Nigerias Folorunsho Alakija overtakes Oprah Winfrey as Worlds Richest Black Woman

Mrs. Folorunsho Alakija is a Nigerian billionaire oil tycoon, Fashion designer and philanthropist worth a fortune of, at least $3.3 billion - contrary to a recent Forbes Magazine ranking which puts her net worth at only $600 million. That is according to Ventures Africa Magazine.

Alakija, 61, was born into a wealthy, polygamous Nigerian family. She started out her professional career in the mid 70s as a secretary at the now defunct International Merchant Bank of Nigeria, one of the country’s earliest investment banks. In the early 80s, Alakija quit her job and went on to study Fashion design in England, returning to Nigeria shortly afterwards to start Supreme Stitches, a premium Nigerian fashion label which catered exclusively to upscale clientele.
The business thrived, and Alakija quickly made a tidy fortune selling high-end Nigerian clothing to fashionable wives of military bigwigs and society women.

Oil Fortune.
According to the Ventures Africa report, Folorunsho Alakija’s 60 percent stake in a $10.74 billion oil well is worth $6.44 billion. Technically, her 60 percent stake in OML 127 is worth $6.44 billion.

Using the Total-Sinopec deal as the yardstick, we could also value OML 127 at $13.8 billion. In that case, her 60 percent stake would be worth $8.3 billion.
But to be conservative, we prefer to go with the lower valuation of $6.44 billion.

Real Estate
Folorunsho Alakija also has a real estate portfolio worth over $100 million.  Earlier this year, Nigerian and British media announced that Alakija acquired a property at One Hyde Park for $102 million.

Folorunsho with husband Modupe Alakija

Alakija is married to Modupe Alakija and they have four grown-up sons together.  She also has a grandchild from her first son. Modupe Alakija, her husband is the Chairman of Famfa Oil. Her sons run the company. She recently acquired a  Bombardier Global Express 6000 for a reported $46 million. For Charity, Folorunsho Alakija founded the Rose of Sharon foundation, a Christian-based charity which gives out small grants to widows.

- Read the full report Here