Stella Dimoko Korkus.com: Billionaire Businesswoman Folorunso Alakija Explains How She Got Into The Oil Business...

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Friday, July 16, 2021

Billionaire Businesswoman Folorunso Alakija Explains How She Got Into The Oil Business...

Africa's richest woman and Vice Chairman of Famfa Oil, Mrs. Folorunso Alakija, says it often breaks her heart when people say and write that she got her oil well in the '90s simply because she was First Lady Maryam Babangida's tailor.








Alakija, a philanthropist and business woman who is now worth more than $1 billion, got her big break in the lucrative oil and gas industry during Ibrahim Badamosi Babangida's (IBB) eight-year reign as Nigeria's military ruler between 1985 and 1993.

She tells AriseTV that even though Mrs. Babangida, who was one of her high profile clients, got her access and secured her an appointment with the Petroleum Minister, the rest was God's plan for her life coming to fruition.

She says a foreigner friend wanted her to help with speaking to Mrs. Babangida over an oil deal, while on a trip from London to Lagos.


However, at the time, Nigeria's rulership was more inclined to handing out oil and gas contracts to Nigerians, with the concept of "local content" beginning to take a firm root in the oil industry.


After her foreigner friend was denied an inroad into Nigeria's oil and gas minefield by the powers that be, Alakija says she thought long and hard about it all and asked herself how she could secure a contract for herself and diversify her streams of income, because she was only a stylist at the time.


She says it took her 3 years and several appointments with different petroleum ministers after Mrs. Babangida dropped her name, for her to finally get the oil bloc.


Her persistence eventually paid off, but in other ways, she says.


"I was first offered the job of a caterer for oil workers, among other lowly jobs in the oil and gas sector," 


The oil well or bloc she eventually bagged, after multiple rejections and proposals, she says, wasn't lucrative at the time and had been rejected by everyone else because the technology to drill it down thousands of feet, wasn't yet in place.


"That is why one of my favourite mantras is never take 'No' for an answer. God closed the eyes of everyone else to that oil well. No one wanted that oil well because it was so expensive to drill, but God gave it to me," she says with a laugh.


Alakija also thinks it's an insult to womanhood when all the men who secured oil wells and oil contracts aren't told that they owe it to someone in the corridors of power, while she is often reminded that the late Mrs. Babangida handed her an oil well on a platter.


 Folorunso Alakija wants young people who look up to her, to shun the get-rich-quick syndrome.

From pulse.ng

45 comments:

  1. That is the plain truth! No two ways about it. She got the oil well as a result of her relationship with the then first lady! All this explanation is campaign after election. Money can make anyone glow! No need to explain!

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    Replies
    1. I tire.Someone pushed your name forward,all these explanations na akuko mama Ngozi na ndi yard,periodt

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    2. "Each time you call her to connect you to the man, she does" that is putting in a word for you ma, lets not allow pride make us ungrateful. The woman was the main reason you even near NNPC. You for no fit enter. she gave you a leg in, be grateful, she was the destiny helper. Yes what they said was true then!!! You got the oil well bcos of Mariam Babagida and if she was alive, you wont say this bcos she will come out with her side of the story ma. RESPECT THE DEAD AND THEIR KINDNESS!!! Na her tailor you bi, she didnt look down on you but helped you up!!!

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    3. God bless you 13:33, you summed it up aptly.

      God please help connect me with my destiny helpers.
      Just one yes from You oh Lord is all I need.

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    4. Yen yen yen, ungrateful woman. What's all this shalaye for 😏😏

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    5. I don't understand the bitter comments!

      It's not everyone who gets an opportunity that maximises it well.

      Mariam Babangida would never have grown the oil well herself even with her status.

      It's like I have hectare of land wasting and gave it out to a friend. She goes in and plants amazing crops and sells in billions. If she didn't utilise it, I wouldn't either.

      However, she should also learn to make her testimonies sound thankful to the person who God used to give her a place to plant. Without that person, she may still be stitching clothes.

      But I respect her hustle. She did really well for herself by utilising her opportunity πŸ‘

      Delete
    6. @16:29, if you are in the oil industry in Nigeria you would have responded better. She didn't grow the oil well. All she did was allow Chevron lease it and they pay royalties for the lease, simple. No one individual in a Nigeria should own oil wells. It should belong to the littoral states and taxed by the Federal Government in a true Federalism.

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    7. 20:17, aunty oil (from Google); stop working extra hard to erase this woman's hard work. I know you are a woman. You people hate your selves so much.

      She utilized her opportunity QED!

