The President of Sierra Leone Sells Offshore Oil Exploration Blocks to Nigerian Business Magnate
In recent news, FA Oil, an upstream vehicle of the well-known Nigerian businesswoman Folorunso Alakija, has successfully secured a substantial offshore oil exploration right in Sierra Leone, courtesy of President Bio. Reports indicate that Sierra Leone’s Petroleum Directorate (PDSL) has granted six blocks to FA Oil through a single petroleum licensing agreement, with the backing of UK-based Africa Energy Partners.
The exact revenue from this significant sale to Folorunso Alakija, a prominent figure in Nigeria’s business sphere, has not been publicly disclosed by the Sierra Leonean government. It is also rumoured that FA Oil may have connections to the Nigerian President Tinubu, who is purportedly one of the company’s supporters.
There has been growing concern regarding the lack of transparency and accountability within President Bio’s government, particularly in relation to the allocation of offshore exploration contracts to foreign investors in exchange for possible kickbacks.
Furthermore, President Bio currently enjoys the political backing of President Tinubu, who also serves as the chairman of the West African regional body ECOWAS. In light of a recent alleged coup attempt, the ECOWAS has agreed to deploy troops to Sierra Leone to assist the government’s security forces.
Amidst these developments, over one hundred individuals suspected of ties to Sierra Leone’s main opposition APC party, including former President Ernest Bai Koroma, have been arrested without charge since 26 November 2023. This controversial move has sparked debates about civil liberties and due process within the country.
The situation is further compounded by historical precedents, such as the infamous illegal mining of Sierra Leone’s diamond fields in the 1990s, which fed into a decade-long civil war characterized by widespread human suffering and loss. Concerns are now being raised about the potential for similar issues to arise in the context of the country’s oil exploration, as the pursuit of “black gold” has the capacity to once again ignite conflict within Sierra Leone.
As we navigate through these intricate developments, it is crucial for Sierra Leone’s government to prioritize transparency, ethical governance, and the responsible management of its natural resources. The implications of these recent events are significant, not only for the nation’s economic trajectory but also for its overall stability and prospects for sustainable development.
