Modupe Alakija spent decades working in law before becoming widely recognised as the chairman of one of Nigeria’s leading indigenous oil companies. Together with his wife, billionaire businesswoman Folorunso Alakija, he built business interests in petroleum and property development. Their family later donated major educational facilities, including a law faculty in Oyo State and a 250-bed medical research hospital in Osun State. This Modupe Alakija biography explores his professional journey, family background, business achievements and the latest developments connected with his work.
His legal career began in the early 1970s after studying law at the University of Lagos. He was called to the Nigerian Bar in 1971 and subsequently developed experience in corporate law and business administration. As chairman and co-founder of Famfa Oil, he participated in building a company associated with the Agbami deepwater oilfield. In a 2021 interview, he explained that the business belonged to both him and his wife, with their four sons also involved in management.
In November 2024, Alakija received an honorary doctorate in Business Administration from Ajayi Crowther University. His family’s charitable activities gained further attention in December 2025 when the Modupe and Folorunso Alakija Medical Research and Training Hospital was inaugurated at Osun State University. As of October 2026, he remains publicly associated with Famfa Oil, business leadership and philanthropic projects, although reliable records do not establish his exact age or personal net worth.
Modupe Alakija Quick Facts
| Detail | Information |
|---|---|
| Full name | Modupe Folarin Alakija |
| Popular name | Modupe Alakija |
| Date of birth | Not reliably documented |
| Age | Not independently verified |
| Nationality | Nigerian |
| Profession | Lawyer and businessman |
| Known for | Chairmanship and co-founding of Famfa Oil Limited |
| Father | Adeyemo Alakija |
| Education | University of Lagos |
| Qualification | Bachelor of Laws (LL.B.) |
| Called to Nigerian Bar | 1971 |
| Wife | Folorunso Alakija |
| Wedding date | November 12, 1976 |
| Children | Four sons |
| Business interests | Famfa Oil and Dayspring Property Development |
| 2024 honour | Honorary Doctor of Business Administration |
| University | Ajayi Crowther University, Oyo |
| Major philanthropic project | Modupe and Folorunso Alakija Medical Research and Training Hospital |
| Personal net worth | Not publicly verified |
His legal education and professional history are confirmed in a November 2024 report by Punch, based on information released by Famfa Oil.
Early Life and Family Background
Modupe Alakija was born in Nigeria into a family with connections to the legal profession. His father, Adeyemo Alakija, was a Nigerian lawyer whose professional background influenced the family.
Unlike his wife, whose early life has been widely documented, Modupe has maintained a relatively private personal history. Reliable public records do not provide a confirmed birth date, birthplace or detailed account of his childhood.
However, Alakija has spoken about his experiences as a young man and how his attitude towards education changed. During the opening of a law faculty donated by his family in 2016, he recalled that he had not initially taken his studies seriously.
He explained that he later reconsidered his priorities, pursued legal education and qualified as a lawyer. His account was documented by The Guardian Nigeria in February 2016.
His subsequent legal and business career eventually placed him among the Nigerian professionals involved in corporate leadership and large-scale investment.
Modupe Alakija’s Education
Alakija studied law at the University of Lagos, where he earned a Bachelor of Laws degree.
He completed the professional requirements for legal practice and was called to the Nigerian Bar in 1971.
His education provided the foundation for a long career in law, particularly matters involving commercial transactions, business administration and corporate governance.
In 2024, Famfa Oil confirmed that his legal career had extended for more than five decades.
His professional experience later became useful in managing companies, reviewing business agreements and addressing legal disputes involving commercial interests.
Modupe Alakija’s Career as a Lawyer
After qualifying in 1971, Modupe Alakija developed his legal career in Nigeria. His professional work became closely connected with corporate law, business management and commercial transactions.
As his involvement in business expanded, he continued using his legal knowledge to manage contractual and regulatory issues.
His experience became particularly important when Famfa Oil encountered legal disputes involving interests in petroleum assets.
In a September 2021 interview with THISDAY, Alakija discussed his involvement in the company’s litigation and said he contributed legal research and written arguments while working with external counsel.
He also described his concerns about declining professional standards, judicial delays and corruption within Nigeria’s legal system.
His professional activities therefore extend beyond courtroom practice to include legal strategy, corporate leadership and business development.
Modupe Alakija’s Role in Famfa Oil
Modupe Alakija is the chairman and a co-founder of Famfa Oil Limited, an indigenous Nigerian company involved in petroleum exploration and production.
