Home NewsBusiness News Richest woman in Africa, Folorunso Alakija’s Firm Secures Six Lucrative Oil Blocks in Sierra Leone

Richest woman in Africa, Folorunso Alakija’s Firm Secures Six Lucrative Oil Blocks in Sierra Leone

by Ikenna Ngere

After the government of Sierra Leone issued a Petroleum Licencing Agreement, exploration rights in six offshore oil blocks were granted to F.A Oil Limited, a firm owned by Nigerian billionaire and richest woman in Africa, Folorunso Alakija.

The licence deal was signed in Freetown, Sierra Leone, on December 4, 2023, according to a statement from Julius F. Sandy, the secretary to President Julius Bio of Sierra Leone.

The notice, titled, ‘Award of Petroleum Licence to F.A. Oil Limited,’ read, “The General Public is hereby informed that following the closure of Sierra Leone’s Fifth Licensing Round and the successful conclusion of the negotiation of terms for a prospective Petroleum License Agreement in respect of six offshore Graticular blocks, the Government of Sierra Leone has awarded the following offshore blocks to FAOil Limited Blocks 53, 54, 55, 71, 72 and 73:

“FA. Oil Limited and its Related Company, which is a brand name in the Gulf of Guinea region with producing assets in the deep waters off the coast of Nigeria on Monday, 4th December 2023, signed the related Licence Agreement in Freetown during a brief ceremony.

“The expression of interest by F. A. Oil Limited is a reflection of the continued confidence the investment community has in the Republic of Sierra Leone under the leadership of H.E President Julius Maada Bio. The Licence Agreement represents another level of cooperation opportunity between the Federal Republic of Nigeria and the Republic of Sierra Leone.”

The statement continued, “During the signing ceremony, the Chief Executive Officer/Chairman of F.A. Oil Limited, Apostle Folorunso Alakija expressed her appreciation of the opportunity for FA. Oil Limited to participate in the Oil and Gas landscape in Sierra Leone and assured that the Licence Agreement will result in a win-win outcome for both parties.

“Execution of this particular Petroleum Licence Agreement is a defining moment in petroleum resource development in Sierra Leone, as it holds tremendous promise towards the advancement of the Government’s national transformation agenda.

“The Government wishes to assure citizens of its continued determination in bringing on board the right players at the right time.”


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