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Friday, January 9, 2015

Oprah Used to Be The World's Richest Black Women... Until This Woman Came Along!

Folorunsho Alakija

Time Magazine has recently reported that Oprah Winfrey is no longer the richest black woman in the world. She has been unseated by an oil baroness named Folorunsho Alakija.

Who is she?

Folorunsho Alakija is a Nigerian billionaire oil tycoon, a fashion designer and a philanthropist. The 62-year-old is reported to be worth at least $3.3 billion, including real estate worth over $100 million and a $46 million private jet. All in all, she is worth about $300 million more than Oprah.

How Folorunsho accumulated her wealth

It certainly helped that Folorunsho was born into a wealthy family in Nigeria. But her career began as a secretary at the International Merchant Bank of Nigeria. She then studied fashion design in England and later returned to Nigeria to open her business called Supreme Stitches which designed and sold high-end Nigerian clothing to upscale women. But most of her money was made in oil exploration. With no expertise in running an oil field, she applied for and received an Oil Prospecting License (OPL) to explore for oil on a 617,000 acre block.

Folorunsho had many qualities that led to her success, including intelligence, good business acumen, and the courage to fight for what was hers, including taking on the Nigerian government who wanted a 50 percent stake in her lucrative oil field.

Read more about Folorunsho at