers included the wife of former Nigerian president Ibrahim Babangida. The Nigerian government awarded Alakija's company an oil prospecting license in 1993, which was later converted to an oil mining lease. The Agbami field has been operating since 2008; Famfa Oil says it will likely operate through 2024.
Folorunsho Alakija is a member of Energy

💰Folorunsho Alakija Net worth: $1.61 Billion (Updated at 22 June 2018)

2014 $2.5 Billion
2015 $2 Billion
2016 $1.6 Billion
2017 $1.6 Billion
2018 $1.7 Billion

Some Folorunsho Alakija images

Biography/Timeline

1951

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.

1974

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) 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. 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.

1976

Folorunsho married a Lawyer, Modupe Alakija in November 1976. The couple reside in Lagos, Nigeria with their four sons and grandchildren. Her nephew is the Nigerian, DJ Xclusive.

2013

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."

2014

Folorunsho has a foundation called the Rose of Sharon Foundation that helps widows and orphans by empowering them through scholarships and Business grants. 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. 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.

2016

In May 1993, Folorunsho applied for the allocation of an oil prospecting license (OPL). 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. 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.