Folorunso Alakija stands as one of Africa’s most influential business moguls, a self-made billionaire whose journey from humble beginnings to global recognition has reshaped Nigeria’s corporate landscape.
From fashion to oil, real estate to philanthropy, Alakija’s business empire is a testament to strategic vision, resilience, and innovation.
Born in 1951, her career began in 1974 as a secretary at Sijuwade Group, a conglomerate owned by the late Oba Okunade Sijuwade. This early exposure to the business world set the stage for her future successes, culminating in her rise as Nigeria’s wealthiest woman and one of the richest women of African descent.
At the core of Alakija’s financial empire is Famfa Oil, a dominant player in Nigeria’s energy sector. However, her wealth extends far beyond oil, spanning industries such as fashion, real estate, and commercial printing. Through Flourish Africa and the Rose of Sharon Foundation, she has also dedicated herself to empowering women entrepreneurs and supporting vulnerable communities.
This article delves into the 10 key assets that have cemented Alakija’s status as one of Africa’s most powerful entrepreneurs and philanthropists.
1. Famfa Oil
Famfa Oil is the backbone of Alakija’s fortune. Founded in 1996, the indigenous oil exploration company secured a major breakthrough when it was awarded a stake in OML 127, one of Nigeria’s most lucrative offshore oil blocks. Partnering with Chevron, Famfa Oil plays a key role in the country’s energy sector, proving that local expertise can thrive in an industry traditionally dominated by global giants.
2. Agbami Oilfield
The Agbami Oilfield, spanning 617,000 acres off Nigeria’s coast, is one of the largest deepwater oil projects in the country. Famfa Oil, in partnership with Texaco (now part of Chevron), secured exploration rights for Block 216 in 1996. Producing over 90,000 barrels per day, the field is a major contributor to Nigeria’s oil output, cementing Alakija’s role in the global energy sector.
3. Digital Reality Print Limited
Alakija expanded her business empire into the printing industry with Digital Reality Print Limited (formerly Rose of Sharon Prints and Promotions) in 2006. The company specializes in high-end printing services, including laser cutting, engraving, monogramming, and direct-to-garment printing, making it one of Nigeria’s leading commercial print businesses.
4. Supreme Stitches (Now Rose of Sharon Fashion House)
Before conquering the oil industry, Alakija made her mark in fashion. In the 1980s, she founded Supreme Stitches, a luxury clothing brand catering to Nigeria’s elite. Now rebranded as Rose of Sharon Fashion House, the brand continues to be a major force in Nigeria’s fashion industry, blending traditional African styles with modern trends.
5. Dayspring Property Development
Through Dayspring Property Development Company, Alakija has built a formidable presence in Nigeria’s luxury real estate sector. The firm specializes in high-end residential and commercial developments, creating sustainable properties that meet the needs of Nigeria’s fast-growing urban population.
6. Famfa Towers
Standing tall in Ikoyi, Lagos, Famfa Towers is a 22-story commercial office complex, developed by Julius Berger Nigeria Plc and Dayspring Property Development Company. With 21,840 square meters of leasable space, it serves as the headquarters of Famfa Oil, with additional space rented out to corporate clients. The $100 million self-financed project is a symbol of Alakija’s commitment to excellence.
7. Rose of Sharon Group
Alakija’s diverse business interests are consolidated under the Rose of Sharon Group, which includes Famfa Oil, Rose of Sharon Fashion House, Digital Reality Print Limited, and Dayspring Property Development. This multi-industry conglomerate underscores her ability to thrive in multiple sectors.
8. Rose of Sharon Tower
Located in Victoria Island, Rose of Sharon Tower is a luxury residential development offering 32 high-end apartments with stunning views of the Atlantic Ocean. Managed by Dayspring Property Development, the tower features world-class amenities, reinforcing Alakija’s influence in Nigeria’s real estate market.
9. Rose of Sharon Foundation
Alakija’s commitment to social impact is evident in the Rose of Sharon Foundation, founded in 2008 to support widows, orphans, and underprivileged communities. To date, the foundation has:
✅ Supported over 1,000 widows
✅ Provided scholarships to 4,262 orphans
✅ Offered vocational training and interest-free loans
✅ Delivered free healthcare and legal assistance
Her philanthropy extends beyond financial aid—she actively mentors women and provides entrepreneurial support.
10. Flourish Africa
Through Flourish Africa, Alakija is nurturing a new generation of women entrepreneurs across Africa. The initiative offers:
• Business mentorship and training
• Networking opportunities
• Leadership workshops
• Annual grants for 500 women-led businesses
Alakija envisions Flourish Africa as a catalyst for financial independence and economic growth among African women.
Additional Information from: Billionaire Africa, Forbes
