Folorunso Alakija (born 15 July 1951) is a Nigerian billionaire businesswoman. She is involved in the fashion, oil, real estate and printing industries. She is the group managing director of The Rose of Sharon Group which consists of The Rose of Sharon Prints & Promotions Limited, Digital Reality Prints Limited and the executive vice-chairman of Famfa Oil Limited. She also has a majority stake in DaySpring Property Development Company. Alakija is ranked by Forbes as the richest woman in Nigeria with an estimated net worth of $1 billion.
Alakija started her career in 1974 as an executive secretary at Sijuade Enterprises, Lagos, Nigeria. She moved to the former First National Bank of Chicago, which later became FinBank now acquired by FCMB (First City Monument Bank) where she worked for some years before establishing a tailoring company called Supreme Stitches.
In May 1993, Alakija applied for the allocation of an oil prospecting license (OPL) The license to explore for oil on a 617,000-acre block—now referred to as OPL 216—was granted to Alakija’s company, Famfa Limited. The block is located approximately 220 miles south-east of Lagos and 70 miles offshore of Nigeria in the Agbami Field of the central Niger Delta.
Once word got out they struck oil, the Nigerian government snatched a 40% stake. Later, they took an additional 10%. For twelve years, she fought the government in court. The government argument was if Alakija and family were allowed to keep their bloc, they stood to make $10 million a day. Still, she persisted and in the end she won.
“Nigeria is really the best place to invest, it is one of the few good places to make money in the world, Nigeria is world’s best kept investment secret”.
Here is how she defines success:
S- Sacrifice daily in terms of going the extra mile
U-Utilizing time and talent appropriately
C- Consistently focusing on goal(s)
C-Credibility as a watchword
E-Educating and re-educating oneself
S-Saying no to discouragement
S-Seeking the Lord Daily and being sure to follow His directions
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