Folorunso Alakija At 70: What Has Kept Me This Far – Newstrends
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Folorunso Alakija At 70: What Has Kept Me This Far

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In the global business circuit, Mrs. Folorunso Alakija, who clocks 70 today, needs no introduction. As a dynamic businesswoman and philanthropist, she is deeply involved in diverse sectors of Nigeria’s economy, including fashion, oil, real estate and printing, among others. Recently, she was ranked by Forbes as the richest woman in Nigeria. Her worth is estimated to be $1 billion. Before her successful foray into the world of business, Mrs. Alakija worked in the banking industry, rising to head of corporate affairs department of the International Merchant Bank of Nigeria (formerly First National Bank of Chicago). She left her plum job and took a plunge into fashion business, which turned out to be far more rewarding and successful than her banking job. Not one that is easily contented with little success, the grandmother went ahead to establish more businesses, leaving indelible marks that stand her out as a businesswoman with a midas touch. In this interview, the multi-talented billionaire shares the trajectory of her business and personal life, including success nuggets for upcoming entrepreneurs. She spoke with The Nation’s Adekunle Yusuf, Associate Editor; Taofik Salako, Deputy Group Business Editor and Lawrence Oladotun, Special Project Manager. Excerpts:-

How it feels to be 70 years old

I don’t feel like I am 70 years old – except that everybody is reminding me that I am going to be 70. That is what makes me to know that that thing, clocking 70 years, has arrived. I don’t feel like that in my body. There is nothing different really. I feel quite fine. I am glad I am 70. So many people have died, especially between March 2020 and now. I am just filled with gratitude to God for keeping me this far. I know it is not because of anything that I have done that has given me the grace to be 70. For those of us that are alive now, we are enjoying grace. It is not because I know how to exercise; I don’t. I hate to exercise; I loathe it actually.

But if I look back at the milestones – 10, 20, 30, 40, 50, 60 and 70– I just give glory to God because He has been kind and faithful. He has been reliable and dependable. We all receive attacks from the devil but He is the one that keeps us and delivers us from the powers of darkness. So, I am eternally grateful that I am still here.

How she stays healthy over the years

I eat everything that those who don’t care about what they eat, eat. I eat dodo, amala, vegetable, okro, ogbono – name it, I eat everything; there is nothing I don’t eat. I will say because I wanted to lose weight recently, I have been making conscious efforts in the last five to six weeks because I noticed that I had put on weight. COVID-19 pandemic has not helped because we have all not been as active as we used to be. Then, the older you get, you tend to put on more weight because you are not burning fat as quickly as you used to. You are also not as energetic as you used to. These could be the biological reasons. But I still feel energetic.

Her childhood moments, growing up years

I grew up in a polygamous home. I am sure you all know my dad had 52 children and eight wives. My mum was his first wife and they both died about 12 years ago – one month after each other. They lived till 92 and 95. I thank God we have longevity in our family.

Regarding my growing up years, I went to England at a tender age of seven with one of my siblings who was six. I was there for four years – no holidays in Nigeria.

Those four years actually shaped a big chunk of my life later on – different set of people, different, culture, different language, different foods, and different lifestyles. I learnt all of that in those four years. It was bitter-sweet; bitter because I didn’t like the weather; sweet because we were learning new things. We were living and growing with people of a totally different culture from the one we were used to, so we found that it was interesting. By the time we came back, we had begun to lose the Yoruba language. I got out of that stage and I began to speak proper Yoruba and I am glad that we were all brought back to Nigeria.

I believed everything anybody told me, but as I was growing up, I learnt not to trust everyone as I used to trust everyone. I now know that it is only God that you can trust; man will deceive you and fail you. As I continued to grow up, my siblings and I about the same age bonded more. Most of us were in boarding schools and when we came back on holidays, we stuck together a lot. We didn’t listen to what our mothers were trying to tell us; not to go to the other woman’s house. Those are some of the things people live with in a polygamous home.

Then we all started getting married and we weren’t seeing each other as we used to. But the love that bound us was still there. Some of us travelled abroad again and I was also part of that before I came back home to get married and start having children. Then the time I felt I needed to quit my banking work to go and pursue another thing came – another season of my life.

