Oprah No Longer World’s Richest Black Woman As Nigerian Oil Tycoon Now Takes The Title

Oprah No Longer World’s Richest Black Woman As Nigerian Oil Tycoon Now Takes The Title
News
Like Us On Facebook
Like Us On Facebook

Oprah Winfrey has lost her long-held title as the richest black woman in the world to a Nigerian oil tycoon, according to a report by an African business magazine. 

Edging out Oprah is Folorunsho Alakija, a 61-year-old woman from Nigeria who is reportedly worth at least $3.2 billion, or roughly $500 million more than Oprah’s $2.7 billion net worth, Ventures Africa reported. 

Alakija is the founder and owner of Famfa Oil, which owns a 60 per cent interest in OML 127, an offshore oil field that produces roughly 200,000 barrels of oil per day and is worth an estimated $6.44 billion.

Also a fashion designer and philanthropist, Alakija is married and has four grown sons, as well as one grandchild. She owns at least $100 million in real estate and $46 million private jet, Ventures Africa reported. 

Born into a wealthy Nigerian family, Alakija started out as a secretary in the mid 1970s at the now defunct International Merchant Bank of Nigeria.

Several years later, she quit her job and moved to London, where she studied fashion design. She later returned to Nigeria and launched her fashion line, Supreme Stitches, which caters to upscale, high-society women. 


While she was building her name as a fashion designer, Alakija in 1993 applied for an Oil Prospecting License — an expensive permit that allows for oil exploration in a specified area.

The Nigerian government granted her request and allocated a 617,000-acre block of land to Alakija for oil exploration — but she knew nothing about finding and extracting oil.

So in September of 1996, she appointed Star Deep Water Petroleum Limited — a subsidiary of Texaco — to act as a technical adviser for her business. 

In 2000, Star Deep Petroleum determined that Alakija’s land contained an excess of one billion barrels of oil. When this was discovered, the Nigerian government tried to re-acquire half of the oil-rich block it had sold to Alakija.

The Nigerian government was successful and Alakija lost control of all but 10 percent of her oil company until 2012, when Nigeria’s highest court reversed the government’s actions. 

With Alakija now back in control of 60 percent of the oil company, her net worth has shot up to $3.2 billion, an estimate that Ventures Africa calls extremely conservative.

Alakija’s sons now run Famfa Oil and her husband, Modupe Alakija, is the chairman of the company.

She recently purchased a $102 million property at One Hyde Park in London, as well as a Bombardier Global Express 6000 jet, which she bought earlier this year for $46 million. 

Her charity, Rose of Sharon Foundation, gives out small grants to widows and orphans.

Preston Waters | Elite.

Share Tweet
React
Like Us On Facebook
Like Us On Facebook

Julian Sonny

From the sandy beaches of Hawaii, to the streets of New York: Julian has seen it all. His lifetime of travels has given him a broad scope of knowledge and an eclectic taste unlike any other in the tri-state area. Julian has often been compared to cultural icon, The Rock, because of his unequivocal work ethic and warrior-like stature.

More In News

World Sean Levinson

Woman Lights Roommate On Fire After He Throws Out Her Spaghetti

A Florida woman reportedly set her roommate on fire because he threw out her food. According to Bay News 9, 33-year-old Melissa Dawn Sellers of Clearwater was drinking with her roommate Carlos Ortiz, Jr., 42, when they got into a heated disagreement early Wednesday morning. Sellers threw nail polish remover on Ortiz and, using either […]

World Gillian Fuller

Guys Experiment By Asking People For Food, Only Homeless Man Shares

The guys behind YouTube prank channel OckTV had an idea for a surprisingly emotional new video. Unlike most of their other videos (which are pranks), this one would be a social experiment. Individually, they took to the streets of NYC and asked people who were eating if they’d be willing to share their food. Responses […]

World Sean Levinson

NYPD Threw Masks And Gloves From Ebola Scene In Street Garbage Can

NYPD officers who helped seal off the apartment of Ebola patient Dr. Craig Spencer last night were seen removing gloves and masks and placing them in a public trash can. What seems like an unspeakable act of ignorance is actually nothing to worry about, however, as the officers most likely did not enter Spencer’s apartment […]

World Emily Arata

These Are The Most Ridiculous Reasons For Calling In Sick Of All Time

There are always a few days each year when you just can’t quite make it to work. Whether you’re hungover or glued to your mattress, you need a killer excuse to get out of your obligations. Each year, job-finding network CareerBuilder polls employers around the country about the worst and most ridiculous excuses for calling […]

Also On Elite

Food

This Bloody Veggie Burger Looks Exactly Like The Real Thing

If you’ve ever come across a veggie burger, you’ve probably been able to tell it was a veggie burger before biting into it. There’s just something about veggie burgers that doesn’t allow them to reach the physical appeal regular burgers boast — until now. Pat Brown, a Stanford University professor, is looking to change the […]

World

Teen Girls Come Up With Brilliant Way To Help Solve The World’s Hunger Crisis

The world’s population is bigger than ever, and it’s continuing to grow at an alarmingly fast rate. At the same time, the Earth is undergoing major changes of its own — specifically climate change — that alter the way plant and animal life grow. Basically, there’s an inverse correlation between human life and the natural […]

Politics

This Is Why Protestors In Hong Kong Are Fighting Tyranny With… Umbrellas

Hong Kong, one of China’s biggest financial centers, erupted over the weekend in clashes between pro-democracy protestors and police. What began as peaceful protests last Wednesday escalated into a massive police crackdown by Friday. The protests began under the name Occupy Central (Central is the name for downtown Hong Kong), very similar to the Occupy […]

World

Teen Running From Arranged Marriage Gets Throat Slit By ‘Husband’

When a British teenage girl tried to elope with her secret boyfriend, the man she was arranged to be married to allegedly slit her throat in a populated street. The parents of 17-year-old Darshana Narotam of London had arranged her marriage with Bharat Soma, 26. But the teen had secretly been dating Prashant Govinde for two years. The […]