With investments across various sectors of the economy, Folorunso Alakija, Nigeria’s richest woman is not just billionaire businesswoman, but also a giver who has spent over three decades of her life helping the poor, widows and the less privileged.
Due to her love and affection for the needy, Alakija in 2008 launched the Rose of Sharon Foundation, with the vision of providing help and succour to widows and orphans in Nigeria as well as the rest of the world.
The foundation among other things gives a facelift to widows who are members, by providing them with funds at zero per cent interest to start a business of their choice.
Since it started 11 years ago, the foundation has so far touched directly the lives of over 3500 widows, who to a large extent were left stranded due to situations of life, and has also indirectly rubbed positively on over 10,000 households.
The foundation has also succeeded in training several widows through school for those of them who wish to go further in their education, as well as their children, Alakija told BusinessDay.
According to her, the desire to assist both the widows and the orphans through the foundation, was necessitated on a “call from God”.
“The foundation was birthed out by the call of God after he showed me James 1 vs. 27, a verse of the bible, which is to look after widows and orphans to help them out in the challenge they face,” she said.
She noted that many of these women were traumatized and depressed after they were left with nothing from the hands of their in-laws hence, the need to provide a platform that they can leverage on to explore
“At first when we started, we had only three widows, the number increased to 900 and here we are having thousands of them across the country doing great with their children working,” she said
From Secretary to Billionaire
Alakija was born on 15 July 1951 to the family of Chief L. A. Ogbara in Ikorodu, Lagos State.
At present, she is the managing director of Rose of Sharon Group and executive vice-chairman, Famfa oil, with investments across different sectors of the economy, including real estate, oil and gas, printing and fashion.
In 2015, she was ranked by Forbes as the richest woman in Nigeria, with a net worth of over $1 billion; and second most influential woman in Africa after Okonji Ngozi-Iwela, a one-time finance minister under the Goodluck Jonathan’s administration.
But Alakija’s renowned success did not come on a platter of gold but as a result of years of hard work and her continued resilience for success.
Alakija started off her corporate career as a secretary with Sijuade Enterprises at the prestigious Western House, Broad Street, Lagos shortly after completing a secretarial course at Pitman’s Central College London.
She later joined the First National Bank of Chicago (today known as Finbank PLC), where she held the position of executive secretary to the managing director.
With diligence and hard work, she rose to the position head of the corporate affairs department of the International Merchant Bank of Nigeria (formerly First National Bank of Chicago) and subsequently, moved up further to the position of an office assistant to the treasury department.
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Shortly after her career in the corporate world, Alakija took up a new challenge driven by her passion for fashion to study fashion design at the American College in London and the central school of fashion.
Her return to Nigeria saw the birth of her first fashion label; Supreme Stitches which was later renamed the Rose Of Sharon House of Fashion in1996.
By the year 2001, Alakija had already started mass-production of Tee-shirts and thus changed its name to The Rose of Sharon Prints and Promotions.
Her Famfa Oil, an indigenous company, made its first application for an oil exploration and production licence in 1991.
In collaboration with Texaco Nigeria Ltd (later taken over by Chevron Nigeria Ltd), it commenced full operations in 1996.
The business then was a true family business with Modupe Alakija (her husband) as its chairman, while she and her four sons were executive chairmen and executive directors respectively
The drilling of the first Agbami well commenced on her birthday on the 15th of July, 1998, on an exploratory well that was 4,700 feet underwater, the deepest water depth in Nigeria at the time.
The recoverable reserves for the field would later be appraised to rank amongst the largest single finds in deepwater West Africa.
From Famfa’s application for an oil licence in January 1991, it took 17 years to reach ‘first oil’ where production commenced from its 17 million year deposit, a risky venture which Alakija said later paid off.
The government at the time then saw it fit to forcefully “take” 50 per cent of Famfa’s participating interest, but on the 22nd of May, 2012, after 12 long years in the law courts, the company’s shares were restored having gone through years of prayers and fasting.
According to Alakija the partnership between Famfa, her oil firm, and Agbami, saw scholarships given to almost 9,000 medical and engineering students nationwide.
The firm also donated 21 chest clinics for the treatment of tuberculosis (TB) in 21 different states in Nigeria and 21 science laboratories in 21 different states (including 9 in the Niger Delta region and Lagos State). In addition to these, it donated four e-libraries and two school libraries in different states of the Federation.
Alakija’s investment in the printing press business was known as digital reality print limited, which commenced its operation in September 2006 as a large format printing outfit.
Alakija noted that the reason for the establishment of the firm was to develop a sustainable brand that is best-in-class for everything within the space of printing.
According to her, the company deployed the latest technology to provide quality, timely and awesome images which attract, excite and create lasting impressions.
In addition to these, Folorunso is the Executive Vice Chairman of Dayspring Property Development Company Limited, a real estate company.
It was said that her relationship Alakija cultivated during her time as a fashion designer served her a great deal when she decided to take a leap into the oil industry.
When reflecting on her achievements, Folorunso’s foremost reaction is always to give glory to God through Jesus Christ and to share the secrets of her success. A born again Christian since 1991, she draws her strength from her unfaltering belief in the.
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The God factor
Alakija’s tremendous success is built on god, which she says is the source of her wealth and inspiration.
In obedience to the word of God and working according to his will and purpose, she and her husband founded a house fellowship which has grown to become a full-fledged Christian Ministry known as the Rose of Sharon Glorious Ministry International.
She has authored several books including, alone with God (a free annual Christian devotional); university of marriage (a guide for married couple); growing with the hand that gives the rose, (her autobiography); the cry of widows and orphans (a sensitization material on the plights of widows and orphans); his name Is…., (A collection of over 3000 names of God).
Others include Folorunso Alakija speaks -an inspirational book for all, (A collection of her speeches); Folorunso Alakija speaks 1 -an inspirational book for Christians, (a collection of the author’s ministrations); wish for it? pray for it”, (a series of three books containing a collection of her favourite scriptures for husbands, wives, and parents); lastly, her latest book for single men and women; window shop for your spouse (a practical guide for choosing the best spouse).
In her words, she urged Nigerians to extend love and reach out to the poor always.
She noted that one need not be a billionaire to be able to reach out to the poor, “as little as your worn clothes can go a long way in saving the lives of people in the country,” she said.
