In a groundbreaking development, Folorunso Alakija, Nigeria’s richest woman, has expanded her oil and gas empire by securing exploration rights to six offshore oil blocks in Sierra Leone. This strategic move by her company, FA Oil Limited, signifies a major step in enhancing her influence in the industry. Signed on December 4, 2023, this deal with the Sierra Leonean government marks a new era in the country’s pursuit of economic growth and foreign investment under the leadership of President Julius Maada Bio.
A strategic expansion in Sierra Leone
The acquisition by FA Oil Limited encompasses blocks 53, 54, 55, 71, 72, and 73, covering an impressive 9,700 square kilometers in the Atlantic Ocean. This ambitious move was the result of a comprehensive year-long bidding process initiated by S...