Folorunsho Alakija (born 15 July 1951) is a Nigerian billionaire businesswoman and philanthropist.[1][2] She is involved in the fashion,[3] oil, real estate and printing industries.[4] She is the Group Managing Director of The Rose of Sharon Group which consists of The Rose of Sharon Prints & Promotions Limited, Digital Reality Prints Limited and the executive vice-chairman of Famfa Oil Limited.
Folorunso Alakija | |
|---|---|
 | |
| Born | Folorunso Alakija July 15, 1951 |
| Citizenship | Nigeria |
| Education | Pitman Central College, London American College in London Central School of Fashion, London |
| Occupations | Businesswoman, philanthropist |
| Years active | 1974–present |
| Known for | Co-founder of Famfa Oil; Rose of Sharon Group; fashion entrepreneurship; philanthropy |
| Title | Executive Vice Chairman, Famfa Oil |
Board member of | Famfa Oil Limited Rose of Sharon Group |
| Spouse | Modupe Folorunso Alakija |
| Children | 4 |
| Awards | Forbes Power Women listing (2014) Various honorary doctorates |
| Website | www.folorunsoalakija.com |
Chief Folorunso Alakija (ⓘ; born 15 July 1951) is a Nigerian businesswoman and philanthropist.[1][2][3] She is the group managing director of the Rose of Sharon Group and executive vice chairman of Famfa Oil Limited.[4]
Early life
Alakija was born into a middle-class family in Nigeria[5] on 15 July 1951. Her father, Chief L.A. Ogbara, had 8 wives and 52 children,[6] and Folorunso's mother was his first.[7] She is from the Yoruba ethnicity of south-western Nigeria.[8]
At the young age, Folorunso Alakija travelled to the United Kingdom, where she began her primary education at Dinorben School for Girls in Wales before later returning to Nigeria for her secondary schooling.[9][10]
She later returned to the United Kingdom for further studies in secretarial administration at Pitman Central College, London[3], and subsequently pursued training in fashion design at institutions in London.[11][12]
Biographical accounts consistently describe her early education as beginning in the United Kingdom during childhood, a period which preceded her return to Nigeria for secondary education at Muslim High School, Sagamu.[13]
Career
In 1974, Alakija began working as an executive secretary at Sijuade Enterprises in Lagos. She later held positions at the First National Bank of Chicago and the International Merchant Bank of Nigeria.[14][15]
Alakija then studied fashion design at the American College in London and the Central School of Fashion.[16] She started a fashion label called Supreme Stitches, renamed in 1996 as the Rose of Sharon House of Fashion.[17][18] She served as the president of the Fashion Designers Association of Nigeria (FADAN) and remains a trustee of the organization.[19][20]
In May 1993, Alakija applied for the allocation of an oil prospecting license (OPL).[21] The license to explore for oil on a 617,000-acre block, about 100 km offshore of Nigeria, in the Agbami Field, was granted to her company, Famfa Limited. In September 1996, Alakija entered into a joint venture agreement with Star Deep Water Petroleum Limited, transferring a 40 percent stake to Star Deep.[22][23] After they struck oil, the Nigerian government claimed a 40% stake, followed by an additional 10%.[24] The Nigerian government subsequently sought to acquire a 50% interest in the block; Alakija contested this acquisition in court and the Supreme Court ruled in her favor in 2012.[25]
Recognition
In 2014, Forbes ranked Alakija as the 96th most powerful woman in the world. As of 2021, she was the wealthiest woman in Africa with an estimated net worth of $1 billion.[26][27]
In July 2021, Benson Idahosa University, Benin City, conferred on her an honorary doctorate degree. Chrisland University, Abeokuta, Ogun State, in November 2022, gave Alakija an honorary doctorate.[28][29]
Chancellor of Osun State University (2016 – 2026)
Folorunso Alakija served as Chancellor of Osun State University (UNIOSUN) from 2016 to 2026, following her appointment by the Osun State Government.[30][31]
She was reappointed in 2021 for a second five-year term after completing her initial tenure, in line with the university’s statutory provisions for the office of Chancellor.[32][33]
During her tenure, she served as the ceremonial head of the university and presided over convocation ceremonies and official academic events, as required of chancellors in Nigerian public universities.[34]
Her tenure ended on 18 March 2026 after completing two terms in office. The Osun State Government and university authorities publicly acknowledged her contributions to the institution’s development during her decade-long service.[35][36]
She was succeeded as Chancellor of Osun State University by entrepreneur Victoria Adunola Samson in May 2026, following an announcement by the Osun State Government.[37][38][39]
Wealth and Influence
Folorunso Alakija has been consistently ranked among Africa’s wealthiest women by Forbes, with her net worth largely derived from her stake in Famfa Oil, which holds a significant interest in the Agbami offshore oil field operated in partnership with international oil companies such as Chevron.[40]
Her wealth has been estimated at around US$1 billion in various Forbes rankings, although her position among global billionaires has fluctuated in recent years due to changes in oil prices and valuation of upstream assets in Nigeria’s petroleum sector.[41]
In 2014, Forbes ranked her among the 100 most powerful women in the world, placing her as one of the highest-ranked African women on the list at the time.[42]
Alakija’s wealth has also been widely reported in Nigerian and international media, particularly in relation to her business holdings in oil, real estate, printing, and fashion through the Rose of Sharon Group and affiliated companies.[43]
Beyond her business interests, she has used her wealth for large-scale philanthropic activities through the Rose of Sharon Foundation, which provides scholarships, business grants, and support for widows and orphans across Nigeria. The foundation has been reported to have reached thousands of beneficiaries since its establishment in 2008.[44]
In addition, she has funded educational and vocational initiatives, including the donation of a skills acquisition centre to Yaba College of Technology in Lagos, designed to support training in technical and entrepreneurial skills.[45]
In 2025, she funded and donated the Modupe and Folorunsho Alakija Medical Research and Training Hospital to Osun State University, a large teaching hospital project aimed at improving medical education and healthcare delivery in Nigeria.[46]
Philanthropy
Alakija established the Rose of Sharon Foundation, which provides scholarships and business grants to widows and orphans[47]
She donated a skills acquisition center to Yaba College of Technology (Yabatech), a higher educational institution located in Lagos.[48][49][50]
In 2025, Alakija funded and donated the Modupe and Folorunso Alakija Medical Research and Training Hospital to Osun State University, a 250-bed teaching hospital reportedly valued at ₦34 billion.[51]
The facility comprises 20 clinical departments, five non-clinical departments, and a community health unit. It also provides maternity and neonatal care services, research and diagnostic laboratories, and four operating theatres. Its diagnostic services include imaging facilities such as CT scan, MRI, ultrasound, and X-ray, as well as radiotherapy suites. In addition, the hospital has 16 intensive care units, an ophthalmology unit, and several other specialized units aimed at supporting healthcare delivery and research activities.[52]
Personal life
Alakija married Modupe Alakija in November 1976.[53] They reside in Lagos, Nigeria, with their four sons.[54] In June 2017, their son, Folarin Alakija, married Iranian model Nazanin Jafarian Ghaissarifar.[55]
References
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- ^ Iyengar, Rishi (30 December 2014). "Here's She is the World's Richest Black woman in the world". Time. Archived from the original on 3 May 2018. Retrieved 30 December 2014.
