Most people dismiss her success as luck—a woman who “just got an oil license.” But the real story reveals a masterclass in strategic thinking.
She deployed what I call The “Rejected Stone” Advantage.
Here’s what actually happened: They Gave Her What Nobody Wanted.
In the 1990s, Alakija applied for an oil prospecting license.
The government granted her OPL 216—a deep offshore block. Not because they favored her. Because no one else wanted it.
Deep-water drilling required expensive, unproven technology. The majors—Shell, Mobil, Chevron—were chasing easy shallow-water wins. They thought they’d handed her worthless paper.
She saw a golden ticket. She Turned Paper Into Power
Alakija understood a critical truth: she didn’t need billions in capital.
She needed leverage. She had the rights. She just needed the technology.
So she approached Texaco (now Chevron) with a simple proposition: I have the access. You have the capability. Let’s partner.
She didn’t try to dig with her bare hands. She used her license as equity to recruit a giant.
This is the pivotal lesson: Your advantage isn’t always what you can do—it’s what you control.
Then Came The Fight
When they struck oil—the massive Agbami Field—the government was stunned by its volume. And predictably, they got greedy.
Using a presidential decree, they attempted to seize 50% of her stake.
Most people would have folded. You don’t fight the federal government and win.
Alakija sued.
For twelve years, she battled the most powerful institution in Nigeria. She refused to settle. Refused to be intimidated.
Eventually, the Supreme Court ruled in her favor, restoring her full stake.
Three Lessons That Matter
1. Don’t fear the hard path.
The difficult opportunity—the “deep water”—is often where the treasure lies hidden. What others avoid out of fear may be your greatest advantage.
2. Leverage beats capital.
You don’t need to own everything. Strategic positioning and partnership can unlock what billions cannot buy.
3. Defend what you’ve built.
Creating wealth is one battle. Keeping it is the war. You must have the courage to fight for what’s rightfully yours—even against giants.
Folorunsho Alakija went from sewing dresses to controlling one of Africa’s most profitable oil blocks. Through vision, leverage, and unshakable resolve.
Chinweani Precious Ifechukwu is a
Leadership Consultant
Women Development Coach
Youth Development Professional
Founder & Executive Director She Leads Global
