Her designs were so unique and creative that she won the contest and instantly became a sensation. As a woman with an empire diversified in fashion, print, real estate and oil & gas, her resilience to fight and persist until she attained success is an inspiration to many people around the world. Biography & Success Story Of Folorunsho Alakija: Founder Of Famfa Oil. Professional Business Plans For Your Success, View startuptipsdaily’s profile on Facebook, View startuptipdaily’s profile on Twitter, View startuptipsdaily’s profile on Instagram, View 112684232616485826000’s profile on Google+, How This Nigerian Fashion Designer Made Over $2.1 Billion US Dollars, Still Looking For Funds? Unsatisfied with 40% percent shares, it forcefully acquired another 10% stake. Alakija has succeeded in building her empire, marriage, and raising upstanding kids. It got a point when local textile producers could no longer meet the level of demand. On Monday, 1st July, 2013, the Federal Government of Nigeria inaugurated the National Heritage Council and Endowment for the Arts and appointed Folorunsho Alakija as Vice-Chairman of the body. Mrs. Alakija is Nigeria’s first female billionaire and the founder of Famfa Oil, a Nigerian company that owns a substantial participating interest in OML 127. Good Contents Are Everywhere, But Here, We Deliver The Best of The Best.Please Hold on. The disclosure came in a statement released on her Twitter account. And so, she had to find other ways to become financially independent. On 16th August 2003, in conjunction with St. Paul’s Church, Breadfruit, Lagos, The Busy Bees Society bought and setup a rehabilitation home under the name of Hope Center. These areas are choosing resulting from their observed impacts on national development as they help to build a complete man. Folorunsho Alakija and her siblings were taught to open up the shops early, handle customers properly, and manage to also manage the business’ finances. Unfortunately, the... How A Former Nigerian Military Personnel Built a Multi-Million Dollar BusinessTweetEmail TweetEmailThe road to success is never an easy path. For her primary school education, Folorunsho Alakija attended the Dinorben School for Girls at Hafodunos Hall, Wales. She founded the NGO with the aim of empowering women, specifically widows, orphans, and children. After that, she returned to Nigeria for her secondary school education at the Muslim High school in Sagamu, Ogun state. See Also: How This Economist Made A Fortune Of Over $1.4 Billion Dollars In Nigeria. And all attempts to appeal the Supreme Court’s decision failed. Supreme Stitches grew into a fashion powerhouse, influencing and reshaping the Nigerian outlook on female fashion and fashion in general. Personal Life. Folorunsho Alakija house. These areas are choosing resulting from their observed impacts on national development as they help to build a complete man. Her desire to help people, to meet the needs of others, and to see people succeed inspired her to create the Rose of Sharon foundation. In 1970, she travelled back to the U.K and got her degree in secretarial studies from Pitman’s Central College, London. Her friend wasn’t interested in oil production, but Alakija saw it’s potential. The books have been launched and all the proceeds go to Rose of Sharon Foundation.“ Here are photos from Folorunsho Alakija’s 60th Birthday and 35th wedding anniversary celebration events. Folorunso Alakija. In May 2012, the Supreme courts returned what was rightfully hers. The couple currently live in Lagos, Nigeria with their four sons and multiple grandchildren. Billionaire businesswoman Folorunsho Alakija and chancellor of Osun State University, has laid the foundation for the 250-bed teaching hospital she is donating to the university. Everything she and her family had worked for, all their sacrifices and investments were snatched up. The most prominent member of the wider Alakija family is Folorunsho‘s nephew, Rotimi Alakija, better known by his stage name of DJ Xclusive. Folorunsho married a lawyer, Modupe Alakija … Mrs. Folorunsho Alakija has a foundation called the Rose of Sharon foundation that helps widows and orphans by empowering them through scholarships and business grants. Whenever Folorunsho Alakija was home for the holidays, she would wake up very early and head to her mother’s fashion shop. Africa is home to men and women whose success and wealth rival those of developed nations. At the end of those hard years, her persistence and courage won her a remarkable victory. Famfa Oil's partners include Chevron and Petrobras. She went to Our Ladies of Apostles in Lagos between 1955 and 1958 for her nursery school studies. The witness, a staff of the Economic and Financial Crimes Commission, Mr. Ganiu