Modupe Alakija, more popularly known by her full name Folorunsho Alakija, is a Nigerian businesswoman whose influence stretches across the banking, fashion, and oil sectors. She is globally recognized as one of the richest women in Africa, a trailblazer in the male-dominated oil industry, and a powerful philanthropist through her foundation. Her story is one of resilience, vision, and the determination to challenge boundaries. In this comprehensive post, we delve into the biography of Modupe Alakija, her impressive net worth, luxury properties and cars, family background, and her powerful career journey.
Early Life and Background
Modupe Alakija was born on July 15, 1951, in Ikorodu, Lagos State, into a prominent Yoruba family. Her father, Chief L.A. Ogbara, had eight wives and 52 children, and Modupe was one of the many siblings raised in a polygamous household. Despite the complexities of growing up in such a large family, Alakija developed a strong sense of discipline and ambition from a young age.
At just 7 years old, she traveled to the United Kingdom for her early education. She attended Dinorben School for Girls in North Wales before returning to Nigeria to complete her secondary education at Muslim High School in Sagamu, Ogun State. She later returned to the UK for secretarial studies at Pitman Central College, where she trained to become a professional secretary. Her academic path would later take a creative turn when she enrolled in the American College in London and the Central School of Fashion, where she studied fashion design.
Career Journey: From Secretary to Oil Magnate
Entry into the Corporate World
Modupe Alakija’s professional journey began in 1974 when she joined Sijuade Enterprises in Lagos as an executive secretary. Her capabilities soon earned her a role at the First National Bank of Chicago, where she served as Executive Secretary to the Managing Director. She climbed the ladder further, working in the treasury department at the International Merchant Bank of Nigeria, where she spent 12 years gaining experience in financial services and corporate management.
Fashion Entrepreneurship
With a creative flair and a passion for fashion, Alakija left the banking world and launched her own fashion label, Supreme Stitches, in 1991. The label was rebranded in 1996 as The Rose of Sharon House of Fashion. Her designs quickly gained popularity among Nigeria's elite women, including the late Maryam Babangida, Nigeria’s former First Lady. She became President of the Fashion Designers Association of Nigeria (FADAN), where she played a pivotal role in nurturing Nigeria’s fashion industry.
Oil and Gas Breakthrough
In 1993, Alakija made a bold move into the oil and gas sector—a male-dominated industry. She applied for and was granted an oil prospecting license for a 617,000-acre block known as OPL 216, located offshore in the Agbami field. She registered Famfa Oil Limited to manage the venture and later partnered with Star Deep Water Petroleum (a subsidiary of Texaco, now Chevron), giving them a 40% stake.
This move turned out to be the foundation of her enormous wealth. Famfa Oil retained a 60% stake in the Agbami deepwater oil field, one of Nigeria’s richest and most productive oil fields. Despite legal battles with the Nigerian government over ownership claims, Alakija’s perseverance ensured her family’s continued control of a substantial portion of the venture.
Today, she serves as the Executive Vice Chairman of Famfa Oil, a company that contributes significantly to Nigeria’s crude oil output.
Net Worth and Business Success
Folorunsho "Modupe" Alakija’s net worth has been the subject of analysis by several global financial publications. According to estimates by Celebrity Net Worth, her wealth is valued at around $1 billion, though some outlets such as Briefly.co.za place her net worth as high as $2.5 billion. Her vast fortune is primarily attributed to her stake in Famfa Oil, real estate holdings, and investments in fashion and media.
She was once named the richest black woman in the world, surpassing even Oprah Winfrey in net worth at a point in time. Though oil prices and economic conditions may cause fluctuations, she remains one of the wealthiest women in Africa and a role model for aspiring entrepreneurs.
Lavish Lifestyle: Cars and Mansions
Alakija’s wealth is reflected in her taste for luxury. Her primary residence in Lagos, Nigeria, is an architectural masterpiece valued at approximately $700 million. Designed by the prestigious Adeniyi Coker Consultants and built by Julius Berger, the mansion features state-of-the-art design, world-class furnishings, and premium security systems.
Her collection of luxury cars includes several Mercedes-Benz G-Wagons, a symbol of affluence and power. She also owns a Bombardier Global Express XRS private jet worth about $50 million, allowing her to travel globally for both business and philanthropic work.
Through her real estate company, DaySpring Property Development Company, she holds a portfolio of commercial and residential properties that further bolster her investment empire.
Family Life
Modupe Alakija has enjoyed a stable and enduring marriage since 1976 to her husband, Modupe Alakija, a seasoned Nigerian lawyer. Together, they have four sons: Folarin, Rotimi, Dele, and Ladi. The family is deeply involved in the operations of Famfa Oil and other business ventures.
In 2017, her son Folarin Alakija gained international attention when he married Iranian model Nazanin Jafarian in a lavish wedding held at Blenheim Palace in the UK. The event was tagged one of the most extravagant weddings of the year and featured performances by international artists like Robin Thicke.
Though rumors of family challenges have surfaced in recent years, the Alakijas remain a strong family unit with a shared vision for growth and philanthropy.
Philanthropy and Social Impact
In 2008, Alakija established the Rose of Sharon Foundation, a charity organization dedicated to empowering widows and orphans in Nigeria. The foundation offers scholarships, business grants, and housing support, transforming thousands of lives annually. Her philanthropic efforts also extend to education—she has funded a skills acquisition center at Yaba College of Technology and offers over 9,000 scholarships annually to students in Nigeria’s higher institutions, particularly in the fields of medicine and engineering.
She is also a pastor at the Redeemed Christian Church of God (RCCG) and credits her faith as a driving force behind her success and charitable work.
Conclusion
Modupe Alakija’s life is a remarkable example of what resilience, vision, and hard work can achieve. From her humble beginnings as a secretary to becoming one of Africa’s richest women, her journey embodies the spirit of entrepreneurship and self-belief. Her legacy continues through her business ventures, philanthropic activities, and inspirational leadership in both corporate and charitable sectors.
In a world where success stories often follow familiar paths, Alakija stands out as a woman who carved her own lane—through oil, fashion, and faith. Her influence is global, her contributions are profound, and her story is one that will continue to inspire generations.
