Meet Nigeria's first female billionaire

In a country where success stories often belong to men, one woman broke all barriers to become Nigeria’s first female billionaire.  

Folorunsho Alakija is a Nigerian businesswoman, philanthropist, and fashion icon who has become a symbol of resilience and entrepreneurial success.

But how did she do it? Was it luck, divine favour, or sheer hard work? 

Here’s a glimpse into the extraordinary life of this business mogul, philanthropist, and fashion icon who rewrote Nigeria’s wealth history.

Her early life

Folorunsho Alakija was born on July 15, 1951, into a polygamous family in Ikorodu, Lagos. Her father, Chief L.A. Ogbara, had 8 wives and 52 children, and Folorunso's mother was his first. 

Alakija attended Muslim High School, Sagamu, before moving to the UK to study secretarial studies at Pitman Central College in London. Later, she studied fashion design at the American College in London and the Central School of Fashion.

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Career beginnings

Alakija began her professional career in 1974 as an executive secretary at Sijuade Enterprises in Lagos. She later worked at the First National Bank of Chicago and the International Merchant Bank of Nigeria, gaining valuable experience in the banking sector. 

However, her passion for fashion led her to establish a fashion label, Supreme Stitches, which she later renamed The Rose of Sharon House of Fashion. 

The fashion empire that started it all

In the 1980s, Nigeria’s elite women flew to Europe just to buy high-end clothes. Folorunsho saw an opportunity. In 1985, she launched Supreme Stitches, a luxury fashion brand that catered to Nigeria’s wealthiest women.

Her designs were so exquisite that she dressed wives of military generals, politicians, and celebrities, including Maryam Babangida, the wife of former President Ibrahim Babangida. At its peak, Supreme Stitches was the go-to fashion house for Nigeria’s high society. But fashion was just the beginning. Her real fortune was yet to come.

The billion-dollar oil deal that changed everything

In the 90s, Nigeria’s oil industry was dominated by men. But Folorunsho, guided by faith and business acumen, took a bold step. She applied for an oil prospecting license (OPL).

In 1993, Alakija secured an Oil Prospecting License (OPL 216) for a 617,000-acre offshore block in Nigeria's Agbami Field. Her company, Famfa Oil Limited, entered into a joint venture with Texaco's subsidiary, Star Deep Water Petroleum, to explore the field. Famfa Oil retained a 60% stake in the project, which became one of Nigeria's largest deepwater oil developments. 

Despite initial challenges, including a legal battle with the Nigerian government over ownership rights, Alakija's persistence paid off, solidifying her position as a leading figure in Nigeria's oil sector.

By 2014, Forbes estimated her net worth at $2.5 billion, making her Africa’s richest woman, even wealthier than Oprah Winfrey at the time!

Beyond oil, Alakija has diversified her business interests. She founded Dayspring Property Development Company, which manages prime real estate investments across Nigeria. Additionally, she owns Digital Reality Print Limited, one of Nigeria's largest printing companies.

Philanthropy and social impact

In 2008, Alakija established the Rose of Sharon Foundation, a non-profit organisation dedicated to empowering widows and orphans through scholarships, business grants, and vocational training. The foundation has awarded nearly 9,000 scholarships to students pursuing degrees in medicine and engineering and has provided zero-interest loans to over 3,500 widows. Her philanthropic efforts extend to healthcare, with Famfa Oil establishing 21 chest clinics for tuberculosis treatment across Nigeria.

She also donated ₦1 billion to support Nigeria’s fight against COVID-19.

Recognition and advocacy

Alakija's achievements have garnered international recognition. In 2014, she was listed as the 96th most powerful woman globally by Forbes and was ranked among the top 100 most powerful women in the world in 2015. 

In 2016, she was appointed as the Chancellor of Osun State University, becoming the first female Chancellor in Nigeria's history.

She continues to advocate for women's empowerment and serves as a role model for aspiring entrepreneurs.

Personal life

Alakija married Modupe Alakija in 1976, and together they have four sons. The family resides in Lagos, Nigeria. 

Where is she now? Still thriving! At 73, she remains active in business, philanthropy, and ministry. Her net worth fluctuates but remains in the billions, securing her place as one of Africa’s most powerful women.

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