Nigeria’s richest woman Folorunso Alakija secures 6 oil blocks in Sierra Leone
F.A Oil Limited, a company owned by Nigerian billionaire and Africa’s wealthiest woman, Folorunso Alakija, has achieved a significant milestone by obtaining exploration rights in 6 offshore oil blocks in Sierra Leone.
The Government of Sierra Leone formally issued a Petroleum Licensing Agreement, solidifying this strategic move.
Julius F. Sandy, Secretary to the Sierra Leonean President, Julius Bio, revealed in an official statement that the licensing agreement was officially signed in Freetown on December 4, 2023.
The notice, titled ‘Award of Petroleum Licence to F.A. Oil Limited,’ made the announcement to the general public, providing details of the awarded offshore blocks—Blocks 53, 54, 55, 71, 72, and 73.
“F.A. Oil Limited and its Related Company, a prominent name in the Gulf of Guinea region with producing assets in the deep waters off the coast of Nigeria, signed the related Licence Agreement during a brief ceremony,” the statement outlined.
The expression of interest by F.A. Oil Limited underscores the confidence the investment community has in Sierra Leone under the leadership of President Julius Maada Bio.
The Licence Agreement is seen as a cooperative opportunity between the Federal Republic of Nigeria and Sierra Leone.
Apostle Folorunso Alakija, the Chief Executive Officer/Chairman of F.A. Oil Limited, expressed appreciation for the opportunity to participate in Sierra Leone’s Oil and Gas landscape.
She assured that the Licence Agreement would lead to a mutually beneficial outcome for both parties.
The signing of this Petroleum Licence Agreement is considered a landmark moment in Sierra Leone’s petroleum resource development, holding substantial promise for advancing the government’s national transformation agenda.
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