- Founder of Famfa Oil Limited, Folorunso Alakija, has said that the 85 per cent tax on onshore crude oil production in Nigeria is a major impediment to indigenous investors.
In an interview with Reuters, Mrs. Alakija said ” this challenge is dissuading local investors from taking over assets from international oil companies.The 85 per cent that those who are onshore are having to pay is going to be too high for indigenous companies to be able to stand on their own two feet,” said Alakija who controls a fortune of $1.8 billion, based on an estimate by Forbes magazine.
- Famfa’s 60 per cent stake in Agbami, an offshore field with an output of about 250,000 barrels a day, is the main source of her wealth.
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