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Folorunsho Alakija: From a middle-class home to becoming Nigeria’s richest woman

by Women Times on

Hardly would you find a list of Nigeria’s richest entrepreneurs without the name – Folorunsho Alakija popping up. Several rankings have acclaimed her to be the richest woman in Nigeria, and the 2020 list of Africa’s Billionaires places her at 20th position in Africa. Though most public knowledge attributes her wealth to her interests in the oil sector, Alakija also has interests in other sectors like fashion and real estate.

She was born on July 15, 1951, to Chief L.A. Ogbara, of Ikorodu, Lagos State. It was quite a large family and Folorunsho had lots of siblings.

She started her nursery schooling at Our Ladies of Apostles, Lagos from 1955 to 1958, and at the age of seven, she travelled to the United Kingdom to attend Dinorben School for Girls in Harfodunos Hall, Llangernyw, Wales. She returned to Nigeria in 1963 for her secondary education in Sagamu, Ogun state before returning again to London for her Secretarial studies at Pitman’s Central College.

At the time, it was quite commonplace for females to opt to study along the secretarial lines, Tourism and hospitality or Fashion designing. In addition to her Secretarial studies, Folorunsho went to the American College, London and the Central School of Fashion for a degree in Fashion Designing.

Now qualified as a secretary and fashion designer, Folorunsho returned to Nigeria to work. She started out as an Executive Secretary at Sijuade Enterprises in Lagos, in 1974. Next, she worked as the Executive Secretary to the Managing Director with First National Bank of Chicago, which was renamed FinBank and later acquired by First City Monument Bank (FCMB). Briefly, she held the position of Office Assistant to the Treasury Department, and Head of the Corporate Affairs Department.

After spending some years in banking, Folorunsho decided to start her fashion design company, Supreme Stitches. She worked hard at it to set the brand in motion, and the name was later changed to Rose of Sharon House of Fashion.

Later, in September 1991, FAMFA Oil Limited was incorporated and in 1993, Alakija was granted an Oil Prospecting License (OPL) on OPL 216, a 617,000-acre oil block located in the Agbami Field of the central Niger Delta.

Three years later, she entered a joint venture agreement with Star Deep Water Petroleum Limited (a wholly-owned subsidiary of Texaco). She went on to appoint Star Deep Water as technical adviser for the exploration of her license and transferred 40% of her 100% stake to the company. Star Deep ceded 8% of the 40% to Petrobras, thus bringing in even more players. It was no surprise, therefore, that they succeeded in their exploration and soon grew to become one of the largest indigenous exporters of crude oil in Nigeria.

Alakija dived into other interests like printing and real estate. The Rose of Sharon Group consists of The Rose of Sharon Prints & Promotions Limited, Digital Reality Prints Limited and Famfa Oil Limited where she is the Executive Vice-Chairman. Her real estate interests are in the DaySpring Property Development Company, where she has majority stakes.

Alakija had a bone to pick with the FG
After some years of exploring, they struck oil in the OPL 216. As soon as the news went public, the government swooped in and snatched a 40% stake, and soon after, another 10% stakes of the oil bloc. The argument from the government was that if they allowed Alakija keep all those shares, they could be making as much as $10 million daily. For more than a decade, Folorunso Alakija fought the government in court, refusing to let it go.

“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’” she later said of it.

In the end, they won the case and got back the stakes from the government.

Recognitions and philanthropic gestures
In 2015, Forbes listed Mrs Alakija as the second most powerful woman in Africa and the 86th most powerful woman in the world. She was also ranked as the richest woman in Nigeria with a net worth of about $1 billion as of 2020.

She has received no less than 8 Honorary Degree Awards from Universities in Nigeria and the United States of America, the most recent being the one she received from Benson Idahosa University, Benin City on the 17th of July 2021. She became the first female chancellor in Nigeria in 2016 when she was appointed Chancellor of Osun State University in March 2016.

