Folorunsho Alakija is a billionaire, entrepreneur, businesswoman, and philanthropist who has risen through the ranks to the highest echelon in the Nigerian business industry. The African business tycoon has earned many accolades for herself through her resilience and business prowess. She has been ranked by Forbes as the richest woman in Nigeria, in addition to being once internationally recognized as the richest black woman in Africa.
Folorunsho became the most powerful, influential, and highly recognized individuals in Nigeria through her involvement in the oil business as well as real estate, printing, and the fashion industries. She is also the Group Managing Director of the Rose of Sharon Group which consists of The Rose of Sharon Prints & Promotions Limited, and Digital Reality Prints Limited as well as being the executive vice-chairman of the popular Famfa Oil Limited.
Who is Folorunsho Alakija?
Recently a church minister, Folorunsho Alakija was born on July 15, 1951, in Lagos, Nigeria. Being the daughter of Chief Ogbara of Ikorodu, Lagos state, Folorunsho, was raised in an upper-class family. She started her nursery education at Our Ladies of Apostles, Lagos from 1955 to 1958 before moving to the United Kingdom at the age of seven.
She eventually continued her primary education at Dinorben School for Girls in Hafodunos Hall in Llangernyw, Wales between 1959 and 1963. After this, Folorunsho returned to Nigeria for secondary education and attended the Muslim High School in Sagamu, Ogun State, Nigeria.
Later, Folorunsho again left the shores of the country for England where she got accepted into Pitman’s Central College, London where she majored in secretarial studies.
She started her career as a Banker
Upon completion of her Secretariat Course, Foloronsho started her carer in 1974 when she served as an executive secretary at Sijuade Enterprises, Lagos, Nigeria. Progressively, Folorunsho later left Sijuade Enterprises for the former First National Bank of Chicago, which later became FinBank now acquired by First City Monument Bank where she served as the Executive Secretary to the managing director.
Again, Foloronsho later joined the International Merchant Bank of Nigeria where she rose through the ranks to become the Head of the Corporate Affairs Department of the bank. She eventually became the Office Assistant to the Treasury Department. Her banking career lasted for about 12 years.
The businesswoman later found a new interest in fashion and went a step further to study fashion design at the American College in London and the Central School of Fashion.
How She Rose To Become The Richest Woman In Nigeria
Foloronsho return to Nigeria and established her first fashion label initially known as Supreme Stitches, but she later changed the name of the label to The Rose Of Sharon House of Fashion in 1996 which later became a household name.
In May 1993, Folorunsho Alakija landed a huge milestone in her career after she 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. Eventually, the oil block 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.
What’s more, Folorunsho Alakija entered into a partnership agreement with Star Deep Water Petroleum Limited (a wholly-owned subsidiary of Texaco) in September 1996 and was appointed in the company as a technical adviser for the exploration of the license, transferring as much as 40 percent of her 100 percent stake to Star Deep. She also has a majority stake in DaySpring Property Development Company.
Folorunsho is internationally recognized
On the international scene, with her billionaire status, Foloronsho has become widely known and influential that in 2014, she was listed as the 96th most powerful woman in the world by Forbes. Again, in 2015 she made the list of the world’s 100 most powerful women according to Forbes. In its current rating, Folorunsho Alakija was 86th on the list.
She was also listed as the second most powerful woman in Africa after Ngozi Okonjo-Iweala on Forbes ratings.
Additionally, Folorunsho Alakija emerged as #20 in 2020 Africa’s Billionaires list in 2021.
In recognition of her vast contribution to the Nigerian economy, and the business world, on July 17, 2021, Benson Idahosa University, Benin awarded her an honorary Doctorate Degree in Business Administration.
Folorunsho is also a philanthropist. She established her foundation, which she named the Rose of Sharon Foundation. With this foundation, she has been granting succor to widows and orphans through scholarships and business grants.
Also, as part of her philanthropic activities, Folorunsho has once donated a skills acquisition center to Yaba College of Technology (Yabatech), a higher educational institution located in Lagos.
Folorunsho is a Mother of Four
The 70-year old billionaire, the business mogul, is a happily married woman and a proud mother of four sons, as well as a grandmother.
