Folorunsho Alakija has overtaken Oprah Winfrey and became the richest black woman in 2013. She is a businessperson, a Nigerian billionaire, a big shot oil merchant, a Fashion creator, and an investor who is worth in any event US $3.3 billion as opposed to a later Forbes Magazine standing which pegs her total assets at just about the US $600 million. As of November 2013, her net worth was $2.5 billion.

Childhood And Personality Development

She is 61 years of age now and was born in the year 1951 into a rich and well-known and socially proclaimed family of the chief of L.A. Ogbara in the city of Ikorodu, in Lagos state. She began her expert vocation in the mid-70s as a woman secretary at the now old International Merchant Bank of Nigeria, one of the nation’s most punctual speculation banks. In the early 1980s, she stopped her existing occupation and went ahead to study a Fashion plan in England, coming back to Nigeria instantly a short time later to begin Supreme Stitches, a premium Nigerian style mark that catered only to the upscale client base. The business flourished, and Alakija rapidly made a clean fortune offering high-end Nigerian dress to chic wives of military bigwigs and social order ladies.

Ladder To Become Richest

In May of 1993, she sought an allotment of an Oil Prospecting License (also known as the OPL). The permit to investigate for oil on a 617,000 plot of land equal to 4840 square yards pieces was allowed to Alakija’s organization, namely Famfa Limited. The square is spotted pretty nearly 220 miles South East of Lagos and 70 miles seaward Nigeria in the focal Niger Delta. This was in the year 1993. Numerous Nigerian specialists and military bigwigs who had been designated oil alliances by the military organization around then had no idea as to the details of working an oil square, so a considerable lot of them ordinarily procured OPLS, and after that flipped them off to global oil organizations for significant benefits. In any case, she is an astute businesswoman. She had no aptitude or experience in running an oil field, however, she chose not to auction her permit. In September of 1996, she entered into a joint wander concurrently with Star Deep Water Petroleum Limited and named the organization as a specialized counselor for the investigation of the permit, exchanging 40 percent of her 100 percent stake to Star Deep. Thus, Star Deep sold off 8 percent of its stake in OPL 216 to Petrobas, a Brazilian organization. Folorunsho Alakija and her family claimed 60 percent of the shares.

Malpractices And Business Strategies

Star Deep Petroleum went ahead with the misuse of the oil field. In the year 2000, the first examination well was affirmed to have recoverable holds in overabundance of 1 billion barrels of oil identical. The point when this was uncovered, the Nigerian government, headed by Olusegun Obasanjo quickly requested that a 40 percent engagement in OPL 216 be assigned to the Nigerian National Petroleum Corporation under the Back in Right Regulation of 2003 which gives the Nigerian government participatory rights in any OML or OPL. This might leave Famfa Oil with a 20 percent stake. This was in the year 2000, and the administration did not pay Famfa a dime for the stake. In 2003, Famfa sought a change from an OPL to an OML, and in the year 2004, the appeal was allowed. In any case, the Nigerian government was not content with its 40 percent stake in Famfa. In the year 2005, the administration headed by General Olusegun Obasanjo mightily gained a further 10 percent stake in OML 127.

Court Battle

This woman instantly headed off to the courts to test the legislature’s strong obtaining take a half in the permit. It was a long court fight that kept up for some years, yet in May of 2012, the Supreme Court voided the administration’s procurement of a 50 percent stake in OML 127 and thus exchanged the 50 percent stake once again to Famfa Oil. The Nigerian government attempted to request the Supreme’s court choice, yet the case has been released as a triumph for Famfa Oil which sees the known oil organization owning 60 percent in OML 127, which is one of Nigeria’s most productive oil pieces.

Oil Output from Well

Every day the processing at the OML 127 presently stands at around 200,000 barrels. At the point when the Nigerian government, through its wholly-possessed petroleum organization, Nnpc, was attempting to support its commanding procurement of a 50 percent stake in OML 127 at the Supreme court, the Government conceded that if Famfa Oil claimed a 60 percent stake in the Oml, the organization stood to win $10 million once a day.

Partnership Offer

In July 2012, Royal Dutch Shell consented to offer its 45 percent stake in OML 30 for the US $850 million to Shoreline Energy and Heritage Oil. OML 30 presently generates 35,000 barrels of oil every day. In this way, if 45 percent of a 35,000 BPD processing oil coalition is the US $850 million, 100 percent of the same alliance is equal to $1.88 billion i.e. 100/45 x $850 million. In the event that a 100 percent stake in a 35,000 Bpd processing oil coalition is the US $1.88 billion, by the same rationale, a 100 percent stake in a 200,000 BPD transforming oil alliance is worth the US $10.74 billion i.e. 200,000 BPD/35,000 BPD X $1.88 billion. Her sixty percent bet on a US $10.74 billion oil well is worth the US $6.44 billion. In fact, her 60 percent stake in the OML 127 is worth $6.44 billion.

In November 2012, French oil bunch Total reported that it was offering a 20 percent stake in its Nigerian seaward oil field to China’s Sinopec in a $2.5 billion arrangement. The piece being referred to, Oml 138 is a 180,000 Bpd office. In this way, if a 20 percent stake in a 180,000 Bpd office seaward piece is worth $2.5 billion, the whole square is worth $12.5 billion i.e. 100/20 x $2.5 billion. Since a 180,000 Bpd transforming office is worth $12.5 billion, a 200,000 Bpd preparing office is worth $13.8 billion on the grounds that 200,000/180,000 x $12.5 billion. Utilizing the Total-Sinopec bargain as the yardstick, we could likewise be worth Oml 127 at $13.8 billion. All things considered, her 60 percent stake might be worth $8.3 billion.

You Should Know This

She wasn’t able to secure a spot in the top 10 richest women but she has dethroned Oprah from this title and has been declared so by various sources and sites such as Wikipedia, Forbes and PM News, etc.