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12 Things You Didn’t Know About Folorunsho Alakija

12 Things You Didn’t Know About Folorunsho Alakija

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Folorunsho Alakija is widely known is the business world for her vast investment portfolio, and has been named the second-richest woman in Africa, after Angolan businesswoman Isabel Dos Santos. Alakija’s interests in fashion, oil, real estate and more have earned her a net worth of over $3 billion USD, and she easily ranks as the richest woman in Nigeria. Here are 12 things you didn’t know about Folorunsho Alakija.

Sources: Forbes.com, RoseofSharonFoundation.Wordpress.com, Ventures-Africa.com, BellaNaija.com

AfricaTopSuccess.com
AfricaTopSuccess.com

She was born to a chieftain in Lagos State, Nigeria

Born in 1951 to a polygamous family, Alakija is the daughter of L. A. Ogbara, a chief in Ikorodu, Lagos State in Nigeria. Her place in this wealthy family allowed her privileged opportunities for education at a young age.

AfricaBusiness.com
AfricaBusiness.com

Alakija had an early education in the U.K.

At the age of 7, she traveled the U.K. to attend primary school at the Dinorben School for Girls in Llangernyw, Wales. She later returned to Nigeria for secondary school in Ogun State, but traveled back over to London for secretarial studies at Pitman’s Central College.

CitiFMOnline.com
CitiFMOnline.com

She studied fashion design at the American College in London

Continuing her studies in the U.K., Alakija attended the American College in London for fashion design and secretarial studies, and later studied at the Central School of Fashion.

KnowMagazine.org
KnowMagazine.org

She is proud she never attended university

In an address at the University of Lagos in 2014, “I never went to a university and I am proud to say so because I don’t think I have done too badly…You do not have to have a university education to be able to make it so count yourselves privileged to have that education as part of the feather in your cap.”

Source: Forbes.com

Forbes.com
Forbes.com

Alakija began her career as a businesswoman after her studies

Despite studying fashion, Alakija moved to the business sector after graduation. She first worked as an executive secretary at Sijuade Enterprises, a merchant bank in Lagos, Nigeria, before moving to Chicago to work for the former First National Bank (now FinBank). After that she established her own company, a tailoring enterprise called Supreme Stitches.

KokoFeed.com
KokoFeed.com

Her first company quickly shot to fame

Supreme Stiches soon became known as a high-end label and rose to prominence. Alakija cleverly positioned her brand to cater to upscale clientele, including Nigerian First Lady Maryam Babangida, who would go on to become Alakija’s most high-profile client. It was this company that gave Alakija her first taste of earned wealth, though she would go on to earn far more from other business ventures.

Punch.ng
Punch.ng

Alakija’s investments in the oil industry have been her most lucrative

In 1993, Alakija’s company, Famfa Ltd., was granted an oil-exploration license to explore a 617,000-acre block in Nigeria’s coastal waters. Her company now holds a 60-percent stake in the lucrative oil field, known as OML 127.

IReportersTV.co
IReportersTV.co

She was named the world’s most powerful woman

In 2014, Forbes named Alakija the 96th most powerful woman in the world. She was one of two Nigerian women on the list. The other was the country’s Minister for Finance, Ngozi Okonjo-Iweala, who ranked at No. 44. Other Africans on the list included Joyce Banda of Malawi (No. 40) and Liberia’s Ellen Johnson Sirleaf (No. 70).

AfricanSuccess.org
AfricanSuccess.org

Alakija is related to British-Nigerian DJ Xclusive

Through her marriage to lawyer Modupe Alakija, Folorunsho is aunt to the British-Nigerian DJ, producer, and artist known as DJ Xclusive. Xclusive was born in the U.K. to Nigerian parents. One of his parents is Modupe’s sibling.

SunNewsOnline.com
SunNewsOnline.com

She has a foundation to help widows and orphans

Alakija’s foundation, the Rose of Sharon Foundation, is set up to help widows and orphans through scholarships and grants as part of a vast community network. The foundation was launched in 2008, and bills itself as a “private, voluntary, faith-based, non-governmental organization in Lagos State, Nigeria.”

Source: RoseofSharonFoundation.Wordpress.com

WP.com
WP.com

Alakija has a $46-million private jet

In addition to her vast business interests, Alakija owns a Bombardier jet, valued at more than $46 million. She is also known to have a large real estate portfolio, with prime real estate investments across Nigeria and the U.K.

TopCelebritiesNG.com
TopCelebritiesNG.com

 

She has more money than Oprah

With more than $3.3 billion USD, Alakija has approximately $300 million more than American TV personality and business mogul Oprah Winfrey. Some unverified estimates place her wealth in excess of $7 billion. The Brazilian oil company Petrobas owns an 8 percent stake in OML 127. The stake was valued at $1.5-billion to 2.5 billion in 2014. This would put Alakija’s 60-percent stake in OML 127 at more than $7.3 billion.