Nigerian billionaire and business mogul Folorunso Alakija has reportedly lost her sight due to health complications, medical sources involved in her care have disclosed.
According to sources who spoke with SaharaReporters, the 73-year-old founder and Executive Vice Chairman of Famfa Oil began facing health challenges after experiencing a near air mishap while traveling with her husband, Modupe Alakija, Chairman of Famfa Oil. The incident reportedly triggered a sudden spike in her blood pressure, ultimately affecting her vision.
The distressing ordeal significantly impacted her eyesight, and despite efforts to manage the condition, her vision deteriorated completely.
“She had a near air mishap with her husband on board, and her blood pressure reportedly shot up affecting her eyes,” a source revealed.
“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.”
A Life of Business, Philanthropy, and Faith
Folorunso Alakija is a renowned Nigerian businesswoman and philanthropist. She started a small fellowship at her home in 2004, which later grew into the Rose of Sharon Glorious Ministry International. She was ordained as an Apostle on her 69th birthday.
Her business empire spans multiple industries, with Famfa Oil as a major cornerstone. The company holds a significant stake in OML 127, a highly valuable oil block on the Agbami deepwater oilfield in Nigeria.
As of 2020, Forbes estimated her net worth at $1 billion. In 2015, she was ranked as the 87th most powerful woman in the world by Forbes, making her one of only two African women on the publication’s list of the richest people in Africa.
Alakija’s career began in the 1970s when she studied secretarial work at Pitman Central College in London. She later worked as an executive secretary at Sijuade Enterprises in Lagos in 1974 before transitioning into fashion and, eventually, the oil industry.
A Taste for Luxury
Beyond business, Alakija is known for her extravagant lifestyle, owning multiple private jets. One of her aircraft, a Bombardier Global Express XRS (model BD-700-1A10), registered under Wings of Grace Limited, has the tail number VP-CEO. Flight records indicate that it departed from Murtala Muhammed International Airport in Lagos on February 26 for an undisclosed destination.
She also owns a Bombardier Global Express 6000, an ultra-long-range jet known for its luxurious features and top-tier performance. This aircraft, registered under the tail number VP-CTO, left Lagos on February 24 and arrived in London, UK, the following day.
The Babangida Connection
Alakija’s rise to wealth is closely linked to her ties with Maryam Babangida, the late wife of former Nigerian military leader Ibrahim Babangida.
In the late 1980s, she operated a successful high-end fashion business, Supreme Stitches, catering to Nigeria’s elite, including Maryam Babangida. Through this connection, she secured an Oil Prospecting Licence (OPL) in 1993 under General Babangida’s administration.
At the time, the oil block was considered high-risk. However, after partnering with Texaco (now Chevron) for exploration, significant reserves were discovered, making it one of Nigeria’s most lucrative oil fields.
The Nigerian government attempted to reclaim the oil block in 2000, but after a prolonged legal battle, the Supreme Court ruled in her favor in 2008, restoring her 60% stake in the asset.
Attending Babangida’s Book Launch
Despite her reported health challenges, Alakija was among the dignitaries who attended the launch of Ibrahim Babangida’s book, A Journey in Service, on February 20, 2025, at the Transcorp Hilton Hotel in Abuja. The event, which doubled as a fundraiser for the IBB Presidential Library, saw donations from high-profile individuals, including Aliko Dangote, who pledged N8 billion, and Abdulsamad Rabiu, who donated N5 billion.
While Alakija made a contribution, she chose not to disclose the amount publicly.
Marital Separation Rumors
Speculation about Alakija’s marriage has also been making rounds. Reports suggest that she and her husband, Modupe Alakija, have been living separately since March 2024 due to personal differences. However, there has been no official confirmation from the Alakija family regarding their marital status.
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