F.A Oil Limited, a company owned by Nigerian billionaire and Africa’s richest woman, Folorunso Alakija, has been awarded exploration rights in six offshore oil blocks, following the issuance of a Petroleum Licencing Agreement by the Government of Sierra Leone.

Julius F. Sandy, Secretary to the Sierra Leonean President, Julius Bio, disclosed in a statement that the licence agreement was signed in Freetown, Sierra Leone, on December 4, 2023.

The notice, titled, ‘Award of Petroleum Licence to F.A. Oil Limited,’ 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.

“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 continued, “During the signing ceremony, the Chief Executive Officer/Chairman of F.A. Oil Limited, Apostle Folorunso Alakija expressed her appreciation of the opportunity for FA. Oil Limited to participate in the Oil and Gas landscape in Sierra Leone and assured that the Licence Agreement will 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.”