Wow! The Richest Woman In Nigeria

  • The Richest Woman In Nigeria is Folorunso Alakija. She is Worth $1 Billion
  • She is the group managing director of The Rose of Sharon Group and is also the executive vice-chairman of Famfa Oil Limited.
  • Famfa Oil’s partners include Chevron and Petrobras. And the company also has a stake in stake in Agbami Oilfield, a prolific offshore asset.

We are going to be talking about the richest woman in Nigeria. If for nothing else, so that her name can serve as a solid beacon of hope to the girl child in Nigeria, that they also can become more than the usual story of helplessness in a country that does little for her citizens. Especially the female ones.

In Nigeria poverty affects us all but a girl child suffers an extra degree because of her naturally fair nature. They are easy victims to all kinds of abuse. Poverty is the evil that exposes them early in life to the various menace this world or rather, Nigeria has to offer.

And this is exactly why it is important that we sometimes talk about names that made it out of poverty and rising gradually, became a force to be reckon with, even in the world of men. Just like the richest man in Africa, Aliko Dangote whose story is all about hard work powered by a big dream

The richest woman in Nigeria is a Yoruba woman. And like the few other billionaires in Nigeria, has oil dealings as great part of her wealth. Truth be told, crude oil has made more billionaires in Nigeria than any other natural resources in the country.

So Who Is The Richest Woman In Nigeria?

Her name is Folorunso Alakija. She is the group managing director of The Rose of Sharon Group which consists of The Rose of Sharon Prints & Promotions Limited, Digital Reality Prints Limited and is also the executive vice-chairman of Famfa Oil Limited. With majority stake in DaySpring Property Development company.

Famfa Oil’s partners include Chevron and Petrobras. And the company also has a stake in stake in Agbami Oilfield, a prolific offshore asset. Agbami oilfield project is one of Nigeria’s largest deepwater developments with a  $3.5bn value.

The field spans across oil mining lease (OML) 127 and OML 128, approximately 354km south-east of Lagos and 112km offshore Nigeria, in the central Niger Delta.

Texaco and Nigerian independent oil company Famfa were granted exploration rights to the 617,000-acre block 216 in late-1996. It all began in May 1993, when Folorunsho Alakija applied for the allocation of an oil prospecting license (OPL). And the license to explore for oil on a 617,000-acre block—now referred to as OPL 216 and was granted to Alakija’s company, Famfa Limited.

She would later give 40 percent out of her 100 percent stake to Star Deep Water Petroleum Limited (a wholly owned subsidiary of Texaco ) after appointing the company as a technical adviser for the exploration of the license.

Together the joint venture would truck oil and that was when the Nigerian government swooped in and collected for themselves 40 percent and later, an additional 10%.

The government argued that if Alakija and family were allowed to keep their bloc, they stood to make $10 million a day. Obviously Nigeria don’t like it’s citizens getting too wealthy.

She would take the government to court and for twelve years the battle of rights would rage on. But eventually she won the battle.

Agbami was proven in this block by Texaco in 1998 and two years later Statoil’s Ekoli-1 well confirmed that the discovery extended into block 217.

Chevron has a 67.3% interest and operates the field via its Nigerian affiliate, Star Deep Water Petroleum. The remaining working interests are held by Equinor (20.21%) and Petrobras (12.49%).

The field is owned by the terms of a deepwater production-sharing contract (PSC) between Chevron and Famfa. The production licenses for the field will expire in 2024.

The average net daily production from the field in 2019 was 90,000 barrels of crude oil and 14 million cubic feet of natural gas. [1]

Folorunso Alakija Started Small

As a career woman she started out as an executive secretary at Sijuade Enterprises in Lagos in 1974.

According to her: “I didn’t like it at all when I first started my secretarial Studies. I felt as if my ability had been undermined. I felt frustrated! I however took it as a career and worked hard at it. I had always loved the idea of being a Lawyer because I had an inquisitive mind. That hope was however dashed by my father who insisted I should study secretarial studies.

And she would later move on to become a banker at the former First National Bank of Chicago, which later became
FinBank. And after working there for some years she would again move on, to establish a tailoring company called Supreme Stitches. And as a fashionista she and her firm would enjoy massive patronage and popularity.

So, I traveled abroad to study fashion designing. As a matter of fact, my youngest son was two years old then. The condition I had with my husband under which I would go to study abroad was to take the youngest two of my four children along with me, which I did.”

Precisely three weeks after I formally launched my label, Supreme Stitches, I won a national award as the Fashion Designer of the Year 1986. To the glory of God, people liked my designs because I was creating them from within. I would say my creativity had always been inborn.

Her time in the fashion industry brought more success and fame than the offices she occupied before venturing into fashion. Another pointer to the fact self employment is always a better choice with the right foundation.

Of course the success I achieved in fashion was a lot more!” She said.

As a fashion brand her customers included the wife of former Nigerian president Ibrahim Babangida.

How she got into the oil business.

