#BLACKFABS::: FOLORUNSHO ALAKIJA. THE RICHEST BLACK WOMAN ON EARTH WITH AN ESTIMATED NET WORTH OF $3.2 BILLION (Wikipedia).

The all-time inspiring stories of an unprecedented network of high achieving women from the World’s largest companies, innovative start- ups, philanthropic organizations, government.

All across the world, in all sectors of the economy, women are poised to burst a common myth that women-led businesses do not grow beyond a certain scale.  A handful of women entrepreneurs are stepping up to show they have the appetite, skills and vision pioneering world class mega enterprises and leading the revolution.

Enjoy this rich palette of the experiences of this world renowned economic force.

 

MEET:::Folorunso Alakija

THE RICHEST WOMAN IN AFRICA WITH AN ESTIMATED NET WORTH OF $600 MILLION WHILE WIKIPEDIA DESCRIBES HER AS THE RICHEST BLACK WOMAN ON EARTH WITH AN ESTIMATED NET WORTH OF $3.2 BILLION.

 

Mrs Folorunso Alakija is a philanthropist with a sincere desire to help the needy, a fashion icon with an infallible sense of style, a businesswoman who has broken many uncharted territories, a friend in deed, a loving wife, a caring mother and grandmother. Educated in Europe, she first embarked on a career in banking, until she took a leap of faith and followed her heart and creative calling to establish her own business in the Nigerian fashion industry. Supreme Stitches rose to prominence and fame within a few years, and, as Rose of Sharon House of Fashion, became a household name.

As National President and lifelong Trustee of the Fashion Designers Association of Nigeria (FADAN), she left an indelible mark, promoting Nigerian Culture through fashion and style. Ever the entrepreneur, Mrs Alakija has forayed into related businesses: The Rose of Sharon Prints & Promotions specialises in monogramming and screen printing for promotional and gift items, while Digital Reality Print Ltd specialises in highly technical digital large format printing. She remains the only female in that industry to date.

She included a direct imaging paper printing press to coincide with her 60th birthday in July 2011. She oversees the Rose of Sharon Group as the Group Managing Director and she is also Executive Vice Chairman of her family’s oil exploration and production business seeing to the strategic planning and day to day administration. In addition to these, Folorunso is the Executive Vice Chairman of Dayspring Property Development Company Limited, a real estate company with investments in different parts of the world.

Life in the corporate world

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I started my 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. I later joined The First National Bank Of Chicago (today known as Finbank PLC) as the Executive Secretary to the Managing Director.

With diligence and hard work, I became the new Head of the Corporate Affairs Department of the International Merchant Bank of Nigeria (Formerly First National Bank of Chicago) and subsequently, rose to the position of an Office Assistant to the Treasury Department. I had a wonderful career spanning 12 years in the banking world. 1970.

 Success in the fashion world

 

Shortly after my career in the corporate world, I took up a new challenge driven by my passion for Fashion to study fashion design at The American College in London and the Central School of Fashion. My return to Nigeria saw the birth of my first fashion label, Supreme Stiches which was later renamed The Rose Of Sharon House of Fashion in1996.  In 2001, We started mass-producing tee-shirts and thus changed its name to The Rose of Sharon Prints and Promotions. 1983.

Oil Business

 

 

 

As an indigenous company, Famfa Oil 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. A true family business with Mr Modupe Alakija (my husband) as its Chairman, I, the Executive Chairman and my four sons the Executive Directors. 1991.​

The drilling of the first Agbami well commenced on my birthday on the 15^th of July, 1998.  The exploratory well was 4,700 feet under water, 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 deep water 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 very risky venture that later paid off). The Government of the day saw fit to forcefully “take” 50% of our company’s participating interest, but on the 22^nd of May, 2012, after 12 long years in the law courts, Famfa’s shares were restored having gone through years of prayers and fasting.

The God that made all this possible, who gives without adding sorrow, also used Famfa and its Agbami partners to give scholarships to almost 9,000 medical and engineering students nationwide.  We have 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, we have donated 4 E-libraries and 2 school libraries in different states of the Federation..

Rose of Sharon Prints and Promotions

 

We were not willing to compromise our standards. Therefore, we switched to monogramming on readymade shirts, towels, bed sheets, Uniforms, table cloths and the like. We later launched a one year promotional raffle to appreciate our loyal liens with a star prize of a car.​  2001.