Ajisafe, explained to the Court how the first accuse, Vincent Ayewah connived with his siblings and friends to defraud a foundation, Rose of Sharon Foundation, owned by a business tycoon, Mrs. Folorunsho Alakija… When it seemed that things were about to get better, the government struck another blow. One of her clients was the former first lady, Maryam Babangida. See Also: How A Poor African Farm Boy Built A Business Worth Over $100 Million Dollars. An offer of remuneration was never on the table. See Also: How To Survive And Dominate The First 6 Months Of Your New Business. The couple has completed 39 glorious years of marriage. Her dedication to the Nigerian fashion industry earned her the presidential seat at the Fashion Designers Association of Nigerian. For 12 years, she fought back against her oppressors in and out of courts. The disclosure came in a statement released on her Twitter account. Folorunsho Alakija gives back to the society through her foundation, Rose of Sharon Foundation. Folorunsho Alakija’s success story would not be complete without an account of her tremendous impact on the society. She's the Executive Vice Chairman of Famfa Oil Limited (oil exploration and production company). A day after donating N1 billion for the fight against coronavirus in Nigeria, billionaire businesswoman Folorunsho Alakija has donated N25,000 to each of her foundation's registered widows and orphans in the six geopolitical zones in the country. They ordered Famfa to hand over 40% stakes to the Nigerian National Petroleum Corporation with immediate effect. She is a living proof that success is not limited by gender, age, nationality or financial backgrounds, but rather, success is the product of courage to take risks and stand up strong in the face of adversity. It was the start of a mega fashion brand that ladies in Nigeria and across Africa would strive to wear. Personal life And after serving two terms, she is now a lifelong Trustee of the association. That left Famfa Oil with just a 20 percent stake in their investment. In March, Folorunsho Alakija and Modupe, her husband, announced a donation of N1 billion to support the fight against coronavirus. It was Big Brother Naija season 5 winner, Laycon’s birthday on the 8th of November and his party was star studded. Supreme Stitches became the place where one could get monogrammed or screen written wears. While there is more than one Folorunsho Alakija house in Lagos, her main residence is in Ikoyi. In March, Folorunsho Alakija and Modupe, her husband, announced a donation of N1 billion to support the fight against coronavirus. Small business ideas, business plans, & tips for African entrepreneurs to start, run, & grow successful businesses. Notify me of follow-up comments by email. The fashion icon’s leap into the oil and gas sector was an unprecedented move. How A Former Nigerian Farm Boy Built A Remarkable Military, Political, & Business CareerTweetEmail TweetEmailNo genuine success comes without a price. She has established The Rose of Sharon Foundation to empower orphans and widows through sustained opportunities. Although they had the right amount of textile machines, Folorunsho Alakija was smart enough to know that the costs would cut into her profits. In obedience to the word of … See Also: How This Egyptian Entrepreneur Amassed A Fortune Worth Over $5.5 Billion US Dollars. Billionaire businesswoman, Mrs. Folorunso Alakija, on Thursday told an Ikeja High Court how one Vincent Ayewah, an employee of her Rose of Sharon Foundation, allegedly defrauded her … The Rose of Sharon Foundation (ROSF) is a private, voluntary, non-profit, faith based, non-governmental Organisation based in Lagos state, Nigeria. With our highly in-depth world-class MBA Standard professional bank and investor-ready business plan & feasibility study report writing service, you can finally have the best chance of getting the finance you need for your business to succeed! When she was 7 years old, Folorunsho traveled to the United Kingdom for her primary school education. About. She is one of the Lagos Business School Alumnus and member of the Commonwealth and Investment Council Advisory Board. While powerful and rich Nigerians with oil blocs’ allocations turned over their OPLs to foreign companies, Alakija kept hers. The News Agency of Nigeria reports that Vincent, who was employed by Alakija as a clerk and administrative officer, is standing trial alongside his siblings, Florence […] That enterprise was unlike any other tailoring business. Still fully active in the business world, she is involved in the management and strategic planning of her oil and real estate companies, Famfa Limited and Dayspring Property Development Company Limited. In 2014, she was named the richest woman from an African