Nigeria’s Folorunsho Alakija defeats Oprah WInfrey, becomes world’s richest woman

Aside being one of the few women listed as Africa’s top billionaires, Folorunsho Alakija, Nigerian female billionaire and oil tycoon, is now the world’s richest black woman with an estimated fortune of $7.3 billion, beating world renowned media powerhouse Oprah Winfrey to sit at atop.

Folorunsho’s company, Famfa Oil, was awarded an oil prospecting license in 1993, which later became OML 127, one of the country’s most prolific oil blocks, by former Head of State, Ibrahim Babangida.

The company owned a 60% stake in the block until 2000 when the Nigerian government unconstitutionally in a controversial manner acquired 50% 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.

Folorunsho Alakija with President Goodluck Jonathan

Since then, on a daily basis, her multi-million income has been on the increase.