Skip to main content

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...

Private sector, others fault govt over bad economy


President-Buhari-at-Eagles-Square-Abuja-

By Akinola Ajibade


 Private Sector opertors including Manufacturers Association of Nigeria (MAN) and the Lagos Chamber of Commerce and Industry (LCCI), have  blamed the deteriorating state of the nation’s economy on poor policy framework and execution by the President Muhammadu Buhari led administration. 

Recall that President Buhari recently said that his administration was far better that of  to his predecessor’s, a development, which has set the tongue wagging among economic watchers in the country.

According to a report in one of the dalies, the organized private sector has unanimously described the policies of the current government as non-beneficial. The report further said that policies initiated and implemented by the current administration in the country have not translated into positive economy growth and real sector development.

Quoting the Chairman of the Gas Group of MAN,  Ola Adebayo, the report said Nigeria’s economy and the industrial sector, in particular, are lagging behind under this government.

He said:  “One thing I have observed is that policy formulation is different from implementation. With the recent events, I don’t think the government has passed. We only have very good policies on paper, but the implementation has been lacking. Once there is no implementation, it becomes just an idea.”

For his part, the Deputy-President of LCCI, Gabriel Idahosa, said the president Buhari led administration has not been able to create the enabling environment for the private sector to invest in critical infrastructures like railways and airports.

“We don’t really need any complicated analysis to see whether the policies are addressing the issues of the business community.

“This Government’s economic model is not in the best interest of the people, whether it is power supply, the foreign exchange market, whether it’s a model that enables the private sector to invest in infrastructure in a manner that enables business to thrive, it is clear for all to see.” Idahosa said.

For his part, the Director-General, Nigerian-American Chamber of Commerce, Sola Obadimu, said President Buhari’s assessment of his administration’s economic policies does not reflect the realities on ground. According to him, the current regime should be humble to admit that it had failed in all economic indices.

In his words: “In the past seven years, we have witnessed the most volatile phases in our industrial life, for instance, if we pick the naira valuation as at when he came in and now, you will see the difference. Also the benchmark interest rate has been high at 13 per cent, making access to capital difficult. That has been unfriendly to industry.”

According to an economist and Chief Executive Officer, Center for the Promotion of Private Enterprise, Dr Muda Yusuf, between 2015 and now, the Nigeria’s economy has recorded over 200 % currency depreciation even as investors’ confidence has worsened within the period under review.

“The current situation now is almost unprecedented and, of course, you can’t compare that now to what the situation was in 2015. Look at our currency. What was the exchange rate even at the parallel market in 2015 and what is it now? Dr. Yusuf queried.

“We are talking of a depreciation of over 200 per cent or even more and that also has a very serious implication. Even the poverty situation in the land is much and the business confidence, Investors’ confidence has worsened between 2015

Comments

Popular posts from this blog

NNPC destroys 134 Illegal Refineries Recently

A destroyed refinery  By Favour Ifeoluwa & Akinola Ajibade  The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks.  Also, the company said  63 illegal pipeline connections were uncovered during the the weeks .  The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge.  According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation.  It further s...

SHELL PHOTOSTORY-2 ( LAKOWE GOLF COURSE, LAGOS

L-R: General Manager, Safety and Environment, Shell Nigeria, Elozino Olaniyan; Vice President Midstream, Henry Bristol; former Managing Director, Shell Nigeria Exploration and Production Company Limited (SNEPCo), Chike Onyejekwe; SNEPCo Managing Director, Elohor Aiboni and Shell Nigeria Vice President, Human Resources, Olukayode Ogunleye, at the Golf Kitty retreat organised for serving and retired leaders of Shell Nigeria at the Lakowe Golf Course, Lagos… recently. A cross section of serving and retired leaders of Shell Nigeria at the Shell Nigeria Golf Kitty Retreat held at Lakowe Golf Course, Lagos… recently.    

IGP to Nigerians: Deface new notes and face prosecution

IGP Baba New naira notes  By Akinola Ajibade Nigerians, who are selling and defacing new naira notes of N200,500 and N1000 are facing arrest and prosecution soon unless they change from their criminal activities,  the Inspector-General of Police, IGP Usman Alkali Baba has said   Baba yesterday ordered the Deputy Inspector-General of Police in charge of the Force Criminal Investigations Department and the Assistant Inspector-General of Police in charge of the Force Intelligence Bureau, to commence arrest and prosecution of individuals, who was found selling and abusing the  naira notes issued by the Central Bank of Nigeria.  The order, which was conveyed in a statement signed by the Force Spokesperson, CSP Olumuyiwa Adejobi, quoted the police boss as imploring them to place officers and men of the Department and the Bureau across the nation on high alert. He further charged all supervisory Assistant Inspectors-General of Police and Co...