STREAM EXCLUSIVE ORIGINALS

Nigerian Oil Tycoon Is World’s Richest Black Woman

A new report says Nigerian oil tycoon and fashion designer Folorunsho Alakija has surpassed Oprah Winfrey's riches with an estimated net worth of $3.3 billion.

Thought Oprah was the richest Black woman? Think again.

A new report says Nigerian oil tycoon and fashion designer Folorunsho Alakija takes the top spot, with an estimated net worth of $3.3 billion. African financial magazine Ventures Africa ran the numbers and put Alakija $500 million richer than the American media mogul, who Forbes estimated is worth $2.7 billion.

Alakija is the founder and owner of Nigerian oil company Famfa Oil. The company pumps out nearly 200,000 barrels of oil per day through its partnership with an offshore oil field.  

After analyzing Alakija’s business holdings, Douglas Imaralu, online editor of Ventures Africa said, “At this point, we have no doubt that she is indeed, richer than Oprah.”

Ventures Africa’s report contradicts Alakija’s Forbes listing in Africa’s 40 Richest that estimated her net worth to be $600 million.

Alakija started her career working as a secretary at the International Merchant Bank of Nigeria. She then traveled to England to study fashion design. On her return to Nigeria, she founded Supreme Stitches, which produced clothing for upscale clientele. Then, in 1993, without any prior experience in the oil business, she was awarded an oil prospecting license, allowing her company to explore for oil in one of Nigeria's most prolific oil blocks.

BET Global News - Your source for Black news from around the world, including international politics, health and human rights, the latest celebrity news and more. Click here to subscribe to our newsletter. 

(Photo: Courtesy of The African Globe)

Latest News

Subscribe for BET Updates

Provide your email address to receive our newsletter.


By clicking Subscribe, you confirm that you have read and agree to our Terms of Use and acknowledge our Privacy Policy. You also agree to receive marketing communications, updates, special offers (including partner offers) and other information from BET and the Paramount family of companies. You understand that you can unsubscribe at any time.