Career as a banker, businesswoman

I left banking because I was not seeing a future in the international banking job any more. This is because I started noticing over the years that the rate at which people were being promoted started slowing down because the management decided to create more posts in-between existing posts. I said to myself that I need to get out of here while I am still energetic and can do something for myself. I had always known that I would be a business woman. It had always been at the back of my mind to be a business woman. In fact, that was my ultimate goal. I was not just coming from the background of business men and women, but because it had been prophesised into my life that I would make more money than my parents ever did if I go into business and stop being a salary earner. That got tucked away at the back of my mind that, at some point in my life, I would branch into business. While I was with the bank, and I was there for 12 years, there was no time I was not selling one thing or the other to my friends. Weekends, I would travel to Italy and buy jewelries. See the irony of life, I no longer wear jewelries because I used to keep some for myself. For example, a ring people would buy for N100,000 now, we were selling for N1,800 then. Don’t forget that around those times, we were also buying brand new cars like Datsun and Toyota at N1,500. New cars, not ‘second new’ that people are buying now. Life was totally different then – you could sleep outside for hours catching fresh air on Lagos Island. How many people used air conditioners then? Not really. There were not fences to any houses then because everybody knew each other in the neighbourhood. I remember we used to know anyone who had a car by the registration number. I remember a guy called L04 in the family opposite Ogbara family in Ido Oluwo Street.

As I said, I left the bank and decided to go into fashion business. I realised at the time that people had started looking inwards and fashion was one of the businesses on the list of which one could do – a business that paid off then. When I said paid off, I meant paid off well. Imagine we were charging N3,000 and it was a big deal then.

People used to say I was expensive with that N3,000. I used to tell them that they got what they paid for – that I was not expensive. My clientele list continued to grow because I just won the designer of the year award then. People were just flocking to me and I was satisfying them.

What I was making was different from what they had been used to. They would all say this designer had just come back from abroad and what she is making is just totally different. But when people were complimented about what they were wearing, they would not say it was Supreme Stitches. They would just be happy and say thank you. Nobody would say it was by Supreme Stitches. Very few would say it, but that is how women are. But then, people would come in suitcases to place orders and would go and sell the clothes I made for them in America and England. And the ones living in America too would fly in to place their orders and wait for a few weeks to collect and go and sell to boutiques at high prices abroad.

Advice to young entrepreneurs, especially women

Please, do your homework before you set out. You have to decide the line of business you want to go into – not because your friend is doing it, but because you have the talent and ability to do it. You must have the wherewithal to be able to hold your own. What are you gifted in? Are you as gifted as your friend in that line of business? Dont be a copycat? Why can’t you take it to the Lord in prayers and ask Him what should I do? I do that and I get answers. When I believe I have conquered a mountain and I need to do another thing, I take it to the Lord in prayers for guidance.

Life in God’s ministry

I knew the Lord at the age of 40, when I was looking for an oil exploration licence and I have been struggling with that for some years before it came through. It was in-between that I sought the face of the Lord; that was when I came to Christ and I drew that covenant with Him, and God honoured His part and I’m still honouring mine.

I was ordained an apostle three years ago, but I didn’t use the title until last year. I wasn’t planning to do anything on my birthday, I was just going to have a quiet day in the presence of God and He said I was going to be ordained as an apostle. So I reached out to various pastors and our own ministers and everyone came back with the same feedback. So that’s how I went ahead with it. I was ordained on my birthday last year.

My dress sense changed not because of my apostleship. This November would make it two years that God told me not to wear wigs anymore. When I woke up, I said Lord if this is you speaking, then you have to confirm it through others before I will take any step. Nine or 10 days later, I got a call from two people, a husband and a wife. They said ‘’mummy, God said no more wigs’’ and I screamed. Right there I undid my braids and I wore an afro to work; that was the last time I wore a wig.

Experience in the oil industry

The oil industry is a very challenging sector all over the world, but do you really enjoy being in the oil industry in this country? If you compare it with other African countries, how they operate, you will find out that there is lot of encouragement in other countries; there are a lot of incentives to encourage you. Here, people will rather draw you back or stigmatise you or to abuse you because you’re a woman in a male-dominated sector. Because you are a woman, do they really like the idea? The sky is big enough for everybody to fly, why must we reach a point of dispute?

There are those who say after all I got the oil exploration licence because I was making blouses for the late Mrs. (Maryam) Babangida. A time came about three years ago when I got really fed up with all that was going on on social media about how I got the oil exploration licence. It was most unfair; a lot of people were already saying things they had no idea about all because they have not had the opportunity to be blessed by me one way or the other or for me to take care of their expenses. They mostly say things out of jealousy or ignorance. I got upset when they started another wave of it online, and I said to myself I have had enough, I was going to reply the bloggers. I sat at my desk and I had written one and a half pages when my phone rang. I picked up and it was a pastor that called. He said God said I should tell you that if you believe that he can help you, then don’t fight for yourself. At that point, I dropped my pen and I said of course I will allow God to help me. I was in the middle of writing; I wanted to say everything andget it published in all newspapers because I was sick and tired of this.

