Nigeria’s Oil Magnate Folorunsho Alakija Loses Forbes Rating

The past year was quite dramatic, following the coronavirus pandemic and its impact on the global economy. While many companies were forced to shut down due to a steady decline in their business, some others saw their company’s finances rise to new highs – a typical case of the rich getting richer.

Many global billionaires who made it to the Forbes list, have lost their ratings. Included in the numbers are the richest women in Africa, Isabel dos Santos (Angola), and Folorunsho Alakija. The two women who finally made it to Forbes Billionaires’ list in 2020, have both been taken out of the list as their net worth fails to meet the requirements.

Alakija, who owns FAMFA Group, an oil exploration company that operates in the Agbami Oilfield, saw her net worth drop below $1 billion due to the crash in oil price, globally. According to reports, the Nigerian oil magnate may have lost her Forbes ratings due to a lack of other viable investments besides oil and gas. Her other notable ventures in real estate and digital printing have also not performed well enough to be tracked by Forbes.

Angola’s dos Santos was kicked off the Forbes list due to corruption allegations against her, leading to the freeze of her assets in Angola and Portugal.

As the global economy gradually recovers, Alakija hopes to earn her Forbes ratings back. She was first named the richest black woman in the world in 2012 with a net worth of $3.2 billion. At the time, she was $500 million richer than Oprah Winfrey. Alakija was also ranked the fourth-richest black person globally, following closely behind Aliko Dangote of the Dangote Group, and Mike Adenuga, of Globacom telecommunications group.

Currently, as of 2022, she has a net worth of over $1 billion.