Fashion designer turned oil tycoon, Chief (Mrs) Folorunsho Alakija is the richest black woman in the world

December 28, 2014 5:11 pm
Fashion designer turned oil tycoon, Chief (Mrs) Folorunsho Alakija, is now officially the richest black woman in the world with an estimated net worth of $7.3 billion.

Now this is BIG! Oprah Winfrey is no longer the world’s
richest black woman. That distinction now belongs to Nigerian oil baroness and
fashionista, Folorunsho Alakija, Time reports.

Alakija is worth at least $3.3 billion, about $300 million
more than American television personality Oprah.

The 62-year-old started her career as a secretary at the
erstwhile Merchant Bank of Nigeria, but moved to England in the early 1980s to
study fashion design. She then returned to set up a high-end label called
Supreme Stitches. However, a significant proportion of Alakija’s fortune comes
from an oil-exploration license granted to her company Famfa Ltd. in 1993.
To sit atop that envious position, Alakija, 62, had to displace media mogul, Oprah Winfrey, who has an estimated fortune of $2.9 billion, according to Forbes.

Currently, Africa boasts 55 billionaires and they’re worth a staggering $143.88 billion in total, according to pan-African magazine, Ventures Africa.

Mother of four, Alakija, started her career as a secretary in a bank in the mid-1970s, then ventured into Fashion designing before she finally tried her hands on the booming oil business – where she had her biggest break.

In 1993, her company, Famfa Oil, was awarded an oil prospecting license, which later became OML 127, one of Nigeria’s most lucrative oil blocks.

According to Ventures Africa reports, Mrs. Alakija’s company owns a 60 per cent stake in the block, valued at around $7.3 billion.

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