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Folorunsho Alakija (FAMFA Oil)


Encyclopedia » Biography » Entreprenuers
Nigeria

Introducing one of the most influential women in Africa and Nigeria.

Welcome to Logbaby's Biography of Folorunsho Alakija.

 


SUMMARY

Name: Folorunsho Alakija 

Chosen or Nickname: Folorunsho Alakija 

Date of Birth: July 15th, 1951

Relationship Status: Married with 4 children

Occupation: Business woman

Net Worth: $2.83 Billion 


INTRODUCTION

Folorunsho Alakija is a Nigerian businesswoman rated as the second richest African business woman, the richest woman in Nigeria, the third richest woman of African descent, second most powerful woman in Africa and the 87th most powerful woman in the world by Forbes. She is a Business Guru prominent in the fashion, printing and oil industries.

EARLY LIFE AND EDUCATION

Folorunsho was born in 1951 to Chief L.A. Ogbara in Ikorodu, Lagos State. Her father had 8 wives and 52 children in his lifetime. She was the second child of her mother who was the first wife and a fabric merchant, she used to help her mother and through that she learnt a lot.

                        Folorunsho and Step sister

Her step sister Doyin being the daughter of a favored wife was to be sent to study abroad but in order for her not to be home sick it was decided that Folorunsho goes with her. They attended Dinorben School for Girls Hafodunos Hall in Llangernyw Wales. They were the only black girls in the school and because their fellow mates couldn't pronounce their names, they coined their names - Flo for Folorunsho and Doyle for Doyin. They were in the school for 4 years, and at age 11 she and Doyle moved back to Nigeria because their parents did not want them to lose their African Heritage. 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.

BUSINESS BEGINS

In 1974 she started her career as an executive secretary at Sijuade Enterprises, Lagos, Nigeria before moving on to the former First National Bank of Chicago, formally FinBank now acquired by FCMB (First City Monument Bank) where she worked for some years before establishing a tailoring company called Supreme Stitches at a 3-Bedroom apartment in Surulere, Lagos. A year after establishing the company, she emerged as the best designer in the country in 1986. It rose to prominence and fame within a few years, and as Rose of Sharon House of Fashion, became a household name. 

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 Petro bras, a Brazilian company.

 

HER CAREER

She is the Director of FAMFA Oil and Managing Director of the Alakija Group of Companies.

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.

On 1 July 2013, she was appointed vice-chairman of National Heritage Council and Endowment for the Arts by the federal government of Nigeria. She serves as the Chief Matron of Africa's Young Entrepreneurs.

On 9th March, 2016 she became the first female Chancellor of Osun State University renamed Bola- Ige University, Nigeria.

PHILANTHROPIC WORKS

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.  She also founded the Folorunsho Alakija Scholarship Scheme (FASS) which has consistently aided quite a number of indigent Nigerians who cannot afford good and quality education. She is a fervent supporter of education in Nigeria; in 2014 she donated a substantial amount of money to Ibrahim Badamasi Babangida University Lapai, the Niger State University which was used to complete the construction of a 350 Seat Lecture Theater named after her.

AWARDS

Year Award
2015 Giovanna Magazine Woman of the year

 

PERSONAL LIFE

In November 1976 Folorunsho married a lawyer, Modupe Alakija. They reside in Lagos, Nigeria with their four sons and grandchildren.

 

She is an aunt to the famous British-Nigerian DJ, “DJ Xclusive”.

Folorunsho also has a jet, a jet she bought few years ago.

 

 

 

Article Credit: Kenechukwu Edeh

Updated 10 Months ago
 

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Tags:     Folorunsho Alakija     Biography     Nigerian Business woman     Managing Director FAMFA Oil.

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