The richest woman in Nigeria is Folorunso Alakija, a prominent entrepreneur, philanthropist, and businesswoman. Born on July 15, 1951, in Ikorodu, Lagos State, Nigeria, Alakija has made a significant impact in the business world and has amassed great wealth throughout her career.
With a net worth estimated at around $1.3 billion (as of my knowledge cutoff in September 2021), Folorunso Alakija has earned her wealth primarily through her ventures in the oil and fashion industries. She is considered one of the wealthiest self-made women in Africa.
Alakija began her career in the 1970s as an executive secretary at the International Merchant Bank of Nigeria. However, her entrepreneurial spirit led her to venture into the fashion industry, and in 1985 she founded a high-end fashion label called Supreme Stitches. The company gained popularity among Nigeria's elite, including prominent figures and socialites.
Her breakthrough in the oil industry came in the early 1990s when she secured an Oil Prospecting License (OPL) from the Nigerian government. This license eventually led to the establishment of Famfa Oil Limited, an indigenous exploration and production company. Famfa Oil's operations have been highly successful, and it holds a significant stake in the Agbami oilfield, one of Nigeria's largest deepwater discoveries.
Folorunso Alakija's success in the oil industry propelled her to great financial heights, making her one of the wealthiest individuals in Nigeria. She has diversified her investments, holding interests in real estate, banking, and other sectors through her company, Famfa Limited.
Alakija's philanthropic efforts are noteworthy as well. She is dedicated to improving the lives of less privileged Nigerians, particularly through her Rose of Sharon Foundation. The foundation focuses on providing scholarships, vocational training, and business grants to widows and orphans.
