Nigerian billionaire businesswoman and philanthropist, Folorunso Alakija, has reportedly lost her sight following health complications that began after a near air mishap. According to medical sources cited by Sahara Reporters, the 73-year-old founder and Executive Vice Chairman of Famfa Oil was traveling with her husband, Modupe Alakija, when the incident occurred, leading to a significant spike in her blood pressure and subsequent vision problems. This report has not been independently verified.
In an attempt to prevent future incidents, Alakija reportedly acquired a new private jet to avoid traveling on the same flight as her husband. Despite these measures, her vision continued to deteriorate, ultimately resulting in complete loss of sight. Sources indicate that instead of seeking medical treatment, she chose to establish a church, the Rose of Sharon Glorious Ministry International, which she began hosting in her home around 2004 and was ordained as an Apostle on her 69th birthday.
Alakija’s business acumen is well-recognized; she is the founder of Famfa Oil, a company with a significant stake in OML 127, a lucrative oil block in Nigeria’s Agbami deep water oilfield. Her net worth was estimated at $1 billion as of 2020, and in 2015, Forbes ranked her as the 87th most powerful woman globally.
Her journey into the oil industry is notably linked to her relationship with the late Maryam Babangida, wife of former Nigerian dictator Ibrahim Babangida. In the late 1980s, Alakija operated a high-end fashion label, Supreme Stitches, which catered to Nigeria’s elite, including Maryam Babangida. This connection is believed to have played a significant role in Alakija securing an oil prospecting license in 1993, which was later converted into an oil mining lease for the Agbami field, operational since 2008.
In addition to her business ventures, Alakija is known for her taste in luxury. She owns multiple private jets, including a Bombardier Global Express XRS and a Bombardier Global Express 6000, both registered under her associated companies. Flight records indicate recent departures from Lagos to undisclosed locations.
Recently, on February 20, 2025, Alakija attended the launch of Ibrahim Babangida’s book, “A Journey in Service,” at the Transcorp Hilton Hotel in Abuja. The event also served as a fundraiser for the IBB Presidential Library, attracting numerous dignitaries, including President Bola Tinubu and former leaders Olusegun Obasanjo, Goodluck Jonathan, Yakubu Gowon, and Abdulsalami Abubakar. Business magnates like Aliko Dangote and Abdulsamad Rabiu were also present, with Dangote pledging N8 billion and Rabiu donating N5 billion towards the library project.
Reports have also surfaced suggesting that Alakija and her husband, Modupe Alakija, have been living apart since March 2024 due to personal differences, though there has been no official confirmation from the family regarding their marital status.
The Alakijas and Famfa Oil: Pioneers of Nigeria’s Indigenous Oil Industry PolicyThe success of Famfa Oil is deeply intertwined with Nigeria’s broader strategy to empower indigenous oil entrepreneurs and reduce reliance on multinational corporations. When Folorunso Alakija secured the oil prospecting license for OML 127 in 1993, the Nigerian government was implementing policies aimed at increasing local participation in the upstream petroleum sector. The objective was to create Nigerian-owned energy firms that could operate at a global scale, ensuring that a larger share of the country’s oil wealth remained in local hands.
As one of the earliest beneficiaries of these policies, Famfa Oil became a model for other indigenous firms. Despite facing legal battles with the government over ownership stakes, the company managed to retain a substantial portion of its interest in the Agbami deep-water field, operated by Chevron. This case underscored the challenges and opportunities associated with Nigeria’s push for local content in the oil and gas sector.
The Alakijas’ role in this transformation is significant, as their journey reflects the complexities of navigating Nigeria’s evolving energy policies. Famfa Oil’s continued presence in the sector serves as a testament to the resilience of indigenous firms and the importance of government-backed initiatives to support local entrepreneurs in one of the world’s most capital-intensive industries.
