Billionaire Watch
Folorunsho Alakija’s net worth drops below $1bn. A few things to know about her
Alakija dropped below the $1billion net worth in 2021 due to lower oil prices, according to Forbes.
Africa as a continent can only boast of two women billionaires. According to Forbes the continent’s only two women billionaires are Isabel Dos Santos of Angola who is now broke and facing a series of legal charges and Nigeria’s Folorunsho Alakija.
Over the years there have been many conspiracy theories and myths about Mrs Alakija’s story. Today we will explore all the verified information we have on the Nigerian fashion designer turned Oil Mogul.
Folorunsho Alakija’s Net worth (A little under $1bn)
Although Forbes pegged her net worth at $1bn it also reported that the figure dropped this year due to lower oil prices. There are no longer any female billionaires (in dollars) in Africa as of January 2021.
READ: Aliko Dangote’s net worth falls by $1.4 billion in Q1 2021 amid stock market sell-off
The structure of her oil exploration company
Folorunsho Alakija is the Vice Chairperson of Famfa Oil Exploration Company. Famfa Limited was incorporated in September 1991 and was awarded the leasehold rights to OPL 216 on the 10th of August 1993.
Her husband, Modupe Alakija is the Chairperson of the company and her children, Dele Alakija and Ladi Alakija sit on the Board as well.
READ: How Elon Musk lost $8 billion this week
Famfa Oil’s main cash cow is the lucrative Agbami Oil Fields, one of the largest deepwater oil offshore discoveries in Nigeria, which the company believes will be active well beyond 2024.
Famfa Oil is a firm partner of other oil conglomerates in Nigeria. According to their mission statement, they work closely with Chevron and Petrobras. They also partner with a couple of indigenous oil companies in Nigeria.
READ: Oba Otudeko loses N371 million from his Honeywell flour stake in a single day
Philanthropic efforts of Folorunsho Alakija
Mrs Folorunsho Alakija, coming from humble means, has maintained a close relationship with the poor and striving in Nigeria. She appears to be a deeply religious woman who heads a thriving Christian organisation, The Rose of Sharon Ministry.
Her NGO, The Rose of Sharon Foundation (RoSF) is known to focus on alleviating the plights of the world’s most vulnerable people – widows and orphans by giving widows 0% interest loans to start-up their businesses. The RoSF has directly impacted the lives of more than 4,262 widows and 20,000 indirect family members in six (6) Geo-political zones of Nigeria.
READ: Billionaire investors in Nigeria you may not know
What to know
Folorunsho Alakija joined the league of the wealthy when her first company, a fashion label began to service elite clients, the most notable of whom was the late wife of Nigeria’s former Head of State, General Ibrahim Babangida.
She is listed among the top 200 female executives by the Energy Council.
Billionaire Watch
Here is the exciting 2021 list of the richest football clubs in the world
Here’s Forbes 2021 list of the most valuable clubs in the world.
Billionaires are fond of investing in sports franchises. This is because there is a lot of money in it and the income stream is pretty consistent. Authoritative wealth watch magazine, Forbes yesterday released its official list of the most valuable clubs in the world.
It also gave a summary of the business side of the football world which we found quite interesting.
Nairametrics did a thorough review of the list and highlighted the parts which we believe will resonate well with our readers. Let’s get to it!
Top 10 richest clubs in 2021 by value
Tottenham (2.3bn)
Tottenham hotspur comes in at the 10th position with a valuation of $2.3bn. The English club is owned by Joseph Lewis and Daniel Levy. They generated $494m last year.
PSG (2.5bn)
Paris St Germaine comes in at 9th position with a valuation of $2.5bn. The French league 1 giants generated more money than arsenal last year. They generated $599m. PSG is owned by an investment group, Qatar Sports Investments.
Arsenal (2.8bn)
Arsenal football club, another London side club comes in at 8th position with a valuation of $2.8bn. The club is solely owned by Stan Kroenke, an American Businessman who invests in sports and media. Arsenal generated $430m in 2020 making it the 8th most valuable club.
Chelsea (3.2bn)
Chelsea football club comes in 7th on the list with a valuation of $3.2bn. The London side club has retained its longstanding owner Roman Abramovich, a Russian Oligarch. Chelsea generated $520m last year.
Manchester City (4bn)
Manchester City, an English club with a long history of billionaire owners comes in at 6th position. The very successful English club generated total revenue of $609m last year. The club is valued at $4bn and is owned by Sheikh Mansour bin Zayed Al Nahyan.
Liverpool (4.1bn)
Liverpool comes in 5th at a $4.1bn valuation. The English club is the second wealthiest in England with a generated revenue of $619m. The club is owned by a joint partnership between Billionaire, John Henry and Tom Werner.