The Rose of Sharon Foundation is one of the avenues through which Alakija helps and empowers widows and orphans through scholarships and business grants. Folorunso Alakija is also the sponsor of the Agbami Medical and Engineering Scholarship Scheme, where over 1000 beneficiaries are awarded scholarships annually. She has also donated a skills acquisition centre to the Yaba College of Technology.

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Career

Desayo Ajisegiri Wins 7up 2021 Havard Business School Scholarship

by Women Times on

Desayo Ajisegiri has emerged winner of the 2021 7up Harvard Business School Scholarship Programme.

According the carbonated drinks giant, this year’s recipient, Ajisegiri, comes from a modest background. Having been inspired by the tenacity and courage of her mother, she sailed through adverse circumstances to graduate from Howard University, Washington DC with Summa Cum Laude honours and has dedicated herself to impacting the world through a fusion of entrepreneurial and humanitarian initiatives that solve current global challenges.

Recall that Seven-Up Bottling Company Limited (SBC) has been supporting and celebrating young and promising Nigerian graduates through its fully funded MBA programme at the prestigious Harvard Business School.

Ziad Maloouf, the Managing Director of SBC, while restating the company’s unwavering support for the Nigerian youth and its commitment to the country’s development, said: “We believe in the transformational difference great leadership has on a country. One person can make a huge difference in the trajectory of a people and their development. That’s what this scholarship is about. We are on a mission to inspire extraordinary people to create exceptional ideas.

“Desayo has proven her mettle and passion for people and development, as evident in her work to enhance the financial status of Nigerians. We believe we have identified a leader Nigeria will be proud of. By contributing to her story, maybe we can do our part to change the wider narrative about Nigeria.”

Commenting on the importance of the unique initiative, Yemi Faseun the Chief Corporate Services Officer emphasised the multiplier effect of leadership. “We cannot change the world all at once; however, we can change our world one person at a time. The 7up Harvard Business School Scholarship gives us the opportunity to do that. We wish our 2021 winner, Desayo, the best and look forward to the remarkable impact she would have on the country.”

In her remark, Desayo, the 11th recipient of the 7up HBS Scholarship, expressed her gratitude, while advising the youth to remain tenacious despite challenges. She promised to uphold the values upon which the scholarship was awarded.

In her words: “You have to step into the driver’s seat of your life and do your own part of the equation. I didn’t know I was going to win the scholarship but I planned the whole year ahead of my application to HBS. Now I am here and going in fully funded by SBC. It is amazing. So do your own part, keep your eyes on the goal and the vision and be optimistic.”

Having mentored 15 Nigerian college students in the U.S through college into Medical schools, Phd programmes, and corporate careers, Desayo’s passion for community improvement and rehabilitation was evident. This in addition to other sterling qualities that singled her out amongst thousands of entries received.

The 7Up scholarship recipient plans to come back to Nigeria upon completing her education at the Harvard Business School to float her micro investing platform. She believes that her team has only scratched the surface as they plan to empower Nigerians with the means to make wealth.

During her time in college, Desayo who had been a quarterly survivor of malaria found a way to prevent malaria by investing in a detergent that could fortify one’s clothes, serving as a repellent and insecticide to dangerous mosquitoes. Her entrepreneurial spirit and passion for solving problems also led her and her friends to start up a micro investing platform – Trove, that allows Nigerians invest in U.S stocks from the comfort of their homes while on their phones.

Desayo O. Ajisegiri joins Misan Rewane (2011), Olujimi Williams (2012), Mayowa Kuyoro (2013), Oluwasola Olaniyan (2014), Bankole Makanjuola (2015), Chidozie Ibekwe (2016), Ahmed Alimi (2017), Ulunma Izejiobi (2018), Anyanwu Maureen Uzoamaka (2019), and Abdul Rahman Buhari (2020), who have benefitted from the fully funded two-year programme at Harvard Business School.

In attendance at the event, alongside key stakeholders and representatives from the company, were members of the National Youth Corps Service (NYSC), who were challenged by Desayo’s story. They remarked on the impact it has made on their lives, as they take courageous steps towards achieving their dreams.

