The founder and Executive Vice Chairman of Famfa Oil, Folorunso Alakija, has reportedly lost her sight.
The 73-year-old Nigerian billionaire began experiencing health issues after a near air mishap while travelling with her husband, Modupe Alakija, Chairman of Famfa Oil, in an incident that caused a spike in her blood pressure, New York-based Sahara Reporters reported, citing medical sources involved in her care. The incident is said to have affected her vision.
Following the incident, Alakija reportedly ordered a new jet to avoid travelling on the same flight as her husband. However, her vision continued to deteriorate until she ultimately lost her sight completely.
“She had a near air mishap with her husband on board and her blood pressure reportedly shot up affecting her eyes,” one of the sources was quoted as saying.
“She has been having eyesight issues but instead of treating the illness, she chose to start a church to help her. Now she can’t see.”
Folorunso Alakija is a Nigerian billionaire businesswoman and philanthropist who began hosting a small fellowship in her home around 2004, which eventually grew into the Rose of Sharon Glorious Ministry International. On her 69th birthday, she was ordained as an Apostle.
She is the founder of Famfa Oil, a Nigerian company with a significant stake in OML 127, a highly profitable oil block located on the Agbami deep water oilfield in Nigeria.
According to Forbes, her net worth was estimated at $1 billion as of 2020. In 2015, she was ranked as the 87th most powerful woman in the world by Forbes and was one of only two African women on Forbes’ list of the richest people in Africa.
Alakija pursued secretarial studies at Pitman Central College in London in the 1970s. She began her career as an executive secretary at Sijuade Enterprises in Lagos in 1974.
Her wealth is reflected not only in her business ventures but also in her taste for luxury.
One of the aircraft linked to her is a Bombardier Global Express XRS (model BD-700-1A10) with serial number 9416, registered to Wings of Grace Limited on November 25, 2011. This jet has the tail number VP-CEO.
Flight records show that it departed from the Murtala Muhammed International Airport in Lagos on February 26 for an undisclosed location.
She also owns a Bombardier Global Express 6000 private jet known for its long-range capabilities and luxurious amenities. It offers a range of up to 6,000 nautical miles with a cruising speed of Mach 0.89.
The jet’s cabin is designed for maximum comfort, featuring advanced entertainment systems, fully equipped workspaces, and premium seating. This aircraft is registered under the tail number VP-CTO.
The aircraft departed Lagos at 11:34 WAT on February 24 and arrived in London, UK at 4:18 GMT on February 25, according to records.
Folorunso Alakija is involved in several companies, including Famfa Oil Limited, Rose of Sharon Group and Dayspring Property Development Company Limited.
Connection to former dictator Babangida
Alakija’s first company was a fashion label whose customers included the wife of a former military dictator, Ibrahim Babangida.
In 1993, the Nigerian government awarded Alakija’s company an oil prospecting licence, which was later converted to an oil mining lease.
The Agbami field has been operating since 2008.
Folorunso Alakija’s journey to acquiring an oil block is closely linked to her connection with Maryam Babangida, the late wife of the former dictator.
In the late 1980s, Folorunso Alakija was a successful fashion designer, running a high-end fashion label, Supreme Stitches, which catered to Nigeria’s elite, including Maryam Babangida.
Through her fashion business, Alakija developed a close relationship with Maryam, who was influential as Nigeria’s First Lady at the time.
In 1993, Folorunso Alakija applied for an oil prospecting licence. At that time, Nigeria’s military government was granting oil blocks to indigenous companies to encourage local participation in the petroleum industry.
She was awarded an Oil Prospecting Licence (OPL) by General Babangida’s regime.
It is widely believed that her close relationship with Maryam Babangida played a significant role in securing the license.
Initially, the oil block was considered high-risk and of low value. However, after partnering with Texaco (now Chevron) for exploration, it was discovered to contain significant reserves, transforming it into one of Nigeria’s most lucrative oil blocks.
This discovery drastically increased her wealth, making her one of the richest women in Africa.
The Nigerian government attempted to reclaim the oil block in 2000, but Alakija fought a legal battle to retain her stake. In 2008, the Nigerian Supreme Court ruled in her favour, restoring her 60% share in the block.
On February 20, 2025, Alakija attended the launch of Babangida’s book, “A Journey in Service”, and held at the Transcorp Hilton Hotel in Abuja. The event also served as a fundraiser for the IBB Presidential Library. While Alakija made a donation, she chose not to publicly disclose the amount.
The event was graced by numerous dignitaries, including President Bola Tinubu, former Nigerian leaders Olusegun Obasanjo, Goodluck Jonathan, Yakubu Gowon, and Abdulsalami Abubakar, as well as former Vice Presidents Atiku Abubakar, Namadi Sambo, and Yemi Osinbajo. Notable business figures such as Aliko Dangote and Abdulsamad Rabiu also attended, with Dangote pledging N8 billion, which could rise by a further N2 billion annually if the project extended beyond four years and Rabiu donating N5 billion towards the library project.
In 2016, former President Olusegun Obasanjo said that Folorunsho Alakija was among the 25 billionaires he made during his tenure as President.
Obasanjo stated this at the 2016 Tony Elumelu Foundation Entrepreneurship Forum, in a reaction to an allegation by Alakija at the event, that the Obasanjo administration frustrated her effort when she ventured into oil business.
Alakija, who spoke before Obasanjo during the event, alleged that his administration illegally took an oil block allocated to her company after her family had invested all its savings to strike oil in commercial quantity.
Obasanjo then address the allegation, saying: “There is a saying in my part of the world that when a proverb touches you and you failed to reply, then you are a coward.”
The former president explained that the action of the government then was in line with the Mining Act, which regulates oil prospection and exploration.
He said: “For you to come here and say that, for no cause whatsoever, you were denied what was rightfully yours, is not fair.
“I do not know you from Adam and there is no reason I would have denied you what rightfully belonged to you.
“So, you have struggled, and you have struck oil. God bless your heart.
“My delight is to be able to create Nigerian billionaire and I always say it that my aim, when I was in government was to create 50 Nigerian billionaires.
“Unfortunately I failed. I created only 25 and Madam, you are one of them.”
Meanwhile, there have been reports suggesting that Alakija and her husband, Modupe Alakija, have separated after over 30 years of marriage. These reports, which emerged around March 2024, indicate that the couple has been living apart due to personal differences.
However, there has been no official confirmation from the Alakija family regarding their marital status.
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