<P> Folorunsho was born in 15 July 1951 to the family of Chief L.A. Ogbara in Ikorodu, Lagos State . At age seven, she travelled to the United Kingdom to begin a four - year primary education at Dinorben School for Girls in Hafodunos Hall in Llangernyw, Wales . After returning to Nigeria, she attended Muslim High School Sagamu Ogun State, Nigeria . Afterwards, she returned abroad for her secretarial studies at Pitman's Central College, London . She also studied fashion design at the American College, London and the Central School of Fashion . </P> <P> Folorunsho started her career in 1974 as an executive secretary at Sijuade Enterprises, Lagos, Nigeria . She moved on to the former First National Bank of Chicago, now FinBank now acquired by FCMB (First City Monument Bank) where she worked for some years before establishing a tailoring company called Supreme Stitches . It rose to prominence and fame within a few years, and as Rose of Sharon House of Fashion, became a household name . As national president and lifelong trustee of the Fashion Designers Association of Nigeria (FADAN), she left an indelible mark, promoting Nigerian culture through fashion and style . </P> <P> In May 1993, Folorunsho applied for the allocation of an oil prospecting license (OPL). The license to explore for oil on a 617,000 - acre block--now referred to as OPL 216--was granted to Alakija's company, Famfa Limited . The block is located approximately 220 miles south east of Lagos and 70 miles offshore of Nigeria in the Agbami Field of the central Niger Delta . In September 1996, she entered into a joint venture agreement with Star Deep Water Petroleum Limited (a wholly owned subsidiary of Texaco) and appointed the company as a technical adviser for the exploration of the license, transferring 40 percent of her 100 percent stake to Star Deep . </P> <P> Once word got out they struck oil the unthinkable happened: the Nigerian government snatched a 40% stake! Later, they took an additional 10% . According to her: </P>

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