Two women have emerged in the 2018 African billionaires list featured on Forbes magazine as ex-Angolan President's daughter maintains lead over Nigerian businessman.
The two Africa billionaires
According to Forbes 2018 African billionaire's list, Isabel dos Santos, the eldest daughter of Angola’s longtime former president, Jose Eduardo dos Santos, has emerged Africa's richest woman with a whopping $2.7 billion.
Out of the 23 African billionaires featured on Forbes 2018 list, only two are women; Isabel dos Santos and Folorunsho Alakija, unchanged from last year. Isabel dos Santos is worth an estimated $2.7 billion this year, down from $3.2 billion a year ago.
Here are the billionaire business women's profiles according to Forbes
Isabel dos Santos
Net worth: $2.7 billion
Origin of wealth: Investments
Isabel dos Santos is the oldest daughter of Angola’s longtime former president, Jose Eduardo dos Santos, who stepped down in fall 2017. Her father made her head of Sonangol, Angola’s state oil firm, in June 2016, but Angola’s new president removed her from that role in November 2017.
Forbes research found that while president, Isabel’s father transferred to her stakes in several Angolan companies, including banks and a telecom firm. She purchased shares of Portuguese companies, including telecom and cable TV firm Nos SGPS.
A spokesperson for Isabel told Forbes that she “is an independent businesswoman and a private investor representing solely her own interests.”
Net worth: $1.6 billion
Origin of wealth: Oil
Folorunsho Alakija is vice chair of Famfa Oil, a Nigerian oil exploration company with a stake in Agbami oil field, a prolific offshore asset.
Famfa Oil’s partners include Chevron and Petrobras. Alakija’s first company was a fashion label whose customers included the wife of former Nigerian president Ibrahim Babangida.
The Nigerian government awarded Alakija’s company an oil prospecting license in 1993, which was later converted to an oil mining lease. The Agbami field has been operating since 2008; Famfa Oil says it will likely operate through 2024.