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Folorunsho Alakija Net Worth

Folorunsho Alakija Net Worth: A Nigerian Businesswoman’s Journey to Success

Folorunsho Alakija, a Nigerian businesswoman and philanthropist, has a net worth of $1 billion. She is involved in various industries, including fashion, real estate, printing, and oil. As the group managing director of the Rose of Sharon Group and the executive vice chairman of Famfa Oil Limited, Alakija has made significant strides in the business world. With a majority stake in DaySpring Property Development Company, she has established herself as a prominent figure. This article explores her journey to success, her early life and education, her career beginnings, her achievements in the fashion and oil sectors, her philanthropic endeavors, and her personal life. Join us on this inspiring journey through the life of Folorunsho Alakija and discover the secrets behind her impressive net worth.

What is Folorunsho Alakija’s Net Worth?

We are delighted to share that Folorunsho Alakija has a remarkable net worth of $1 billion. With her diverse business ventures, strong leadership positions, and strategic investments, she has accumulated significant wealth over the years. Alakija’s success story serves as an inspiration for aspiring entrepreneurs and business professionals around the world.

Early Life and Education

In her early years, Folorunsho Alakija was born on July 15, 1951, in Ikorodu, Lagos State, during the colonial era of Nigeria. Raised in an affluent family, her father, Chief L. A. Ogbara, played a significant role in shaping her values and ambitions. Alakija began her educational journey at Our Ladies of Apostles nursery school before embarking on a life-changing experience in the United Kingdom. At the age of seven, she moved to Wales and attended the Dinorben School for Girls. After completing her education in Wales, Alakija returned to Nigeria and enrolled in Muslim High School in Sagamu, Ogun State. However, her quest for knowledge led her back to the United Kingdom, where she pursued secretarial studies at Pitman’s Central College in London.

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Career Beginnings

Folorunsho Alakija’s professional journey began in 1974 when she secured a position as an executive secretary at Sijuade Enterprises in Lagos, Nigeria. Her exceptional skills and dedication soon caught the attention of industry leaders, leading her to become the executive secretary to the managing director at the First National Bank of Chicago. She continued to ascend the corporate ladder and assumed the role of head of the Corporate Affairs Department at the International Merchant Bank of Nigeria. From there, she joined the Treasury Department as an office assistant, showcasing her versatility and adaptability in different roles.

Fashion Career

After more than a decade in the banking industry, Folorunsho Alakija embarked on a new journey in the world of fashion. Recognizing her passion and talent, she pursued fashion education at the American College in London and the Central School of Fashion. Upon returning to Nigeria, Alakija founded her first fashion label, Supreme Stitches, which quickly gained popularity. In 1996, she rebranded her label as the Rose of Sharon House of Fashion, solidifying her position as a fashion pioneer in Nigeria. Alakija also played pivotal roles in the Fashion Designers Association of Nigeria, serving as the national president and trustee, further cementing her influence in the industry.

Oil Career

Driven by her ambition and desire for growth, Folorunsho Alakija saw an opportunity in the oil industry. In 1993, she applied for an oil prospecting license through her company Famfa. The Nigerian government granted her a license to explore a 617,000-acre block of land southeast of Lagos. Alakija partnered with Texaco subsidiary Star Deep Water Petroleum, which provided technical expertise for her oil exploration. The joint venture proved successful, leading to the discovery of oil. However, the Nigerian government claimed a stake in the asset, initially 40% and later an additional 10%. Nonetheless, Alakija’s involvement in the oil industry significantly contributed to her net worth.

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Beyond her remarkable success in business, Folorunsho Alakija is a passionate philanthropist. Through her Rose of Sharon Foundation, she actively supports orphans and widows through grants and scholarships. Alakija recognizes the importance of empowering individuals and providing opportunities for growth and development. Her generosity extends to the Yaba College of Technology in Lagos, where she made a donation for the establishment of a skills acquisition center. Through her philanthropic endeavors, Alakija continues to impact and uplift communities in Nigeria and beyond.

Honors and Awards

Folorunsho Alakija’s accomplishments have earned her numerous honors and awards. In 2015, she was recognized as the second most powerful woman in Africa, closely following economist and activist Ngozi Okonjo-Iweala. Additionally, Forbes listed Alakija as the wealthiest woman in Nigeria in 2020, further solidifying her position as a prominent figure in the business world. Her remarkable contributions to the industry led to her receiving an honorary doctorate in business administration from Benson Idahosa University in 2021, a testament to her exceptional achievements and influence.

Personal Life

Beyond her professional endeavors, Folorunsho Alakija finds joy in her personal life. In 1976, she tied the knot with lawyer Modupe Alakija, and together they have four sons. The Alakija family resides in Lagos, Nigeria. Notably, Folorunsho Alakija’s nephew is DJ Xclusive, a renowned recording artist and record producer.


In conclusion, Folorunsho Alakija’s net worth of $1 billion is a testament to her unwavering determination, entrepreneurial spirit, and exceptional business acumen. From her humble beginnings as an executive secretary to her groundbreaking achievements in the fashion and oil industries, Alakija has become a trailblazer in Nigeria and beyond. Her philanthropic initiatives further showcase her commitment to making a positive impact on society. Folorunsho Alakija’s story is an inspiration for individuals aspiring to succeed against all odds, reminding us of the power of resilience, hard work, and seizing opportunities.

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1. What is the source of Folorunsho Alakija’s wealth?

Folorunsho Alakija’s wealth primarily comes from her business ventures in industries such as fashion, real estate, printing, and oil. Her successful oil exploration endeavors have played a significant role in accumulating her net worth of $1 billion.

2. How did Folorunsho Alakija become one of the richest black women?

With her strategic investments, leadership positions, and business acumen, Folorunsho Alakija has built a diverse portfolio of ventures that have propelled her to become one of the richest black women in the world. Her success story and accomplishments serve as an inspiration for aspiring entrepreneurs.

Final Thought

Folorunsho Alakija’s journey to success is a remarkable tale of resilience, determination, and entrepreneurial excellence. Through her accomplishments in various industries and her philanthropic endeavors, she has made a significant impact on society. Alakija’s net worth of $1 billion stands as a testament to her hard work and serves as an inspiration for individuals across the globe.

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