Photo caption  above are– L-R: Yemi Faseun, Chief Corporate Services Officer, SBC, Nigeria; Desayo Ajisegiri, Winner, 2021 7UP Harvard Business School Scholarship, and Ziad Maalouf, MD, SBC Nigeria

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Career

Olga Okewulonu Achieves Double First-Class as She Graduates from Law School in Grand Style

by Women Times on

 Olga Okewulonu a first class graduate of Afe Babalola University Ado-Ekiti Nigeria has taken to social media to bask in the euphoria of her recent academic feat.

Olga shared on her LinkedIn wall that she bagged a first-class from the Nigerian Law School.

In her undergraduate study at the Afe Babalola University, Ado-Ekiti, the lady had also graduated with a first-class in law.

Olga described her sojourn at the Nigerian Law School as one of the most challenging hurdles she had undergone.

Her post read:

“RED SCROLL ALERT!

“I made a first class at the Nigerian Law School!

“I must say that going through the law school is no joke. This was the most challenging academic hurdle I’ve undertaken so far, and like everyone else, there were days when it felt like all hope was lost.

“However, in the face of obstacles, the only option is to press forward. With the goal in mind and the grace of God making a way for me, I can finally say that I made it.

“Veni, Vidi, Vici.

“I am a double first class graduate of Law!

“From this point, it’s O. C. Okewulonu ESQ!!!”

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CareerAppointmentWomen of Substance

Caroline Anyanwu: United Bank for Africa New Board Member

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United Bank for Africa group(UBA), the leading pan-African financial services institution has recently  announced the appointment of Mrs. Caroline Anyanwu to its Board of Directors, effective May 19, 2021.

Caroline Anyanwu holds a First-Class degree in Statistics from the University of Ilorin in Nigeria and has worked extensively in the fields of accounting, taxation, credit risk and banking throughout her career of close to four decades. She worked at UBA from 1996-2006, where she held the position of Head, Credit Risk Management. Mrs. Anyanwu also served as the Deputy Managing Director of Diamond Bank with supervisory responsibility for risk management, until her retirement in 2019.

Speaking on the new appointment, UBA Group Chairman, Mr. Tony O. Elumelu said, “We welcome Caroline back to the UBA Group after fifteen years. She helped develop our credit and risk management, and her track record leaves me in no doubt that she will be able to harness her considerable experience across the African continent to bring valuable contributions to the Group Board of UBA. Corporate governance and risk management are central to what we do at UBA and Caroline Anyanwu aligns perfectly with our vision.”

UBA is one of the largest employers in the financial sector on the African continent, with more than twenty thousand employees Group wide and serving over twenty five million customers. Operating in 20 African countries and in the United States of America, the United Kingdom and with presence in France, UBA provides innovative retail; commercial and corporate banking; cross border payments and remittances; trade finance and ancillary banking services. UBA is leading financial inclusion and implementing cutting edge products in Africa.

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TrendingAppointmentCareerWomen & BusinessWomen of Substance

Dona Tobin: Omnicom’s DDB new Global Chief Marketing Officer

by Women Times on

Dona Tobin has been appointed as  the new Global Chief Marketing Officer of Omnicom’s DDB Worldwide.

In her new role, she will be reporting directly to Global CEO Marty O’Halloran. Tobin will oversee all global and North America internal and external corporate communications, including brand management, media relations, corporate social responsibility and cultural communications.

O’Halloran said: “We are thrilled to have Donna joining DDB to help shape our global narrative and connect our refreshed vision with the wider market. Her diversified background and unique understanding of both brand marketing and the advertising agency landscape will be invaluable to our organisation as we invest more in the DDB brand moving forward.”

Tobin brings to her role a diverse set of skills and over 20 years of agency and brand experience in marketing and advertising. Tobin has worked within and led global agencies such as Arnold Worldwide, Grey and VaynerMedia and has extensive experience running global brands and leading marketing, communications, and product development across industries including food and beverage, fashion and toys at companies such as Ocean Spray, Hasbro and WPP’s Kantar.

