Folorunsho Alakija
Energy

Folorunsho Alakija Net Worth

Folorunsho Alakija, born on July 15, 1951 in Lagos, Nigeria, is the vice chair of Famfa Oil, a Nigerian oil exploration company with a stake in the Agbami oil field. Alakija's first company was a fashion label, and the Nigerian government awarded her company an oil prospecting license in 1993. The Agbami field has been operating since 2008 and is expected to continue through 2024.
Folorunsho Alakija is a member of Energy

Age, Biography and Wiki

Birth Day July 15, 1951
Birth Place Lagos, Nigeria, Nigeria
Age 72 YEARS OLD
Residence Lagos, Lagos State, Nigeria
Occupation Business tycoon
Known for Philanthropy
Title Group Managing Director
Spouse(s) Modupe Alakija (m. 1976)
Children 7

💰 Net worth: $1 Billion (2024)

Folorunsho Alakija, also widely known as Energy in Nigeria, is a highly successful businesswoman whose net worth is estimated to soar to an impressive $1 billion by 2024. Alakija made her fortune primarily in the oil industry, with her company Famfa Oil becoming one of the largest and most prominent players in Nigeria. With her visionary leadership, strategic decision-making, and determination, Alakija has managed to amass an incredible wealth that places her among the elite billionaires of the world. Her significant contributions to Nigeria's energy sector have earned her the enduring moniker "Energy in Nigeria," symbolizing her impactful presence and authority in the industry.

2014 $2.5 Billion
2015 $2 Billion
2016 $1.6 Billion
2017 $1.6 Billion
2018 $1.7 Billion

Biography/Timeline

1951

Folorunsho was born in 15 July 1951 to the family of Chief L. A. Ogbara in Ikorodu, Lagos State. At age seven, she travelled to the United Kingdom to begin a four-year primary education at Dinorben School for Girls in Hafodunos Hall in Llangernyw, Wales. After returning to Nigeria, she attended Muslim High School Sagamu Ogun State, Nigeria. Afterwards, she returned abroad for her secretarial studies at Pitman's Central College, London. She also studied fashion design at the American College, London and the Central School of Fashion.

1974

Folorunsho started her career in 1974 as an executive secretary at Sijuade Enterprises, Lagos, Nigeria. She moved on to the former First National Bank of Chicago, now FinBank now acquired by FCMB (First City Monument Bank) where she worked for some years before establishing a tailoring company called Supreme Stitches. It rose to prominence and fame within a few years, and as Rose of Sharon House of Fashion, became a household name. As national President and lifelong trustee of the Fashion Designers Association of Nigeria (FADAN), she left an indelible mark, promoting Nigerian culture through fashion and style.

1976

Folorunsho married a Lawyer, Modupe Alakija in November 1976. The couple reside in Lagos, Nigeria with their four sons and grandchildren. Her nephew is the Nigerian, DJ Xclusive.

2013

On 1 July 2013, the federal government of Nigeria inaugurated the National Heritage Council and Endowment for the Arts and appointed Alakija as vice-chairman of the body. While inaugurating the council, Nigeria's Minister of Tourism, Culture and National Orientation, Edem Duke, said Nigeria had identified 100 new heritage sites, which "are unique and uncommon assets that we intend to preserve and promote." He charged the council, which is headed by Igho Sanomi, to "ensure the protection and conservation of places and objects of heritage significance and the registration of such places and objects."

2014

Folorunsho has a foundation called the Rose of Sharon Foundation that helps widows and orphans by empowering them through scholarships and Business grants. Her company is also a major sponsor of the Agbami medical and engineering scholarship scheme, one of the most reliable scholarship scheme in Nigeria with over a thousand people yearly as beneficiaries. Mrs Alakija is a fervent supporter of education in Nigeria; for Example in 2014 she donated a substantial amount of money to Ibrahim Badamasi Babangida University Lapai, the Niger State University. The money was used to complete the construction of a 350 Seat Lecture Theater, which was named after her.

2016

In May 1993, Folorunsho 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—was granted to Alakija's company, Famfa Limited. The block is located approximately 220 miles south east of Lagos and 70 miles offshore of Nigeria in the Agbami Field of the central Niger Delta. In September 1996, she entered into a joint venture agreement with Star Deep Water Petroleum Limited (a wholly owned subsidiary of Texaco) and appointed the company as a technical adviser for the exploration of the license, transferring 40 percent of her 100 percent stake to Star Deep. Subsequently, Star Deep sold off 8 percent of its stake in OPL 216 to Petrobras, a Brazilian company. On 9 March 2016, Nigeria had its first female chancellor as she became the chancellor of Osun State University.

Some Folorunsho Alakija images

About the author

Lisa Scholfield

As a Senior Writer at Famous Net Worth, I spearhead an exceptional team dedicated to uncovering and sharing the stories of pioneering individuals. My passion for unearthing untold narratives drives me to delve deep into the essence of each subject, bringing forth a unique blend of factual accuracy and narrative allure. In orchestrating the editorial workflow, I am deeply involved in every step—from initial research to the final touches of publishing, ensuring each biography not only informs but also engages and inspires our readership.