Folorunso Alakija is an entrepreneur, philanthropist, minister, and author who has gained success in the business industry.
Alakija is known as the richest woman in Africa and one of the richest black women in the world. She was able to achieve this feat by venturing into the oil and fashion industries.
Alakija was born on July 15, 1951, in Ikorodu. Her mother was the first of eight wives married to her father. This means she grew up in an extended family that consisted of 52 children.
She was ordained as an apostle on July 15, 2020, and oversees a non-denominational ministry named the Rose of Sharon Glorious Ministry International. As a servant leader, Apostle Folorunso Alakija is keen on restoring the glory of the Lord’s people with her faith in the church.
How did Folorunsho Alakija make her money?
Folorunsho Alakija made her money by establishing businesses in fashion and oil exploration and production.
But, before venturing into self-made businesses, Alakija started her career in office administration and then moved into banking for 12 years. During her banking career, she worked as an executive secretary at Sijuade Enterprises in Lagos, Nigeria, and as Executive Secretary to the Managing Director at FinBank now acquired by First City Monument Bank.
In the early days of her business career, Alakija studied fashion design at The American College in London and the Central School of Fashion, before starting a fashion label known as Supreme Stitches, later renamed to The Rose Of Sharon House of Fashion.
During this time, her influence and wealth started to grow and she became the president and lifelong trustee of the Fashion Designers Association of Nigeria (FADAN).
Alakija ventured into the oil industry after applying for an oil prospecting license in May 1993. She was granted the license to explore oil with her company, Famfa Limited.
Here’s the list of businesses Folorunsho Alakija is affiliated with:
- Vice Chairman of FAMFA Oil Limited, an oil exploration and production company.
- Vice Chairman of Dayspring Property Development Company Limited, a real estate company.
- Vice Chairman of Digital Reality Print Limited, a digital large format printing company.
Alakija’s career and business path are similar to those of Mike Adenuga, who also started with an oil exploration company.
Is Folorunsho Alakija married?
Yes, Folorunsho Alakija is married to Modupe Alakija. The couple got married in November 1976 and have four sons and grandchildren.
Alakija’s husband, Modupe Alakija, is a lawyer who is the son of a popular Nigerian lawyer and former president of Egbe Omo Oduduwa, Sir Adeyemo Alakija.
Modupe was in the news sometime in 2021 after he was suspended from the Ikoyi Club in Lagos.
Does Folorunsho Alakija own Ikoyi house?
Yes, Folorunsho Alakija is the owner of Ikoyi House, the most expensive house in Nigeria. The mansion is estimated to be worth $700 million and is located in Ikoyi, Lagos.
The house which is also nicknamed the Alakija mansion is a 20-story building that covers a total floor area of over 100,000 square feet. The luxurious mansion has 12 bedrooms, 25 bathrooms, a ballroom, a cinema, a gym, a swimming pool, and a helipad.
Is Sophie Alakija related to Folorunsho Alakija?
Sophie Alakija is not Folorunsho Alakija’s daughter. Sophie is married to Wale Alakija, one of the sons of Folorunsho Alakija.
This makes Sophie the daughter-in-law of Folorunsho. Sophie, who is a popular Nollywood actress, got married to Wale Alakija on March 27, 2016, in Surulere, Lagos.
Bottom Line
Folorunsho Alakija is a popular businesswoman who is the first female billionaire in Nigeria. She is an inspiration to individuals around the world.
