Nigeria’s Folorunsho Alakija Ousts Oprah Winfrey As World’s Richest Black Woman

Folorunsho Alakija
Billionaire Folorunsho Alakija, Africa’s richest woman. Photo Credit Youth Village

By Rashidat Akashat

Nigeria and Africa’s’s richest woman, Folorunsho Alakija, has ousted Oprah Winfrey as world’s richest black woman.

62-year-old Folorunsho Alakija, who was a secretary in a bank, decided to make a name for herself by delving into the oil industry in the early 90’s.

Folorunsho Alakija Surpasses Oprah

According to Forbes, the former wealthiest black female Oprah Winfrey is worth $2.9 billions, which is not even up to the estimated fortune of $7.3 billions, in the Nigerian oil mogul’s possession.

The mother-of-four, according to Ventures Africa, ranks high among the 55 billionaires Africa boasts of in recent time, which is a high climb in the accumulated riches of fluctuating $143.88 billion in total.

‘Break Through’

Folorunsho, started as a secretary in a bank in the mid 70’s, then she pursued a passion for fashion in London, returned to Nigeria and started a label called Supreme Stiches.

She used to make dresses for the likes of Late Maryam Abacha, till her breakthrough in 1993, when she set up her company, Famda Oil.

Famda Oil which transcended to the OML 127 was awarded an oil operating license by then Ibrahim Gbadamosi Babangida.

OML is one of Nigeria’s most prolific oil blocks, with 60 percent stake in the oil blocks till 2000, when the Nigerian government unconstitutionally acquired a 50 percent interest without any due compensation to Folorunsho.


However, the decision was challenged 12 years later by wife and oil tycoon in Nigerian Supreme Court which ruled out that 50 percent be reinstated to her company.

She is the owner and patron of the Rose of Sharon foundation, which helps widows and orphans by empowering them through scholarships and business grants.

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