Folorunsho Alakija built her career in three very different industries before becoming one of Africa’s wealthiest businesswomen. She started as a secretary, moved into banking, established a successful fashion house and later entered Nigeria’s oil industry. In October 2026, the University of Buckingham honoured her contributions to business and philanthropy with an honorary doctorate. This Folorunsho Alakija biography explores how she built her businesses, her marriage to lawyer Modupe Alakija, their four sons and the latest developments in her life.
Born on July 15, 1951, in Ikorodu, Lagos State, Alakija grew up in a family involved in trading. Her mother sold textiles, giving her early exposure to business and negotiations. She later studied in the United Kingdom before returning to Nigeria to work in administration and banking. Her decision to leave a banking career for fashion eventually led to Supreme Stitches, a clothing business that served prominent Nigerian clients, including former First Lady Maryam Babangida.
At 75, Alakija remains publicly involved in business, writing and charitable activities. She celebrated her birthday in July 2026 by launching six books on marriage, relationships and Christian living. She also completed a ten-year term as chancellor of Osun State University in March 2026, leaving behind a major healthcare project donated by her family. Although she has previously appeared on international billionaire rankings, her precise wealth today is less certain than many online estimates suggest.
Folorunsho Alakija Quick Facts
| Detail | Information |
|---|---|
| Full name | Folorunso Alakija |
| Alternative spelling | Folorunsho Alakija |
| Date of birth | July 15, 1951 |
| Age | 75 years old (October 2026) |
| Birthplace | Ikorodu, Lagos State, Nigeria |
| Nationality | Nigerian |
| State of origin | Lagos State |
| Profession | Businesswoman, entrepreneur, author and philanthropist |
| Father | Chief L. A. Ogbara |
| Education | Dinorben School for Girls; Muslim High School, Sagamu; Pitman’s Central College; fashion design training in London |
| Husband | Modupe Folarin Alakija |
| Marriage date | November 12, 1976 |
| Children | Four sons |
| Known businesses | Famfa Oil, Rose of Sharon Group, Dayspring Property Development |
| Oil company position | Executive Vice Chairman, Famfa Oil |
| Former university position | Chancellor, Osun State University (2016–2026) |
| Charitable organisations | Rose of Sharon Foundation and Flourish Africa |
| 2026 recognition | Honorary doctorate, University of Buckingham |
| Net worth estimate | $900 million, according to Billionaires.Africa’s March 2025 estimate |
| Official website | folorunsoalakija.com |
Name clarification: Both Folorunsho and Folorunso Alakija appear in published biographies. She uses Folorunso Alakija on her official website and professional profiles.
Early Life and Family Background
Folorunso Alakija was born on July 15, 1951, in Ikorodu, Lagos State, into the family of Chief L. A. Ogbara. Her father had a large polygamous household, while her mother was involved in the textile trade. Alakija grew up watching how business transactions were conducted and how customers negotiated prices.
In interviews, she has described her mother’s trading activities as an important early influence. Although she eventually became successful in oil and gas, she first developed an interest in business through retail trading and fashion. Her childhood also included periods of study abroad, which exposed her to a different educational environment.
Her upbringing and family history are documented in a 2017 interview published by THISDAY, where she discussed her parents, education and early working life.
Folorunsho Alakija’s Education
Alakija began her early education in Nigeria before travelling to the United Kingdom at approximately seven years old. She attended Dinorben School for Girls in Llangernyw, Wales, and later returned to Nigeria to study at Muslim High School in Sagamu, Ogun State.
She subsequently went back to London, where she studied secretarial administration at Pitman’s Central College. That training helped her secure office and administrative positions after returning to Nigeria. Years later, she pursued fashion design at the American College in London and the Central School of Fashion.
Her education gave her experience in administration and design, two areas that later influenced her business career. The schools and professional training programmes are documented in her biographical profile published by DAWN Commission.
How Folorunsho Alakija Started Her Career
Alakija began her professional career in 1974 as an executive secretary at Sijuade Enterprises in Lagos. She later worked in banking, including positions associated with the former First National Bank of Chicago and International Merchant Bank of Nigeria.
Her banking experience provided opportunities to learn about business transactions, administration and financial management. Nevertheless, she wanted to establish a business of her own rather than remain in paid employment throughout her career.
During the 1980s, she decided to pursue fashion design, an interest she had developed partly through her mother’s textile business. She returned to England for training before establishing a fashion company in Nigeria.
Supreme Stitches and Her Success in Fashion
After completing her fashion training, Alakija established Supreme Stitches in Lagos during the mid-1980s. The business produced clothing for women and gradually attracted clients who wanted individually designed outfits.
Her customers included prominent Nigerian women, among them Maryam Babangida, the wife of former military president Ibrahim Babangida. Supreme Stitches later became known as the Rose of Sharon House of Fashion.
Alakija also became involved in the Fashion Designers Association of Nigeria, serving as its national president and later as a lifelong trustee. Through these activities, she promoted Nigerian fashion and supported greater recognition for local designers.
