Folorunsho Alakija (born July 15, 1951) is a prominent Nigerian businesswoman and philanthropist known for her significant wealth and influence, particularly in the oil industry. She is currently the group managing director of The Rose of Sharon Group and also serves as executive vice chairman of Famfa Oil Limited. She is married to Modupe Alakija (m. 1976) in a marriage blessed with 4 children.
Folorunsho Alakija is a household name in Nigeria today. But beyond the success we see, there is a story of determination, hard work and persistence.
Alakija is worth a whooping sum of $1.73 billion according to Forbes, making her the fourth richest person in Nigeria and second richest woman in Africa behind Isabel dos Santos.
In this article, we will explore the success story of Mrs. Folorunsho Alakija, noting the worthy lessons attached to her story.
Key Takeaways
- Folorunsho Alakija is a household name in Nigeria today. But beyond the success we see, there is a story of determination, hard work and persistence.
- Partnering with international oil giants, Alakija’s company, Famfa Oil, struck a significant oil discovery in the Agbami Oilfield, offshore Nigeria.
- Folorunsho Alakija’s success story is particularly inspiring for women. In a male-dominated industry like oil, she has broken barriers and paved the way for other women to achieve their dreams.
Table of Contents
From Fashion to Fortune
Mrs. Alakija started her 12-year banking career in 1974 as an executive secretary at Sijuade Enterprises in Lagos, Nigeria.
She moved to the former First National Bank of Chicago as the Executive Secretary to the Managing Director where she became the Head of the Corporate Affairs Department of the International Merchant Bank of Nigeria, and then the Office Assistant to the Treasury Department later on.
She went on to study fashion design at the American College in London and the Central School of Fashion and started a fashion label called Supreme Stitches, renamed in 1996 as The Rose of Sharon House of Fashion.
She was the president and lifelong trustee of the Fashion Designers Association of Nigeria (FADAN).
Folorunsho Alakija is a name synonymous with success and philanthropy in Nigeria today.
Her journey from a fashion designer to one of the world’s richest women is a testament to her determination, business acumen, and a touch of luck. Alakija’s entrepreneurial spirit was evident early on.
She started her career in the fashion industry, running a successful fashion label. However, her life took a dramatic turn when she ventured into the oil sector. With a stroke of luck, she secured a lucrative oil exploration license in Nigeria.
Famfa Oil: A Family Legacy
In 1993, Folorunsho Alakija applied for and was granted an oil prospecting license (OPL) for a vast offshore block in Nigeria. This block, known as the Agbami Field, was located approximately 100 kilometers from the Nigerian coastline.
Alakija’s company, Famfa Limited, held the exclusive rights to explore for oil within this area. However, realizing the scale and complexity of the project, Alakija entered into a joint venture agreement with Star Deep Water Petroleum Limited in 1996.
Under this agreement, Star Deep acquired a 40% stake in the venture. Together, Famfa and Star Deep embarked on a challenging exploration campaign. Their efforts were rewarded with a significant oil discovery in the Agbami Field. This discovery marked a turning point for both companies and for Nigeria’s oil industry.
However, the success of the project also attracted the attention of the Nigerian government. The government claimed a 40% stake in the venture, citing its ownership of the mineral resources. Furthermore, they imposed an additional 10% royalty on the oil production.
The government’s actions were likely motivated by a desire to secure a larger share of the lucrative oil revenues. They may have also been concerned that Alakija might challenge their claim to the oil block, given her strong legal and financial resources.
Folorunsho Alakija’s legal battle with the Nigerian government over the Agbami Oil Field was a long and arduous process. While she did not “win” in the traditional sense of completely overturning the government’s decision, she achieved a significant compromise.
Alakija and her team fought the government’s decision in court, arguing that the initial allocation of the oil block was legal and that the government’s subsequent claim of ownership was unjustified. In addition to legal proceedings, Alakija engaged in negotiations with the government to find a mutually acceptable solution.
Ultimately, a compromise was reached. While the government maintained a significant stake in the Agbami Oil Field, Alakija was able to retain a substantial ownership interest. The exact terms of the settlement are not publicly disclosed.
Today, Famfa Oil has not only been a source of financial success but has also contributed to Nigeria’s economic development. The company has been instrumental in generating revenue for the government and creating jobs for Nigerians.
Philanthropy and Social Impact
Beyond her business endeavors, Alakija is a passionate philanthropist. She founded the Rose of Sharon Foundation, which focuses on various charitable causes, including education, health, and youth development. The foundation has implemented numerous projects to improve the lives of Nigerians, particularly in underserved communities. Alakija’s philanthropic work has earned her widespread recognition and admiration.
Her commitment to giving back to society has made her a role model for many aspiring entrepreneurs and philanthropists.
A Trailblazer for Women
Her journey is a testament to the fact that with determination, talent, and hard work, women can excel in any field. As one of the wealthiest women in Africa, Alakija’s influence extends far beyond Nigeria.
She is a global figure who continues to inspire and empower people around the world. Her legacy as a successful businesswoman and philanthropist will undoubtedly endure for generations.
6 Vital lessons from the life of Folorunsho Alakija you need to note
According to Alakija, these lessons played a vital role in her success story and will do same for anyone else who applies them.
Take challenges, go the extra mile
If it’s not challenging you, you’re probably not making progress. Don’t be afraid to take risks. Don’t be scared of going one extra mile. You’re never going to stand out if you continue doing things the way others do it. What makes you stand out are the things you do differently. Go an extra mile no matter how difficult it is.
Be determined to succeed as there is always a way where there seems to be no way. Only the persistent and diligent find it.
There are times when you’ll want to give up, when you’ll feel like you can’t go on. You’ll want to quit. If we quit each time we run into difficulties we wouldn’t be able to rise above our peers. Be persistent. Be diligent. If you run into walls, look harder, you’re bound to find some cracks in those walls.
Enjoy what you do because it’s the passion that will keep you going
If you can’t find pleasure in what you do the chances of longevity in that business are next to zero. You may not have the wherewithal to do what you love but it’s entirely up to you to decide to love what you do. Let passion become your drive and you’ll scale heights you thought to be impossible.
Time is money
Until you place value on your time you won’t be able to achieve much. Time management is one of the most important tools to success there is. Learn to put your time to good use. Avoid time-wasters at all costs.
Find mentors for practical guidance in your chosen career
The role of mentors should not be undermined. No matter how book-smart or business-savvy you are, we all need that one person to steer us in the right direction. We need someone to show us the path when we step out of line (which we’ll find ourselves doing from time to time). Get someone who is knowledgeable in your chosen field or career; someone influential that you can trust and who is worthy of emulation.
Always remember that anything worth doing is worth doing well
Whatever is worth an effort should be worth going all out for. If you’ve made up your mind to do something then do it the right way and with determination. Don’t take the shortcuts because they almost never end well. Be focused and put your 100% into what you’ve started.
Conclusion
She started as a mere secretary but today, she controlls billions of Naira. Partnering with international oil giants, Alakija’s company, Famfa Oil, struck a significant oil discovery in the Agbami Oilfield, offshore Nigeria. This discovery propelled her to immense wealth and solidified her position as a major player in the global oil industry.
FAQs
How old is Folorunsho Alakija
Alakija was born 15th July, 1951, making her 73 years old as at 2024.
What is the name of Folorunsho Alakija’s foundation?
Folorunsho Alakija’s foundation is called the Rose of Sharon foundation. It is located in Surulele, Lagos, Nigeria.
References
- Folorunsho Alakija , background and family life
- Success nuggets from Folorunsho Alakija
- Africa’s second richest woman
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