Folorunsho Alakija is a Nigerian businesswoman, philanthropist and entrepreneur whose career spans banking, fashion, oil and real estate. She became one of Africa’s most prominent female entrepreneurs after building a major business empire through the Rose of Sharon Group and FAMFA Oil.
Alakija is back in the spotlight in September 2026 following a reported $6.7 million customs-duty dispute involving FAMFA Oil and one of the company’s private aircraft. An investigation alleges that three Bombardier jets linked to FAMFA were kept in Nigeria for extended periods amid questions over their import documentation. The matter is before the courts, and the allegations have not been determined by a court.
The latest controversy has renewed interest in who Folorunsho Alakija is, how she built her wealth, her husband and children, her oil business, and her estimated net worth.
Folorunsho Alakija Biography at a Glance
| Fact | Details |
|---|---|
| Full name | Folorunso Alakija |
| Date of birth | July 15, 1951 |
| Age | 75 years |
| Birthplace | Ikorodu, Lagos State, Nigeria |
| Nationality | Nigerian |
| Profession | Businesswoman, entrepreneur and philanthropist |
| Husband | Modupe Alakija |
| Children | Four sons |
| Major businesses | FAMFA Oil, Rose of Sharon Group |
| Known for | Oil, fashion, philanthropy and entrepreneurship |
Who Is Folorunsho Alakija?
Folorunsho Alakija is a Nigerian entrepreneur who built her career across several industries before becoming closely associated with the country’s oil sector.
She started her professional life in office administration and banking before moving into fashion. Her success in fashion later gave her the confidence and resources to enter the oil industry, where FAMFA Oil became the foundation of her fortune.
She also founded the Rose of Sharon Foundation, which supports widows and orphans through education and empowerment programmes. Her business interests extend beyond oil and fashion into printing and real estate.
Folorunsho Alakija’s Age and Early Life
Folorunsho Alakija was born on July 15, 1951, in Ikorodu, Lagos State. She grew up in a large family and later travelled to the United Kingdom for part of her education.
She attended Muslim High School in Sagamu before pursuing secretarial studies at Pitman’s Central College in London. She later studied fashion design at the American College in London and the Central School of Fashion.
Her early exposure to business and international education helped shape the entrepreneurial approach that later defined her career.
Folorunsho Alakija’s Banking Career
Alakija began working professionally in 1974 as an executive secretary at Sijuade Enterprises in Lagos.
She later joined the former First National Bank of Chicago and subsequently worked at International Merchant Bank of Nigeria. During her banking career, she rose into corporate affairs and treasury-related responsibilities.
She spent about 12 years in the corporate and banking sector before leaving to pursue her interest in fashion. That decision marked the beginning of another important phase of her career.
Folorunsho Alakija’s Fashion Career
After leaving banking, Alakija travelled to London to study fashion design. She returned to Nigeria and established Supreme Stitches, a fashion label that became successful among prominent Nigerian customers.
The business was later renamed Rose of Sharon House of Fashion. Alakija became a leading figure in Nigeria’s fashion industry and served as National President of the Fashion Designers Association of Nigeria.
Her fashion career demonstrated her ability to identify opportunities outside conventional corporate employment. It also established the Rose of Sharon name that would later become associated with several of her businesses and philanthropic activities.
How Folorunsho Alakija Became Rich
The biggest transformation in Alakija’s fortune came through her entry into Nigeria’s oil industry.
FAMFA Oil traces its roots to Alakija’s application for an oil prospecting licence in the early 1990s. The company obtained rights to explore an offshore block associated with the Agbami oil field.
In 1996, FAMFA entered a joint venture with Star Deep Water Petroleum, a Chevron subsidiary. The partnership eventually led to oil production from the Agbami field and transformed FAMFA into a major Nigerian indigenous oil company.
The company’s ownership of the oil block later became the subject of a major legal battle with the Federal Government.
Folorunsho Alakija and the FAMFA Oil Legal Battle
The Federal Government sought an interest in the oil block after the discovery of its commercial value. Alakija and FAMFA challenged the government’s claim through the courts.