Rose of Sharon Foundation

You will see a huge transformation in the lives of the beneficiaries, whether it’s the women or their children or the orphans, you’ll see a huge difference. We had an alumni, children that graduated with the scholarships we gave them. There are doctors, lawyers and engineers amongst them. We were going to stop at sending them to university for first degree but then we are taking it a little step further, at the end of every year. We look for the best of students amongst these scholars and we give those ones an opportunity to go for masters degrees. For the women, when we had our 10th anniversary, we picked some of them and said we were putting them in our brochure, come and see how they dressed up, it was unbelievable. When we have our Christmas parties and we do all sorts of games, you’ll need to see what they look like, you will be shocked, they should remarry but they don’t want to because they know once they do we move out of their lives.

Secret of peaceful marital life

The native intelligence is communication; sitting down to talk about your issues and not piling them up until you become embittered. For every action, there is a reaction, and for every reaction, there is a counter reaction. Even the Bible tells us that we must not go to bed without sorting out issues. God knows what the devil can do; so discuss it and let it go. Ideally, when you’re starting as a young couple, sit down and decide what you want to do for your family, set some family values, decide on how you want to raise your children, decide on what you are going to do for them. I know one of the things that we decide as a parent is to treat our children equally. Draw your own ground rules. Decide on how you want to bring up your children and stick to it. As it is written in the bible, it is expected that the husband should be the provider of the home, and the wife should be his helper. But times are changing; there is nothing wrong if the wife also works rather than stays at home. It is still helping her husband and there is nothing wrong in it. Have a common understanding and common goal for peace to rule and reign in your home. God will not support any woman who does not submit to her husband; you can’t say you are submitting to God if you are not submitting to your husband. God won’t accept that. Both the husband and wife have different roles and God instituted these roles because He has looked ahead; He knows what works and what doesn’t. Most things are failing because people are doing their way, instead of God’s own way.

Why her businesses have not gone public

We would rather keep the businesses within the family. This is the way we know how to do it. I do not know how our future generation would run it, but this is how we plan to keep it for now. Amongst the businesses maybe I’m partial towards the property development company because my dad, for the better part of his life, was buying landed properties and building them. And by the time he died, he had enough houses to go round for each one of his children. The real estate business, I really love it.

What drives her motivation

What drives my motivation is work; I enjoy working. If you ask me how I relax, the first thing I would tell you is work. I’m always working and I’m happy that the man I married allows me to work because if that wasn’t the case I don’t think we ‘ll still be where we are. Work drives me and I drive those who work with me. I also have a lot of work to do for God and as long as He gives me the energy, I’ll carry on.

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Adebayo Ogunlesi, 2 other Nigerians make Forbes 50 wealthiest Black Americans list 2024

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Adebayo Ogunlesi

Adebayo Ogunlesi, 2 other Nigerians make Forbes 50 wealthiest Black Americans list 2024

Forbes has unveiled its 2024 ForbesBLK 50 list, celebrating the achievements of the wealthiest and most influential Black Americans.

Among the honorees are three Nigerians—Adebayo Ogunlesi, Tope Awotona, and Wemimo Abbey—whose groundbreaking contributions and entrepreneurial successes have earned them places on this prestigious list.

The ForbesBLK 50 is a reimagining of Forbes’ 2009 Wealthiest Black Americans list, which then featured figures like Oprah Winfrey, Michael Jordan, and Magic Johnson.

While net worth remains a core metric, the new list also highlights innovation, societal impact, and leadership across diverse industries.

Adebayo Ogunlesi, with a net worth of $1.7 billion, stands out as a pioneering force in global infrastructure investment. As chairman and cofounder of Global Infrastructure Partners (GIP), Ogunlesi led the private equity firm through a transformative acquisition by BlackRock in 2024 for $12.5 billion.

  • Ogunlesi, a Harvard-educated lawyer and banker, previously spent over two decades at Credit Suisse before launching GIP in 2006.
  • His influence extends beyond business, as he has become a key figure in reshaping infrastructure investment on a global scale.

Also, Nigerian entrepreneur,Tope Awotona, the founder and CEO of Calendly, has redefined efficiency in scheduling and holds a net worth of $1.4 billion.

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  • Born in Lagos, Awotona moved to Atlanta as a teenager and pursued business and management information studies at the University of Georgia. After early entrepreneurial setbacks, he launched Calendly in 2013, driven by frustration with cumbersome meeting coordination. The platform, which raised $350 million in 2021, is now valued at $3 billion and serves millions of users worldwide.

