Nigerian oil tycoon Folorunsho Alakija takes Oprah’s place as richest black woman

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Move over Oprah, Nigerian
oil tycoon Folorunsho
Alakija is now the richest
black woman in the world
with an estimated fortune
of $7.3 billion. Starting her career as a
secretary in a bank in the
mid 1970s, Alakija, 62,
then studied fashion in
London and returned to
Nigeria to start a label,
Supreme Stitches. But her
biggest break came in oil.
In 1993, her company,
Famfa Oil, was awarded
an oil prospecting license,
which later became OML
127, one of the country’s
most prolific oil blocks, by
then-president Ibrahim
Babangida.
The company owned a 60 per cent stake in the
block until 2000 when the Nigerian government
unconstitutionally acquired a 50 per cent interest
without duly compensating Alakija or Famda Oil.
In May 2012, Alakija, a married mother-of-four,
challenged the acquisition and the Nigerian
Supreme Court reinstated the 50 per cent stake to
her company.
She also has a charity called the Rose of Sharon
foundation that helps widows and orphans by
empowering them through scholarships and
business grants.
According to Forbes, Oprah Winfrey is worth $2.9 billion. Source: Dailymail.co.uk

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