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Alakija Acquires Oil Blocks in Sierra Leone

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Famfa Oil - CWEIC

Folorunsho Alakija’s FA Oil Limited, also known as Famfa Limited, has recently secured the rights to explore 6 offshore oil blocks in Sierra Leone. The Sierra Leone government awarded the company the rights, and the agreement was signed on December 4th, 2023, in Freetown, Sierra Leone.

The Secretary to the President of Sierra Leone, Julius F. Sandy, issued a public notice informing the country’s citizens. The notice titled “Award of Petroleum Licence to F. An Oil Limited’ said, “The general public is hereby informed that the following 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”.

The Chairman/CEO of the company, Apostle Folorunsho Alakija, expressed her gratitude for the opportunity the Sierra Leone government had given to FA. Oil Limited during the signing ceremony. She then reassured the government that the agreement would favour both parties.

Folorunsho, who is Africa’s richest woman, acquired her first oil block in Nigeria in 1996 after applying for the allocation of an Oil Prospecting License (OPL) in 1993. The oil block was a 617 thousand-acre block, about 100km off the Nigerian shores in the famous  Agbami Field.

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