Folorunso Alakija, Nigeria’s richest woman and one of the world’s wealthiest Black women, owes her fortune to diverse ventures spanning fashion, oil, gas, and real estate. Forbes has recognized her as one of the world’s most powerful women multiple times, attesting to her resilience and smart investments.
As the vice chair of Famfa Oil, a Nigerian oil exploration company, Alakija has played a pivotal role in the company’s remarkable success. Famfa Oil cemented its place in the oil industry by forming strategic alliances with companies like Chevron, Petrobras and others.
Alakija’s entrepreneurial journey started in the fashion industry, with her first fashion label, “Supreme Stitches,” which swiftly rose to prominence in the 80s as a fearless force setting the pace with the trendiest fashion pieces. She then moved into the oil industry and led Famfa Oil in managing the Agbami Oilfield, with an emphasis on excellence and sustainability. In addition, she is the head of The Rose of Sharon Group. This reflects her passion for community service.
From fashion to oil exploration, her journey shows off her flexibility and determination. Alakija’s philanthropic efforts are equally remarkable. Through educational programs, scholarships and other means, the Rose of Sharon Foundation helps widows, orphans, and families.
Beyond the foundation, and to further empower women from all walks of life, she founded “Flourish Africa,” a platform that fosters a community of like-minded women, encourages their potential, and provides grants to female entrepreneurs.
Billionaires.Africa has identified and cataloged seven companies owned by Alakija, showcasing her diverse business empire.
Famfa Oil
Famfa Oil was an indigenous company which bravely ventured in the oil industry by applying audaciously for an exploration license and production permit in 1991. The company began operations in 1996 in a partnership that was a success with Texaco Nigeria Ltd., now Chevron Nigeria Ltd. The success of this incredible story can be traced back to the family tradition, which is led by Modupe Alakija as Chairman and Alakija as Vice-Chairman, while their talented four sons serve as Executive Directors. Together they redefined success in Africa, leaving a lasting mark on oil and gas while strengthening the ties of the family.
Dayspring Property Development Company
Alakija’s foray into real estate, Dayspring Property Development Company Limited, underscores her prowess as an entrepreneur and astute investor. Dayspring is a Lagos-based luxury property developer that has been shaped by Alakija’s spirit of creativity and adventure. Responsible for iconic structures like the waterfront Rose of Sharon Towers in Victoria Island and Center Point, Africa’s premier workspace. Dayspring’s impressive portfolio boasts luxury homes, apartments, and mixed-use commercial properties in Lagos’ most sought-after neighborhoods. Dayspring’s portfolio reflects its commitment to excellence, style and quality.
Digital Reality Print
Fueled by Alakija’s enterprising spirit and creative drive, Rose of Sharon Prints and Promotions factory transformed into Digitalreality Print Limited in September 2006. Today, it stands as one of Nigeria’s leading commercial printing giants, offering cutting-edge technology to bring ideas to life. Digitalreality is the leader in commercial printing and other services such as laser cutting, engraving and monogramming. Digitalreality’s unwavering passion for innovation and commitment to excellence makes it the best choice for Nigerian businesses.
Rose of Sharon Group
Alakija founded the Rose of Sharon Group which is a conglomerate that includes Rose of Sharon Towers and Rose of Sharon House of Fashion. Famfa Oil also falls under this group. This diversified conglomerate spans fashion, oil and gas, real estate, and philanthropy, reflecting Alakija’s multifaceted entrepreneurial vision.
Rose of Sharon Foundation
The Rose of Sharon Foundation was founded in 2008 by Alakija to provide financial independence, educational opportunities, and housing to widows and their families. The foundation has helped nearly 1,000 widows, and over 4,262 other widows by providing scholarships and vocational training. It also offers interest-free housing and loans. Rose of Sharon Glorious Minister International offers spiritual and medical support, free consultations in healthcare, and legal assistance.
Famfa Towers
Famfa Towers is a 22-story complex of offices in Ikoyi (a posh area) located in Lagos. It serves as the headquarters for Famfa Oil. This iconic building, developed by Julius Berger Nigeria Plc, Dayspring Property Development Company and owned by Alakija is 21,840 square metres of gross rentable area. Famfa & Alakija use the five top floors of this building for their personal needs, and all other floors can be rented. The tower, which cost more than $100 million and was financed without bank loans, is a testament to Alakija’s commitment to excellence.
Rose of Sharon tower
The Rose of Sharon Tower, a mixed use development on Victoria Island that offers panoramic views of Kuramo water and the Atlantic Ocean from its eight floors of residential apartments of various luxury levels. Day Spring Development Property Company Limited is the owner of Alakija and manages this tower. This luxury residence boasts international-standard gyms, pools, and club rooms.
– Billionaires.Africa