The dispute continued for years before Nigeria’s Supreme Court ruled in favour of Alakija and FAMFA in 2012. The case became one of the most notable legal battles involving a Nigerian private oil company and the Federal Government.
The court victory strengthened Alakija’s position in the Nigerian oil industry and became a major chapter in her business story.
Why Is Folorunsho Alakija Trending?
Folorunsho Alakija is trending in September 2026 because of a reported customs-duty dispute involving FAMFA Oil and three Bombardier aircraft associated with the company.
According to an investigation published in September, FAMFA faces a customs demand of about N8.85 billion, equivalent to approximately $6.7 million, relating to one aircraft. The investigation alleges that the aircraft were operated in Nigeria amid expired, backdated or missing import documentation.
The three aircraft identified in reports are Bombardier Global 6000 XRS, Global 6000 and Global 7500 jets. Reports say the dispute emerged from wider customs verification exercises involving privately owned aircraft operating in Nigeria.
The allegations remain disputed and have not been tested by a court. FAMFA’s current position and the eventual judicial outcome will determine the extent of any liability.
Folorunsho Alakija’s Husband and Children
Folorunsho Alakija is married to Modupe Alakija. The couple have been married since 1976 and have four sons.
Her husband is closely involved in the family’s business interests. FAMFA’s own corporate history describes Modupe Alakija as chairman, while Folorunsho Alakija serves as vice chairman. Their four sons have also held executive roles within the family business.
The Alakija family has therefore played a significant role in developing the family’s business interests across generations.
Folorunsho Alakija’s Philanthropy
Philanthropy is another major part of Alakija’s public profile.
She established the Rose of Sharon Foundation, which supports widows, their families and orphans through scholarships, empowerment programmes and other assistance.
She later founded Flourish Africa, a platform designed to support women and female entrepreneurs. The initiative provides grants and creates opportunities for women seeking to build businesses and improve their livelihoods.
Her philanthropic work has earned her recognition in Nigeria and internationally. She has also supported educational and skills-development initiatives.
Folorunsho Alakija’s Other Businesses
Alakija’s business interests extend beyond FAMFA Oil and fashion.
Through the Rose of Sharon Group, she has interests connected to printing, property development and other commercial activities. Her official biography identifies Digitalreality Print Limited and Dayspring Property Development Company among her business interests.
This diversification has helped establish her as a businesswoman with interests across several sectors rather than an entrepreneur whose wealth depends solely on oil.
What Is Folorunsho Alakija’s Net Worth?
Folorunsho Alakija’s net worth has been estimated at around $1 billion by Forbes in its 2020 Africa billionaires profile. Forbes identified her source of wealth as oil and described her as self-made.
However, that figure is not a current 2026 valuation. Her wealth depends heavily on private business interests and the value of oil assets, making an exact current figure difficult to establish.
Alakija has nevertheless remained one of Nigeria’s most prominent wealthy businesswomen, with FAMFA Oil forming a central part of her fortune.
Read More: Aisha Achimugu Biography: Age, Husband, Children, Career and Net Worth
Key Facts
- Folorunsho Alakija was born on July 15, 1951.
- She is from Ikorodu, Lagos State.
- She began her career in office administration and banking.
- She later became a prominent fashion entrepreneur.
- She founded Supreme Stitches, later renamed Rose of Sharon House of Fashion.
- She is vice chairman of FAMFA Oil.
- Her oil business became the foundation of her fortune.
- She is married to Modupe Alakija.
- They have four sons.
- She founded the Rose of Sharon Foundation.
- Forbes valued her fortune at $1 billion in its 2020 Africa billionaires profile.
- FAMFA Oil is currently facing a reported customs-duty dispute involving a private aircraft.
Conclusion
Folorunsho Alakija’s biography reflects one of Nigeria’s most remarkable entrepreneurial journeys. She moved from banking into fashion before entering the oil industry, where FAMFA Oil transformed her business career and made her one of Africa’s best-known female entrepreneurs.
The latest FAMFA customs dispute has brought her name back into the news, but the controversy represents only one chapter in a much longer story. Her career in business, her family role at FAMFA, her philanthropic work and her support for women and vulnerable communities remain central to the legacy she continues to build.