Folorunsho Alakija is a sixty two years old Nigerian, and an oil magnate, Folorunsho, has just emerged as the wealthiest black woman on earth based on the current report gathered by Micbloggy News from the Forbes.
According to the report, Alakija was given the new status after displacing the famous media executive, talk show host, and philanthropist, Oprah Winfrey who had been piloting this position.
Forbes noted that 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.’
Furthermore, according to 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.”
Interestingly, 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 boasts 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 who is worth a whopping $20.2 billion while Oprah Winfrey is worth $2.9 billion.
Record shows that Folorunsho’s breakthrough came from oil.
Sources said that 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.
Short history of Mrs Folorunsho Alakija:
Mrs Folorunsho married in May 2012 with four children. Mrs Folorunsho 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 business grants and scholarships.
Mrs. Folorunso Alakija is a dynamic businesswoman and philanthropist with a sincere desire to help the needy. A fashion icon with an infallible sense of style, a loving wife, a mother and doting grandmother, a friend in deed. Educated in Europe, she first embarked on a career in office administration, then she went into banking where she remained, until she took a leap of faith and followed her heart and creative calling to establish her own business in the Nigerian fashion industry. Her fashion house “Supreme Stitches” rose to prominence almost immediately, and rebranded as “Rose of Sharon House of Fashion”, which later
became a household name.
As National President and lifelong Trustee of the Fashion Designers Association of Nigeria (FADAN), she left an indelible mark, promoting Nigerian culture through fashion and style. Ever the entrepreneur, Mrs. Alakija has set up related businesses: The Rose of Sharon Prints & Promotions which specialized in monogramming, heat/picture transfer and screen printing for promotional and gift items later metamorphosed into Digitalreality Print Ltd. The company expanded into highly technical digital large format printing and also included a direct imaging paper printing press to coincide with her 60th birthday in July 2011. She oversees the Rose of Sharon Group as the Group Managing Director and is also the Executive Vice Chairman of her family’s oil exploration and production business, FAMFA Oil Limited, seeing to its strategic planning and day to day administration. In addition to these, Folorunso is the Executive Vice Chairman of Dayspring Property Development Company Limited, a real estate company.
Image: Mrs Folorunsho Alakija