Billionaire businesswoman Folorunsho Alakija has threatened legal action against publishers of reports alleging that her oil company, Famfa Oil Limited, is being investigated for fraud and money laundering.
Alakija, the company’s executive vice-chairman, described the publications as false and defamatory in a statement posted on her official X account on Thursday. She demanded their immediate removal from all platforms.
“All false and defamatory publications concerning this news must be immediately removed, deleted, and depublicised from all platforms,” the statement said.
It added that failure to comply would leave her legal team with no alternative but to pursue legal action.
The report, published by SecretsReporters on Wednesday, cited court documents relating to a legal dispute between Famfa Oil and the Economic and Financial Crimes Commission.
According to the publication, the EFCC alleged in a counter-affidavit filed before the Federal High Court in Lagos that the company was linked to suspected undeclared foreign transfers, allegedly altered documents and the conversion of $1,268,969.33 to personal use.
The commission also alleged that Famfa failed to honour two invitations seeking information and financial records as part of its investigation. The company subsequently filed a suit challenging the EFCC’s actions and seeking to restrain the investigation.
The allegations remain unproven, and the report did not establish that Alakija or Famfa Oil had been convicted of any offence. The EFCC has not publicly confirmed an investigation into Alakija personally.
The latest dispute follows an earlier report by the same publication alleging irregularities involving private jets linked to Famfa and a federal demand for ₦8.85bn in unpaid customs duties. That matter is also before the courts.
Alakija built much of her fortune through Famfa’s interest in Oil Mining Lease 127, which includes a stake in the Chevron-operated Agbami deepwater oilfield. The company was awarded an oil prospecting licence in 1993, and the field began production in 2008.
She previously worked in banking before establishing a fashion business and later expanding into oil and gas and real estate. She also founded the Rose of Sharon Foundation, which supports widows and orphans.
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