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Visionaries - December 22, 2022

Africa’s Richest Woman Folurunsho Alakija’s 3 Notable Moves in 2022

Folurunsho Alakija is a multibillionaire businesswoman and philanthropist from Nigeria, Folurunsho Alakija. She owns businessesworks in the printing, real estate, oil, and fashion businesses.

AlakijaShe serves as the executive vice-chairman of Famfa Oil Limited and the group managing director of The Rose of Sharon Group, which includes The Rose of Sharon Prints & Promotions Limited, Digital Reality Prints Limited, and other companies.

Additionally, Alakija owns the majority of DaySpring Property Development Company.

According to Forbes, Folorunsho Alakija has an estimated net worth of $1 billion as of 2020, making her the richest woman in Nigeria. In 2015, Forbes ranked Alakija as the 87th most powerful woman in the world and the second-most powerful woman in Africa, behind Ngozi Okonjo-Iweala.

Without further ado let’s take a look at three notable moves of Folurunsho Alakija in 2022.

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1. Advocate for SMEs 

In order to encourage and enable small and medium firms to survive and contribute to the economy, Folorunso Alakija urged the Nigerian government to pressure local banks to ease their strict standards.

She made this statement when appearing as a guest on CNN’s One World with Zain Asher, where she spoke about the African economy and how Nigeria, which serves as the continent’s economic engine, could diversify its economy to assist the continent’s expanding population.

Alakija discussed the effects of high unemployment, high interest rates, and inflation on SMEs and the necessity for the government to force banks in the nation to relax their strict conditions for SMEs.

She said, “The government has a big role to play; get banks to reduce the usually stringent requirements for SMEs, and interest rates need to be lowered.

“The government also needs to improve the quality of infrastructure; infrastructure is an area that is causing problems and it has negative impacts on SMEs in the country.”

2. Eloy Awards

Women who succeed in their line of employment are recognised with the ELOY (Exquisite Lady of the Year) Awards. It was started in 2009 by Tewa Onasanya.

Folurunsho Alakija got the “ELOY RECOGNITION AWARD FOR HER OUTSTANDING ROLE IN EMPOWERING WOMEN” at the 14th ELOYs 2022 award ceremony in November.

It was a day that was both educational and joyous. The ELOY Conference on Investment and Access to Funds as Tools to Sustain Women Empowerment kicked out the morning of November 25. 

Renowned speakers presented masterclasses and participated in panel discussions about how to be financially independent.

The winners from several industries were honoured during the glamorous evening.

3. Alakija’s N200 Million Philanthropy

In 2008, Folorunsho Alakija founded the Rose of Sharon Foundation with the goal of helping widows and orphans in Nigeria and around the world. This was motivated by her love and compassion for those in need.

The organisation, among other things, gives widows who are members a facelift by giving them money with 0% interest to launch a business of their own.

Philanthropic acts

  • A N1 billion fund was started by Alakija to encourage female entrepreneurship.
  • A higher education facility in Lagos called Yaba College of Technology received a Skills Acquisition Center from Alakija.
  • Ajayi Crowther University in Oyo, Nigeria, received a $2.7 million building from Alakija and her husband in 2016.
  • She gave $700,000 to the University of Osun in April 2017 and has begun work on a paediatric hospital for the same organisation.
  • Through programmes that provide easy socioeconomic integration, her Rose of Sharon Foundation provides grants to poor widows in Nigeria as well as financial freedom and educational opportunities for widows and orphans.

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