descent, a position that was previously occupied by Opera Winfrey. — Folorunso Alakija (@alakijaofficial) November 9, 2020. Just as the business started out, Folorunsho Alakija joined a fashion design competition. Mrs Alakija, who is regarded as one of the richest black women in the world, founded the interdenominational ministry in 2004. In 2014 and 2015, she was on Forbes’ list of Most Powerful Women in the World. She is 68 years as of 2019 August 20th. In March, Folorunsho Alakija and Modupe, her husband, announced a donation of N1 billion to support the fight against coronavirus. https://www.legit.ng/1128089-mrs-folorunsho-alakija-husband-children.html Folorunsho Alakija Oil Business. The industrialist also owns a foundation called the Rose of Sharon Foundation that helps widows and orphans through scholarships and business grants. The industrialist also owns a foundation called the Rose of Sharon Foundation that helps widows and orphans through scholarships and business grants. Recognised as one of the champions of African Entrepreneurship, she was named Chief Matron of the Africa’s Young Entrepreneurs (AYE) NGO. She is on the Advisory board of the Center for African Studies, Harvard. Folorunsho Alakija was born on 15th July 1951 to the family of the famous Chief L.A Ogbara in Ikorodu, Lagos State, Nigeria. Born 15 July 1951 (age 68) Ikorodu, Lagos State, Nigeria Protectorate. Biography . Those docked alongside the siblings include; Onuwa David; Okoronkwo Chikadibia; Ehizibolo George, Chinyere Awanah. See Also: How This Algerian Teacher Built A Business Worth Over $4 Billion US Dollars. THREE siblings Vincent Ayewah, Florence Ayewah and Emmanuel Ayewah, and four other persons are facing trial before a Lagos High Court, Ikeja for allegedly defrauding Africa’s richest woman, Mrs Folorunsho Alakija of N3million through her Rose of Sharon Foundation. Her second corporate job was at the former First National Bank of Chicago now known as First City Monument Bank (FCMB). Billionaire businesswoman, Mrs. Folorunso Alakija, on Thursday told an Ikeja High Court how one Vincent Ayewah, an employee of her Rose of Sharon Foundation, allegedly defrauded her of N3m. It is interesting to know that Mrs Folorunsho also has a foundation called the Rose of Sharon Foundation. In attendance was sensational singer Davido, Forbes billionaire oil magnate, Folorunsho Alakija, and other Big Brother Naija stars. In May 1993, Alakija’s new company, Famfa Oil Limited applied for the allocation of oil prospecting license (OPL). This was where and when her love for fashion took off. From what she realised, producing high-quality fabrics would mean travelling to Taiwan. Folorunsho Alakija reveals how her Foundation Staff defrauded her Of N3m Billionaire businesswoman, Mrs. Folorunso Alakija , on Thursday told an Ikeja High Court how one Vincent Ayewah, an employee of her Rose of Sharon Foundation, allegedly defrauded her of N3m. Backed by her family, she went into battle with the Nigerian government. She acquired a license for the exploration of oil on 617,000 acres of land. Required fields are marked *. Philanthropy. In 2003, Famfa applied for a conversion from an Oil prospecting license to an oil mining license (OML). On the 15th of July 1951, Folorunsho Alakija was born into the Ogbara family of Ikorodu, Lagos state, Nigeria. Their actions brought chaos. These women and men of power have thrived in a continent that has long struggled with poverty, corruption, and degradation. Her application was approved, granting her the right to explore 617,000 acres of the Agbami oil field in Central Niger Delta. ... Obasanjo stated this at the 2016 Tony Elumelu Foundation Entrepreneurship Forum. The 67-year-old Mogul is the Group Managing director of the Rose of Sharon Group and the Executive Chairman of Famfa Oil Limited. Folorunsho Alakija is a Nigerian businesswoman, one of the richest African women and also one of the richest black women in the world. 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Discipline, hard work and dedication must be paid in full, and the life of every truly successful individual tells the full... How This Former Nigerian Accountant Built A Remarkably Success Corporate CareerTweetEmail TweetEmailWhat is the ultimate key to success? Alakija has been married to Modupe Alakija, a lawyer, since 1976 and the couple raised four boys together. However, she knew that working in the corporate world would never give her the kind of success she wanted. Success Story Of Prince Arthur EzeTweetEmail TweetEmailThere are globally accepted principles of wealth creation irrespective of geographic location, background and other factors, principles such as; personal motivation, a drive to create value, integrity, courage,... How a Zimbabwean