Alakija, Africa’s richest woman gets biggest oil blocs contract in Sierra Leone

By Ologeh Joseph and Ayodimeji Omotoyinbo

Africa’s richest woman, Folorunso Alakija has been awarded the largest oil blocs in Sierra Leone. Mrs Alakija is of Yoruba extraction.

The Government of Sierra Leone this week announced the award of six offshore oil blocks to F. A. Oil Ltd.

The company is owned by Africa’s Nigeria’s richest woman, Folorunso Alakija.

The notice was signed by Secretary to the President of Sierra Leone, Julius Sandy

Irohinoodua was informed that the awards were for “offshore Graticular blocks.”

The Government of Sierra Leon said the ‘Award of Petroleum Licence to F.A. Oil Limited,”

Alakija’s is reported to have signed the necessary papers which no gives her the right to prospect oil in the West African country.

The letter reads “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 F. A. Oil Limited, Blocks 53, 54, 55, 71, 72 and 73:

“F. A. 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, December 4, 2023, signed the related Licence Agreement in Freetown during a brief ceremony.

In 2021, Sierra Leone exported crude oil worth $512m.

The country is the 131st largest exporter of Crude Petroleum in the world.

Crude Petroleum is one of the over 400 mineral resources exported by Sierra Leone.

The West African country targets United Arab Emirates

The award paper for Alakija stated further that the “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 government said the Licence Agreement represents another level of cooperation opportunity between the Federal Republic of Nigeria and the Republic of Sierra Leone.

It noted that during signing ceremony, the Chief Executive Officer/Chairman of F.A. Oil Limited, Folorunso Alakija, expressed appreciation for the opportunity of F. A. Oil Limited to participate in the oil and gas landscape in Sierra Leone and 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 notice stated.

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