Real reasons Folorunso Alakija lost Forbes’ rating

In Africa —as elsewhere in the world— the wealthiest have come through the pandemic just fine. While some got richer by the billions, the only two women billionaires from Africa —Isabel dos Santos (Angola) and Nigeria’s Folorunsho Alakija— have both fallen off the Forbes Africa’s Richest People 2021 list.
The two women who featured prominently on the 2020 list of Africa’s richest were knocked off from their perch on this year’s Africa’s Richest People because they were below the $1 billion mark. While dos Santos was yanked off due to a series of court decisions freezing her assets in both Angola and Portugal, Forbes calculated the fortune of Nigeria’s Alakija —who owns FAMFA Group, an oil exploration company with a stake in Agbami Oilfield, a prolific offshore asset— and saw her earning dropped below $1 billion due to global crash in oil price. Further check also revealed that the Ikorodu, Lagos-born oil baroness —a fashion icon with an infallible sense of style— lost her space from the esteemed list because she has no other viable investment aside oil and gas while her other notable ventures in the digital printing and real estate sectors have not been yielding returns potent enough to be tracked by the international financial journal.