Folorunsho Alakija was born on 15 July 1951 in Ikorodu, Lagos State. She was born into a Muslim family, but around the age of 40, she became a born-again Christian. Folorunsho is Yoruba, and her state of origin is Lagos.
She later became one of Africa’s richest women and one of Nigeria’s most successful entrepreneurs. She built her empire mainly through oil, fashion, and real estate. Folorunsho is the founder and group managing director of the Rose of Sharon Group, which helps widows and orphans with scholarships and grants.
Folorunsho Alakija also serves as executive vice chairman of Famfa Oil Limited. As of early 2026, she is 74 years old.
Folorunso Alakija Family Background & Parents
Her father was Chief L. A. Ogbara. He was a prominent businessman in Ikorodu. His interests covered textiles, leather, stockfish, real estate and general trade. He lived a polygamous life and married eight wives. Altogether, he had 52 children.
Her mother was Chief Ogbara’s first wife. She worked as a fabric merchant and ran textile shops. That environment exposed Folorunsho to fabrics and commerce early on. It played a big role in shaping her interest in fashion and business.
Folorunsho was the second surviving child of her mother and the eighth child of her father. She grew up with 51 siblings, including half-siblings. Despite the size of the family, relationships were described as generally cordial.
One of her sisters, often identified as Doyin, attended boarding school abroad with her. They were sent overseas at a very young age. This was unusual at the time, but because of the family’s strong emphasis on education. Some of the other children were also educated abroad.
She is related to DJ Xclusive. His real name is Rotimi Alakija, and he is reported to be her nephew.
Education
Folorunsho Alakija began her education at Our Ladies of Apostles in Lagos from 1955 to 1958. At age seven, she moved to the United Kingdom and completed her primary education at Dinorben School for Girls in Wales (1959–1963).
She then returned to Nigeria for her secondary education at Muslim High School in Sagamu, Ogun State. After secondary school, she went back to London to study secretarial skills at Pitman’s Central College, a vocational course rather than a university degree.
She later pursued fashion design training at The American College and the Central School of Fashion in London. In interviews, including one reported by Forbes, she confirmed that she did not attend a traditional university for a bachelor’s degree.
Career
Folorunsho Alakija began her career in 1974 as an executive secretary at Sijuade Enterprises in Lagos after completing a secretarial course in London. She later worked in banking at the First National Bank of Chicago and the International Merchant Bank of Nigeria, gaining experience in administrative, corporate, and treasury roles.
In the 1980s, she founded Supreme Stitches, a luxury fashion label for Nigeria’s elite, later rebranded as The Rose of Sharon House of Fashion. She served as National President and lifelong Trustee of the Fashion Designers Association of Nigeria (FADAN), promoting Nigerian culture through fashion.
Her major breakthrough came in 1993, when her company Famfa Oil Limited obtained Oil Prospecting License (OPL 216) for the Agbami field. Famfa Oil entered a joint venture with Star Deep Water Petroleum (Texaco), retaining a 60% stake, and the project became one of Nigeria’s largest deep-water oil developments. Despite legal challenges from the Nigerian government, she retained control of her stake after prolonged litigation.
Alakija also diversified into other industries. She leads The Rose of Sharon Group, including The Rose of Sharon Prints & Promotions Limited and Digital Reality Print Limited, and serves as Vice Chairman of Dayspring Property Development Company Limited, which develops real estate investments in Nigeria and abroad.
Husband & Children
Folorunsho Alakija married Modupe Alakija, a Nigerian lawyer, in November 1976 after meeting and courting for several years in Surulere, Lagos. In interviews, she has described him as supportive and central to their family life, helping to raise their children and supporting her career changes. Though recent reports suggest they may have separated after decades of marriage.
They have four sons: Folarin, Rotimi, Dele and Ladi. Folarin is the most publicly known, having married Iranian model Nazanin Jafarian Ghaissarifar in a high-profile wedding at Blenheim Palace in 2017, and the couple has at least one child.
The other sons are largely private. The family also include grandchildren.
Net Worth
Most reputable sources like Forbes estimate Folorunsho Alakija’s net worth at around $1 billion. Her wealth comes from several business ventures.
She is the Executive Vice-Chair of Famfa Oil Limited, which holds a major stake in the Agbami oil field. This offshore oil project is one of Nigeria’s most valuable and is the main source of her net worth.
Folorunsho started her career in fashion by launching Supreme Stitches, later known as The Rose of Sharon House of Fashion. She built a strong brand and served elite clients in Nigeria.
She also owns DaySpring Property Development Company and printing businesses like Digital Reality Print Ltd. These businesses help diversify her wealth.
Houses and Cars
One of Folorunsho Alakija’s most talked-about properties is her mansion in Ikoyi, Lagos. The huge luxury house, built by Julius Berger, is worth about $700 million. It is one of the most expensive private homes in Africa.
She also owns apartments in London and Dubai, including a property in One Hyde Park, one of the world’s most exclusive addresses. Alakija has big property investments through Dayspring Property Development. This includes the Rose of Sharon Tower in Victoria Island and the FAMFA Tower in Ikoyi. Parts of these buildings are used for her corporate and private purposes.
Alakija is known to own several cars. There is a Mercedes-Benz S-Class for her, and another for her husband, both said to be customised. Also, she bought four Mercedes-Benz G-Wagon SUVs as gifts for her sons. Each of these is estimated at over $100,000.
Alakija owns a Bombardier Global Express XRS private jet, a large business aircraft designed for long-range international travel. Estimates value the jet between $45 million and over $60 million, depending on the year and configuration.