Electrical Engineer Made Over $1 Billion DollarsTweetEmail TweetEmailAttaining success in anything, while admirable, is not only just a product of hard work, but largely to a great, consistency. Then it clicked. Already, she had a flair for combining different fabrics and creating original designs. The minister she spoke to was more interested in people who would invest in Nigeria’s petroleum industry. Good Contents Are Everywhere, But Here, We Deliver The Best of The Best.Please Hold on! Dear Mrs Folorunsho Alakija, HILE Foundation is an initiative aim to “build tomorrow’s leaders today” by educating youths on issues related to their Health,Information and Technology,Law,Economics and Finance. But today, are billionaire industrialists. Mrs Alakija, who is regarded as one of the richest black women in the world, founded the interdenominational ministry in 2004. She worked there for about 18 months before going into the banking industry. — Folorunso Alakija (@alakijaofficial) November 9, 2020. It was the love for fashion that spurred her on to quit her secretarial job. The foundation empowers widows and orphans through scholarships and business grants. “Getting to know people is exciting; getting to know successful people is more exciting; and getting to know successful women is the most exciting!”” — Nikki Bongiala. Alakija was raised in a Muslim polygamous home, surrounded by 52 siblings and seven stepmothers. Her connections to clients with political clout gave her the opening she needed to get started. Now, Famfa Oil Limited is a top earning Nigerian oil company with Chevron and Petrobras as its partners. At first, Folorunsho Alakija’s wish was to study law, but at that time, very few fathers were willing to fund their female child’s university education. Folorunsho Alakija was born on 15 July 1951 in Ikorodu, Lagos State. Folorunsho Alakija estimated net worth has no doubt made her the richest black woman in the world. Folorunsho Alakija Family. Aside from her many business ventures, Folorunso is also known for her philanthropic work through Rose of Sharon Foundation which she started in May of 2008. 467. See Also: The Top 10 Richest People of All Time in History. By then Folorunsho Alakija net worth was already in millions of dollars thanks to her fashion business. She went on to pursue degrees in fashion design at the Central School of Fashion and the American College, London. In the July 2013 inauguration of the National Heritage Council and Endowment for the Arts, Folorunsho Alakija was appointed vice chairman of the committee. Especially for a person transitioning from one career to another. The idea and opportunity came about when a friend of hers asked her to make inquiries about the crude oil lifting business on her behalf. On October 30, 2016 1:41 am In News by vanguard. see #5 billion worth of Nigeria richest woman mansion folorunsho alakija (interior and exterior) 2. Most Nigerian parents believed that there was no use in educating girls since they would get married and become another man’s property. The Rose Of Sharon Foundation (RoSF) Launched on the 23rd of May 2008, The Rose Of Sharon Foundation was established to provide support for widows and orphans. In 2002, the name Supreme Stitches was changed to Rose of Sharon House of Fashion. Back in the days, the Ogbaras, late Chief Ogbara and his wives, were involved in the textile industry. We design and execute programmes that give financial independence and educational opportunities to widows, their children and orphans. Folorunsho has a foundation called the Rose of Sharon Foundation that helps widows and orphans through scholarships and business grants. Billionaire businesswoman, Mrs. Folorunso Alakija, on Thursday told an Ikeja High Court how one Vincent Ayewah, an employee of her Rose of Sharon Foundation, allegedly defrauded her of … Alakija was 86th on the list. As at April 2011, there have been six empowerment programmes in Lagos State, Oyo State, Ogun State and Enugu State in Nigeria and spreading steadily Nationwide, provided support through empowerment, interest free loans and scholarships. One of her clients was the former first lady, Maryam Babangida. In the process, positively influencing the economic and social lives of people within and outside their nations. This consortium includes two print media companies and a real estate enterprise. The witness, a staff of the Economic and Financial Crimes Commission, Mr. Ganiu Ajisafe, explained to the Court how the first accuse, Vincent Ayewah connived with his siblings and friends to defraud a foundation, Rose of Sharon Foundation, owned by a business tycoon, Mrs. Folorunsho Alakija, of N3m. Folorunsho Alakija Age. Blessed with four sons and … You can also fill out our contact form. She