Folorunsho Alakija
- Net worth $900 million
- Birthday July 15, 1951
- Status -
- Country Nigeria
- Source(-s) of wealth Businesswoman, Fashion Designer, Philanthropist
How much is Folorunsho Alakija Worth? Folorunsho Alakija Net Worth in 2026
Folorunsho Alakija’s net worth is estimated at $900 million as of November 2026. In 1993 a fashion designer with secretarial training applied for an offshore oil licence. The block her company won now sits over part of the Agbami field, which has been pumping oil since 2008 and was built around an estimated 900 million barrels of recoverable crude.
| Net worth | $900 million (our estimate, range $500 million to $1.4 billion) |
|---|---|
| Estimated annual income | Not estimated: no figure for Famfa Oil’s income has been published |
| Born | July 15, 1951, Ikorodu, Lagos State |
| Age | 75 |
| Country | Nigeria |
| Known for | Founder of Famfa Oil, a Lagos fashion house and the Rose of Sharon Foundation |
| Main income sources | Famfa Oil’s interest in the Agbami oil field, fashion, property |
How much is Folorunsho Alakija worth in 2026?
We put Folorunsho Alakija at about $900 million, in a range of $500 million to $1.4 billion. This one is a rough estimate: little of the money is documented. Famfa Oil is private, publishes no accounts we could find, and its deal with its partner sets how much of the oil money actually reaches it, on terms that aren’t public.
She is sixth on our Top 10 Richest People in Nigeria ranking. Public estimates have hovered around $1 billion for years, and most of them are old. Ours prices her oil interest off a real 2023 sale of a neighbouring stake in the same field, then cuts it for the partner’s share of costs, which is where most of the uncertainty sits. Naira figures convert at ?1,346 to the dollar, the mid-market rate on November 10, 2026.
How we got to $900 million
| Source | Our estimate | What it rests on |
|---|---|---|
| Famfa Oil’s share of Agbami | $660 million | Equinor agreed to sell its Nigerian business for $710 million, centred on a 20.21 percent stake in Agbami, a deal that closed in December 2024. That works out to $35.1 million for each percentage point of Agbami. Famfa transferred 40 percent of its block to a partner in 1996, keeping 60 percent. We assume the block holds the 62.5 percent of Agbami not on Equinor’s side, which gives Famfa a 37.5 percent share, or $1.32 billion at the Equinor price. We halve that for the partner’s development costs and the government’s later claim. The half is our assumption. Famfa is described as owned by the Alakija family; we credit it to her as its founder because no split between family members is public. |
| Cash and investments from 17 years of oil income | $200 million | Agbami has produced since 2008. Famfa’s actual payouts were never published, so this row is our assumption, kept modest because we don’t know how much the partner recovered first. |
| Fashion house, property and other holdings | $40 million | Her fashion house, renamed in 1996 from Supreme Stitches, and property we could not price. Our assumption. |
| Total | $900 million | All three rows rest on assumptions. Only the Equinor price is a documented transaction. |
What a neighbour’s sale says about her oil
Agbami straddles two offshore leases. Equinor’s stake sat on the other one, and when it sold out the buyer paid a base price of $710 million, with up to $1.2 billion in total once contingent payments are included. By our calculation that is $35.1 million per percent of the field at the base price, and $59.4 million at the top.
Apply those prices to our assumed 37.5 percent for Famfa and you get $1.32 billion to $2.23 billion before any adjustment. We take the base price and halve it. The partner terms aren’t public, so we assume the company that developed the field recovers its costs from the oil before Famfa is paid in full. If Famfa’s real share of the cash is closer to its paper share, our $660 million is far too low and she sits near the top of our range.
Secretary, banker, fashion designer, oil licence
She started work in 1974 as an executive secretary in Lagos, then moved to First National Bank of Chicago and International Merchant Bank of Nigeria. She studied fashion design in London and built a label, Supreme Stitches, which became the Rose of Sharon House of Fashion in 1996.
The oil came in between. Her company Famfa applied for a prospecting licence in May 1993 and was granted a 617,000-acre block about 100 kilometres offshore. Three years later it brought in a partner for 40 percent. After oil was found, the government claimed a stake of its own, and the dispute that followed is outside the scope of this profile.
A ?34 billion hospital
In 2025 she funded and donated a 250-bed teaching hospital to Osun State University, reportedly valued at ?34 billion. That is about $25 million at today’s rate, roughly 2.8 percent of our estimate, by our calculation. It is her largest recorded gift and the most recent dated event tied to her money. Her term as the university’s chancellor ended on March 18, 2026.
The giving runs through the Rose of Sharon Foundation, set up in 2008, which funds scholarships, business grants and support for widows and orphans. We don’t subtract older gifts, because no total has been published.
What would move the figure
Oil prices and Agbami’s output, now well into its second decade, matter most. Any published sale of part of Famfa, or an account of what it receives under the partner arrangement, would replace our biggest assumption. More gifts on the scale of the hospital would lower the figure directly.
Folorunsho Alakija net worth FAQ
What is Folorunsho Alakija’s net worth?
We estimate $900 million as of November 2026, in a range of $500 million to $1.4 billion. About $660 million of it is our value for Famfa Oil’s share of the Agbami oil field.
How did Folorunsho Alakija make her money?
Mainly through Famfa Oil, which won an offshore oil prospecting licence in 1993 over part of what became the Agbami field. She also built a fashion label in Lagos.
How much is Famfa Oil worth?
No valuation is public. A 2023 sale of a 20.21 percent Agbami stake for $710 million implies $35.1 million per percentage point of Agbami, and we value Famfa’s share at about $660 million after costs.
How much did Folorunsho Alakija give to Osun State University?
She funded and donated a 250-bed teaching hospital in 2025, reportedly valued at ?34 billion, about $25 million at the November 2026 rate.
When did Folorunsho Alakija get her oil licence?
Her company Famfa applied in May 1993 for a 617,000-acre offshore block about 100 kilometres off the coast, and brought in a partner for 40 percent in 1996.
How old is Folorunsho Alakija?
She is 75, born July 15, 1951, in Ikorodu, Lagos State. She went to primary school in Wales and studied in London.
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How we estimate net worth
Our estimates are based on public reporting, company valuations, and deal and earnings figures all compiled in an internal valuation model. They are approximate, and figures change over time as new information emerges.
Last updated: November 2026.
Photo: Kaizenify / Wikimedia Commons, CC BY-SA 4.0, cropped