Folorunsho Alakija is a Nigerian billionaire businesswoman and philanthropist making waves in the fashion, oil, real estate, and printing industries! She's the Group Managing Director of The Rose of Sharon Group, which includes The Rose of Sharon Prints & Promotions Limited and Digital Reality Prints Limited. She also serves as the executive vice-chairman of Famfa Oil Limited.
With An Estimated Net Worth Of $1 billion As Of 2020, Alakija Is Not Only The Richest Woman in Nigeria But Also Ranks Among The World's Most Powerful Women.
According to Forbes, in 2015, she was listed as the second most powerful woman in Africa after Ngozi Okonjo-Iweala and the 87th most powerful woman globally.
The Odyssey of Alakija From Banking to Fashion and Promoting Nigerian Culture
Born into an upper-middle-class family, her father was Chief L. A. Ogbara of Ikorodu, Lagos State, and he had 8 wives and 52 children, and Folorunso's mother was the first. Alakija had a cosmopolitan upbringing, starting her primary education in the UK and continuing her studies in Nigeria and England. After a successful career in the banking sector, Alakija decided to pursue her passion for fashion and started Supreme Stitches, which was later renamed "The Rose Of Sharon House of Fashion" ; she's also the executive vice-chairman of Famfa Oil Limited. Today, she's not only the national president and lifelong trustee of the Fashion Designers Association of Nigeria (FADAN), but she's also leaving a lasting impact on the fashion world by promoting Nigerian culture through her designs.
But Alakija's journey to success wasn't without challenges. In 1993, she applied for an oil prospecting license and, after striking oil, the Nigerian government claimed a 40% stake. Alakija fought back and won, securing her place as a force to be reckoned with.
Famfa Oil Limited is currently one of the largest indigenous owned exporters of crude oil in Nigeria. Famfa Oil Limited is committed to developing one of the deepest and largest offshore discoveries in the gulf.
Alakija's Mission to Give Back Through the Rose of Sharon Foundation and Beyond
When she's not running her business empire, Alakija gives back to her community through the Rose of Sharon Foundation, which provides scholarships and business grants to widows and orphans. She's also donated a skills acquisition center to Yaba College of Technology in Lagos, further proving her commitment to nurturing and empowering those around her.
In recognition of her contributions to the business world, Alakija was awarded an honorary Doctorate Degree in Business Administration from Benson Idahosa University in 2021.
The Power of Perseverance
Folorunsho Alakija is a true inspiration and a testament to the power of hard work, determination, and a never-give-up attitude.