African richest woman, Folorunsho Alakija, according to multiple reports, has parted ways with her husband, Modupe.
Thewill writes that the couple’s 30 years marital bliss may be over, as they are now separated.
The billionaire’s husband reportedly no longer shares his matrimonial bed with his wife in their luxurious Ikoyi, Lagos home.
Alleged frequent quarrels prompted the wealthy woman to demand privacy, leading him to seek accommodation elsewhere within Ikoyi.
Sources indicate that the couple has faced challenges in recent years, yet maintained a united front due to their societal status. This development came five months after reports surfaced regarding the former fashion designer and founder of FAMFA Oil Limited battling health issues, particularly with her eyes.
Despite efforts to keep it discreet, her health challenges became evident during her son’s wedding last year, which was low-key compared to past Alakija family events. Media access was restricted, and guests were carefully selected for invitations.
Fintech Telex gathered from a source close to the Alakija family that the couple’s children now occupy top positions in their companies, including FAMFA Oil Limited.
How Folorunsho Alakija rose to becoming African richest woman from being a fashion designer
Alakija is a Nigerian businesswoman who defies categorization. A self-made billionaire, she’s carved a unique path, excelling in the worlds of fashion, printing, and most notably, oil exploration. Her story is one of resilience, business acumen, and a trailblazing spirit that has broken down barriers for women in Africa.
Born in 1951 to a large family in Lagos, Alakija’s entrepreneurial spirit emerged early. While studying secretarial skills in London, United Kingdom (UK), she honed her passion for fashion. Upon returning to Nigeria, she established Supreme Stitches, a fashion design house, operating from a three-bedroom apartment. Her exquisite taste and meticulous attention to detail soon attracted Lagos’ elite clientele, including the wife of the then-Nigerian president, Maryam Babangida.
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Always looking to expand, Alakija saw an opportunity in the printing industry. In 1974, she established Digitalreality Print Ltd., a printing company that quickly gained a reputation for high-quality service and innovation. This diversification showcased her ability to identify profitable ventures outside of fashion.
Folorunsho Alakija’s most dramatic business move came in 1993. FAMFA Oil, a company co-founded by her husband, was awarded an oil prospecting license by the Nigerian government. Despite facing skepticism and legal challenges, Alakija persevered. The company’s fortunes changed dramatically in 2008 when the prolific Agbami oilfield began production. This transformed Famfa Oil into a major player in Nigeria’s oil sector, propelling Alakija to the forefront of African business.
Beyond business, Alakija is a dedicated philanthropist. The Rose of Sharon Foundation, established by her, focuses on empowering widows and orphans through financial assistance and educational opportunities. She’s also a vocal advocate for women’s rights, marriage counselor, encouraging women in particular to pursue their entrepreneurial dreams and break gender stereotypes in the business world.
Alakija’s story is not without controversy. The circumstances surrounding the Agbami oil license have been questioned, and her immense wealth stands in stark contrast to Nigeria’s widespread poverty. However, her achievements are undeniable. She’s a role model for aspiring entrepreneurs, particularly women, demonstrating the power of determination and strategic thinking.
The mother of four remains an active figure in the Nigerian business, as she continues to champion social causes, write inspirational books, and inspire a generation of women to reach for the stars.
List of companies owned by Alakija
FAMFA Oil
FAMFA Oil, an indigenous company, courageously entered the oil and gas sector by applying for an exploration and production license in 1991. Teaming up with Texaco Nigeria Ltd. (now Chevron Nigeria Ltd.), the company initiated operations in 1996, marking the onset of a prosperous era. This remarkable achievement is woven into a familial legacy, steered by the visionary Chairman, Modupe Alakija, alongside Alakija, serving as vice chairman, and their four capable sons as executive directors. Together, they have redefined success in Africa’s oil and gas landscape, leaving an enduring imprint while cherishing the bonds of kinship.
Dayspring Property Development Company
Alakija’s venture into real estate, Dayspring Property Development Company Limited, highlights her entrepreneurial acumen and shrewd investment prowess. Fueled by her adventurous spirit and innovative vision, Dayspring has emerged as a leading luxury real estate developer located in Lagos. Renowned for iconic landmarks such as the waterfront Rose of Sharon Towers in Victoria Island and Center Point, Africa’s foremost workspace, Dayspring’s impressive portfolio comprises upscale residences, apartments, and versatile commercial properties situated in Lagos’ most desirable locales. Each property epitomizes their dedication to quality, elegance, and practicality, establishing a benchmark of excellence within the industry.
Digitalreality Print
Inspired by Alakija’s entrepreneurial zeal and inventive energy, Rose of Sharon Prints and Promotions factory evolved into Digitalreality Print Limited in September 2006. Presently, it stands tall as one of Nigeria’s premier commercial printing powerhouses, employing state-of-the-art technology to materialize creative concepts. Offering a diverse range of services from commercial printing to laser cutting, engraving, monogramming, and direct-to-garment printing, Digitalreality establishes unparalleled benchmarks in quality and productivity. With a steadfast dedication to excellence and a fervor for innovation, Digitalreality emerges as the preferred partner for businesses throughout Nigeria.
The Rose of Sharon Group
Established by Alakija, The Rose of Sharon Group functions as the umbrella organization and conglomerate encompassing Rose of Sharon Towers, Rose of Sharon House of Fashion, and Famfa Oil. This diversified conglomerate operates across fashion, oil and gas, real estate, and philanthropy, epitomizing Alakija’s multifaceted entrepreneurial vision.
Rose of Sharon Foundation
Founded in 2008 by Alakija, the Rose of Sharon Foundation is a non-governmental organization committed to empowering widows, their children, and orphans by providing financial independence and educational opportunities. It has made a significant impact on nearly 1,000 widows and over 4,262 widows’ children through vocational skills training and scholarships, offering interest-free loans and housing support. Moreover, the foundation extends free healthcare consultations, legal assistance, and spiritual guidance through Rose of Sharon Glorious Ministry International, offering comfort and encouragement to widows, orphans, and marginalized individuals in society.
FAMFA Towers
FAMFA Towers, an impressive 22-story office complex located in the prestigious Ikoyi district of Lagos, serves as the corporate hub for Famfa Oil. Developed in collaboration between Julius Berger Nigeria Plc and Dayspring Property Development Company, owned by Alakija, this landmark structure spans 21,840 square meters of gross leasable area. The top five floors are dedicated to Famfa and Alakija for personal use, while the remaining floors are available for lease. This tower, costing over $100 million and funded without bank loans, stands as a testament to Alakija’s unwavering commitment to excellence.
Rose of Sharon Tower
Located on Victoria Island, offering breathtaking panoramic vistas of Kuramo waters and the Atlantic Ocean, the Rose of Sharon Tower stands as a mixed-use development. It consists of eight residential floors accommodating 32 apartments of diverse luxury levels. Managed by Day Spring Development Property Company Limited, owned by Alakija, the tower features an internationally acclaimed gym, a swimming pool, and a club room, ensuring residents enjoy a lavish living environment.