Although not a ranking, Wemimo Abbey, at just 32, is the youngest Nigerian on the list and cofounder of Esusu, an African fintech company addressing financial inclusion. Esusu helps renters build credit by reporting rent payments to credit bureaus, a service utilized by more than 20,000 properties and benefiting 1.8 million Americans.

  • In 2022, Esusu achieved a $1 billion valuation following a $130 million funding round. Abbey, who grew up in Lagos, has a background in mergers and acquisitions consulting and a passion for leveraging technology to drive social impact.

These three Nigerians show innovation, resilience, and the drive to address pressing global challenges. Their inclusion on the ForbesBLK 50 list is a foretelling of their entrepreneurial vision and the increasing influence of Nigerians on the global stage.

The ForbesBLK 50 list, launched under ForbesBLK, aims to go beyond net worth to measure impact and influence within the Black community and beyond.

Adebayo Ogunlesi, 2 other Nigerians make Forbes 50 wealthiest Black Americans list 2024

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Northern youths say new tax regime bill designed to ruin region

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President Bola Ahmed Tinubu

Northern youths say new tax regime bill designed to ruin region

Coalition of Northern Groups, Taraba State chapter, has expressed concerns that the proposed Tax Reform Bill by President Bola Ahmed Tinubu’s administration is cunningly designed with all premeditated intent and purposes to further develop the southern Nigeria at the expense of the north.

The northern youths, who lamented the economic hardship in the country, concluded that the effect bears more scars on the region than any other.

Aside from the new Tax Reform Bill, the group also condemned the federal government’s land-border closure, alleging that the ideas favour the South more than the North.

The group, in a statement signed by its coordinator, Comrade Idris Ayuba, made available to Vanguard Correspondent in Ilorin alleged that most difficulties the North faces are the repercussions of the decisions, citing the effect of Petroleum subsidy removal, land border closure and the new tax regime as few examples.

He noted in the statement that”reduction in the consumption of a capital commodity like petroleum occasioned by the subsidy removal is not a manifestation of a positive policy impact; it rather indicates reduced economic activities that force people out of energy consumption,”

On the land border closure, Idris said: “One of the primary concerns is the impact of this policy on the regional economy, which has been heavily reliant on cross-border trade with neighbouring countries. The closure has resulted in significant losses for traders and business owners in the region, exacerbating poverty and unemployment.

“The policy has given undue advantage to Southern Nigeria, for instance, the closure has led to an increase in demand for locally produced goods in Southern Nigeria, which has boosted the southern regional economy.

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“Additionally, the Southern region has benefited from the increased revenue generated from customs duties and taxes on imported goods.

“The closure has also created an imbalance in the distribution of economic opportunities, with Southern Nigeria having greater access to ports and international trade routes.

” This has resulted in a concentration of economic activity in the Southern region, further marginalizing Northern Nigeria,” Idris explained in the statement.

Northern youths say new tax regime bill designed to ruin region

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BREAKING: National Assembly extends lifespan of 2024 budget

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Senate President, Godswill Akpabio

BREAKING: National Assembly extends lifespan of 2024 budget

President of the Senate, Godswill Akpabio, has explained that the impressive performance of the 2024 national budget encouraged members of the National Assembly to extend the lifespan of the 2024 budget beyond December 31 this year.

Akpabio gave the explanation Wednesday in his welcome address during the presentation of the 2025 national budget to the joint session of the federal parliament.

He said, “We have noted the 2024 budget performances of 50% for capital expenditure and 48% for recurrent expenditure respectively.

“Given these great achievements, we have deemed it necessary to extend the life of the 2024 budget to June 30, 2025.

“The enabling law for this extension has already been put in place by this patriotic Assembly, as a testament to our appreciation for the great performance of the budget, ensuring we build upon your momentum.

“We commend your steadfast commitment to collaborate, cooperate and work with the National Assembly to achieve your grand vision for Nigeria.”

As the red chamber planned to start deliberations on the budget proposals, Akpabio warned heads of the various ministries, departments and agencies of the Federal Government to make themselves available for the budget defence.

He said: “Let me take this opportunity to stress the importance of the honourable ministers and heads of extra-ministerial departments being prepared to respond promptly to requests for them to come and defend their sectoral allocation in the exercise of our legislative oversight.

“We have observed concerning the behaviour from some ministers and heads of extra-ministerial departments, who sometimes neglect their duty to promptly submit to legislative oversight, sometimes even disregarding invitations from relevant committees of the legislature.

