According to journal, the value of shares held in quoted companies, size and market share of their companies, number of companies they own and its assumed value and the impact of the companies on the Nigerian economy were the yardstick used in compiling the list.
Folorunsho Alakija, Forbes magazine reports, started her career in the mid 1970s as a secretary at the now-defunct International Merchant Bank of Nigeria but in the 1980s she moved to the fashion industry. However, Alakija’s biggest break came in oil. In 1993 former Nigerian President Ibrahim Babangida awarded her company, Famfa Oil, an oil prospecting license which went on to become OML 127/ Famfa Oil owned a 60% stake in the block until 2000 when the Nigerian government acquired a 50% interest in the block without duly compensating the company. Famfa Oil challenged the acquisition in court, and this year, the Nigerian Supreme Court reinstated the 50% stake to Famfa Oil.
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