Nigeria’s richest woman, Folorunso Alakija, secures 6 oil blocks in Sierra Leone

Folorunso Alakija, Nigeria's richest woman, has taken a gigantic step within Africa's oil and gas sector.

This was revealed in a statement by Julius F. Sandy, Secretary to the Sierra Leonean President, Julius Bio.

The billionaire, through F.A. Oil Limited, secured exploration rights for a substantial offshore acreage of six offshore oil blocks in Sierra Leone, according to a Punch report.

F.A. Oil Limited is a subsidiary of the F.A. Group conglomerate founded by Alakija in 1991.

The deal followed successful negotiation

Following the conclusion of Sierra Leone's Fifth Licensing Round, the government of Sierra Leone awarded offshore blocks 53, 54, 55, 71, 72, and 73 to F.A. Oil Limited, according to the notice titled "Award of Petroleum Licence to F.A. Oil Limited."

This followed the successful settlement of terms for six offshore Graticular blocks' potential Petroleum License Agreement negotiations, according to Billionaire.africa report.

The statement read in part: “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.

It further stated that F.A. Oil Limited's indication of interest shows faith in the Republic of Sierra Leone's investment community, which H.E. President Julius Maada Bio heads.

Furthermore, it said that the License Agreement offers the Federal Republic of Nigeria and the Republic of Sierra Leone a new avenue for cooperation.

According to the statement, Alakija appreciated the opportunity for F.A. Oil Limited to participate in the Oil and Gas landscape in Sierra Leone.

She also assured that the Licence Agreement will result in a win-win outcome for both parties. According to the announcement, the completion of the Petroleum Licence Agreement marked a turning point in Sierra Leone's development of its petroleum resources.

It went on to say that the agreement might help the government's plan for national development.

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