Folorunsho Alakija Is The Richest Nigerian Woman

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The Richest Nigerian Woman is non-other than the Nigerian oil tycoon Folorunsho Alakija who also is the richest black woman in the world.

She was born in 1951 to the family of Chief L. A. Ogbara in Ikorodu, Lagos State. Her business empire was involved in the fashion, oil, and printing industries. She is the group managing director of The Rose of Sharon Group which consists of The Rose of Sharon Prints & Promotions Limited and Digital Reality Prints Limited and the executive vice-chairman of Famfa Oil Limited. Alakija is ranked by Forbes as the richest woman in Nigeria with an estimated net worth of $2.5 billion.

Starting her career as a secretary in a bank in the mid-1970s, Alakija, 62, then studied fashion in London and returned to Nigeria to start a label, Supreme Stitches. But her biggest break came in oil.

In 1993, her company, Famfa Oil, was awarded an oil prospecting license, which later became OML 127, one of the country’s most prolific oil blocks, by then-president Ibrahim Babangida.

The company owned a 60 percent stake in the block until 2000 when the Nigerian government unconstitutionally acquired a 50 percent 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 percent stake to her company.
She also has a charity called the Rose of Sharon Foundation that helps widows and orphans by empowering them through scholarships and business grants.
She is married to a lawyer, Modupe Alakija and blessed with Four children.

 

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