Why I swapped banking for fashion, oil career – Alakija

By Damilare Adeleye

Prominent Nigerian entrepreneur and Africa’s rucjest black woman, Folorunso Alakija has shared the story of her transition from a career in banking to fashion design and her eventual breakthrough into Nigeria’s volatile oil sector following years of uncertainty.

Appearing on the Nidacity podcast hosted by former Finance Minister Kemi Adeosun, the Executive Vice Chairman of Famfa Oil characterized her professional path as one defined by resilience and determination.

Alakija recounted resigning from a prestigious merchant bank at a time when the institution was considered one of Nigeria’s finest, noting that management initially resisted her departure due to the close-knit nature of the workforce.

Her transition was motivated by a desire to study fashion design in England, a move she made while managing the responsibilities of marriage and raising four sons. Upon her return to Nigeria, she launched her fashion label and achieved immediate acclaim by winning a national competition organized by the Daily Times.

This accolade elevated her brand, granting her access to high-profile clients and influential social circles.

However, her entry into the oil and gas industry was far from immediate.

Alakija explained that she applied for an oil prospecting license in 1991 and faced a grueling two-year wait for an initial response.

She endured administrative delays and was forced to reapply repeatedly as petroleum ministers changed. When she was finally allocated an oil block, many industry experts dismissed it as a high-risk venture because of its deep offshore location and the limitations of exploration technology at the time.

Refusing to be deterred, Alakija persisted until she secured a technical partner. The subsequent exploration revealed massive oil deposits that had been accumulating for millions of years.

Reflecting on her journey, Alakija stated that her varied experiences in banking and fashion were unintended preparations for her ultimate success in the energy sector.