is the eighth child of her father and her mother’s second child. The vision of the charity Organisation is to help widows and orphans through scholarships and business grants. But today, the business has grown from just a fashion business to the Rose of Sharon Group. When it was clear that she wasn’t going to be promoted along with her peers, Folorunsho Alakija knew it was time to move on. Folorunsho Alakija holds six honorary degrees and a fellowship at Yaba College of Technology. Folorunsho Alakija built a fortune from designing and making high-end clothes for wealthy and successful women in the society. A year later, the application was approved, and OPL 216 changed to OML 127. Through her Rose of Sharon Foundation, Mrs. Alakija empowers widows and their children as well as orphans. She recognized the need for a fashionable yet wholly Nigerian/African look and took full advantage of the opportunity. The industrialist also owns a foundation called the Rose of Sharon Foundation that helps widows and orphans through scholarships and business grants. Folorunsho Alakija got her first job at Sijuade Enterprises in Lagos where she was a confidential secretary (1974). But before Alakija and her associates could reap the benefits of their efforts, the Nigerian government seized a 40% stake in the company. The Rose of Sharon Foundation (RoSF) is an NGO focused on alleviating the plight of widows and orphans. Alakija has donated a skills acquisition center to Yaba College of Technology, a higher educational institution located in Lagos. The industrialist also owns a foundation called the Rose of Sharon Foundation that helps widows and orphans through scholarships and business grants. The family resides in Lagos and her children are involved in the family businesses. Folorunso Alakija’s foundation celebrates 10 years of providing succour for widows, orphans On June 18, 2018 10:15 am In News by Emmanuel Okogba Kindly Share This Story: And while many others migrated to seek better opportunities, they saw Africa’s potential and chose instead to remain. This is the success story of Folorunsho Alakija, the second wealthiest woman in Africa. As at April 2011, there have been six empowerment programmes in Lagos State, Oyo State, Ogun State and Enugu State in Nigeria and spreading steadily Nationwide, provided support through empowerment, interest free loans and … Choosing to make do with locally produced fabrics, she began searching for ideas to broaden her fashion interests. She not only created a $2 billion enterprise but has crafted a legacy that will last for generations. This a question that comes up in the mind of almost everyone throughout their struggles or growth through life. Under the informal tutelage of her parents, she learned how to manage a business and make it successful through great work ethics. At a young age, she could combine colours excellently and creatively design fabrics of any type. Her mother, though uneducated, was a smart businesswoman who kept working hard even in old age, despite her daughter amassing great wealth. Her foundation has changed the lives of thousands of people in many ways. In 1986, after she got her degrees, Folorunsho Alakija returned to Nigeria to set up her business, Supreme Stitches. Billionaire and richest woman in Africa, Mrs Folorunsho Alakija has disclosed that her family through Famfa Oil limited would be contributing N1 billion to support the fight against Coronavirus in Nigeria. It sold monogrammed t-shirts, tops, souvenirs, beddings and more. Interestingly, the oil baroness previously had little plans to go into the oil and gas industry as she had been looking out for government contracts. In March, Folorunsho Alakija and Modupe, her husband, announced a donation of N1 billion to support the fight against coronavirus. Sadly, Folorunsho Alakija’s father was one of them. It also set up primary to tertiary school scholarship programs, granted interest-free business loans, and enabled widows and the youth with skill acquisition programs. But Folorunsho Alakija was a woman of power and strength. The fact that she had no experience or expertise in the oil business did not deter her. In a short time, the business turned into a national franchise with women of different backgrounds and social classes wearing her brand. Folorunsho Alakija’s success story is a tale of hard work, persistence, courage and the will to break through barriers. Many of them started out with nothing more than a great idea and the will to succeed. Dear Mrs Folorunsho Alakija, HILE Foundation is an initiative aim to “build tomorrow’s leaders today” by educating youths on issues related to their Health,Information and Technology,Law,Economics and Finance.

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