Most recently she was the EVP of Marketing, Communications, Events and Partnerships at the American Association of Advertising Agencies (4A’s) where she led the organization’s new vision, mission, marketing and communications strategies, and the re-imagination of the 4A’s virtual thought leadership events. Tobin’s expansive background in the marketing and communications landscape will inform her approach to this new role.

While speaking on her new appointment, Tobin said: “I am extremely excited to be joining DDB Worldwide during this time of cultural and creative transformation under Marty’s and Ari Weiss’ leadership. I’ve always admired DDB’s incredible creative legacy and am honored to be a part of the continuously innovative path forward with such amazing, super talented global teams.”

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Women of SubstanceCareerGist Me

Meet Graca Machel the Only Woman who served as the First Lady of 2 Nations

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Graca Machel the great woman. She’s the  only Woman In The World Who Has Served As The First Lady Of 2 Countries. She’s indeed a star.

Graca Machel is a Mozambican politician and humanitarian. She is a widow of former presidents of both Mozambique Samora Machel and South Africa Nelson Mandela.

She is an internationally renowned advocate for women’s and children’s rights and was made an honorary British Dame by Queen Elizabeth ii in 1997 for her humanitarian work.

Machel is a member of the Africa progress panel, a group of ten distinguished individuals who advocate at the highest levels for equitable and sustainable development in Africa. As a panel member, she facilitates coalition building leverage and broker knowledge and convenes decision-makers to influence policy and lasting change in Africa.

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TrendingCareerWomen & BusinessWomen of Substance

Leo Burnett promotes Chaka Sobhani to global chief creative officer

by Women Times on

Global creative powerhouse, Leo Burnett, has announced the promotion of creative amazon, Chaka Sobhani to global chief creative officer.

Representing Leo Burnett on a global stage, Sobhani will be responsible for evolving the Publicis Groupe network’s creative standards, as well as recruiting and growing the next generation of creative talent, with a focus on diversity and inclusion.

She replaces Liz Taylor, who is leaving the agency two years after joining from FCB. Sobhani kicked off her creative career as a comedy and performance writer, previously working at Fox before setting up ITV’s first in-house creative agency, ITV Creative.

She joined Mother in 2013, where she spent three years, before becoming Leo Burnett London’s chief creative officer.

Commenting on her new role, Sobhani stated, “I’ve been very lucky and I genuinely feel really grateful. I went from a decade in broadcast, interned at Mother and started getting my head around advertising, but I would never have thought 20 years ago that I was gonna end up in a global role.”

Continuing, Sobhani said that Leo’s London offices have continued to “go from strength to strength”, winning new work, including TUI, Premier Inn and Vision Express, and creating “ideas that truly connect with people across the nation and genuinely make them feel something”.

She added: “I’ve worked with really amazing people who I’ve learned so much stuff from, and I want to be in a place with really good human beings who share the same human values as me – people who want to take their jobs very seriously but don’t take themselves so seriously, and build a culture and a place where people genuinely look forward to coming into work. “I feel part of something, I feel very lucky.” Sobhani was named as one of the UK’s top creatives of last year and she is set to be a jury member for 2021’s Cannes Lions.

Andrew Swinand, Chief Executive of Leo Burnett USA, added: “I am very proud and excited that Chaka will be taking on the role of global CCO for our network. Chaka puts the ‘human’ in HumanKind – you can feel it in every part of her work and her tireless dedication to championing and including diverse voices and people in our industry.”

Swinand continued: “Chaka’s pride in our brand is immense, as is her passion for breakthrough creative and enduring client relationships. “She’s a cultural titan in every sense and a ‘Burnetter’ through and through.”

Last month, Emily Marr – Sobhani’s former workmate at Mother returned to Leo’s after 14 years in the newly created role of chief production officer.

Source: Marketing Edge Online

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