“It is imperative they understand that we will not condone such breaches of the constitution going forward.”

Akpabio noted that under the President Bola Tinubu administration, Nigerians has “witnessed remarkable strides in economic reforms, aimed at enhancing our nation’s stability and growth”.

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According to him, “The courageous decision to remove fuel subsidies, though challenging, showcases your (Tinubu’s) unwavering commitment to redirecting resources to critical sectors such as education and healthcare.

“Your collaboration with the Central Bank has cultivated an environment ripe for investment, and your focus on infrastructure development reflects a visionary commitment to improving the connectivity that fuels our economy.

“Furthermore, your initiatives to strengthen our security framework stand as a testament to your resolve in tackling the pressing challenges of our time.“

The chairman of the National Assembly commended Tinubu’s efforts in the era of security.

“We commend your tireless efforts, along with those of our brave men and women in uniform, for liberating our lands from the grip of terror.

“Today, no community is under the threat of terrorism, a monumental achievement we celebrate together.

“The reduction in kidnapping incidents and the neutralization of over 11,000 terrorists and insurgents is a testament to patriotism, strength and determination,” Akpabio said.

The Senate President said Tinubu’s dedication to fostering international relations paves the way for fruitful partnerships that will propel the nation forward.

He said: “We are witnessing a resurgence in foreign direct investment, made possible by your visionary directives that ease the visa processes for Nigerians travelling to other countries, and at the same time welcome investors and tourists alike to our country.

“Your innovative approaches in our embassies and the Ministry of Foreign Affairs have opened new doors for Nigeria and its people. For this we thank you.”

He said the introduction of social welfare programmes embodies the president’s unwavering belief in uplifting the living standards of our citizens.

“You remind us that our nation is not merely constructed of bricks and mortar, but of the resilience and determination of its people.

“Nigerians are taking notice of your remarkable achievements. You have doubled aggregate government revenues to over NGN 18.32 trillion, reduced debt servicing expenditures from 97% to 68%, fulfilled $7.5 billion in foreign exchange obligations, increased oil production to 1.8 million barrels per day, and launched the Compressed Natural Gas initiative.

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“Your administration has processed over N45.6 billion for student payments, signed the National Minimum Wage Law, and raised the national minimum wage to N70,000 a month, all while providing over N570 billion in financial support to the 36 states,” Akpabio said.

He commended the groundbreaking tax reform initiative including the four tax reform bills, namely the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Tax Administration Bill, 2024; and the Nigeria Tax Bill, 2024.

He said the tax reform bills represented a monumental shift in the country’s fiscal landscape and that its critics haven’t read the proposed legislations.

The Senate President said: “It is disheartening that those who have not taken the time to understand these bills are the loudest critics.

“I urge all Nigerians, especially those in public office, to engage with these vital reforms thoughtfully.

“This initiative marks the first comprehensive tax reform since Nigeria’s independence, presenting a transformative opportunity for rejuvenating small and medium enterprises and enhancing the livelihoods of ordinary Nigerians.

“These reforms will not only improve Nigeria’s revenue profile but also create a more conducive and internationally competitive business environment, transforming our tax system to support sustainable development.”

Akpabio said the infrastructure renaissance has paved the way for many roads, including the coastal road and crucial arteries in the Abuja capital city and other parts of the country.

“These developments are not merely about concrete and asphalt; they represent the lifeblood of our economy, connecting our people and fostering growth,” he added.

He urged Nigerians to bear with the president whose economic reforms had imposed hardship on Nigerians but noted that: “We are light-years away from where we began, though some rivers remain to be crossed.

“The pains we feel are not merely the pains of hardship; they are the pains of childbirth. When that season arrives in Nigeria, when this administration births that season, we will rejoice for the struggles endured.

“For now, I ask for your patience and urge all Nigerians to cooperate with the president and maintain faith in his vision.

“Mr. President, while you cannot be everywhere, you have eyes everywhere. We, the distinguished senators and honourable members of the House of Representatives, are your eyes in our constituencies and every corner of Nigeria.

“When our constituents struggle to afford rice, they come to us. When their shoes pinch, they seek our assistance. When the economic alarm sounds, they turn to us.

“Therefore, we are committed to ensuring that you touch the hearts and pulse of Nigerians through these appropriation bills resonating with the sounds of hope and signalling the dawn of Nigeria’s economic rebirth,” he added.

Akpabio ended his speech by leading the members of the National Assembly to sing for the president as they all chorused, “On your mandate we shall stand” to the admiration of the legislatures and the guests.

 

BREAKING: National Assembly extends lifespan of 2024 budget

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