How Nigeria’s Alakija Displaced Oprah Winfrey To Become Richest Black Woman On Earth

'Dotun Akintomide
Writer

Ad

How AfDB-backed fish farming transforms lives in Cameroon

By Obinna Uballa A major fish farming initiative in Cameroon is driving economic transformation and improving food security, thanks to the introduction of a new strain of African catfish (clarias) under the Livestock and Fish Farming Value Chain Development Project (PD-CVEP). The €84 million project, financed by the African Development Bank (AfDB) and implemented by…

Nigeria’s Policy Efforts Structured To Meet SDG 13 On Climate Action –AfDB

Obi tells Tinubu to stop borrowing, channel revenue into health, education, poverty alleviation

By Obinna Uballa Former presidential candidate of the Labour Party, Peter Obi, has called on President Bola Tinubu to ensure that Nigeria’s recently announced revenue gains translate into tangible improvements in the lives of citizens. Obi was reacting to Tinubu’s announcement that the country has achieved its annual revenue target by August, a development the…

Ranked: U.S. Crude Oil Imports by Country

Key Takeaways In 2024, 61.7% of America’s crude oil imports were from Canada. Meanwhile, Mexico accounted for 7.1% of crude oil imports. Crude imports make up about 40% of the oil that is refined in America, much of which is heavier crude compared to America’s light oil. For decades, America was a net importer of…

Ad

Sixty-two-year-old, Nigerian oil magnate, Folorunsho Alakija, has emerged the wealthiest black woman on earth according to Forbes.

The report noted that Alakija assumed the new status after displacing the renowned media executive, talk show host, and philanthropist, Oprah Winfrey who was hitherto occupying the enviable position.

According to Forbes, Alakija’s fortune has been estimated at $600 million, as of November 2012, however, the magazine’s editor-in-chief Uzodinma Iweala said his researchers were ‘closer to the ground.’

Expatiating the reports, they noted that Brazilian oil company, Petrobas, was looking to sell its 8 percent stake in OML 127 for $1.5- $2.5 billion, and extrapolated that if they managed to sell it for $1 billion, Alakija’s 60 percent stake would be worth at least $7.3 billion.

Iweala claims this and other estimates included in the report are actually ‘on the conservative side’ and said the magazine expects to unearth more African billionaires shortly.

Meanwhile, Africa can boast of 55 billionaires – far more than previously thought – and they’re worth a staggering $143.88 billion in total, according to pan-African magazine Ventures Africa with the overall richest African being Nigerian manufacturer, Aliko Dangote is worth $20.2 billion while Oprah Winfrey is worth $2.9 billion.

It is pertinent to note that Folorunsho Alakija started her career as a secretary in a bank in the mid-1970s, after which she studied fashion in London and then returned to Nigeria to start a label, Supreme Stitches.

Her biggest break, however, 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 percent stake in the block until 2000 when the Nigerian government unconstitutionally acquired a 50 percent 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 percent 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.

Ad

X whatsapp