In the 1990s, in the course of my discussion with a friend whom I was designing clothes for, my family and I got involved in a deal to purchase an oil field. After three years, we were allocated an oil bloc which nobody wanted at that time because it was deep offshore, over 1,500 meters deep and very expensive to explore at that time. We were approached by Texaco late in 1996, and, after three months daily negotiation, we signed on the dotted lines.

Chevron took over Texaco after a few years, but, to the glory of God, we actually stocked oil in commercial quantity, and we were told that the oil had been collecting in there for 17million years, and then we just considered ourselves very lucky. That was how FAMFA Oil was born. I and my husband and our four sons are all heavily involved in the business.

Her Take On Marriage, Love And The Role Of A Woman In Those Settings

I still cooked beans for my church fellowship members. I always cook when my husband is in the country. I’ve had cooks for years, but there’s always a difference when you add your own personal touch. At weekends, I cook. I also cook each time he’s arriving from his trips because he always prefers to eat from my own cooking at such times. Also, we eat together. I do believe that no matter her level of success, a woman must always remember that she must not depart from her kitchen.

Even as the richest woman in Nigeria, Folorunso Alakija displays a down to earth characteristic that many women in our society today are beginning to discard. It is amazing to note that some women remain immune to the intoxicating power of money when it comes to their roles as wife, mother and a woman in marriage and society at large.

And what about love?

Money has nothing to do with love. Love comes from within. Money is something you acquire along the line. Only love keeps people together. From the time that we started courting, it has been like that, and we thank God that to His glory, we’ve known one another for 40 years. I pray also that God continues to unite us. I believe that if love is the foundation of a union, God will prove Himself faithful.

Every married person has a duty to ensure that they make their marriage work because nobody dragged them into it. Even looking after the children in that marriage calls for both parents to impact into them the skills, love, knowledge and talent required to enable them live fulfilled lives. When we shirk our responsibilities, we’re being careless.

She loves and takes good care of widows and orphans.

Taking care of widows and orphans is a calling, and it is in the fear of God that I am doing so. I’m not doing so because I have the resources, but because God has called me to it. He has also been faithful in providing the resources. I however had to register a platform, Rose of Sharon Foundation, a few years ago, to reach out to more widows and orphans. Rose of Sharon is also a means of giving back by my entire family on behalf of Famfa Oil.

And she is a very religious woman.

I don’t see any reason why anyone shouldn’t successfully combine his or her faith with affluence. As far as I’m concerned, wherever we get to in life is not because of what we have done, but because of what God has done through us. If God does not approve our success, we can never get there but can only try!

So, if you’re blessed with fame and fortune, remain thankful and do not become boastful because pride goes before a fall. I’m grateful to God for making me who I am, and the way I am. I always look back and remember that nothing is as a result of what I have done but for what He’s done through me.” [2]

What is Folorunso Alakija Net Worth?

According to Forbes her network worth is $1 billion as at November 2019.

In 2015, she was listed as the second most powerful woman in Africa after Ngozi Okonjo-Iweala and the 87th most powerful woman in the world by Forbes.

She is one of the richest black women in the world but not the richest in Africa. That crown goes to Isabel Dos Santos.

Born in Ikorodu, Lagos State on July 15, 1951. And is married to her husband ( Module Alakija, they got married in 1976 ),who is a lawyer and they have four sons together.

Folorunso Alakija Has A Real Estate Portfolio That Is Worth Over $100 Million

In 2012 she was linked to having properties on One Hyde Park, billed as the most “exclusive address in the world” by developers, where the globe’s super-rich can pay £85m for an apartment.

Fpr that price tag the residents of One Hyde Park, the Knightsbridge apartment block developed by Candy brothers Christian and Nick, gain access not just to lavish rooms, but also to a “21m stainless steel ozone swimming pool”, a “fully-equipped state-of-the-art gymnasium” and a “virtual games room with golf simulator”. The whole opulent package is meant to justify the development’s tag-line of “experience the exceptional”.

Analysis of apartment owners in the super-luxe One Hyde Park development shows that 50 out of the 56 properties so far sold for a combined total of £1.1bn are owned by offshore companies. 

Including Rose of Sharon 5 Ltd, part of a string of Isle of Man companies created by Barclays bank for a client believed to be Nigerian billionaire Folorunsho Alakija. The firm has spent £59.05m and £6.35m on a brace of flats, which come complete with their own wine cellars and a dining service provided by a nearby five-star hotel.[3]

Folorunso Alakija owns a Bombardier Global Express 6000 which she bought for a reported $46 million. [4]

Conclusion

This is the kind of woman the young female mind in Nigeria should try to set as life targets rather than the whores and decadent minds floating around on the internet.

She might not be as rich as Aliko Dangote but she is among the richest people in the world and that is not an easy class to attain.

As the richest woman in Nigeria, she is among the most expensive humans in the world and she has power to change the timeline of both social and political realities.

She is powerful and you also can become an even better version of this super woman, only if you work hard and believe.

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