Dec 4, 2012

Oprah Winfrey is no longer the richest black woman in the world according to a report by Ventures Africa, an African business magazine and news service.

According to the report which is available on Ventures Africa’s website, the richest black woman in the world is Folorunsho Alakija, a 61 year-old Nigerian fashion designer and oil tycoon who is worth at least $3.3 billion, $500 million richer than media mogul Oprah Winfrey whose wealth Forbes magazine estimated at $2.7 billion in September.

Folorunsho Alakija is the founder and owner of Famfa oil, a Nigerian oil company which owns a 60% working interest in OML 127, an offshore oil field which produces 200,000 barrels of oil per day.

Explaining the rationale for the $3.3 billion valuation on Alakija, Douglas Imaralu, Online Editor of Ventures Africa commented, “Total E&P recently sold off its 20% stake in a similar oil field to China’s Sinopec for $2.5 billion. The oil field in question has a daily production capacity of 180,000 barrels a day. Similarly, other hand, OML 127 in which Famfa has a 60% interest produces about 200,000 barrels a day. When we did the math using the Total-Sinopec deal as a comparator, we came to the realization that Alakija’s stake is easily worth billions of dollars. We showed our calculations on At this point, we have no doubt that she is in deed, richer than Oprah.”

The complete calculation of Folorunsho Alakija’s net worth is available on

Click here to read the entire article.


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