Alakija Threatens Legal Action Over EFCC Probe Reports

Nigerian billionaire Folorunso Alakija has threatened legal action over publications alleging that she is under investigation by the Economic and Financial Crimes Commission (EFCC). In a statement on her official X account, Alakija described the reports as false and defamatory and demanded their immediate removal from all platforms.

The publications alleged a $1.27 million fraud, undeclared foreign transfers, altered documents and money laundering. Alakija’s statement did not give details of the specific allegations or directly address each claim in the publications.

Demand for removal

Alakija demanded that the reports be pulled down without delay. The statement said: "All false and defamatory publications concerning this news must be immediately removed, deleted, and depublicised from all platforms. Failure to comply with this notice will leave our legal team with no alternative but to pursue appropriate legal actions."

The publication referred to in the row carried the headline: "Exclusive: Africa Richest Woman Folorunso Alakija Who Made Blouses For IBB Wife Before Owning Oil Blocks Now Under EFCC Probe For $1.27 Million Fraud, Undeclared Foreign Transfers, Altered Documents And Money Laundering." It is unclear where the publication was released.

Business empire

Alakija is one of Nigeria’s most prominent businesswomen, with interests spanning oil and gas, fashion and real estate. She began her career in fashion before expanding into oil and gas. Her first company was a fashion label whose customers included the wife of former Nigerian President Ibrahim Babangida.

Her business interests include Famfa Oil, a Nigerian oil exploration company with a stake in the Agbami oilfield, a major offshore asset. Forbes reports that Alakija serves as vice chair of Famfa Oil, whose partners include Chevron and Petrobras.

In 1993, the Nigerian government awarded Alakija’s company an oil prospecting licence, which was later converted into an oil mining lease. The Agbami oilfield began operations in 2008. Famfa Oil had previously indicated that the field was expected to remain operational through 2024.