Folorunso Alakija is a name that resonates with many Nigerians and beyond.
She is known for her immense wealth, entrepreneurial success, and deep commitment to philanthropy.
From her rise as an oil mogul to her influential role in charity and faith, she remains one of Africa’s most powerful women.
Here are five key things to know about Folorunso Alakija.
1. She Is One Of Africa’s Wealthiest Women
Folorunso Alakija has consistently been ranked among the richest women in Africa.
As of 2020, Forbes estimated her net worth at $1 billion.
This makes her one of the few African women to reach billionaire status in dollars.
Also, she has appeared multiple times on Forbes’ list of Africa’s richest people.
Her wealth comes primarily from the oil and gas industry, where she holds a significant stake in OML 127, a lucrative oil block in Nigeria’s Agbami deep-water oilfield.
2. She Built A Fortune Through Famfa Oil
Folorunso Alakija’s journey to wealth was largely driven by her oil exploration company, Famfa Oil.
She was granted an oil prospecting license in 1993, which later led to the discovery of a massive crude oil reserve in Nigeria’s offshore oilfields.
However, her success did not come without challenges.
The Nigerian government initially took away 40% of her stake in OML 127, and she fought a legal battle that lasted 12 years before reclaiming her full rights.
This victory cemented her legacy as one of the most influential figures in the oil sector.
3. She Started In Fashion Before Entering The Oil Industry
Before becoming an oil magnate, Folorunso Alakija was a fashion entrepreneur.
Also, she studied fashion design in the UK and launched her brand, Supreme Stitches, in 1986.
Her label quickly gained recognition.
Also, she dresses some of Nigeria’s most elite women, including former First Lady Maryam Babangida.
Her background in fashion played a key role in her early business success.
However, she later pivoted into oil and gas, where she made her fortune.
4. She Is Deeply Religious
Faith plays a significant role in Folorunso Alakija’s life.
Also, she is a devout Christian and the founder of Rose of Sharon Glorious Ministry International.
This is a church she established after starting a small fellowship in her home in 2004.
Her commitment to faith led her to be ordained as an Apostle on her 69th birthday, further solidifying her influence in religious circles.
5. She Is A Passionate Philanthropist
Beyond business and faith, Folorunso Alakija is known for her philanthropy.
Through the Rose of Sharon Foundation, she provides financial support, scholarships, and mentorship to widows and orphans.
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Her goal is to empower the less privileged, ensuring they have access to education and opportunities.
Additionally, she has donated millions to various charitable causes, reinforcing her belief in giving back to society.
