It’s nearly impossible to talk about the top richest and powerful women in Nigeria, and even Africa at large and miss the name- Folorunsho Alakija. The iconic business magnate made her fortune from oil, fashion and printing. Her story isn’t one of overnight success, but of hard work and determination. Her business prowess and line of successful businesses have made her a billionaire. Folorunsho Alakija is a wealthy woman, and a woman of status who enjoys the best of cars and all pleasant things life has to offer. Find out more about Folorunsho Alakija, her biography, cars, houses and net worth in this article brought to you by carmart.ng.
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Folorunsho Alakija Profile
| Name | Folorunsho Alakija |
| Date of birth | 15th July 1951 |
| Place of birth | Ikorodu, Lagos State, Nigeria. |
| Nationality | Nigerian |
| Occupation | Businessman, oil business, printing |
| Title | Managing director, Rose of Sharon Group Vice chairman, Famfa Oil |
| Net worth | $1 billion |
Folorunsho Alakija Biography And Education
The 70-year old Folorunsho Alakija is referred to as the richest woman in Nigeria and one of the richest women in Africa. Folorunsho Alakija is not only a prolific businesswoman involved in the fashion, printing, real estate and oil industries but also a philanthropist.
Folorunsho Alakija was born on 15th July 1951, to the family of Chief L.A Ogbara in Ikorodu, Lagos State. She was the 8th in a family of 52. Her primary school education at the age of 7 was at Dinorben School for Girls in Hafodunos Hall in Llangernyw, Wales. After her four year education, she returned to Nigeria to attend Muslim High School, Ogun state. At age 17, Folorunsho Alakija had her secretarial studies at Pitman’s Central College, London. At London, she also dived into learning fashion design at the American College, London.
Folorunsho Alakija Career
Folorunsho Alakija’s first job was at Sijuade Enterprises, Lagos Nigeria, where she worked as an executive secretary in 1974. She also worked at the First National Bank of Chicago. Folorunsho Alakija’s first personal business is fashion affiliated, which she named Supreme Stitches. Supreme Stitches met the fashion demand and style of wealthy women in Nigeria. She had the wife of General Ibrahim Babangida as one of her customers. The business quickly rose to prominence. Folorunsho Alakija’s taste in fashion keeps promoting Nigerian fashion and style; hence, she is the National President and lifelong trustee of the Fashion Designers Association of Nigeria (FADAN).
She applied for the oil prospecting License in May 1993 which was granted to her by the Nigerian Government to explore for oil on a 617,000-acre block—now referred to as OPL 216—was granted to Alakija’s company, Famfa Oil Limited. The oil Bloc is located in the Agbami Field of the central Niger Delta.
Three years later, she entered a joint venture agreement with Star Deep Water Petroleum Limited (a wholly-owned subsidiary of Texaco). She went on to appoint Star Deep Water as technical adviser for the exploration of her license and transferred 40% of her 100% stake to the company. FamFa Oil Limited partners with Chevron and Petrobas. Folorunsho Alakija entered into a long term court battle with the Nigerian government after they snatched a total of 50% stake once the news went viral that they had struck oil on her oil bloc. Though the battle was long and heated, in the end, Folorunsho Alakija won and she got her stakes back.
She is the first female appointed to the position of Chancellor in Nigeria, in 2016. She is the Group Managing Director of The Rose of Sharon Group which consists of The Rose of Sharon Prints & Promotions Limited, Digital Reality Prints Limited and the executive vice-chairman of Famfa Oil Limited.
Folorunsho Alakija Husband
Furthermore, Folorunsho Alakija is married to Modupe Alakija, a lawyer in 1976. The union is blessed with four male children.
Folorunsho Alakija Philanthropic Acts
In addition, Folorunsho Alakija has a deep interest in education. Her philanthropic acts extend to providing scholarships for which many Nigerian students are beneficiaries. Her company is a major sponsor of the reliable Agbami Medical and Engineering Scholarship Scheme.
She also has a foundation called The Rose of Sharon Foundation, which helps widows and orphans in giving business grants and scholarships. She has also donated a skills acquisition centre to the Yaba College of Technology.
Folorunsho Alakija has attributed her success to the help of God, saying” I am not an overnight success. I have had to make sacrifices like everyone else, faced challenges but never given up. I have not compromised myself, my values or my faith.”
Folorunsho Alakija Net Worth
Her net worth is estimated to be a little below $1 billion. She dropped off the billionaire Forbes list due to lower oil prices.
Folorunsho Alakija Cars
Although she is a wealthy woman, Folorunsho Alakija does not flaunt her cars on social media. In fact, she doesn’t even have a flair for fancy cars like many celebrities do. The wealthy businesswoman enjoys classic, modest rides for her business meetings and small travels. She also appears to be a fan of Mercedes Benz.
Mercedes Benz S-Class
She and her husband, Modupe Alakija, own two customized Mercedes Benz, believed to be of the S-class. She owns a black Mercedes Benz plated with the initials of her name, FLO and the brown and reddish Mercedez with the plate “MODU” is for her husband.
Her Mercedes Benz S-class is classic and the interior is made from state of the art materials. Made with the latest technologies, the Magic Body Control in her Mercedes Benz S-class is just the perfect luxury car to drive comfortably through rocky terrains in Nigeria.
Mercedes Benz G-Wagon
It is reported that Folorunsho Alakija makes nothing less than 160 million NGN a day, especially from her oil business. A woman with such money can splash any amount on cars without breaking a sweat. As an act of goodwill and pleasure, the richest woman in Nigeria decided to splash over 100 million NGN in total to buy four identical Mercedes Benz G-Wagons for her four sons. The G-Wagon is an exquisite car from the German automaker, it’s strong and tough to handle off-road driving.
Folorunsho Alakija Private Jet
Being a busy businesswoman who travels from country to country, it’s expected that a private jet will ease a lot of stress. Folorunsho Alakija owns The Bombardier Global Express XRS worth around 46 million dollars (~₦16.7 billion).
Folorunsho Alakija Houses
Though rich and powerful, Folorunsho Alakija has managed to keep her possessions from the public eye. She has various properties in different parts of the world. Her house in the UK is one the most modest you can find. While it looks simple on the outside, the interior is decked with sophisticated and luxurious facilities.
She also has a fancy-looking house in Lagos, Nigeria. The construction of this house was handled by the famous brand Julius Berger from Germany. Interior pictures of the house have not been made public yet, but we believe it is ornate and expensively furnished.
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