Folorunso Alakija’s New N60bn Luxury Tower Is Finally Ready

Apostle Folorunso Alakija is unarguably one of the female entrepreneurs in the world taking charge of their financial futures and changing the rules of the game. Although their net worth has been affected by recent economic tension, most of them have been growing their wealth through responsible and sustainable investing. And Alakija is a great example.

As she creams off more wealth from the volatile oil and gas sector, the Ikorodu, Lagos-born billionaire has been growing her investment in the high-yielding luxury property business too. Her real estate firm, Dayspring Property Development Company, has a rich portfolio including the Rose of Sharon Tower in Victoria Island and Project Delta in Ikoyi. But her latest and completed project is the FAMFA Tower which is the flagship.

The one-of-a-kind curvaceous skyscraper has changed the skyline of the highbrow Alfred Rewane Road in Ikoyi that hosted several iconic high-rise buildings with its significant presence. The 22-floor edifice —said to cost over N60 billion— is reportedly self-financed by the oil tycoon with no loans from any bank. The edifice will be used for commercial purposes with the last five floors strictly for Alakija’s personal and corporate use, and the rest rented out to interested tenants.

Built by Julius Berger Nigeria Plc, amenities and features provided in the tower designed to make it as structurally efficient as possible include: a gymnasium, helipad (with a dedicated waiting lounge), 266 car park spaces, raised access floors, and select granite finishes. The building’s façade comprises extensive high-performance unitized curtain walling with integrated façade lighting, ballistic performance considerations in select areas, and aluminium cladding.

Alakija’s first venture was a fashion label —Supreme Stitches— whose customers included notable power brokers and their spouses. In 1993, the 71-year old woman’s fortune changed when she got an oil prospecting licence which was later converted to an oil mining lease leading to the birth of Famfa Oil, a Nigerian oil exploration company with a stake in Agbami Oilfield, a prolific offshore asset.