Folorunsho Alakija:

Nigerian Woman with the Midas’ Touch

Classified by Forbes Magazine as the second richest woman in Africa after Mrs. Dos Santos of Angola, the 66-year-old former dress maker, made her colossal fortune from Oil and Gas exploration/exploitation.

By Mercy Neba in Yaounde

Folorunsho Alakija

Background

Folorunsho Alakija was born in Ikorodu, Lagos State of Yuroba parents but who were Muslim faithful. Her father, a trader, had eight wives and 52 children. Her mother was also a trader but specialized in the sale of fabrics.

            Like the children of most well-to-do homes in Lagos at the time, Folorunsho Alakija’s parents sent her to Europe (Scotland) for studies, at the tender age of seven. She did her primary and secondary education therefore in Britain, but enrolled for University education.

Career

            She started her working life in the 1970s as a secretary in the First National Bank of Chicago. But she later returned to Nigeria where she worked as corporate director at the International Merchant Bank of Nigeria.

From Dress-maker to Petroleum Baroness

            In the early 1990s, Folorunsho abandoned her banking job and flew back to England where she enrolled in the London School of Fashion. After her training she returned to Lagos and set up her fashion designing company, Supreme Stitches. Her customers were mostly from the billionaire class of Nigeria’s economic capital, Lagos. But one of her biggest clients was Myriam Babangida, wife of Nigeria’s military ruler, Ibrahim Badamosi Babangida (1985 to 1993). It was thanks to her connection with the presidential couple that she got introduced into Oil and Gas (Black Gold). Just before Babangida would hand-over power in 1993, Mrs. Folorunsho Alakija made sure she acquired a petroleum exploration/exploitation license, and later created her Petroleum company, Star Deep Water Petroleum. By the year 2000 reserves in her oil wells were valued at over 1 billion barrels. Today her fortune is valued by Forbes Magazine at over 1.6 billion dollars. With this, she is second only to former Angolan First Lady, Mrs Dos Santos, in terms of wealth, in all of Africa.

Richissimo

            Like all most Billionaire Nigerians today, Folorunsho Alakija owns her private jet, the Bombadier Global Express, which she acquired for 46 million dollars. She uses this jet to fly across continents for both pleasure and business.

Committed Wife

            Folorunsho Alakija is married to Mr. Modupe Alakija, who is also General Manager of her Petroleum company. Their four boys also control different aspects of the company. The wedding of one of her sons to an Iranian Mannequin, in June 2017, was valued at 5.6 million Euros, with over 280.000 euros used only for purchase of rose petals and 170.000 euros to star singer, RobinThicke, who animated during the come-and-see wedding in Lagos.

Born Again Christian

            Mrs Folorunsho is a fervent born-again Christian. “She advises her business colleagues not to listen to those who ask them to keep God out of their business, because according to her, “your business is owned by God”.

Philanthropy

            Folorunsho Alikija does not ‘chop’ her money all alone; she is also an acclaimed philanthropist, whose charity Foundation, Rose of Sharon Foundation, targets mostly orphans and widows.