Folorunsho was born on the 15 of July 1951 to the family of Chief L. A. Ogbara in Ikorodu, Lagos State. She originates from a large family: her dad, Chief L. A. Ogbara, had 8 wives and 52 children in his lifetime. She was the second surviving child; her mom was the first wife.
At age seven, she travelled to the United Kingdom to begin a four-year primary education at Dinorben School for Girls in Hafodunos Hall in Llangernyw, Wales. She returned to Nigeria at the request of her parents who didn’t want them to lose their African values, culture and tradition. After returning to Nigeria, she attended Muslim High School Sagamu Ogun State, Nigeria.
Afterwards, she returned abroad for her secretarial studies at Pitman’s Central College, London. She also studied fashion design at the American College, London and the Central School of Fashion.
Folorunsho started her career in 1974 as an executive secretary at Sijuade Enterprises, Lagos, Nigeria. She moved on to the former First National Bank of Chicago which changed to FinBank now acquired by FCMB (First City Monument Bank) where she worked for some years before establishing a tailoring company called Supreme Stitches. It rose to prominence and fame within a few years as Rose of Sharon House of Fashion and soon became a household name.
As national president and lifelong trustee of the Fashion Designers Association of Nigeria (FADAN), she left an indelible mark, promoting Nigerian culture through fashion and style.
In May 1993, Folorunsho applied for the allocation of an oil prospecting license (OPL). The license to explore for oil on a 617,000-acre block—now referred to as OPL 216—was granted to Alakija’s company, Famfa Limited. The block is located approximately 220 miles south east of Lagos and 70 miles offshore of Nigeria in the Agbami Field of the central Niger Delta.
In September 1996, she entered into a joint venture agreement with Star Deep Water Petroleum Limited (a wholly owned subsidiary of Texaco) and appointed the company as a technical adviser for the exploration of the license, transferring 40 percent of her 100 percent stake to Star Deep. Subsequently, Star Deep sold off 8 percent of its stake in OPL 216 to Petrobras, a Brazilian company.
On 9 March 2016 she became the first female Chancellor (Osun State University) in Nigeria.
Folorunso Alakija is a Nigerian businesswoman, one of the richest African women and also one of the richest black women in the world.
In 2014 she unseated Oprah Winfrey as the richest woman of African descent in the world. She is a business tycoon involved in the fashion, oil and printing industries.
She is the group managing director of The Rose of Sharon Group which consists of The Rose of Sharon Prints & Promotions Limited and Digital Reality Prints Limited and the executive vice-chairman of Famfa Oil Limited.
As of 2014, she is listed as the 96th most powerful woman in the world by Forbes. In May 2015 two Nigerian women, Finance Minister Ngozi Okonjo-Iweala and Alakija were listed among the world’s 100 most powerful women according to Forbes. She is listed as the second most powerful woman in Africa after Ngozi Okonjo-Iweala and the 87th most powerful woman in the world by Forbes.
Alakija is ranked by Forbes as the richest woman in Nigeria with an estimated net worth of $2.1 billion
Folorunsho has a foundation called the Rose of Sharon Foundation that helps widows and orphans by empowering them through scholarships and business grants. Her company is also a major sponsor of the Agbami medical and engineering scholarship scheme, one of the most reliable scholarship scheme in Nigeria with over a thousand people yearly as beneficiaries.
Mrs Alakija is a fervent supporter of education in Nigeria; In 2014 she donated a substantial amount of money to Ibrahim Badamasi Babangida University Lapai, the Niger State University. The money was used to complete the construction of a 350 Seat Lecture Theater, which was named after her.
On 1 July 2013, the federal government of Nigeria inaugurated the National Heritage Council and Endowment for the Arts and appointed Alakija as vice-chairman of the body. While inaugurating the council, Nigeria’s Minister of Tourism, Culture and National Orientation, Edem Duke, said Nigeria had identified 100 new heritage sites, which “are unique and uncommon assets that we intend to preserve and promote.” He charged the council, which is headed by Igho Sanomi, to “ensure the protection and conservation of places and objects of heritage significance and the registration of such places and objects.”
She also serves as the Chief Matron of Africa’s Young Entrepreneurs.
Folorunsho Alakija also has a private jet.
Folorunsho is not only a successful business woman alone but she is also successful in marriage. She is married a lawyer, Modupe Alakija in November 1976 and they have been enjoying their marriage for over 40 years. They reside in Lagos, Nigeria with their four sons and grandchildren.