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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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NDX launches Exchange Traded Derivative Market

By Akinola Ajibade


NGX has successfully launched its Exchange Traded Derivatives, Market, with the listing of two Equity Index Futures Contracts, NGX 30 Index Futures and NGX Pension Index Futures.

This milestone according to the Exchange is a critical step towards its repositioning effort to further consolidate its place, as the sustainable Exchange championing Africa’s growth.

“NGX ETDs Market, the first in West Africa, is part of our efforts to build a market that is dynamic, innovative, and responsive to the growing demands of domestic and foreign investors. In specifics, the ETDs market will complement our existing asset classes, by providing investors and other market players with the necessary tools for tactical asset allocation. In addition, the market is expected to attract foreign capital flow, reduce the cost of capital and deepen the market”, said NGX Limited.

“The Exchange kicked off the Derivatives project in 2015 following a market-wide feasibility study concluded in 2014, which pointed to prospects for product creation in the equity, debt, currency, energy, and commodity markets. The successful completion and subsequent launch of this project is therefore a victory for everyone and a testament to our capacity, for partnerships, collaboration, and consolidation of previous efforts”, it added.

“To promote clearing efficiency, stability, and confidence, the Exchange has collaborated with a premier Central Counterparty, CCP, in Nigeria, NG Clearing Limited, to provide the clearing infrastructure for NGX Derivatives Market and its clearing members – Access Bank and Zenith Bank. The ETDs Market commenced with trading activities recorded by three Derivatives Trading License Holders – Cardinal Stone Securities Limited, Meristem Securities Limited, and APT Securities and Funds Limited – who have been cleared by NGX Regulation Limited to facilitate transactions on behalf of investors on NGX Derivatives Market. The contracts traded are the NGX30 Futures for June 2022, and NGXPENSION for September 2022. Other listed contracts available for trading are NGX30 Futures for September 2022, NGXPENSION for June 2022”, noted NGX.

 

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