She’s A Boss: 5 Things To Know About The World’s Richest Woman, Folorunsho Alakija

As we know, being a Boss Chick like Folorunsho doesn’t just happen over night. It is cultivated and brought to existence by effort and investment in one’s abilities. Here are five things to know about Nigeria’s richest black woman, and the richest woman in the World.Who is She? Folorunsho Alakija is a Nigerian-based entrepreneur, philanthropist, and self-made billionaire who decided to leave the corporate working world in 1984 (she worked as a secretary at the International Bank of Nigeria) to begin her own entrepreneurial endeavors.

Her Educational Background: Alakija contemplated beginning ventures in the fashion industry and decided to take a fashion design course,. After returning to her country just a year later, she gained a reputation as the country’s best designer and a pioneer in Nigeria’s fashion industry.
Africa’s Forbes listed Folorunsho Alakija on its ‘Forbes 50′ list, noting Africa’s top 50 billionaires.

Entrepreneurial Background: She formed her tailoring company and fashion label, “Supreme Stitches”, after her studies which generated notable clientele and helped her company rise to fame and become a household name in Nigeria’s high society.

Philanthropy: Philanthropy is a major part of Folorunsho Alakija’s works. In 2008, the entrepreneur founded the “Rose of Sharon Foundation”, which assists widows and orphans. Alakija’s foundation provides interest-free loans and scholarships to widows, who are typically neglected in African culture, to restart their lives, or to begin their own business ventures. In July of 2014, Alakija reportedly donated 4.5 million to the Victims Support Fund.

Investments: Folorunsho Alakija is the founder and executive director of FAMFA Oil Limited, a family-run oil and gas exploration and production company. In 1993, the company acquired its OPL (Oil Prospecting Liscence), granting the business a lucrative oil bloc on Nigeria’s coastal waters. To date, the company holds a 60% stake in the oil field and pumps nearly 200,000 barrels daily.