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Folorunso Alakija: How Nigeria’s Richest Woman Struck Black Gold & Billions!
From Secretary’s Desk to Oil Empire
She went from a secretary’s desk to owning an oil empire, Folorunso Alakija’s story will make you think again. Born on July 15, 1951, in Ikorodu, Lagos State, she was one of 52 children of Chief L.A. Ogbara. Yes, fifty-two! But this young Nigerian girl would one day rise above the noise, carve her own path, and claim her throne as Nigeria’s richest woman. And Africa’s second richest woman!
Her journey was not smooth – it was a rollercoaster filled with daring pivots, government tussles, and a little bit of divine luck. From a humble secretary’s desk in 1974 to owning Famfa Oil, the company that struck crude oil in Nigeria’s offshore Agbami field, Alakija’s story is nothing short of legendary.
Humble Beginnings & Secretarial Grind (1970s–1980s)
At just 10 years old, Alakija moved to the UK for schooling. She studied secretarial skills at Pitman Central College, London, and by 1974 returned to Nigeria, where she landed her first job as an executive secretary at Sijuade Enterprises in Lagos.
Pivot to Fashion: Stitches That Paid Off (Late ’80s–1996)
Her creative spark took her back to London, where she studied fashion design. On returning to Nigeria, she launched Supreme Stitches, a fashion label that quickly became a favorite among Lagos elites.
The Bold Oil Move: Famfa Oil & Agbami Block (1993–Mid-1990s)
Here’s where her story takes a jaw-dropping turn. In May 1993, Folorunso Alakija applied for an Oil Prospecting License (OPL 216) covering a massive 617,000-acre block in the Agbami Field through her company, Famfa Limited. When most people were afraid to enter Nigeria’s oil sector, she stepped in boldly. By 1996, she struck a partnership with Star Deep Water Petroleum Limited (a subsidiary of Texaco), ceding 40% to the American oil giant in exchange for technical expertise.
But then came the drama. The Nigerian government suddenly swooped in and took a 50% stake in the block. For years, Alakija fought through the courts until the Supreme Court of Nigeria eventually restored her rights. This battle alone would have crushed a less determined person—but for Alakija, it cemented her as Nigeria’s oil baroness.
Billionaire Status & Global Recognition (2012–2021)
Her big oil gamble paid off. By the 2010s, Folorunso Alakija was a certified billionaire. In 2012, Forbes listed her as the richest black woman in the world, temporarily surpassing even Oprah Winfrey. By 2014, her net worth was estimated at $2.5 billion.
Even after market swings, she remained solid – hovering between $1.5 billion and $2 billion through the mid-2010s. This was no fluke – Alakija had built a global empire and etched her name in the billionaire hall of fame.
Power Recognition & Philanthropy
Her success brought global recognition. She frequently appeared on Forbes’ 100 Most Powerful Women list and became a role model for women across Africa.
But Alakija didn’t stop at wealth. In 2008, she founded the Rose of Sharon Foundation, which provides scholarships and business grants to widows and orphans. In 2018, she also donated a skills-acquisition center to Yaba College of Technology in Lagos. By July 2021, she was awarded an honorary doctorate in Business Administration by Benson Idahosa University. Her legacy isn’t just about oil and fashion – it’s also about impact.
Family Life
Alakija married Modupe Alakija, a lawyer, in November 1976. Together, they have four sons and live in Lagos. In 2017, the world was dazzled by the fairy-tale wedding of her son Folarin Alakija to Iranian model Nazanin Jafarian Ghaissarifar – an event so lavish it made international headlines.
From Stilettos to Derricks
Folorunso Alakija’s story is proof that destiny favours the bold. From typing letters as a secretary to sewing gowns for Lagos high society, and finally drilling oil that would change her life forever, she embodies resilience, vision, and courage.
