Page 56 - Nigeria one mag 4 edition en

Folorunsho Alakija

Mrs Folorunso Alakija is regarded
as a very rich woman, according to
Forbes magazine she is the second
richest woman in Africa, with an
estimated net worth of $1 billion
dollars. In Nigeria, Mrs. Alakija has
held the title of the richest woman
in the country for years. She’s a
business woman and a
philanthropist who owns FAMFA oil
limited – which is an indigenous
oil exploration and oil production
firm, where she currently serves in
the capacity of Vice President.
She began her working career as
an executive secretary at Sijuade
Enterpise where she served for a
few years, before leaving the job
for a more lucrative officer she
found in the First National Bank of
Chicago, which became Finbank.
Finbank was acquired by First City
Monumental Bank, where she rose
through the ranks from executive
secretary to managing director in
the firm.

Dissatisfied with working for big businesses and companies she decided to strike off on her own, to carve a nitch
for herself, she built a renowned tailoring company which was targeted to serve high end clientele. As the
company grew in size and prominence she decided to change the name to Rose of Sharon House of Fashion.
Shortly after her career in the finance industry and her stint with fashion and design, she decided to explore new
horizons by venturing into the oil and gas industry. The oil and gas industry is a male dominated industry which
has limited roles for women in the industry. As such, a lot of women fear to thread difficult industry, but not Mrs.
Alakija. She took up the challenge and set up one of the indigenous biggest oil and gas firms in Nigeria.
Mrs Folorunso Alakija's indigenous oil company FAMFA limited had a break in 1993 when it was given a license
by the Nigerian government to prospect for oil on a 618,000 acre lock called OPL 216. A few years later, she
successfully entered into a joint venture agreement with Star Deep Water Petroleum limited. Following the joint
venture, they successfully struck oil a few years later, and became the first indigenous company which
successfully explored and produced oil.
In addition to her being heavily involved in the oil and gas industry, she also has vested interest in the other
companies. She is the Vice Chariman of Digital Reality Print, a printing company. She is also the Vice Chairman
of Dayspring Property Development Company, a firm heavily involved in real estate. She is an accomplished
speaker and has been appointed Chancellor in an African University.
She is a prolific writer and has authored several inspirational books, including her autobiography. She is a board
member of the Commonwealth Business Forum. She is a recipient of many awards in various capacities both
locally and internationally.

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