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Folorunsho Alakija is a Nigerian billionaire businesswoman and philanthropist.

She is involved in the fashion, oil, real estate, and printing industries. Folorunsho Alakija is ranked by Forbes as the richest woman in Nigeria with an estimated net worth of $1 billion as of 2020. Alakija started her career in 1974 as an executive secretary at Sijuade Enterprises, Lagos, Nigeria shortly after completing a Secretarial Course at Pitman’s Central College London.

She moved to the former First National Bank of Chicago, which later became FinBank now acquired by FCMB (First City Monument Bank) as the Executive Secretary to the managing director. She became the new Head of the Corporate Affairs Department of the International Merchant Bank of Nigeria (formerly First National Bank of Chicago) and later became the Office Assistant to the Treasury Department.

Shortly after her career in the banking world which lasted for 12 years, Alakija took up a new challenge that was driven by her passion for Fashion to study fashion design at The American College in London and the Central School of Fashion. After returning to Nigeria, she started her first fashion label, Supreme Stitches, which was later renamed The Rose Of Sharon House of Fashion in 1996. Within a few years, as Rose of Sharon House of Fashion, it became a household name. As national president and lifelong trustee of the Fashion Designers Association of Nigeria (FADAN), she left an indelible mark, promoting Nigerian culture through fashion and style.

In May 1993, Alakija applied for the allocation of an oil prospecting license (OPL). The license to explore for oil on a 617,000-acre block—now referred to as OPL 216—was granted to Alakija’s company, Famfa Limited. The block is approximately 350 kilometers (220 miles) southeast of Lagos and 110 kilometers (70 miles) offshore of Nigeria in the Agbami Field of the central Niger Delta. In September 1996, Alakija entered into a joint venture agreement with Star Deep Water Petroleum Limited (a wholly owned subsidiary of Texaco) and was appointed as a technical adviser.

After they struck oil, the Nigerian government claimed a 40% stake, followed by an additional 10%. The government’s argument was if Alakija and family were allowed to keep their bloc, they stood to make $10 million a day. Alakija disputed this claim and won.

Recognition

As of 2014, Alakija is listed as the 96th most powerful woman in the world by Forbes. In May 2015, two Nigerian women, Finance Minister Ngozi okonjo-Iweala and Alakija were listed among the world’s 100 most powerful women according to Forbes. She was 86th on the list. Alakija is #20 in 2020 Africa’s Billionaires list Dropped off in 2021, #1941 Billionaires 2019 Dropped off in 2020, and #80 Power Women 2016 Dropped off in 2017. On 17 July 2021, Benson Idahosa University, Benin City gave her an honorary Doctorate Degree in Business Administration. This was in recognition of her contribution to the business world.

 

 

Photo by Microsoft 365 on Unsplash