The business was originally incorporated as Famfa Limited in September 1991. Its name was changed to Famfa Oil Limited in July 1996 as the company concentrated on the oil and gas sector.
In his 2021 interview with THISDAY, Alakija explained that he and Folorunso established the business together.
He stated that, at the time of the interview, the company’s registered shares were divided equally between them, with each holding 50%.
That figure describes the ownership structure he reported in 2021. It should not automatically be treated as a verified current ownership breakdown in October 2026.
His wife serves as vice-chairman of the family business, while their four sons have participated in executive management.
Famfa Oil and the Agbami Oilfield
One of Famfa Oil’s most significant business interests is associated with the Agbami deepwater oilfield, located offshore Nigeria.
Alakija said Famfa obtained Oil Prospecting Licence 216 on August 10, 1996. The company subsequently worked with technical partners to develop its petroleum interests.
The field began producing oil in July 2008, marking a major milestone in the development of Famfa’s business.
The company also became involved in legal disputes concerning government participation in its oil assets.
Alakija described a 2012 Supreme Court judgment concerning Famfa’s interests as an important legal victory for the business.
Details of the company’s operations and investments are available through the official Famfa Oil website.
His Involvement in Real Estate
Outside petroleum, Alakija is associated with Dayspring Property Development Company Limited, a family business involved in real estate development.
The company has undertaken commercial property projects in Lagos, including developments associated with the Alakija family’s businesses.
In his 2021 interview, Alakija identified Rose of Sharon Tower on Victoria Island and FAMFA Oil Tower in Ikoyi as projects associated with Dayspring.
He explained that the family viewed property development as another avenue for investment beyond the petroleum industry.
He also reported an equal shareholding arrangement between himself and Folorunso in the company at that time.
Who Is Modupe Alakija’s Wife?
Modupe Alakija’s wife is Folorunso Alakija, a Nigerian businesswoman, philanthropist and former fashion entrepreneur.
Folorunso became internationally recognised for her business interests in oil and gas, particularly through Famfa Oil.
She also established fashion and printing businesses before developing extensive philanthropic activities.
The couple met in late 1972 at a party in Surulere, Lagos. According to Folorunso’s recollection, Modupe offered to drive her home after the gathering.
They subsequently began dating and remained together for approximately three and a half years before marrying.
Modupe and Folorunso Alakija married on November 12, 1976.
The account of their meeting, courtship and wedding date comes directly from Folorunso’s September 2011 interview with Vanguard.
Their marriage became closely associated with their shared businesses, family life and charitable projects.
Are Modupe and Folorunso Alakija Still Married?
Reports about problems in the couple’s marriage emerged in March 2024.
Some publications alleged that the couple had separated and were living in different residences.
However, the available reliable sources do not establish a legally finalised divorce.
Following the reports, Folorunso published a social media message about maintaining personal peace. She did not provide a detailed public explanation confirming the allegations.
TheCable Lifestyle documented the reports and her public response on March 11, 2024.
The couple were subsequently named jointly as donors of the medical research and training hospital inaugurated in December 2025.
That joint philanthropic activity is documented, but it does not independently establish their private living arrangements or resolve every question about the marriage.
How Many Children Does Modupe Alakija Have?
Modupe and Folorunso Alakija have four sons.
Their sons have been publicly identified as Ladi, Folarin, Rotimi and Dele Alakija.
The family has maintained substantial business interests across different industries, and the children have been involved in the management of Famfa Oil.
In his 2021 interview with THISDAY, Modupe confirmed that all four children were serving as executive directors of Famfa Oil at that time.
He explained that the family was gradually transferring greater management responsibilities to the next generation.
One of their sons, Folarin Alakija, attracted international media attention through his wedding to Iranian model Nazanin Jafarian Ghaissarifar in 2017.
Modupe and Folorunso are also grandparents, although the family generally keeps much of its private life outside public reporting.
Honorary Doctorate from Ajayi Crowther University
In November 2024, Ajayi Crowther University in Oyo State honoured Modupe Alakija with an Honorary Doctor of Business Administration degree.
The award was presented during the university’s sixteenth convocation ceremony on November 28, 2024.
The institution recognised his long career in law, contributions to corporate governance and involvement in philanthropy.
The ceremony took place at the Modupe and Folorunso Alakija Faculty of Law Auditorium, a facility donated by the family.
The award is honorary and should not be confused with an academic doctorate obtained through a research programme.
The Nation reported the conferment on November 30, 2024.
