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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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CBN justifies intervention in power sector


By Akinola Ajibade 


The Central Bank of Nigeria(CBN) embarked on several performance improvement projects in order reduce the problems facing the industry, the apex bank's Directors of Developmental Finance, Strategy Management, Trade and Exchange, Messrs Yusuf Philips, Clement Buhari and Ozoemena Nnaji, have said.

They spoke during their visit to the Eko Electricity Distribution Company ( EKEDC) recently.

The visit was part of the monitoring and evaluation tour of the CBN- funded intervention facilities for electricity distribution  companies in Nigeria.  They all justified the intervention of CBN in the nation's power sector.

Speaking,Yila explained that the CBN  had intervened by funding the procurement, installation, rehabilitation, and replacement of some electricity distribution infrastructure to assist the Discos’ capacity in the delivery of adequate and reliable power supply to Nigerians.

He said the  CBN commenced phase zero of the National Mass Metering Programme  in 2020 to address the problem of metering. As a result, adding that the apex bank’s monitoring and evaluation team visited the Disco for progress reports on these projects.

He  commended Eko  Disco for its  effort towards the achievement of the Federal Government/CBN intervention schemes.

The National Mass Metering Scheme is very important to the CBN,he said,adding that the tour is also meant to carry out due diligence on the execution of phase zero of the scheme and how the apex bank and the Disco can collaborate better in proceeding to the next phase.

Speaking,the Managing Director, Eko Disco, Dr Tinuade Sanda, was quoted as expressing her appreciation to the CBN for its effort in improving the power sector.

According to her, the  CBN-funded Capex projects had helped her company  in improving its supply to meet the high demand for electricity in its network.

She added that the projects have brought about the rehabilitation and replacement of obsolete equipment.

She he said the NMMP came at the appropriate time to reduce our losses and cushion the effect of the Service Reflective Tariff.

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