Africa’s richest woman Apostle Folorunso Alakija‘s oil company Famfa Oil Limited has been awarded exploration rights in six offshore oil blocks in Sierra Leone.
This followed the issuance of a petroleum licencing agreement by the Government of Sierra Leone.
Julius Sandy, secretary to the Sierra Leonean President Julius Bio, announced in a statement that the licence agreement was signed in Freetown, Sierra Leone, on December 4, 2023.
The statement 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.
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“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 quoted the billionaire businesswoman as expressing her appreciation, during the signing ceremony, of the opportunity for the firm to participate in the oil and gas landscape in Sierra Leone.
Mrs Alakija assured that the licence agreement would 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,” the statement added.
