Folorunso Alakija Net Worth and Biography

Folorunso Alakija is a Nigerian businesswoman, philanthropist, and one of the richest women in Africa with a net worth of $1billion as at 2020. She was born on July 15, 1951, in Ikorodu, Lagos State, Nigeria. Alakija’s journey to success is a testament to her entrepreneurial spirit, determination, and resilience.

Folorunso Alakija started her career in the mid-1970s as a secretary at the International Merchant Bank of Nigeria. However, her passion for fashion led her to establish a high-end fashion label called Supreme Stitches. The company gained popularity among Nigeria’s elite, including prominent individuals and politicians.

In the early 1990s, Alakija made a significant move that would change her life forever. She applied for an allocation of an oil prospecting license (OPL) from the Nigerian government. Her request was granted, and she became the founder and executive vice chairman of Famfa Oil Limited, a Nigerian oil exploration company.

Famfa Oil Limited’s OPL 216 block, located in the prolific Niger Delta region, turned out to be highly lucrative. The company’s oil fields contained significant reserves, leading to substantial wealth for Alakija. This success made her one of the wealthiest women in Africa, with a net worth in the billions.

Beyond her entrepreneurial endeavors, Folorunso Alakija is also known for her philanthropy. She is the founder of the Rose of Sharon Foundation, a non-governmental organization that supports widows and orphans in Nigeria. The foundation provides scholarships, skill acquisition programs, and financial empowerment to those in need.

In recognition of her achievements and contributions, Alakija has received numerous awards and honors. She has been named one of Forbes’ “100 Most Powerful Women in the World” and “Africa’s Richest Woman.” Additionally, she serves as a board member and trustee for various organizations, including the National Heritage Council and the Nigerian Sovereign Investment Authority.

Folorunso Alakija’s story is an inspiration to aspiring entrepreneurs, particularly women, as she defied societal norms and broke barriers in male-dominated industries. Through her business success and philanthropy, she continues to make a significant impact in Nigeria and beyond.

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