Manchester United (4.2bn)
Manchester United is the wealthiest English club on the list. The club is valued at $4.2bn, taking up the 4th position on the list. The club has been owned by a Jewish business family, the Glaziers for years. They are the largest shareholders and practically own the club. They generated $643m last year.
Bayern Munchen (4.215bn)
Bayern Munchen comes in at the third position with a value of $4.215bn. The German giants have bossed the German league for years. They generated $703m last year, coming in at the 3rd position.
Real Madrid (4.75bn)
Real Madrid Fc comes in at the second position. The football club which had previously dominated this list was edged out by bitter rivals, Barcelona. Real Madrid is valued at $4.75bn and the club is also owned by the club members. Real Madrid generated $729m, the same amount of revenue as Barcelona last year.
FC Barcelona (4.76bn)
Fc Barcelona is the most valuable football club in 2021 with a market value of $4.7bn. The club sits gallantly in the first position.
The Spanish giants generated a massive $792m in revenue last year and succeeded in holding on to their key player Lionel Messi. They also edged out Real Madrid and Man Utd who have dominated this list for 16 years. FC Barcelona is owned by the club supporters. It has no major shareholder or billionaire financier. The club has over 160,000 members forming its governing body.
What you should know
- 6 of the 10 richest clubs in the world are owned by billionaires; the rest are owned by club members and an investment group.
- In the last 16 years, the world’s richest football clubs list has been topped by only two clubs – Real Madrid and Manchester United.
- Football clubs generate revenues through advertisements, sponsorship deals, jersey deals and ticket sales. These are the 4 major revenue streams of a football club.
- The top 3 teams on the list – Fc Barcelona, Real Madrid and Bayern Munchen generated a combined revenue of $2.3bn in 2020.
Billionaire Watch
How young Elon Musk started and sold 3 businesses for $1.9bn before Tesla
We look at the 3 successful businesses Elon Musk founded and sold for a collective $1.9bn before starting Tesla.
Success is never an accident. It is most times the result of many years of hard work and consistent effort. Elon Musk is popular today for his electric car company Tesla and his space project SPACE X. But long before these, he was already a multi-millionaire and had founded 3 successful companies which he sold for a collective $1.9bn.
The purpose of this article is to paint a clear picture of what it takes to be among the top 1% of any field. It takes years of consistent hard work to get there. Elon Musk is the perfect example of an individual with a very strong work ethic. His story below will prove that to you.
This article will briefly look at the 3 successful businesses Elon Musk founded and sold for a collective $1.9bn before starting Tesla. Let’s go!
READ: Blue Origin Vs Space X: Bezos and Musk’s subtle battle for supremacy
Blaster ($500)
A 12-year-old Elon Musk facing bullying in high school and a not so friendly dad taught himself how to code. According to the Inc. Magazine, he mastered BASIC a general-purpose coding language making use of a commodore PC he acquired himself. He later that year, sold the code for his PC game Blastar to a PC magazine for approximately $500.
This was his first business endeavour which he started and sold.
READ: Tesla investor sues Elon Musk for causing problems with his tweets
ZIP 2 ($340m)
After the sale of Blastar for $500, Elon Musk and his brother Kimbal took a $28,000 seed money from their dad and started another internet venture, Zip 2. They rented an office and slept in it because they couldn’t afford a house.
Zip 2 was a web software startup that created online city guides for newspapers. The software was patronized by the New York Times and other notable media companies.
Elon Musk and his brother Kimbal sold Zip 2 to PC giants Compaq for $340m. The year was 1999 and Elon Musk was 28 years old.
READ: Reinvestment: The powerful strategy used by the 2 richest men in the world
X.com/PayPal ($1.5bn)
Elon Musk continued on his journey of starting companies and selling them. He took $10m out of his earnings from the Zip 2 deal and joined the internet boom.
He founded x.com an online platform he envisioned to be the future of internet banking. In 2000 X.com merged with a Fintech startup, Confinity, founded by Peter Thiel, another would-be billionaire. Both companies combined to become what we know as PayPal today. Elon musk was named CEO of PayPal and had the highest number of shares in the company.
In 2002 PayPal was acquired by eBay for a whopping $1.5bn.
READ: Elon Musk gains $25 billion in a day, as Tesla surges by 20%
What you should know
Elon Musk has often stressed the need to be consistent and have strong work ethics. In a graduation ceremony by the USC Marshall School Of Business, Elon Musk shared his opinion on work ethics according to CNBC.
“You need to work super-hard. Work hard every waking hour,” Musk said in 2014.
“If you do the simple math, and say if somebody else is working 50 hours [a week] and you’re working 100, you’ll get twice [as much] done in the course of a year as the other company.”
We hope this Monday article will inspire you to work harder and strive to get more work done in record time.
