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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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Nigeria, 72 others in debt crises, says IMF

By Akinola Ajibade

The International Monetary Fund( IMF) has passed a vote of no confidence on Nigeria and other seventy two countries, declaring that their economiees are in crisis and as a result, are at high risk of debt distress.. 

It further said that the counties are either at risk of debt distress or already in debt distress.

Citing a new report titled: Restructuring debt of poorer nations requires more efficient coordination”.the global financial institution describes the countries as poorer and therefore require proper assessment and complete rejuvenation.

The bank noted that low-income countries face fewer debt challenges today than they did twenty five years ago, due to the Heavily Indebted Poor Countries initiative, which slashed unmanageable debt burdens across sub-Saharan Africa and other regions.

The Bank said that" Although debt ratios were lower than in the mid-1990s, the debts have been creeping up for the past decade and the changing composition of creditors would make restructurings more complex,the bank said. Adding that:“About 60 percent of DSSI countries are at high risk of debt distress or already in debt distress—when a country has started or is about to start, a debt restructuring, or when a country is accumulating arrears.

Spurred by low-interest rates, high investment needs, limited progress in raising additional domestic revenue, and stretched systems for managing public finances, the debt ratios of DSSI countries have increased, partly reversing a decline seen in the early 2000s.

“Now, the economic shocks from COVID-19 and the war in Ukraine are adding to the debt challenges faced by low-income countries, even as central banks start to raise interest rates.”

The report said that among the 41 DSSI countries at high risk of or in debt distress, Chad, Ethiopia, Somalia (under the HIPC framework), and Zambia have already requested debt treatment

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