Folorunsho Alakija, World’s Richest Black Woman: How She Made Her Billions In Oil Business

folorunsho alakija profile

Dec 9, 2012 – Folorunsho Alakija, World’s Richest Black Woman: How She Made Her Billions In Oil Business

A billionaire business woman who recently beats Oprah Winfrey to make the richest black woman in the world with $3.3 billion net worth is a Nigerian oil tycoon by the name of Folorunsho Alakija.

Mrs Folorunsho Alakija is a 61-year-old Nigerian woman who hails from the Yoruba tribe. She was born into a wealthy polygamous family in Lagos.

In the early 70s, Alakija worked as a secretary for International Merchant Bank of Nigeria. She later left the now defunct bank to study Fashion Design in London in the early 80s.

On returning to Nigeria, she started a fashion design company named Supreme Stitches with large base of wealthy clients.

From there, she started selling designer clothings to military wives and socialites where she made millions of naira.

Folorunsho Alakija children

Folorunsho Alakija children @ her birthday

folorunsho alakija husband modupe

Folorunsho Alakija And Husband, Modupe

According to Venture Africa, Alakija ventured into oil business in May 1993 after she secured an Oil Prospecting License (OPL).

She got the OPL license for the exploration of oil on a 617,000 acre block in that year to her company name, Famfa Oil & Gas Limited.

Famfa oil exploration shore is located in central Niger Delta region.

Because of her lack of knowledge of oil exploration business, she sold her license to a US-based company, Star Deep Water Petroleum Limited.

She transferred 40% of her Oil exploration stake to Star Deep.

Currently, Folorunsho Alakija and her family owned 60% of the company’s stake.

Mrs Alakija is married to Modupe Alakija and the couple have 4 sons together.

Her husband, Mr Modupe Alakija is the current Chairman of Famfa Oil & Gas Limited. Famfa Oil is run by her sons.

Folorunsho Alakija is a philanthropist and the founder of Rose of Sharon Foundation, a non-profit organization that caters to the needs of widows and orphans.

To learn more about her life history, read Folorunsho Alakija’s Biography

44 thoughts on “Folorunsho Alakija, World’s Richest Black Woman: How She Made Her Billions In Oil Business

  1. Dear, do not forget to pay your tither in the church and not teach the widow and poor because all is vanity, visit to motherless and help the poor with your wealth, this is the only reward you have in wealth without this other things are vinity.

    • Did Jesus pay tithe?
      2 Cor 9:7 NIV “Each man should give what he has decided in his heart to give, not reluctantly or under compulsion, for God loves a cheerful giver.”
      Tithe is for the law (before Christ)
      We are not under the law.

      We should give from freely from our mind and not by force

      Read Galatians Chapter 3 to Chapter 5

      I have difficult to understand, after God has set free and made us Kings and Priest Rev 1 vs 6, people still prefer to be slaves

      Wake up

      • Dear James, was Abraham under the law? If you say yes then you don’t know the bible. If you say ‘no’ then you should know that he paid tithe to Mechizedech not because the law said so, for the law ways non-existent in his day. Tithe is God’s pringiple, not law.

        like you would say: WAKE UP!

      • there is no doubt that we have been set free from keeping the law. grace accomplished dat for us. abraham the father of faith, whose seed we are, paid tithe before the law came as he was also justified 400years before the introduction of the law. i submit to you my bro. that tithing is not a law thing but a faith thing and those who are abrahams seed by faith should follw his steps. have u read? be followers of them who through faith and patience inherit the promise. study your bible with open mind, asking the Holy Spirit to teach and u will understand. anyman who doesn’t pay tithe is a robber and no thief can see God.

  2. I was overjoyed when I got the news that our own, Mrs Folorunsho Alakija, has displaced Oprah as the richest black woman in the world..
    Mama, This is just another platform for you to continue use your vast wealth to put smiles on the faces of countless poor people in Nigeria as you’ve reportedly done in the past.
    Congratulations Ma!

  3. may God almighty grant u a long life Amen. you are worthy to be proud of. d whole women in Africa & world as a whole are proud of u ma. may u remained blessed. i wish myself as well this great achievement Amen.

  4. And who says nothing good can come out of Nigeria. O ye nations come and see what the Lord has done. To God be all the glory!

  5. to whom much is given, much is expected. Remember u are a caretaker of this wealth, so use it 2 achieve d original objective of the giver that is 2 save lost souls. Anyways well done.

  6. welldone mama,but b4 i take sides,let transparency international compare. some people say ‘there’s no great furtune without a crime’

  7. He don struggle* Now na hustle for her *to sit down to dey use brain control his company to dey go on* see money makes her looks like between 25th / 35th

  8. You are indeed a woman of great virtue and valour ma. May God continue to bless and prosper the works of your hands. And as you have stretched your hand of help to the orphan and widow, I pray you will not be one nor will your children.

  9. One billion congratulations to you ma.
    I am still screaming inside me.
    May God give you more.
    I am greatly encouraged.

  10. May Naija keep striding the world stage with Dangote the richest black in the world , Alakija the richest black woman in the world , Nollywood the 2nd biggest movie industry in the world , some of the best banks in Africa , the largest number of universities on the African continent , a brilliant and generally educated citizenry etc . Congratulations .

  11. GOD will continue 2 uphold u n family … It will be our portions too in JESUS NaME..goodluck!.and congratulations..

  12. People just read bible for the sake of reading it!Jesus Christ came to show us the way to salvation,he lived an examplary life which all christians must follow and this he passed unto his disciples,his disciples unto us.From Jesus Christ to his disciples,is there anywhere in the bible they observed TITHE?Jesus encouraged one’s widow’s mite in the bible when the jews put the question to him about offering or tithe.Moreover,God made the law for isrealites and the tithe was meant for the Levites cos they were always in the synagogues, solely for God’s work so the other tribes that could work because they had access to land and other inheritance brought one tenth of their farm produce,livestocks etc to the synagogue and these the Levites lived on.Jesus Christ came and summarised the ten commandments to two and these two ecompasses all we had in the old ten commandments,so why labelling those who are not paying tithe robbers?Jesus Christ and his disciples were they robbers too?As Christ followers,we should live by the examples set by Jesus Christ and those he left behind(disciples) to cater for the flock.

    • Bro., please read your Bible well and with understanding, may the Holy Spirit help you. How do you understand Jesus’ statement in Matt 23:23? Is that an approval of tithe or a disapproval of it? May God help us also to understand that the recorders of the life and times of our Lord could not have recorded ‘all’ about Him Jn 21:25. Plus, do not restrict yourself to only what you had Him do (otherwise, since He did not go to school, you might as well not do so)but, let the Holy Spirit always teach you about His life and His will for us. Thanks, my brother, and shalom

  13. I celebrate the grace over you ma and no doubt, I’m going to be like you, helping people and raising nations for God as well.

  14. ma with all ur wealth, pls do not be like the rich fool who had treasures stored up in earthen vessels, and all he did day long was, my soul eat,drink,and be merry. The God required his soul that night. Luke 12:20

  15. wen d lord’s light shine no one can put it off.dat’s wat is happen in ur humble life.i admire ur dicision wen u sold d company 4 substanance.gud mother u ar.

  16. I wish you make heaven so that you would boldly say as it was blissful for
    me on earth so now it is in heaven.

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