Move over, Oprah Winfrey – there is a new richest black woman in the world. And she’s Nigerian!

A new feature dubbed, Africa's secret millionaires has announced that Nigerian billionaire Mrs Folorunsho Alakija is the richest black woman in the world. In a post yesterday, www.ventures-africa.com is quoted saying: "Folorunsho Alakija, a Nigerian billionaire oil tycoon, Fashion designer and philanthropist who is worth at least $3.3 billion- contrary to a recent Forbes Magazine ranking which pegs her net worth at only $600 million."

The publication cited Alakija's 60 percent stake in OML 127, using comparators to justify its argument. According to Ventures Africa "In July 2012, Royal Dutch Shell agreed to sell its 45 percent stake in OML 30 for $850 million to Heritage Oil and Shoreline Energy.

According to Fool.co.uk, OML 30 currently produces 35,000 barrels of oil per day.

So, if 45 percent of a 35,000 bpd-producing oil bloc is $850 million, 100 percent of the same bloc = $1.88 billion i.e 100/45 x $850 million

If a 100 percent stake in a 35,000 bpd-producing oil bloc is $1.88 billion, by the same logic, a 100 percent stake in 200,000 bpd-producing oil bloc is worth $10.74 billion i.e 200,000 bpd/35,000 bpd X $1.88 billion

Folorunsho Alakija’s 60 percent stake in a $10.74 billion oil well is worth $6.44 billion.

Technically, her 60 percent stake in OML 127 is worth $6.44 billion."


Read more: [http://www.ventures-africa.com/2012/11/the-richest-black-woman-in-the-world-folorunsho-alakija/]

"..the Nigeria Senate Committee on Aviation yesterday proposed that Arik Air should be allowed to serve as Nigeria’s national flag carrier until the Aviation ministry is able to work out modalities of securing another national carrier. The country has no flag-bearing carrier at the moment following the demise of Nigeria Airways in 2003, when most of its facilities were sold to Arik Air at giveaway prices..." Click [http://www.ventures-africa.com/2012/09/as-arik-air-reaches-10-millionth-landmark-senate-hints-at-national-carrier-status] to read more

The names of those to be on the Board of Directors of the Nigerian Sovereign Wealth Fund were finally unveiled by the country’s Minister of Finance Ngozi Okonjo-Iweala last week to much anticipation. The minister announced that Alhaji Mahey Rafindadi Rasheed would act as Chairman of the Fund. This is one more step in what has so-far been a fast-paced and prosperous career in financial services and investment. The SWF has three main aims: saving money for future generations, funding infrastructure and defending the economy against commodity price shocks. According to okonjo-Iweala, "the sovereign wealth fund will make Nigeria more attractive for investors.” Click [url]here[/http://www.ventures-africa.com/2012/09/the-man-wholl-lead-nigerias-sovereign-wealth-fund/] to read full profile.

Ghana: Access Bank, Others Suspended From Operating Forex

Ghanaian apex bank, Bank of Ghana has taken disciplinary actions to address irregularities in foreign exchange transfers involving Access Bank Ghana Limited and some foreign exchange bureaux.

Investigations revealed Access Bank Ghana Limited externalized various sums in favour of a company that had no account relationship with the bank.

Read full story [http://www.ventures-africa.com/2012/07/ghana-access-bank-5-bureaux-suspended-from-operating-forex/url]here[/url]

Nigeria's National Assembly is considering a recommendation by the country's National Oil Spill Detection and Response Agency (NOSDRA) for the legislators to sanction Royal Dutch Shell and compel it to pay $5 billion for environmental damages caused by an oil spill at the company's offshore Bonga field.

About time ehn? I just hope this isnt another facade!

[http://www.ventures-africa.com/2012/07/nigeria-shell-faces-5bn-fine-as-environmental-damages-for-spill/][/url]

Glad to see this. Its a welcomed development. I've met with Ladi Delano and he's pretty much Nigerian. He is eager to come in and work for his people. Modest guy.
Jason is quite friendly as well... I read over the weekend that iRoko TV is suing Afrinolly...Anyone heard about this?

[http://www.ventures-africa.com/2012/07/iroko-partners-takes-legal-action-against-afrinolly/]

I have been reading some articles and books online and i'm yet to be convinced that entrepreneurship is the sure way out. Not everyone is going to be a CEO, so i think if we all play to our strengths, then, we'll ultimately succeed. I stumbed on [http://www.ventures-africa.com/category/entrepreneurs/diary-of-an-under-30-ceo/]Diary of an Under 30 CEO[http://www.ventures-africa.com/category/entrepreneurs/diary-of-an-under-30-ceo/][url][/url] and its quite a good read as well.

Wow...this is great news. SABMiller is a world leading brewery. I hope we provide them with the enabling environment to thrive.