      Don't @me with online research to come knock down someone's hustle.

      If you ever have an opportunity to do something in life , throw it away ok?

      Delete
  2. I agree with her.
    In the first place, if she wasn't good in her work as Mrs Babangida's stylist, she would not have gotten a listening ear, not to talk of favour.
    Then the hard process of getting the oil well.

    So it all boils down to diligence in your work.

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    Replies
    1. You need to know that people are ladders for people, if not the woman she no fit enter NNPC. Give honour to whom honour is due

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    2. Obioma you got it. Very diligent! Even the bible said the hands of the diligent makes rich, not hands of who has connections

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  3. Akuko Mike Ejeagha.
    Na when madam IBB don die you come get mouth.
    I like your doggedness, sha. But dont romance the truth biko

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    1. You dey mind her? So God didn’t have plans for us but only you Madam God closed the eyes of everyone else but opened only yours, what a wawu. Nigerians and God. So you cook for oil workers, those workers you cook for don’t deserve the oil well but you the cook got it, don’t worry, it go soon clear for all of una

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  4. Madam...congrats on your success. But we who know you...know how you got the oil bloc.

    Anyways, many more blessings.

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  5. That's the extent to what Mrs Babangida did? But that's the main reason you got the licence. You were in a privileged position, you got one of the most powerful first ladies to date, making phone calls to book appointments for you a million times. That connect she gave you is the real value of your wealth today. I don't give a damn about how you got the licence though. You all are rogues who got those licences on a platter of gold and did nothing to give back to your community. You, as the first woman in that field, should have done more to encourage other women. You and your cotravellers hide under religion, float a few mushroom foundations claiming to empower people but we never see or feel your impact. Same goes for Ita Giwa that was on the corridors of power for years, and can't point to significant achievements. You all are in your 70s now, have had wealth to create functioning mini local governments and States, but you are a greedy bunch. Evil your villages and neighbors probably gained nothing from you. You will leave Billions to your sons and their children but that will be the end of your legacy. Or are you able to point to CEOs who you picked from zero?

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    Replies
    1. God bless you for writing this! Are you from the oil state? yet you are reaping from them!

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    2. Please not one of the most powerful. Mrs Babangida is the most powerful, most influential and most glamorous in our nation's history. What's baffling about Mrs Alakija is that she didn't start singing about how she got her oil licence till years after the death of Mrs Babangida. I don't particularly like the fact she likes trivialising the role played by Mrs Babangida in her success story

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    3. So apt Nonso, madam Ita Giwa is even worse as the only thing I can remember her for is attending of parties with her over the top ugly makeup and her expensive attires.

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    4. Thank you Nonso πŸ‘ŒπŸΌ

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    5. My inlaw use to go to the womens fellowship they do in her old house. Her 60th or was it 65th birthday she was still asking for donation for her Foundation;Rose of Sharon. Selling the Book she was launching for one exhorbitant amount and practically forcing people to buy it for the foundation.
      Why shld a woman dis rich need peoples money for her foundation again. She does Charity yes;but she can do more to impact the Society,especially for women.
      Is it not Oprah dat has a state of the Art Free Girls school in SA. Its a boarding house and she doesnt collect 1Rand. After the girls graduate she gives them Scholarship for University also. Quite a number are even in the US living with her and going to college.
      Im not here to tell someone how to spend her money o,but with how much this woman makes she ought to do more charity work.

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    6. God bless you real good Nonso and all of you here, you ALL nailed it πŸ’―%!

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  6. Ok.

    May God help me to meet the right people I need for my lifting and also help me to utilize my own opportunity when it lands. Amen.

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  7. Madam leave matter. We also question the wealth of people like Dangote, Otedola and Abdulsamad. Even Mike Adenuga. We know their laison with the sitting government was the reason for their success.


    It's sad that 99% of billionaires in Nigeria only got there with nepotism.

    Most of them are very mental slow. Including this woman and Dangote. If Dangote wasn't slow how would he allow what happened in January to happen to him? Is he the first rich man to have a concubine? All his concubines always disgrace him publicly no matter how he tries to keep his privacy. He is a product of a rich grandfather, uncle, and Obasanjo giving him monopoly.

    The day I was in a conference this woman spoke in I almost wept out of boredom. People started clapping for her to take the cue and stop talking cause she was the main character of the event but instead of giving a solid lecture to the aspiring students started telling people her history and adding God God God.

    Ask an average American billionaire how he got his wealth and you'll have an intelligent conversation, ask the same question from a Nigerian millionaire "God, this God that."

