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Folorunsho Alakija Net Worth, Biography, Cars And Houses

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It’s nearly impossible to talk about the richest and most powerful women in Nigeria and Africa without the name Folorunsho Alakija. The iconic business magnate made her fortune from oil, fashion and printing. Her story isn’t one of overnight success but of hard work and determination. Her business prowess and line of successful businesses have made her a billionaire. Folorunsho Alakija is a wealthy woman of status who enjoys the best of cars and all the pleasant things life has to offer. Please find out more about Folorunsho Alakija, her biography, cars, houses and net worth in this article by carmart.ng.

Folorunsho Alakija Profile

Folorunsho Alakija
Folorunsho Alakija
NameFolorunsho Alakija
Date of birth15th July 1951
Place of birthIkorodu, Lagos State, Nigeria.
OccupationBusinessman, oil business, printing
TitleManaging director, Rose of Sharon Group Vice chairman, Famfa Oil
Net worth$1 billion

Folorunsho Alakija Biography And Education

The 70-year-old Folorunsho Alakija is referred to as the richest woman in Nigeria and one of the richest women in Africa. She is not only a prolific businesswoman involved in the fashion, printing, real estate, and oil industries but also a philanthropist.

Folorunsho Alakija was born on 15th July 1951 to the family of Chief L.A Ogbara in Ikorodu, Lagos State. She was the 8th in a family of 52. Her primary school education at 7 was at Dinorben School for Girls in Hafodunos Hall in Llangernyw, Wales. After her four-year education, she returned to Nigeria to attend Muslim High School in Ogun state. At age 17, Folorunsho Alakija had her secretarial studies at Pitman’s Central College, London. At London, she also studied fashion design at the American College.

Folorunsho Alakija Career

Folorunsho Alakija Biography And Education
Young Folorunsho Alakija – CNN

Folorunsho Alakija’s first job was at Sijuade Enterprises, Lagos, Nigeria, where she worked as an executive secretary in 1974. She also worked at the First National Bank of Chicago. Folorunsho Alakija’s first personal business is fashion-affiliated, which she named Supreme Stitches. Supreme Stitches met the fashion demand and style of wealthy women in Nigeria. She had the wife of General Ibrahim Babangida as one of her customers. The business quickly rose to prominence. Folorunsho Alakija’s taste in fashion keeps promoting Nigerian fashion and style; hence, she is the National President and lifelong trustee of the Fashion Designers Association of Nigeria (FADAN).

She applied for the oil prospecting License in May 1993, which was granted to her by the Nigerian Government to explore for oil on a 617,000-acre block—now referred to as OPL 216—was granted to Alakija’s company, Famfa Oil Limited. The oil Bloc is located in the Agbami Field of the central Niger Delta.


Three years later, she entered a joint venture agreement with Star Deep Water Petroleum Limited (a wholly-owned subsidiary of Texaco). She appointed Star Deep Water as a technical adviser to explore her license and transferred 40% of her 100% stake to the company—FamFa Oil Limited, which partners with Chevron and Petrobras. Folorunsho Alakija entered into a long-term court battle with the Nigerian government after they snatched a 50% stake once the news went viral that they had struck oil on her oil bloc. Though the battle was long and heated, in the end, Folorunsho Alakija won, and she got her stakes back.

She is the first female appointed to the position of Chancellor in Nigeria in 2016. 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.

 Folorunsho Alakija Husband

 Folorunsho Alakija family
 Folorunsho Alakija family

Furthermore, Folorunsho Alakija married Modupe Alakija, a lawyer in 1976. The union is blessed with four male children.

Folorunsho Alakija Philanthropic Acts

In addition, Folorunsho Alakija has a deep interest in education. Her philanthropic acts extend to providing scholarships for which many Nigerian students are beneficiaries. Her company is a major sponsor of the reliable Agbami Medical and Engineering Scholarship Scheme.

She also has a foundation called The Rose of Sharon Foundation, which helps widows and orphans in giving business grants and scholarships. She has also donated a skills acquisition centre to the Yaba College of Technology.

Folorunsho Alakija has attributed her success to God’s help, saying,” I am not an overnight success. I have had to make sacrifices like everyone else and faced challenges but never given up. I have not compromised myself, my values, or my faith.”

Folorunsho Alakija Net Worth

Her net worth is estimated to be a little below $1 billion. She dropped off the billionaire Forbes list due to lower oil prices.

Folorunsho Alakija Cars

Although she is wealthy, Folorunsho Alakija does not flaunt her cars on social media. She doesn’t even have a flair for fancy cars like many celebrities do. The wealthy businesswoman enjoys classic, modest rides for her business meetings and small travels. She also appears to be a fan of Mercedes Benz.

Mercedes Benz S-Class

Folorunsho Alakija Mercedes Benz S-Class
Folorunsho Alakija Mercedes Benz S-Class

She and her husband, Modupe Alakija, own two customized Mercedes Benz, believed to be of the S-class. She owns a black Mercedes Benz plated with the initials of her name, FLO and the brown and reddish Mercedez with the plate “MODU” is for her husband.

Folorunsho Alakija husband Mercedes Benz S-Class
Folorunsho Alakija’s husband Mercedes Benz S-Class

Her Mercedes Benz S-class is classic, and the interior is made from state-of-the-art materials. Made with the latest technologies, the Magic Body Control in her Mercedes Benz S-class is just the perfect luxury car to drive comfortably through rocky terrains in Nigeria.

Mercedes Benz G-Wagon

Folorunsho Alakija Mercedes Benz G-Wagon
Folorunsho Alakija Mercedes Benz G-Wagon

It is reported that Folorunsho Alakija makes nothing less than 160 million NGN a day, especially from her oil business. A woman with such money can splash any amount on cars without breaking a sweat. As an act of goodwill and pleasure, the wealthiest woman in Nigeria decided to splash over 100 million NGN in total to buy four identical Mercedes Benz G-Wagons for her four sons. The G-Wagon is an exquisite car from the German automaker; it’s strong and tough to handle off-road driving.

Folorunsho Alakija Private Jet

Folorunsho Alakija Private Jet
Folorunsho Alakija Private Jet

Being a busy businesswoman who travels from country to country, a private jet is expected to ease a lot of stress. Folorunsho Alakija owns The Bombardier Global Express XRS worth around 46 million dollars (~₦16.7 billion).

Folorunsho Alakija Houses

Folorunsho Alakija Houses
Folorunsho Alakija Houses

Though rich and powerful, Folorunsho Alakija has kept her possessions from the public eye. She has various properties in different parts of the world. Her house in the UK is one the most modest you can find. While it looks simple outside, the interior has sophisticated and luxurious facilities.

She also has a fancy-looking house in Lagos, Nigeria. This house was constructed by the famous brand Julius Berger from Germany. Interior pictures of the house have not been made public yet, but we believe it is ornate and expensively furnished.

The articles published by the Carmart team are a well-researched and informative collection of content contributed by the entire team of Carmart Nigeria. This content spectrum covers a wide range of topics in the automotive sector, including press releases, formal announcements, celebrity cars, new car releases, African car posts, car maintenance tips, safety tips, and much more. Carmart.ng is a blog that focuses on vehicle news in Nigeria. The blog covers a variety of topics such as car reviews, industry news, buying guides, maintenance tips, and automotive technology updates. These blogs can be a valuable resource for car enthusiasts, buyers, and anyone interested in staying up-to-date with the latest trends in the automotive world.

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