Black Billionaires of 2019

12. Folorunsho Alakijabrahim

Net Worth: $1.1B

Folorunsho Alakija a Nigerian who has gained her wealth in the Oil industry. She is Nigeria’s first female billionaire and is the founder of Famfa Oil.

The company owns a substantial participating interest in OML 127, a lucrative oil block on the Agbami deep-water oilfield in Nigeria. 

Alakija has had quite a career. She started off as a secretary in a Nigerian merchant bank in the 1970s, then quit her job to study fashion design in England.

Upon her return, she founded a Nigerian fashion label that catered to upscale clientele, including Maryam Babangida, wife to Nigeria’s former military president Ibrahim Babangida.

Famfa Oil’s partners include Chevron and Petrobras. The Nigerian government awarded Alakija’s company an oil prospecting license in 1993, which was later converted to an oil mining lease.

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