WHO IS WHO IN NIGERIA-FOLORUNSHO ALAKIJA

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, now FinBanknow acquired by FCMB (First City Monument Bank)^[9] where she worked for some years before establishing a tailoring company called Supreme Stitches. It rose to prominence and fame within a few years, and as Rose of Sharon House of Fashion, became a household name.^[4][10] 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.^[3][11]

In May 1993, Folorunsho applied for the allocation of an oil prospecting license (OPL).^[12] 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.^[13][14]

Once word got out they struck oil the unthinkable happened: the Nigerian government snatched a 40% stake! Later, they took an additional 10%. According to her:

“We felt like it was unfair. We had taken the sole risk and invested everything we had in the business. It had become a family business. We spent six years as a family to ensure this worked out and now that it was bearing fruit, they just stepped in and took away everything we had struggled and worked extremely hard for. I said to myself, ‘Folorunsho Alakija does not give up, my husband does not give up and my children do not give up.’”^[15]

She took them to court. For 12 years she fought the government in court. The stakes were high. The government argued if Alakija and family were allowed to keep their bloc they stood to make $10 million a day! Still she persisted and in the end she won.^[16]

Subsequently, Star Deep sold off 8 percent of its stake in OPL 216 to Petrobras, a Brazilian company. On 9 March 2016, Nigeria had its first female chancellor of  Alakija (born 15 July 1951) is a Nigerian billionaire businesswoman, one of the richest African women, and one of the richest black women in the world. In 2014, she temporarily unseated Oprah Winfrey as the richest woman of African descent in the world.^[2] She is involved in the fashion,^[3] oil and printing industries.^[4] 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.^[5] Alakija is ranked by Forbes as the richest woman in Nigeria with an estimated net worth of $2.1 billion.^[6][4] As of 2015, 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.^[7]

Folorunsho was born in 15 July 1951 to the family of Chief L. A. Ogbara in Ikorodu, Lagos State. 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. 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.^[8]

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, now FinBanknow acquired by FCMB (First City Monument Bank)^[9] where she worked for some years before establishing a tailoring company called Supreme Stitches. It rose to prominence and fame within a few years, and as Rose of Sharon House of Fashion, became a household name.^[4][10] 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.^[3][11]

In May 1993, Folorunsho applied for the allocation of an oil prospecting license (OPL).^[12] 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.^[13][14]

Once word got out they struck oil the unthinkable happened: the Nigerian government snatched a 40% stake! Later, they took an additional 10%. According to her:

“We felt like it was unfair. We had taken the sole risk and invested everything we had in the business. It had become a family business. We spent six years as a family to ensure this worked out and now that it was bearing fruit, they just stepped in and took away everything we had struggled and worked extremely hard for. I said to myself, ‘Folorunsho Alakija does not give up, my husband does not give up and my children do not give up.’”^[15]

She took them to court. For 12 years she fought the government in court. The stakes were high. The government argued if Alakija and family were allowed to keep their bloc they stood to make $10 million a day! Still she persisted and in the end she won.^[16]

Subsequently, Star Deep sold off 8 percent of its stake in OPL 216 to Petrobras, a Brazilian company. On 9 March 2016, Nigeria had its first female chancellor as she became the chancellor of Osun State University.

SOURCE:WIKIPEDIA