    I'm a Christian too but imagine telling people it was God that made you a certified heart surgeon, or a pilot will they enter your hospital or plane?

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    Replies
    1. Wow! intelligently written comment! God bless you!

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    2. Thank you!!!! Yen yen yen everything.
      Mummy Alakija please rest with the narrative.

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    3. Beautiful submission. My dear Anon no be today. These crop of billionnairs are ''bank owing billionnaires'' do you know how many businesses/ideas they kill before they are uplifted...Most of them have crab mentality...That is why you must strengthen institutions not individuals..

      Delete
    4. Intelligent people full here ooooooooh!!!
      Wow!!!!!
      I am super happy to be associated with this level of intelligent people here.

      What you wrote is #word!

      Delete
  8. Is still the same thing now, Mrs.Babaginda dropped your name. Although it is still by the grace of God.

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  9. The truth shouldn't be a problem to her . She did get help from Mrs Babangida. Though, she didn't get the licence on a platter of gold. So many of Mrs Babangida friends and associates benefited from her husband's administration. So many young men and women who are today billionaires benefited extensively from the administration of General Abacha. There is nothing wrong with getting help from those who are in the corridors of powers. I know somebody who hasn't stop regretting his failure to access the opportunity he had. His close friend was made the military governor of a state, he was invited to government house and oga was foaming busy. Three of them were invited, two went and got political appointments.

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  10. Nice one
    All the same its same story
    If not madam B connection, you still wouldn't have

    Thank God for Grace and favour

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  11. Still the same story line madam Alakija, God sent madam babangida to you at the time so give her the accolade she deserved.

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  12. Some of una vex gan o!

    There is nothing wrong in being promoted because of who you know. The story of Joseph in the Bible confirms that is one of the ways God bless us.

    As said above, she was diligent as a stylist (small thing) that was what brought her before the Former First Lady and won the latter's favour. Again, the Bible says so.

    Her story as told here, has inspirational nuggets of faith, risk taking, and humility.

    She appears to be the support of an NGO encouraging entrepreneurship. But I admit, she appears not to be doing much PUBLICLY for the care and education of the girl child and young women generally in the Oprah Winfry public style.

    And no. I don't know her in person.

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    Replies
    1. I honestly like the woman,even though iv heard unpleasant things about how she treats her staff and also looks down on ppl. I try also not to teach rich ppl how to spend their money,but honestly she can do more.

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  13. why so many unbelievers in this post and blog?..Mrs alakija is just a human being.she has given you unbelievers the reason for her oil block & yet some persons are still bitter about it.God puts down some people(not necessarily negative) and lifts up some others.pls go and read the bible.poverty mentality is what many of you here should be warring against and not side gossip!...inugo???.capisce.

    ReplyDelete
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    1. You are so unintelligent.
      No need educating you, it will amount to nothing.
      Keep wallowing in your ignorance which is bliss to you.

      Delete
  14. Could Nigerians leave a more effective and lasting legacy than "being the richest or billionaire this and that!

    This worship of money and money-mongering mentality is nauseating!!!
    That's the reason the country has not progressed. Most people are not thinking of building capacity - human, functional systems and infrastructure that would outlive them.

    What a people! Such vanity!!! 🚢‍♀️🚢‍♀️🚢‍♀️

    ReplyDelete
  15. I think we need to take it easy on these rich folks. They're humans like us too, you know? They got golden opportunities, keyed into them, and worked hard to make the opportunities spin wealth for them and their families. Some people might be angry that some of them were selfish - and that anger can b understood. However, we may not know the extent to which they worked hard or suffered to get to where they are today. I'm not referring to those that did rituals to make money, though. I'm talking about those that really worked and made good use of golden opportunities handed to them. Sometimes, we should try to put ourselves in their shoes.

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  16. I hate ungrateful people for this narrative madam ibb made you whom you are pls stop embarrassing yourself ma

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  17. All I see is Mariam Babangida supported women and opened doors for her/them. Alakija should have sang her praise while she was alive rather than kept silent until now. Yes, God did it for you using Mariam. Keep acknowledging him but please tell people practical steps to take to make it. Not all these talk, talk wey no hold water. You too help other women, use your mouth and connection to open doors for your fellow women and leave it at that, mbok.

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  18. Comment section so litπŸ”₯

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  19. Well we knew her then as babangida side chick! Leave story!

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  20. All this talk on whether miriam babangida opened the door or not for her or whether or not she's sounding grateful is not really necessary.... either ways she's making her money.

    I cannot come and drink paracetamol for another man's headache πŸ˜”πŸ˜”

    ReplyDelete

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