Table of Contents
Key Points
- Folorunso Alakija is Nigeria’s wealthiest woman and one of the richest women of African descent globally, with a successful mix of business ventures.
- Alakija's Famfa Oil, with a major stake in the Agbami Oilfield, is central to Nigeria's energy sector and global oil partnerships.
- Alakija’s philanthropy through the Rose of Sharon Foundation and Flourish Africa empowers widows, orphans, and women entrepreneurs across Africa.
Folorunso Alakija stands as one of Africa’s leading business figures, a woman whose journey from humble beginnings to extraordinary success reshapes the narrative of wealth in Nigeria and beyond. Born in 1951, Alakija’s path to prominence began in 1974, when she took on the role of secretary at Sijuwade Group, a conglomerate owned by the late Oba Okunade Sijuwade.
This early chapter gave her a front-row seat to the workings of business, a vantage point that would serve her well as she embarked on her own ventures. Today, Alakija is not only Nigeria’s wealthiest woman but also one of the richest women of African descent globally, thanks to a strategic mix of business savvy and forward-thinking investments.
At the heart of Alakija’s expansive empire is Famfa Oil, where she serves as vice chair. This oil exploration company, known for its work with global giants like Chevron and Petrobras, has become a dominant player in the energy sector. The crown jewel of Alakija’s portfolio, Famfa Oil oversees the operations of the Agbami Oilfield, one of Nigeria’s most lucrative energy assets. Under her leadership, Famfa Oil has not only secured a foothold in the competitive oil and gas industry but has also set a standard for long-term growth and sustainability.
But Alakija’s wealth extends far beyond the oil rigs. Long before she became a household name in energy, she made her mark in fashion. In the 1980s, her brand Supreme Stitches gained a loyal following, establishing her as a leader in a new era of African fashion. Her ability to spot emerging trends and seize opportunities allowed her to transition seamlessly from fashion to oil, proving that her success was not a stroke of luck but a result of her keen business instincts.
Her influence also spans into philanthropy, where Alakija’s work is changing lives. Through the Rose of Sharon Foundation, she has become a beacon of hope for widows, orphans, and the underprivileged in Nigeria, providing scholarships, grants, and support for small businesses. Additionally, her platform, Flourish Africa, mentors and empowers women entrepreneurs, amplifying her role as a champion for economic independence and growth.
Alakija’s journey reflects not only her financial success but also her unwavering commitment to giving back to Nigeria and beyond. Alakija's story is a powerful reminder that through hard work, vision, and dedication, one can shape industries, uplift communities, and leave a lasting legacy. This article delves into the 10 key assets that have solidified her place among Africa’s most influential entrepreneurs and highlights the ventures that define her lasting impact.
Famfa Oil stands as the cornerstone of Folorunso Alakija’s fortune and is a leading indigenous oil exploration company in Nigeria. Its rise to prominence began in 1996 when it was granted exploration rights alongside Texaco to explore the Agbami Oilfield, one of Nigeria's largest deepwater oil fields. Famfa holds a significant stake in OML 127, a profitable block operated by Chevron, making Alakija a central player in Nigeria’s energy sector. Famfa Oil not only contributes substantially to the nation’s oil production but also symbolizes the triumph of indigenous expertise in an industry traditionally dominated by multinational corporations.
- Agbami Oilfield
The Agbami Oilfield, located off Nigeria’s coast, is one of the country’s largest deepwater oil projects. Discovered in 1999, Alakija’s Famfa Oil, in partnership with Texaco, secured the exploration rights for Block 216 in late 1996. The field, which covers 617,000 acres, is a major contributor to Nigeria’s oil output, producing an average of 90,000 barrels per day in 2019. The discovery was groundbreaking, with the Agbami-1 well reaching a depth of 12,400 feet and revealing high-quality oil with a low sulfur content. Famfa Oil and Chevron jointly manage the field under a production-sharing contract, ensuring Alakija’s continued influence in the global energy sector.
Expanding into the printing sector, Alakija founded Digital Reality Print Limited (formerly Rose of Sharon Prints and Promotions) in September 2006. Over the years, the company has become one of Nigeria’s foremost commercial printing businesses, catering to both corporate and individual clients. Specializing in high-end services like laser cutting, engraving, monogramming, and direct-to-garment printing, Digital Reality blends cutting-edge technology with exceptional craftsmanship. Alakija’s unwavering commitment to excellence has made Digital Reality the go-to company for premium printing solutions in Nigeria.
- Supreme Stitches (Now Rose of Sharon Fashion House)
Alakija's entrepreneurial journey began in fashion with Supreme Stitches, a brand catering to Nigeria's elite with bespoke designs. Rebranded as Rose of Sharon House of Fashion, the company has cemented itself as a major force in Nigeria’s fashion scene. By seamlessly blending traditional African aesthetics with modern design elements, the label remains at the forefront of the fashion industry, reflecting Alakija’s versatile entrepreneurial prowess.
Alakija has built a solid reputation in the real estate sector through Dayspring Property Development Company, specializing in premium residential and commercial developments across Nigeria's high-demand areas. The company exemplifies her visionary approach to the real estate market, creating luxurious, sustainable properties that meet the evolving needs of Nigeria's urban growth. Dayspring is a significant contributor to the nation's economic expansion, particularly by addressing the demand for top-tier properties in urban hubs.
- Famfa Towers
Famfa Towers, a 22-story office complex in Ikoyi, Lagos, serves as the corporate headquarters of Famfa Oil. Developed by Julius Berger Nigeria Plc and Dayspring Property Development Company, owned by Folorunso Alakija, the iconic office complex spans 21,840 square meters of leasable space. Famfa and Alakija’s other business vehicles occupy the top five floors, while the rest are available for rent. Built at a cost exceeding $100 million—entirely self-financed—the tower reflects Alakija’s pursuit of excellence.
- The Rose of Sharon Group
The Rose of Sharon Group, founded by Alakija, acts as the parent conglomerate for her diverse business ventures, including Famfa Oil, Rose of Sharon House of Fashion, Rose of Sharon Towers, and more. This expansive business portfolio spans oil and gas, real estate, fashion, and philanthropy, embodying Alakija's multi-faceted entrepreneurial vision.
- Rose of Sharon Tower
Located on Victoria Island, the Rose of Sharon Tower offers stunning views of Kuramo Waters and the Atlantic Ocean. This mixed-use development boasts 32 luxury apartments, a testament to Alakija’s vision in the real estate sector. The tower features world-class amenities, including a gym, swimming pool, and lounge, and is managed by Dayspring Property Development Company. Rose of Sharon Tower epitomizes luxury living in Lagos, offering unparalleled comfort and style.
Alakija’s commitment to philanthropy is embodied through the Rose of Sharon Foundation, which was founded to empower widows, orphans, and the underprivileged. Since its inception in 2008, the foundation has supported over 1,000 widows and 4,262 orphans, providing scholarships, vocational training, and interest-free loans. The foundation also offers free healthcare, legal assistance, and spiritual support, underscoring Alakija’s dedication to social welfare and community empowerment.
Flourish Africa, founded by Alakija, is an initiative aimed at empowering women across Africa through mentorship, funding, and business capacity-building. The program provides strategic workshops, leadership training, and networking opportunities, with the flagship Flourish Africa Grant supporting 500 women-led businesses annually. Alakija envisions Flourish Africa as a transformative platform that not only promotes women’s financial independence but also helps break gender barriers, positioning women as catalysts for economic growth across the continent.
