Folorunsho Alakija Net Worth: Inside the Billion-Dollar Empire of Nigeria’s Most Powerful Businesswoman

Folorunsho Alakija, one of the wealthiest women in Africa, has an estimated net worth of $1 billion. Her fortune stems from a diverse portfolio of successful ventures spanning oil, fashion, printing, and real estate. As the Executive Vice Chairman of Famfa Oil Limited and the Group Managing Director of the Rose of Sharon Group, Alakija has earned her place among the world’s most influential business figures.

Folorunsho Alakija Net Worth: $1 Billion
Date of Birth: July 15, 1951
Place of Birth: Ikorodu, Lagos State

Table of Contents

Early Life

Folorunsho Alakija was born on July 15, 1951, in Ikorodu, Lagos State. Raised in an affluent family, she was sent to Wales, UK, at the age of seven, where she attended Dinorben School for Girls. After returning briefly to Nigeria for high school, she went back to the UK to study secretarial science at Pitman’s Central College, London.

A Billion-Dollar Oil Deal

Alakija’s journey to billionaire status took a groundbreaking turn in the early 1990s. In 1993, she applied for an oil prospecting license through her company, Famfa Oil. She was awarded a 617,000-acre oil block located offshore in Nigeria’s Niger Delta region—later discovered to contain more than 1 billion barrels of oil.

She partnered with Star Deep Water Petroleum Limited, a subsidiary of Texaco, and Brazilian oil giant Petrobras, who provided the technical expertise. Alakija maintained a 60% stake in the operation, a position that would later be challenged by the Nigerian government.

When authorities attempted to reclaim a majority share of the oil block, Alakija fought back with unwavering resolve. The legal battle lasted 12 years, eventually reaching the Supreme Court of Nigeria, which ruled in her favor. The landmark decision preserved her controlling stake in one of Nigeria’s most valuable oil assets, cementing her financial legacy.

Career in Banking and Fashion

Alakija began her professional career in 1974 as an executive secretary at Sijuade Enterprises in Lagos. She later held positions at First National Bank of Chicago and the International Merchant Bank of Nigeria, where she rose through the ranks.

After 12 years in banking, Alakija pursued her passion for fashion. She trained at the American College in London and the Central School of Fashion before founding her own clothing label, Supreme Stitches—later rebranded as Rose of Sharon House of Fashion. Her excellence in design earned her the position of National President and Trustee of the Fashion Designers Association of Nigeria (FADAN).

Real Estate

In addition to her work in fashion and oil, Alakija holds significant interests in real estate development and printing. She has a majority stake in DaySpring Property Development Company and remains a key player in Nigeria’s luxury property sector.

Philanthropy

Alakija’s wealth has also fueled her passion for giving back. Through the Rose of Sharon Foundation, she provides scholarships and business grants to widows and orphans. She has also donated a skills acquisition center to Yaba College of Technology in Lagos, empowering young Nigerians with vocational training opportunities.

Awards

Alakija’s achievements have earned her both national and international acclaim. In 2015, she was ranked the second most powerful woman in Africa by Forbes, trailing only economist Ngozi Okonjo-Iweala. In 2020, she was listed as Nigeria’s richest woman, and in 2021, she received an honorary doctorate in Business Administration from Benson Idahosa University.

Personal Life

Folorunsho Alakija married Modupe Alakija, a prominent lawyer, in 1976. The couple has four sons and lives in Lagos, Nigeria. She is also the aunt of renowned Nigerian DJ and music producer DJ Xclusive.