A landmark May 4, 2012 ruling by Nigeria’s Supreme Court overturned a decade-long government seizure of oil shares, paving the way for fashion designer Folorunsho Alakija to become Africa’s wealthiest woman.
The court ruled that the federal government’s acquisition of equity in Oil Prospecting License (OPL) 216 was "illegal, unlawful and unconstitutional." The judgment restored a 60 percent stake in the lucrative deep-water block to Alakija’s company, Famfa Limited.
Six months later, on November 20, 2012, Forbes Magazine named Alakija Africa’s richest woman, valuing her OPL 216 asset at $600 million. By 2020, the value of her stake had climbed to $1.98 billion.
The legal dispute began after Nigeria transitioned from military to civilian rule in 1999 following the sudden death of military ruler Sani Abacha in 1998. Newly elected President Olusegun Obasanjo seized a 40 percent share of Famfa’s partnership in OPL 216, leaving the company with just 20 percent.
In her memoir, "Growing with the Hand that Gives the Rose," Alakija described the seizure as "the worst day of my life." She noted that many relatives and all of her friends deserted her during the crisis.
Through her husband and attorney, Modupe Alakija, she filed a wrongful acquisition lawsuit against the federal government.