- ^ a b "Folorunso Alakija". africa.harvard.edu. Retrieved 20 May 2021.
- ^ "Folorunso Alakija". Folorunsho Alakija. Archived from the original on 27 April 2021. Retrieved 27 April 2021.
- ^ "Folorunsho Alakija: From a Middle Class Home to becoming Nigeria's richest woman". Nairametrics.com. 17 September 2021. Retrieved 17 September 2024.
- ^ "FOLORUNSHO ALAKIJA - A Pathway For Very Female Entrepreneur". Alamin Abdulhadi. 22 February 2021. Retrieved 24 April 2024.
- ^ "Covenant I made with God at age 40 — Folorunso's Alakija". The Punch. 18 July 2021. Retrieved 20 January 2023.
- ^ Sadiq, Mobola (18 July 2021). "Covenant I made with God at age 40 — Folorunsho Alakija". The Punch. Retrieved 10 February 2024.
- ^ "How Africa's second richest woman gained her fortune". CNBC Africa. 18 September 2016. Retrieved 16 June 2026.
- ^ "Alakija @70: The making of a philanthropist". The Guardian Nigeria. 15 July 2021. Retrieved 16 June 2026.
- ^ "Folorunsho Alakija biography". BlackPast. Retrieved 16 June 2026.
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- ^ "Folorunso Alakija: From fashion to oil billionaire". BBC News (profile references). Retrieved 16 June 2026.
- ^ "Business – Alakija". Archived from the original on 27 April 2021. Retrieved 31 August 2023.
- ^ "Folorunsho Alakija Biography - Biopreneur Nigeria". Retrieved 31 August 2023.
- ^ Folorunsho, Alakija. "Success in the Fashion World". folorunshoalakija. Folorunsho Alakija. Archived from the original on 27 April 2021. Retrieved 27 April 2021.
- ^ Falode, Kehinde (17 September 2011). "Fashion icon, Folorunso Alakija at 62". The Nation. Lagos, Nigeria. Retrieved 20 June 2013.[permanent dead link]
- ^ "Folorunsho Alakija". Forbes. November 2012. Retrieved 19 December 2012.
- ^ Wilson, Julee (5 December 2012). "Richest Black Woman in the World, Folorunso Alakija, Was A Major Fashion Designer in Africa". The Huffington Post.
- ^ Gabriel, Gift (24 June 2012). "I moved out of the crowd to get it right – Mrs Alakija". Vanguard. Nigeria.
- ^ "The Richest Black Woman in the World, Folorunsho Alakija". Ventures Africa. Lagos. 29 November 2012. Archived from the original on 16 April 2015. Retrieved 25 July 2013.
- ^ "Folorunso Alakija richest black woman on earth". P.M. News. Lagos, Nigeria. 25 December 2012.
- ^ "Agbami Oilfield, Nigeria". offshore technology.com. Nigeria.
- ^ "How Africa's second richest woman gained her fortune - CNBC Africa". CNBC Africa. 17 September 2016. Archived from the original on 4 August 2018. Retrieved 3 August 2018.
- ^ "5 Lessons Folorunsho Alakija Could Teach Christian Entrepreneurs - Tithehacker.org". Tithehacker.org. 29 July 2018. Archived from the original on 4 August 2018. Retrieved 3 August 2018.
- ^ "Folorunsho Alakija: Nigerian businesswoman, oil baroness Folorunsho Alakija Profile". BBC News Pidgin. Retrieved 19 November 2024.
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- ^ "BIU Confers Jedy-Agba With Doctorate Degree In Public Admin". Retrieved 19 November 2024.
- ^ Nigeria, Guardian (15 November 2022). "Varsity awards Alakija honorary doctorate degree". The Guardian. Lagos, Nigeria. Retrieved 19 November 2024.
- ^ "Osun appoints billionaire oil baron Folorunsho Alakija Chancellor of Osun State University". Osun State Government. Retrieved 16 June 2026.
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- ^ Ellis, Jessica (16 February 2012). "Nigerian billionaire takes on cause of 'mistreated widows'". CNN.
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