Folorunsho Alakija is one of Africa’s most prominent female billionaires and a symbol of entrepreneurial resilience.
As of April 2025, her net worth is estimated at $1.2 billion, driven primarily by her oil exploration company, Famfa Oil Limited. Beyond oil, Alakija has interests in fashion, real estate, printing, and philanthropy, making her a multifaceted business leader.
Early Life and Education
Born on July 15, 1951, in Ikorodu, Lagos State, Nigeria, Alakija is a member of the prominent Ogbara family. Her father was a successful businessman, and she was raised with a strong sense of discipline and ambition.
She attended Dinorben School for Girls in Wales, UK, and later Muslim High School in Sagamu. She studied secretarial skills at Pitman’s Central College, London, and later fashion design at the American College in London and the Central School of Fashion.
Early Career and Rise in Fashion
Alakija began her career as an executive secretary at Sijuade Enterprises, later joining First National Bank of Chicago (now part of FCMB). In 1993, she launched Supreme Stitches, a high-end fashion label later renamed Rose of Sharon House of Fashion.
Her client base included Nigeria’s First Lady at the time, Maryam Babangida, which helped elevate her brand into national prominence. Her fashion business demonstrated her keen business instincts and built the foundation for her later ventures.
Famfa Oil and the Billion-Dollar Oil Empire
Alakija’s biggest breakthrough came in 1993, when her company, Famfa Limited, received OPL 216, an oil prospecting license for a deep offshore block in the Agbami Field, Niger Delta.
She later brought in global partners including Chevron and Petrobras. Though Famfa Oil does not operate the field, it earns significant royalties and profit share, making it one of Nigeria’s most lucrative oil holdings.
This single strategic asset launched Alakija into the ranks of global billionaires and established her as one of the richest women in Africa.
Legal Battle with the Nigerian Government
Famfa Oil’s stake was reduced by the government during development. After years of litigation, the Supreme Court of Nigeria ruled in Alakija’s favor in 2012, reinstating Famfa’s 60% stake. This ruling reaffirmed her financial control over the field and cemented her wealth.
Real Estate and Other Investments
Alakija has built an expansive real estate portfolio spanning Lagos, Abuja, and international locations like London and Dubai. Her firm Rose of Sharon Group manages high-end residential and commercial developments.
She also owns Digital Reality Print Ltd, a commercial printing company that serves corporate clients across West Africa.
Net Worth Analysis (2025)
As of 2025, Forbes estimates Alakija’s net worth at $1.2 billion, based on:
Her wealth is largely tied to oil prices and the naira’s performance. Despite fluctuations, she remains among Africa’s wealthiest women.
Philanthropy and Social Impact
Alakija founded the Rose of Sharon Foundation, supporting widows and orphans with education, business grants, and housing. Thousands have benefitted from her interventions.
She is also a significant donor to Christian organizations and ministries. In 2014, she donated a building to Yaba College of Technology and continues to fund educational and medical institutions across Nigeria.
Recognition and Awards
Folorunsho Alakija’s contributions have earned her several accolades:
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Forbes: Listed among World’s Most Powerful Women (multiple years)
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National Honor: Commander of the Order of the Niger (CON)
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Chancellor of Osun State University (2016–2020)
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African Businesswoman of the Year
Recent Developments (2024–2025)
Famfa Oil began evaluating onshore gas investment projects in partnership with foreign investors.
A new real estate project was launched in Ikoyi, Lagos, including a luxury mixed-use tower.
In early 2025, Alakija launched WELI — Women in Energy and Leadership Initiative — to mentor African women in energy.
Outlook
Alakija remains a trailblazer in Nigeria’s energy industry and a global icon for African women in business. Her asset-based business model, especially in oil, provides recurring income with limited operational risk.
Her long-term focus on philanthropy, entrepreneurship, and female empowerment continues to shape her legacy far beyond Nigeria.
Net Worth Trend (2010 – 2025)
2010 — $400 million
2013 — $600 million
2015 — $1.6 billion
2017 — $2.1 billion
2020 — $1.4 billion
2023 — $1.3 billion
2025 — $1.2 billion
For more African billionaire profiles, visit Investors King.
