Folorunsho Alakija is Africa’s richest woman. The leading African businesswoman and philanthropist founded Famfa Oil Limited, Nigeria’s foremost female-owned oil exploration company. She currently serves as its Executive Vice Chairman.
Alakija was born on 15 July 1951 in Lagos, Nigeria. At age 10, she travelled to the United Kingdom for her primary education. Years later, she returned to Nigeria for her secondary education before returning to England to study Secretarial Studies at Pitman’s Central College, London.
She began her career as an executive secretary at Sijuade Enterprises. She later joined the banking sector, working with the now-defunct First National Bank of Chicago, First City Monument Bank (FCMB).
However, her passion and love for fashion led her to pursue further studies in fashion design at the Central School of Fashion in London. This bold step propelled her to establish Supreme Stitches in 1985, later rebranded to Rose of Sharon House of Fashion. Her fashion brand gained recognition as a leader in haute couture, catering to Nigeria’s elite and positioning Alakija as a pioneer in the country’s fashion industry.
In 1993, Folorunsho Alakija launched into the oil and gas industry, which became an incredible milestone in her career. She secured an Oil Prospecting Licence (OPL 216), which later led to a significant discovery of crude oil in partnership with global companies.
As the Executive Vice Chairman of Famfa Oil Limited, the businesswoman has been a major player in steering the company to become one of Nigeria’s largest indigenous oil firms. Her leadership skills, strategic ideas, and resilience have helped Famfa Oil remain at the top of its game in the industry while adhering to high standards of corporate governance.
Famfa Oil has made substantial contributions to the Nigerian economy in various ways. It plays a vital role in developing Nigeria’s oil sector, contributing significantly to its Gross Domestic Product (GDP). The company’s operations generate revenue for the government and create job opportunities directly and indirectly.
More specifically, the company has invested in education, healthcare, and infrastructure development, improving the quality of life in local communities as part of its corporate social responsibility.
Folorunsho Alakija is a devoted Christian who is actively involved in ministry. She has shared her faith and belief system on different platforms and always attributes her success to God. She founded the Rose of Sharon Foundation, an organisation designed to grant widows and orphans scholarship opportunities and business grants. As part of her philanthropic projects, he donated a skills acquisition centre to Yaba College of Technology (Yabatech), a higher educational institution in Lagos. Over the years, she has left a remarkable legacy in the business world and society.