Her fashion business became the foundation for other ventures within the Rose of Sharon Group. The transition from fashion into printing, property development and petroleum is outlined on her official entrepreneurship profile.
How Folorunsho Alakija Entered the Oil Business
Alakija’s move into petroleum began during the early 1990s, when her family pursued opportunities in Nigeria’s oil industry. Famfa Oil eventually obtained an offshore oil prospecting licence that became central to the company’s future.
In 1993, the Nigerian government awarded Famfa exploration rights to an offshore block. The company subsequently partnered with an affiliate of Texaco, later associated with Chevron, to provide technical expertise and develop the petroleum asset.
The partnership became associated with the Agbami oilfield, one of Nigeria’s major deepwater petroleum developments. Production at Agbami began in 2008. The asset helped establish Famfa as a significant participant in Nigeria’s indigenous petroleum sector.
The business also experienced legal disputes with the Nigerian government over interests in the petroleum licence. A major Supreme Court judgment in 2012 supported Famfa’s position in the dispute.
Alakija’s involvement in petroleum, including Famfa’s licence and the Agbami project, has been documented by Forbes Africa and the company’s official website.
Folorunsho Alakija’s Businesses and Investments
Her business activities extend beyond oil production. She has maintained interests in fashion, printing and property development through companies associated with the Rose of Sharon Group.
| Business | Industry | Her involvement |
|---|---|---|
| Famfa Oil Limited | Oil and gas | Co-founder and executive vice chairman |
| Rose of Sharon House of Fashion | Fashion | Founder |
| Rose of Sharon Group | Diversified businesses | Group managing director |
| Digitalreality Print Limited | Printing and promotional services | Business leadership |
| Dayspring Property Development | Real estate | Executive vice chairman |
Her husband, Modupe Alakija, also holds leadership positions in the family businesses. In a 2021 interview, he explained that they shared ownership of Famfa Oil and Dayspring Property Development, with their sons participating in the management of the petroleum company.
Who Is Folorunsho Alakija’s Husband?
Folorunsho Alakija’s husband is Modupe Folarin Alakija, a Nigerian lawyer and businessman. He is chairman of Famfa Oil and has a legal career extending back to 1971, when he was called to the Nigerian Bar.
The couple met at a party in Surulere, Lagos, in December 1972. Folorunso later recalled that Modupe offered to drive her home after the event, marking the beginning of their relationship. They dated for approximately three and a half years before marrying on November 12, 1976.
Their marriage and business partnership became closely connected as they raised their children and developed commercial interests. In a 2011 interview with Vanguard, Folorunso described their courtship, wedding and early married life.
Are Folorunsho and Modupe Alakija Still Married?
In March 2024, some entertainment publications reported allegations of marital difficulties between Folorunso and Modupe Alakija. The reports claimed that the couple had separated after decades of marriage.
However, no reliable public court record reviewed establishes that their marriage has been legally dissolved. Folorunso published a message about maintaining personal peace after the reports circulated, but she did not provide a detailed public confirmation of a divorce.
In December 2025, the couple were jointly identified as donors of a major medical research and training hospital in Osun State. That public association confirms their involvement in the project, but it does not establish their private living arrangements.
The March 2024 reports and her response were documented by TheCable.
How Many Children Does Folorunsho Alakija Have?
Folorunsho and Modupe Alakija have four sons. Their names have been reported as Ladi, Folarin, Rotimi and Dele Alakija.
The brothers have participated in different aspects of the family’s businesses. Modupe stated in 2021 that all four sons held executive positions within Famfa Oil at that time, reflecting the family’s involvement in corporate management.
Folarin Alakija became particularly well known through his 2017 wedding to Iranian model Nazanin Jafarian Ghaissarifar. Folorunso and Modupe are also grandparents, although much of their grandchildren’s personal information remains private.
The family’s business involvement is described on Folorunso Alakija’s official website.
The Rose of Sharon Foundation
In May 2008, Alakija established the Rose of Sharon Foundation to support widows, their children and orphans. The organisation focuses on practical assistance intended to improve financial independence and access to education.
Its programmes include interest-free loans, skills training, business support, educational scholarships and healthcare assistance. The foundation has also supported advocacy activities addressing the challenges faced by widows in Nigeria.
According to figures published on Alakija’s official philanthropy page, the foundation has provided assistance to more than 4,000 widows and educational support to thousands of children. These are figures reported by the organisation itself rather than independently audited totals.
More information about its work is available through the official Rose of Sharon Foundation website.
Flourish Africa and Women’s Empowerment
Another important part of Alakija’s philanthropic work is Flourish Africa, an initiative supporting women through training, mentorship and entrepreneurship programmes.
On her seventieth birthday in July 2021, she announced a ₦1 billion funding initiative intended to support female-owned businesses over several years. The programme was designed to provide entrepreneurial training and grants to selected participants.