In November 1976. Folorunsho tied the knot with her heartthrob, Modupe Alakija, who is a Barrister of the Adeyemo Alakija family. The union has been blessed with four amazing children all boys. The couple now resides in Lagos, Nigeria, with their four sons and their grandchildren.
Also, it is interesting to know that famous DJ Xclusive, is a nephew to the richest woman in Nigeria, Foloronsho Alakija.
Folorunsho Alakija Net worth
It is a well-established fact that Folorunsho Alakija is the richest woman in Nigeria. Her net worth has been estimated to be a whopping $1 billion as of 2020. She amassed her wealth through her oil company as well as from her multiple business empires.
Top 9 other Richest Women in Nigeria
Away from the richest woman in Nigeria, several other equally powerful billionaire businesswomen, have also distinguished themselves in the Nigerian business landscape and have gotten much recognition.
To know more about other richest women, here is a highlight of 9 other richest women in Nigeria, after Folorunsho, Alakija with their net worths.
1. Hajia Bola Shagaya – $950 million
Hajia Bola Shagaya is regarded as the second richest woman in Nigeria, in addition to being the fourth richest woman in Africa. She is a graduate of the prestigious Ahmadu Bello University Zaria and Armstrong college in California.
Hajia Bola Shagaya happens to be a former auditor for the Central Bank of Nigeria before starting her business line. She deals in the importation of photographic equipment. The presence of the Konica photographic equipment in Nigeria is attributed to Hajia Bola.
Also, was managing director of Practoil limited which is said to be one of the largest importers and distributors of base oil in Nigeria. Hajia Shagaya has other businesses interest such as real estate, as she owns several properties in Nigeria and other countries.
Hajia Shagaya Net Worth
Hajia Shagaya has made a huge fortune in the Nigerian business industry. Her estimated net worth is placed at $950 million. She was able to garner her wealth over the years from her different lines of business.
2. Daisy Danjuma – $900 million
Daisy Danjuma is another very rich and well-recognized woman in Nigeria. She is a lawyer and former Senator that represented Edo South Senatorial District from 2003-2007. She happens to be the wife of former defense minister General Theophilus Yakubu Danjuma.
Daisy has been a successful practicing Barrister, her expertise has placed her at various high positions in public and private firms. In 2019, she was appointed the chairperson of May & Baker Nigeria PLC, a leading pharmaceutical manufacturing company.
Daisy Danjuma Net Worth
Daisy Danjuma is said to have a mouth-watering net worth of about $900 million. Her earnings are largely from her diverse business ventures.
3. Fifi Ejindu
The third on the list of richest women in Nigeria is Fifi Ejindu. She is a certified architect, entrepreneur, and philanthropist who hails from Uyo in Akwa Ibom state. Fifi has been known as one of the leading female architects in the country.
Fifi owned her company, known as Starcrest Group of Companies. The company has three subdivisions and is engaged in real estate, building and designing, and investment opportunities. Fifi founded her company shortly after she completed her studies and returned to Nigeria.
Fifi Ejindu Net Worth – $850 million
Being the owner of Starcrest Group of Companies, Fifi Ejindu’s current estimated net worth is said to be as much as $850 million.
4. Dr. Stella Okoli
Another wealthiest woman who has made a name for herself in Nigeria is Stella Chinyelu Okoli. She is one of the highly determined women who started out small against all odds before becoming successful.
The 70 years old businesswoman is the founder and CEO of Emzor Pharmaceutical Industries LTD, which is one of the leading indigenous pharmaceutical companies in Nigeria. Meanwhile, being a pharmacist, Stella initially started her company as a small pharmacy retail store before it has been growing to become a company.
Over the years her pharmaceutical company Emzor has become a household name and is now among Nigerian’s biggest pharmaceutical companies, with several subsidiaries with more than 50 products credited to the company.
Net Worth of Stella Okoli
For the owner of the biggest pharmaceutical company in Nigeria, one would logically expect her to have a mouth-watering net worth. This is also true as the current net worth of Dr.Stella Okoli is placed at a wowing $800 million, accrued mainly from her company.
5. Bimbo Alase – $750 million
Bimbo Alase is yet another businesswoman who also started out on a low-key. Bimbo started her furniture business with a small store in Lagos State before it grew to earn her a fortune.
She later established her company, known as Leatherworld Furniture, which has now become the biggest luxurious furniture store in Lagos.
