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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 CBN ready to fund Ikeja Electric's Metering Project

Hopes, as CBN ready to fund Ikeja Electric's  Metering Project


By Akinola Ajibade


Hopes on the horizon for customers in need of meters at Ikeja Electricity Distribution Company ( IEDC) as the Central Bank of Nigeria ( CBN) has promised to provide funds for the Phase One of the metering project of the company.

The Director of Development Finance, CBN, Yila Yusuf, said it is this  during a monitoring and evaluation tour of IKEDC facilities in Ikeja, Lagos, where he also expressed the bank’,s satisfaction with the projects executed with funds earlier disbursed.

He said:“Let me say that Ikeja Electricity is very innovative; we have followed some of the things you have done, especially providing electricity upward of 20 hours with different prices, among others.I think that’s the only way you can ensure that you run the DISCO well. I look at all the performance numbers, month by month and you have done excellently well, to be honest compared to the others.

“We will continue to task you as you go to Phase One from the Phase Zero metering.And we look forward to providing the requisite funding for that intervention, and we believe it will go a long way in ensuring that the market is not only liquid but electricity gets to consumers”

He promised that his bank  would design interventions that would sort out some of the challenges with the energy sector.

He  disclosed  that the bank, as part of its development finance effort, disbursed N8.83 trillion to different sectors, adding that 24 per cent of the funds went to the energy sector.

He also said energy was important for development and without energy (electricity), no country could grow on the path of sustainable development.

In her earlier remarks,the Chief Executive Officer of Ikeja Disco, Mrs Folake Soetan, implored the CBN team to expedite its intervention for the company.

She said:“The projects that we have executed so far were for 2021, and we are already in Q2 2022. So, in order to effectively execute the projects that we planned for 2022, we once again require your support as we have always done.

“For the National mass Metering Initiative, Phase Zero, for Ikeja Electric, we executed on time, we completed the number of metering that was required of us and we are very eager to start Phase One.So, I’m appealing once again for your support in helping us fast track that process. Opex (Operational Expenditure) is very key at this time”

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