According to the organisation’s published figures, its early programmes attracted thousands of applications and provided grants to selected entrepreneurs. The announced ₦1 billion represented a multi-year funding commitment, not a claim that the entire amount had been distributed immediately.
The initiative and its reported achievements are described on Alakija’s official philanthropy page.
Her Ten Years as Chancellor of Osun State University
Folorunso Alakija served as chancellor of Osun State University from 2016 to 2026. Her appointment made her one of Nigeria’s prominent female university chancellors and connected her philanthropic interests with higher education.
Her tenure officially ended on March 18, 2026. In May, Osun State Governor Ademola Adeleke announced that businesswoman Victoria Adunola Samson, founder of BOVAS Oil and Gas, would succeed her.
The state government acknowledged Alakija’s contributions to the institution, including her family’s investment in healthcare infrastructure. Samson was formally installed as the university’s new chancellor in July 2026.
The dates and appointment are confirmed by the Osun State Government’s official announcement.
The Modupe and Folorunso Alakija Medical Research Hospital
One of the family’s major charitable contributions is the Modupe and Folorunso Alakija Medical Research and Training Hospital at Osun State University in Osogbo.
The project began in November 2018 as a proposal for a paediatric hospital. Its scope later expanded into a comprehensive facility for healthcare, medical education and research.
On December 15, 2025, former Nigerian Vice President Yemi Osinbajo officially inaugurated the hospital.
The 250-bed facility includes clinical departments, research laboratories, diagnostic services, operating theatres, intensive care facilities and maternity services. It was donated by Modupe and Folorunso Alakija and delivered through Famfa Oil.
The hospital’s commissioning and facilities are documented in Famfa Oil’s official project announcement.
Folorunsho Alakija’s Latest News in 2026
Her 75th Birthday and Six New Books
Folorunso Alakija turned 75 on July 15, 2026. She celebrated the milestone with a thanksgiving service at her residence in Ikoyi, Lagos, attended by relatives, business associates, religious leaders and public figures.
During the celebration, she unveiled six books exploring marriage, relationships, faith and personal development. The event also featured prayers, music and tributes reflecting on her business and philanthropic activities.
The six books were:
- Still in Love at 80 and Beyond: Navigating the Realities of Marriage
- Love Questions, Honest Answers
- Love With Your Eyes Open
- Breaking News: Back to Sender Prayers – God Said, “Who Sent You?”
- Marriage Playbook: Gems for Married Couples
- Two Hearts, One Lifetime
Among the guests reported at the celebration were former Vice President Yemi Osinbajo and Central Bank of Nigeria Governor Olayemi Cardoso.
The birthday and book launch were documented by Punch on July 19, 2026.
University of Buckingham Honorary Doctorate
On October 16, 2026, the University of Buckingham in the United Kingdom conferred an honorary doctorate on Folorunso Alakija.
The ceremony took place at the university’s Radcliffe Centre during Buckingham Africa Day. University Vice-Chancellor Professor David Cole presented the honour in recognition of her work in business, leadership and philanthropy.
Alakija thanked the university and discussed the importance of education, opportunities for young people and the responsibility of business leaders to contribute to society.
The distinction is an honorary academic award, not a qualification earned through a doctoral research programme.
The event was confirmed by Channels Television and The Guardian Nigeria.
What Is Folorunsho Alakija’s Net Worth in 2026?
Folorunso Alakija’s exact personal net worth in October 2026 is not independently verified. However, estimates from financial publications provide some historical context for her wealth.
In February 2020, Forbes Africa valued her fortune at approximately $1 billion. The estimate reflected her interests in Famfa Oil and the Agbami petroleum development.
In March 2025, Billionaires. Africa published a lower estimate of $900 million, based largely on her petroleum and real estate interests.
The different figures demonstrate why her wealth should not be treated as a fixed amount. Valuations of private businesses and petroleum assets can change with oil prices, liabilities, ownership arrangements and other market conditions.
Her family’s ownership of a valuable oil business also does not mean that the entire business valuation belongs to her personally. The figures are estimates, not audited financial statements.
The historical estimates can be reviewed in Billionaires. Africa’s March 2025 report and Forbes Africa.
Where Is Folorunsho Alakija Now?
As of October 23, 2026, Folorunso Alakija is 75 years old and remains publicly associated with Famfa Oil, the Rose of Sharon Group, philanthropy and Christian ministry.
Her latest confirmed honour is the honorary doctorate awarded by the University of Buckingham on October 16. Earlier in the year, she celebrated her seventy-fifth birthday by launching six books and completed her ten-year tenure as chancellor of Osun State University.
Her family’s 250-bed medical research hospital, inaugurated in December 2025, remains one of the clearest examples of her investment in education and healthcare.
Alakija’s professional life has moved through office administration, banking, fashion, printing, real estate and petroleum. Her career is also closely connected with charitable programmes supporting widows, orphans and women entrepreneurs.
While her wealth continues to attract public attention, her business history and the institutions supported by her philanthropic work provide a more complete picture of her career than any single net-worth estimate.
