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Nigerian Billionaire Alakija’s Company Secures Exploration Rights for Six Oil Blocks in Sierra Leone

by Jennifer

F.A Oil Limited, a company owned by Nigerian billionaire and Africa’s wealthiest woman, Folorunso Alakija, has been granted exploration rights for six offshore oil blocks in Sierra Leone. The Petroleum Licensing Agreement, issued by the Sierra Leonean government, was signed in Freetown on December 4, 2023.

Julius F. Sandy, Secretary to Sierra Leone’s President, Julius Bio, confirmed the development in a statement, titled ‘Award of Petroleum Licence to F.A. Oil Limited.’ The notice announced the successful conclusion of Sierra Leone’s Fifth Licensing Round and the subsequent awarding of offshore blocks 53, 54, 55, 71, 72, and 73 to F.A. Oil Limited.

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F.A. Oil Limited, renowned in the Gulf of Guinea region with existing assets in the deep waters off Nigeria’s coast, finalized the Licence Agreement during a ceremony in Freetown. The expression of interest by F.A. Oil Limited is seen as a demonstration of the investment community’s confidence in Sierra Leone under the leadership of President Julius Maada Bio. The Licence Agreement is framed as an opportunity for collaboration between the Federal Republic of Nigeria and the Republic of Sierra Leone.

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Apostle Folorunso Alakija, CEO/Chairman of F.A. Oil Limited, expressed appreciation for the chance to participate in Sierra Leone’s Oil and Gas landscape. She assured that the Licence Agreement would yield a mutually beneficial outcome for both parties. The agreement is considered a significant milestone in Sierra Leone’s petroleum resource development, aligning with the government’s national transformation agenda.

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