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Oando Acquires Oil Block In Angola

Oando Plc  Favour Ifeoluwa & Akinola Ajibade  Oando Plc  says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc,  Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
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Hopes, as Fed Govt plans to pay N247b tartifs shortfall soon


By Akinola Ajibade

Hopes are in the horizon for electricity consumers, as the Federal Government has promised to pay the tarifs shortfall of N247billoon by December, this year.

The shortfall in the Nigerian Electricity Supply Industry (NESI) came, following the recent  hike in tarifs by the government. 

A senior official of the Power Sector Recovery Programme( DSRP)/Engr Belije Nadu, disclosed this during a one-way workshop for the media, recently. The Nigerian Electricity Regulatory Commission ( NERC) organised the workshop in conjunction with the Nigerian Electricity Supply Programmes(NESP) secretariat.

He noted that efforts have been made since 2005 to endure incremental recovery and growth of the country's power sector, adding that the development was delayed by inability of the government,  to put in place a concrete financing modek in the industry.

According to him, the long years of experimention in the sector is over, due to the fact that the regulator was able to identify the process of paying the shortfall accureed from the implementation of s new tarrif regime 

“PSRP Financing Plan approved (November 2021): A credible Financing Plan for the PSRP Programme that identifies how tariff shortfalls will be paid and promotes sustainable growth of the Nigerian Electricity Supply Industry, was approved.

Adding that: “Tariff shortfall payment has been cut down from a historical accumulation of  N891billion to N247 billion in 2021, and programme is on course for elimination by December 2022″ 

Madu further said that a Disco Performance Improvement Plans was approved and it  became effective July 1st,2021.

The DisCos Performance   improvement Plans tensure that DisCos Implement service improvements programmes with measurable indicators, to track quality of service improvements and monitored by NERC, 

Similarly,, the Chairman, Nigerian Electricity Regulatory Commission ( NERC) Engr. Sanusi Garba, said that the Federal Government is committed to ensuring an efficient electric power supply industry that will guarantee Nigerians adequate, reliable and affordable electricity.

He said:The Federal Government initiated the PSRP with the support of the World Bank to achieve the goal of Nigerians having access to adequate, reliable and affordable electricity in the country, 




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