Modupe Alakija’s Philanthropic Activities
Modupe and Folorunso Alakija have supported projects involving education, healthcare and community development.
The Ajayi Crowther University Faculty of Law
On January 26, 2016, the Alakija family donated a major Faculty of Law building to Ajayi Crowther University in Oyo.
The facility includes lecture rooms, libraries, offices, moot courts and other spaces used for legal education.
The building was publicly reported to have cost approximately ₦1 billion at the time.
The university’s official faculty history confirms the donation and commissioning date.
In June 2026, the university continued using the facility for academic activities, including a public lecture on ethics and technological developments in the legal profession.
The lecture was documented in an Ajayi Crowther University announcement dated June 19, 2026.
The Modupe and Folorunso Alakija Medical Research Hospital
One of the family’s most substantial philanthropic projects is the Modupe and Folorunso Alakija Medical Research and Training Hospital at Osun State University in Osogbo.
The project began in November 2018 with an initial plan to develop a children’s hospital.
Its scope later expanded into a comprehensive medical training and research facility.
On December 15, 2025, former Nigerian Vice President Yemi Osinbajo officially inaugurated the hospital.
According to Famfa Oil, the 250-bed facility includes 20 clinical departments, five non-clinical departments, research laboratories, diagnostic services, operating theatres and intensive care facilities.
It also includes services connected with maternity and neonatal care.
The hospital was developed to support the training of medical students, clinical research and access to specialist healthcare services.
Famfa Oil’s official announcement confirms that the facility was donated by Modupe and Folorunso Alakija and executed through the company.
Modupe Alakija’s Major Career Milestones
| Year | Event | Significance |
|---|---|---|
| 1971 | Called to the Nigerian Bar | Beginning of his legal career |
| 1976 | Married Folorunso Alakija | Established their family partnership |
| 1991 | Famfa Limited incorporated | Development of the family business |
| 1996 | Famfa obtained OPL 216 | Important step into petroleum exploration |
| 2008 | Agbami began oil production | Major petroleum business milestone |
| 2016 | Family donated law faculty building | Support for Ajayi Crowther University |
| 2024 | Received honorary doctorate | Recognition of his career and philanthropy |
| 2025 | Medical research hospital inaugurated | 250-bed facility donated to Osun State University |
| 2026 | Continued association with Famfa Oil | Company highlighted healthcare and education investments |
The 2021 Ikoyi Club Dispute
In December 2021, Modupe Alakija became the subject of public reporting following a disciplinary dispute at Ikoyi Club 1938 in Lagos.
The private club announced a one-year suspension after accusing him of assaulting and verbally abusing another member.
According to TheCable’s December 21 report, the suspension was scheduled to run from December 1, 2021, to November 30, 2022.
Alakija subsequently disputed aspects of the allegations. He said the disagreement began when another member confronted him after he temporarily removed his face mask.
His response was documented by TheCable on December 22, 2021.
The club’s disciplinary action and the competing accounts should not be presented as proof of a criminal conviction. The reliable reporting reviewed does not establish such a conviction arising from the incident.
What Is Modupe Alakija’s Net Worth?
Modupe Alakija’s exact personal net worth in October 2026 is not independently verified.
He is associated with significant commercial investments through Famfa Oil and Dayspring Property Development.
In 2021, he publicly described equal ownership arrangements with his wife in the two businesses.
However, the financial value of those investments cannot be calculated accurately without current valuations, liabilities and verified ownership records.
His wife’s wealth has been estimated by financial publications, but those figures should not automatically be assigned to Modupe as his personal net worth.
Likewise, the estimated cost of projects donated by the family is not a reliable calculation of either spouse’s current wealth.
Claims about a specific personal fortune should therefore be treated cautiously unless supported by dependable financial documentation.
Where Is Modupe Alakija Now?
As of October 2026, Modupe Folarin Alakija remains publicly identified as chairman of Famfa Oil Limited.
His most recent major documented achievements include receiving an honorary doctorate in November 2024 and contributing to the 250-bed hospital inaugurated at Osun State University in December 2025.
The family’s educational work also remains visible through the Modupe and Folorunso Alakija Faculty of Law at Ajayi Crowther University.
Although his wife is more widely discussed in international business publications, Modupe has an independently documented career in law, corporate management and philanthropy.
His professional history shows how a legal career developed into leadership of a family-owned petroleum business and involvement in educational and healthcare investments.
His exact birth date, current personal fortune and the legal status of reported marital difficulties remain unconfirmed in reliable public records. Those details should not be stated more definitively without new evidence.
