Meet Africa’s richest woman entrepreneur!

With an estimated net-worth of $2.2billion, Mrs Folorunsho Alakija, is probably the wealthiest African woman entrepreneur. Mrs Folorunsho Alakija made her money in the oil business. She is an African from Nigeria.

I first heard of Mrs Folorunsho Alakija, when she was fighting an epic legal battle in Nigeria, over an oil block that the government had taken away from her. The battle lasted 12 years, and went all the way up to the Nation’s highest court, the Federal Supreme Court.
Getting an oil block, or mining rights or whatever license you need, is not enough to make you a successful entrepreneur. There are many people who have been given access to amazing opportunities, including mining rights, such as diamond fields, oil blocks, gold, platinum and other types of rights, and licenses; and yet have not made anything out of them:
Many have ended up in debt, or have been a “flash in the pan” for a few years, then disappeared.
It does not matter what opportunity you are given, if you are not a skilled entrepreneur, it will end up in tears, and bankruptcy.
Studying Mrs Folorunsho Alakija, and her family’s approach to the development of the opportunity they got, shows why they have been successful, in turning their business FAMFA Oil, into a great company. Her approach to mobilizing the capital, skills, and technical expertise, is text book stuff.

By Strive Masiyiwa