Born in 1951 in Lagos, Nigeria, Alakija started her career in fashion and banking. Alakija ventured into entrepreneurship with a keen eye for innovation and an unwavering belief in her potential. She launched Supreme Stitches, a fashion label that quickly became one of Nigeria’s most prestigious brands, and her designs were sought after by Nigeria’s elite. As she gained prominence, Alakija set her sights on even larger ambitions, ultimately leading her into Nigeria’s burgeoning oil sector, a field dominated by men and often inaccessible to women. Today, she is celebrated as one of the most influential figures in Nigeria’s energy industry.
She initially attended Muslim High School. At seven, she moved to the United Kingdom for further education, attending primary school in Wales and later enrolling in Pitman’s Central College in London. She pursued secretarial studies before further honing her skills in fashion design at the Central School of Fashion in London. Her education abroad significantly broadened her worldview, and she returned to Nigeria eager to make her mark.
On her return, Alakija’s career began in the banking sector, where she worked as an executive secretary at Sijuade Enterprises and later at the First National Bank of Chicago, gaining valuable corporate experience. Driven by a passion for fashion, she left banking to establish her own company, Supreme Stitches, in the 1980s. Supreme Stitches became highly successful, catering to Nigeria’s elite and earning her a national reputation.
Her work in fashion went beyond mere design; she aimed to elevate African styles, showcasing the beauty of indigenous Nigerian fashion. This set the stage for her reputation as an innovative and influential entrepreneur, helping to fund and launch future ventures, including her entry into the oil industry.
In 1993, Alakija made a move that would define her career: she applied for an oil prospecting license, which was granted to her company, Famfa Limited, for a 617,000-acre block. This decision wasn’t made lightly; entering the oil industry required tremendous grit, especially for a woman in a male-dominated industry. However, Alakija’s determination led her to succeed, and she later partnered with Texaco, now Chevron, to develop the block.
This decision didnt come on a platter of gold. Alakija faced challenges, including legal battles to secure her stake, as the government sought to reclaim a portion of her oil block. After a long, gruelling legal struggle, she emerged victorious, gaining 60% ownership of the block, which has made her one of the wealthiest women in Africa. Famfa Oil became a key player in Nigeria’s oil industry, cementing her legacy in a sector that many women could not traditionally access.
Beyond business, Alakija is known for her philanthropic efforts through the Rose of Sharon Foundation, which supports widows and orphans by providing them with essential services and support. Her faith is central to her life; she is vocal about her Christian beliefs, which guide her work in philanthropy and business. Through her foundation, she has made a lasting impact on thousands of lives, reinforcing her role as a leader not just in business but in society.
Alakija’s influence extends beyond Nigeria. She has been recognised internationally, inspiring women across Africa and the world to challenge barriers. Her story exemplifies the power of resilience and ambition, demonstrating how one woman can break through numerous obstacles to make an impact on a global scale.
Today, Folorunsho Alakija’s net worth is estimated in billions, primarily from her oil interests. She is currently the group managing director of The Rose of Sharon Group and also serves as executive vice chairman of Famfa Oil Limited. Famfa Oil’s assets have contributed significantly to Nigeria’s economy, and Alakija remains one of the wealthiest self-made women globally.
