Folorunso Alakija Net Worth, Biography, Education, Children, Husband, Marital Crisis

Folorunso Alakija Net Worth, Biography, Education, Children, Husband, Marital Crisis
March 25, 2024

Early Life

Folorunso Alakija was born on July 15, 1951, in Ikorodu, Western Region, British Nigeria (now Ikorodu, Lagos State). She hails from a family with a complex dynamic, as her father had five wives and 23 children, with Folorunso’s mother being the first. Raised in a Yoruba household, she embarked on her educational journey at a young age, traveling to the United Kingdom at ten years old. Alakija attended Muslim High School in Shagamu, Nigeria, before pursuing secretarial studies at Pitman’s Central College in London.

Career

Alakija’s professional journey began in 1974 when she started a 12-year stint in the banking sector. She commenced her career as an executive secretary at Sijuade Enterprises in Lagos, Nigeria. Over the years, she transitioned through various roles, including Executive Secretary at the former First National Bank of Chicago (now FinBank) and later as Head of the Corporate Affairs Department at the International Merchant Bank of Nigeria. Parallel to her banking career, Alakija pursued fashion design studies at the American College in London and the Central School of Fashion. This led her to establish her fashion label, Supreme Stitches, which evolved into The Rose of Sharon House of Fashion in 1996. Additionally, she served as the president and lifelong trustee of the Fashion Designers Association of Nigeria (FADAN).

In 1993, Alakija ventured into the oil industry by applying for an oil prospecting license (OPL). Her company, Famfa Limited, was granted the license to explore oil in the Agbami Field, located about 100km offshore of Nigeria. Subsequently, she entered into a joint venture agreement with Star Deep Water Petroleum Limited (a subsidiary of Texaco), transferring a 40 percent stake to Star Deep.

However, complications arose when the Nigerian government claimed a 40% stake in the venture, followed by an additional 10%. Despite challenges, Alakija’s ventures in the oil industry solidified her position as a prominent figure in Nigeria’s business landscape.

Recognition

Folorunso Alakija’s influence extends beyond her business endeavors, as she has been recognized globally for her achievements. She has been featured multiple times on the Forbes World’s 100 most powerful women list, cementing her status as a trailblazer in the business world. In July 2021, Benson Idahosa University, Benin City, conferred upon her an honorary doctorate degree in business administration, further acknowledging her contributions to society.

Philanthropy

Driven by a passion for giving back, Alakija established the Rose of Sharon Foundation, which provides support to widows and orphans through scholarships and business grants. Her philanthropic efforts also extend to educational institutions, as she has donated a skills acquisition center to Yaba College of Technology (Yabatech) in Lagos, empowering students to pursue their dreams.

Personal Life

In November 1976, Folorunso Alakija married Modupe Alakija, with whom she shares four sons. The couple resides in Lagos, Nigeria, where they continue to contribute to their community. In June 2017, their son Folarin Alakija tied the knot with Iranian model Nazanin Jafarian Ghaissarifar, marking another milestone in the family’s journey.

Net Worth

Folorunsho Alakija’s net worth stood at $1 billion as of 2020, according to Forbes Magazine. A Nigerian businesswoman and philanthropist, Alakija operates within diverse industries including fashion, real estate, printing, and oil. She serves as the group managing director of the Rose of Sharon Group and holds the position of executive vice chairman at Famfa Oil Limited. Furthermore, Alakija maintains a controlling stake in DaySpring Property Development Company.

Her professional journey commenced as an Executive Secretary in Lagos, Nigeria, where she simultaneously established her own tailoring business. With time, her company thrived, propelling her to the position of National President and Trustee for the Fashion Designers Association of Nigeria.

In the early 1990s, Alakija ventured into oil exploration by applying for a license. Remarkably, the land she obtained held potential oil reserves exceeding 1 billion barrels. 

She retained a 60% stake in the drilling venture situated off the coast of Nigeria, with Star Deep Water Petroleum Limited (a Texaco company) and Petrobras (a Brazilian company) holding the remainder. However, a legal dispute arose when the Nigerian government sought to reclaim the land grant. 

Following a protracted 12-year legal battle that reached the Supreme Court of Nigeria, Alakija emerged victorious. Today, she stands as one of the wealthiest black women globally, a testament to her perseverance and success in the face of adversity.

Marital Crises:

Amid wealth and success, Folorunsho Alakija, a prominent Nigerian businesswoman, grapples with profound emotional turmoil as rumors of a marital crisis surface. 

Married to Modupe Alakija since 1976, their decades-long union is now threatened by whispers of separation, casting a shadow over their once-solid relationship. 

Despite maintaining a public facade of unity, reports suggest underlying tension and grievances have fractured their bond. 

Folorunsho’s defiant stance against negativity reflects her inner struggle to salvage their marriage, rooted in shared memories and cherished moments. Born into prominence, her journey symbolizes resilience in the face of adversity, yet she remains haunted by the specter of lost love and shattered dreams. As the saga unfolds, her plight serves as a poignant reminder of the fragility of human relationships, offering a glimmer of hope amidst the darkness of despair.


Frequently Asked Questions (FAQs)

What is the net worth of Folorunsho Alakija?

As of 2020, Folorunsho Alakija’s net worth stands at $1 billion, according to Forbes Magazine.

How did Folorunsho Alakija start her business?

Alakija officially began her career journey in 1974, working as an executive secretary at Sijuade Enterprises before establishing her first fashion firm, Supreme Stitches. She later ventured into the oil industry, applying for an oil prospecting license (OPL) in 1993, which paved the way for her success in the business world.

What did Folorunsho Alakija study?

Alakija pursued fashion design studies at the American College in London and the Central School of Fashion. However, her educational background also includes secretarial studies at Pitman’s Central College in London.

How did Alakija get rich?

Alakija’s wealth stems from her successful ventures in both the fashion and oil industries. Her fashion label, Supreme Stitches, garnered significant success, and her entry into the oil industry, particularly the Agbami Field, proved immensely lucrative despite legal challenges.

What company does Folorunsho Alakija own?

Folorunsho Alakija serves as the executive vice chairman of Famfa Oil Limited, a company that she co-founded and which holds exploration rights in offshore oil blocks. Additionally, she is the group managing director of the Rose of Sharon Group.

Who is Folorunsho Alakija’s husband?

Folorunsho Alakija married Modupe Alakija in November 1976. They reside in Lagos, Nigeria, with their four sons.

Where was Folorunso Alakija born?

Folorunso Alakija was born in Ikorodu, Lagos State, Nigeria, on July 15, 1951.

How many children does Folorunsho Alakija have?

Folorunso Alakija has four sons with her husband, Modupe Alakija.

Is DJ Xclusive related to Folorunsho Alakija?

DJ Xclusive, a Nigerian disc jockey, is the nephew of Folorunsho Alakija.

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