FAMFA Oil, the company founded by Nigerian billionaire Folorunso Alakija, is facing an alleged ₦8.85 billion customs duty claim relating to one of its private aircraft, according to an investigation published by Secrets Reporters.
The amount is equivalent to about $6.7 million based on an exchange rate of ₦1,321.68 to the dollar. The matter is reportedly before the courts, while FAMFA Oil has not publicly commented on the allegations.
The claim followed a nationwide verification exercise initiated by the Nigeria Customs Service to examine privately owned aircraft operating in the country without proper import documentation. The exercise began in 2021 and was followed by another verification in 2024, during which ownership records, temporary importation permits and aviation clearance documents were reportedly compared with aircraft operating in Nigeria.
A temporary importation permit allows a foreign aircraft to remain in Nigeria for a specified period without paying full import duties, provided it is subsequently taken out of the country. Aircraft that remain beyond the approved period or operate without the required permit may become liable for applicable customs duties.
The report alleged that FAMFA maintained three Bombardier aircraft, with a combined value approaching $200 million based on current list prices, while some of their importation documents were allegedly expired, backdated or unavailable.
FAMFA is closely associated with the fortune of Alakija, one of Nigeria’s most prominent business figures. She began her career in banking before studying fashion design in the United Kingdom and establishing Supreme Stitches, a luxury fashion business whose clientele reportedly included Maryam Babangida, the wife of former military ruler Ibrahim Babangida.
In 1993, Alakija’s company obtained an oil prospecting licence covering a 617,000-acre offshore block that was initially regarded as a high-risk asset. Three years later, FAMFA entered into a joint venture with Star Deep Water Petroleum, a Chevron subsidiary, transferring a 40 per cent interest in the block.
The asset later became OML 127, which includes the Agbami oil field. Production began in 2008, transforming the block into one of Nigeria’s significant deepwater oil assets.
The Federal Government subsequently sought to acquire interests in the block, leading to a prolonged legal dispute with Alakija. The Supreme Court eventually ruled in her favour in 2012 after years of litigation, with the Alakija family retaining a 60 per cent interest in the asset.
FAMFA is jointly owned by Alakija and her husband, Modupe Folarin Alakija. The company stated in 2021 that Corporate Affairs Commission records showed each of them holding 50 per cent of its ordinary shares. Modupe Alakija serves as chairman, while Folorunso Alakija is executive vice chairman.
Alakija’s wealth has been estimated at around $1 billion by Forbes, although her ranking and net worth have varied with oil prices and changes in the value of Nigerian upstream assets. The family also has interests in Rose of Sharon Group and Dayspring Property Development.
The customs allegations remain unresolved in court, and the claims against FAMFA have not been judicially established.
