The Folorunso Alakija’s N60 billion luxury tower is completed
Apostle Folorunso Alakija is unquestionably one of the world’s leading female entrepreneurs, taking control of their financial futures and rewriting the game’s rules. Despite the fact that current economic uncertainty has impacted their net worth, the majority of them have grown their wealth through smart and sustainable investing. Alakija is an excellent example.
The Ikorodu, Lagos-born entrepreneur Folorunso Alakija has been increasing her investment in the high-yielding luxury property market as she gains more fortune from the risky oil and gas sector. Dayspring Property Development Company, her real estate firm, has a diverse portfolio that includes the Rose of Sharon Tower in Victoria Island and Project Delta in Ikoyi. The FAMFA Tower, however, is her most recent and finished building.
With its considerable presence, the one-of-a-kind curving tower has revolutionized the skyline of Ikoyi’s upscale Alfred Rewane Road, which formerly hosted several renowned high-rise structures. The 22-story structure, estimated to cost over N60 billion, is believed to be self-financed by the oil magnate, with no bank loans. The structure will be used for commercial purposes, with the last five floors reserved for Alakija’s personal and corporate usage and the remaining levels rented to interested tenants.
A gym, helipad (with a dedicated waiting room), 266 car park spots, raised access floors, and select granite finishes are among the facilities and features given in the tower by Julius Berger Nigeria Plc in order to make it as structurally efficient as feasible. The building’s exterior consists of high-performance unitized curtain walling with integrated façade lighting, ballistic performance considerations in certain places, and aluminum cladding.
Alakija’s initial business venture was a fashion label called Supreme Stitches, which catered to powerful people and their spouses. The fortunes of the 71-year-old woman altered in 1993 when she received an oil prospecting license, which was then converted to an oil mining lease, resulting in the formation of Famfa Oil, a Nigerian oil exploration firm with an interest in the productive offshore asset Agbami Oilfield.
