Nigeria’s wealthiest woman, Folorunso Alakija, has made a move in Africa’s oil and gas sector, as announced by Julius F. Sandy, Secretary to 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.
Following the conclusion of Sierra Leone’s Fifth Licencing 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 Licence Agreement negotiations.
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 licence 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 would result in a win-win outcome for both parties.
The announcement highlighted that the conclusion of the Petroleum Licencing Agreement signifies a pivotal moment in Sierra Leone’s efforts to develop its petroleum resources.
