How I Made My Billions – Mrs Folorunsho Alakija, World’s Richest Black Woman
A Nigerian billionaire oil tycoon, Fashion designer and philanthropist who is worth at least $3.3 billion, 61-year-old Folorunsho Alakija, was born into a wealthy, polygamous Nigerian family.
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, selling high-end Nigerian clothing to fashionable wives of military bigwigs and society women.
Oil Prospecting License
In May 1993 Alakija applied for an allocation of an Oil Prospecting License (OPL). The license to explore for oil on a 617,000 acre block – (now referred to as OPL 216) was granted to Alakija’s company, Famfa Limited. The block is located approximately 220 miles South East of Lagos and 70 miles offshore Nigeria in the central Niger Delta.
Alakija was intelligent! She had no expertise or experience in running an oil field, but she decided not to sell off her license. In September 1996, she entered into a joint venture agreement with Star Deep Water Petroleum Limited (a wholly-owned subsidiary of Texaco) and appointed the company as a technical adviser for the exploration of the license, transferring 40 percent of her 100 percent stake to Star Deep.
Till date, Folorunsho Alakija and her family owned 60 percent.
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MACHO | 12/8/2012 3:04:52 AM
Beautiful woman, can’t believe she’s 61, However, I can’t see the philanthropic aspect of her here as u tagged her though she should be an employer of labour but that’s not pure philanthropy. She was born into a wealthy family so had no reason to fail but did well for herself by getting good education and investing well, however, I won’t be surprise to find out that some people who are closely related to this woman are wallowing in abject poverty. All da same, madam, enjoy ur wealth but remember to make the world a better place with the blessings God has given u.
Biodun | 12/8/2012 3:15:47 AM
That is the reward of hard work and being focus. Anyway don’t forget the poor.
oti | 12/8/2012 3:19:01 AM
so is she richer than opera.nfc talk well
Obilo | 12/8/2012 3:34:28 AM
I will be great like u someday,and i will always help the poor and assist the needy,(amen).