Bimbo Alase Net Worth
Bimbo Alase is one of the most successful businesswomen in Nigeria and she had made a huge fortune for herself. Her current net worth is said to be about $750 million. The billionaire business tycoon amassed her wealth through her furniture business.
6. Mo Abudu
Mo Abudu is one of the biggest names in the Nigerian entertainment industry. Real name is Mosunmola Abudu, she is a media practitioner, a former human resource management consultant, and philanthropist.
Mo was brought up in the United Kingdom, and she rose to be among the few women who have made a great impact on African shores. She is renewed for spearheading the fight against racism and equality after she faced discrimination back then in the United Kingdom.
Mo Abudu is an M.Sc. holder in human resource management in the United Kingdom and returned to Nigeria where she was made the head of the human resource department at a top oil company Exxon Mobil.
With her business foresight, Mo Abudu decided to venture into media, hotels, human resource companies, and various other businesses. She recently signed a multi-million-dollar deal with Netflix which is a top media body and now a household name. In 2017, she was ranked as one of the most powerful women on global television.
The 56-year-old entrepreneur is the owner of the popular EbonyLife Television, a leading entertainment television station. She also owns a film production company called EbonyLife Films, where she produces top-notch home videos and movies.
Mo Abudu Net Worth
Referred to as Nigeria’s Oprah Winfrey, it goes without saying that Mo Abudu is one of the top women cashing out from the Nigerian entertainment and broadcast industries. She has acquired so much wealth in the industry. Her current net worth is placed at $650 million.
7. Stella Oduah – $600 million
One of Nigeria’s most influential and powerful women Nigeria is Stella Oduah. She is currently a politician and the serving Senator representing the Anambra North Senatorial constituency. Stella was is also former Minister of Aviation from 2011-2014 under Goodluck Jonathan’s administration.
As a politician, there has been a number of controversies and allegations that often plunge her into the media spotlight. She was once involved in a case of misappropriation of government funds. One of such is the ₦255 bulletproof car purchase scandal. The cars in question were BMW vehicles. The BMW is the only car online tied to her name.
Stella Oduah Net Worth
It is a common fact that Nigerian politicians are among the highest-paid politicians in the world. Being a serving senator, and in addition to her other businesses, the net worth of Stella Oduah is estimated to be about $600 million. This has made her one of the richest female politicians in Nigeria.
See Also: 10 Richest Female Musicians in Nigeria: 2021 Net Worth, Sources Of Fortune
8. Ngozi Okonjo Iweala – $550 million
Any rating of the most richest and powerful women in Nigeria will be incomplete without the mention of Dr. Ngozi Okonjo Iweala. If there is an illustrious Nigerian woman that Nigeria as a country is highly proud of, it has to be none other than Dr. Ngozi Okonjo Iweala.
The Nigerian economist is the biggest role model and inspiration to many Nigerian women. She is currently known as the Director-General of the World Trade Organization, a feat that no black woman has ever achieved.
Ngozi Iweala is also the former Nigerian Minister of Finance. She has also been recognized multiple times by Forbes as one of the 50 greatest leaders in the world.
Being a global resource person, Dr. Iweala has occupied several key influential positions, both locally and internationally. She is currently a board member of various organizations like, Center for Global Development, African Risk Capacity, Twitter, and others.
With all her influential positions, Ngozi Iweala is also a highly experienced businesswoman, she is involved in several businesses.
Ngozi Okonjo Iweala – Net Worth
Dr. Ngozi Iweala has been able to amass a lifelong wealth for herself and her generations to come. Her current net worth is placed at $550 million.
9. Diezani Alison Madueke – $500 million
Diezani Alison Madueke is also among the wealthiest women in Nigeria, known for her high taste for luxury. Diezani was a former Nigerian Minister of Petroleum Resources, Minister of Transportation, and Minister of Mines and Steel Development between 2007- 2015. She was also the first female OPEC president.
Diezani Alison Madueke is quite a controversial woman. During her tenure in office as a minister, there have been some allegations of money laundering, bribery, and corruption offenses. She has been accused of using the money she laundered in acquiring expensive mansions, a yacht, cars, properties, and expensive jewelry.
Diezani Alison Madueke Net Worth
Diezani Alison Madueke has amassed so many fortunes from businesses and political office positions. Her net worth is said to be about $500 million.
