Folorunso Alakija was born in 1951 in Lagos state. She is married to a lawyer, Modupe Alakija with four children.
Folorunso is the richest black woman in the world at the moment. She is the group managing director of The Rose of Sharon Group, comprising The Rose of Sharon Prints & Promotions Limited and Digital Reality Prints Limited. She is also and the executive vice-chairman of Famfa Oil Limited. As of 2014, she was listed as the 96th most powerful woman in the world by Forbes. She is also #12 of Africa’s 50 richest and 3rd richest Nigerian.