Nigerian Billionaire Unseats Oprah As World�s Richest Black Woman
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.
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.
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.
Forbes magazine had estimated Alakija�s fortune at $600 million, as of November 2012, but the magazine�s editor-in-chief Uzodinma Iweala said his researchers were �closer to the ground.�
Richest African: The overall richest African is Nigerian manufacturer Aliko Dangote, pictured, who is worth $20.2 billion. Twenty Nigerians are listed in total
They noted that Brazilian oil company, Petrobas, was looking to sell its 8 per cent 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 per cent 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 expect to unearth more African billionaires shortly.
The overall richest African is Nigerian manufacturer Aliko Dangote who is worth $20.2 billion. Twenty Nigerians are listed in total.
According to Forbes, Oprah Winfrey is worth $2.9 billion.