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...
By Akinola Ajibade
Attempts by the Central Bank of Nigeria (CBN) to freeze the accounts of some Meter Asset Providers which it accused of diversion of power funds has been described as a double standard.
Many operators in the power sub-sector condemned the plans by CBN to freeze their accounts, accusing CBN of not following due process on the issue.
This happens, as the Nigerian Electricity Regulatory Commission (NERC) maintains is not ready to intervene on the issue, due to reasons best known to her.
Speaking on the issue, the Managing Director, Chief Executive officer, Mojec Asset Management Company Limited Mrs Chantelle Abdul, said that Central Bank of Nigeria ( CBN) of being economical with the truth on the issue of diversion of funds, allocated for the power sector by the Federal Government.
Mojec has a Meter Asset Provider ( MAP) company, which is one of the institutions,approved by the government,to help bridge the metering gap in Nigeria, by making meters available to millions of unmetered Nigerians.
She said that neither has Mojec divert any funds, not connive with any other stakeholders to do so.
Continuing further, Abdul described the action of the apex bank as a double standard, stressing that apex banking regulatory body knows those are behind such practices and does not want to expose them.
Some companies, she said, have benefited from the fund and yet refuse to execute the contract.
She said that those firms are left out of the list of those to be investigated.
“Why are those companies not mentioned, yet, those that installed meters are being haunted.”
According to her, payments for the contracts are performance-based and therefore, would get paid after the jobs have been certified good.
“The CBN still owes my company some money for meter installations done which it is yet to pay,” she said.
She said the action of CBN is inimical to the economy of the country as it may close down some businesses with many people losing their jobs.
She asked: “Did CBN carry out an investigation and discovered that we did not our jobs?
The programme, Abdul, has helped the government to achieve a lot in terms of metering houses which ordinarily would not have happened if the government was left alone with the project.
It is not only Mojec that is listed there, there are many other companies, she said.
What is the aim and objective of the Motion Exparte that the CBN filed for? Why file the case in Lokoja and not in Abuja? she asked.
She stated further that she is ready to make available to the public the installation certificates and the total number of meters Mojec has installed.
The companies affected are: Mojec Asset Mgt Company ltd, Integrated Power ltd, Holy Metering ltd, Protogy Global Services, Turbo Energy Limited, G unit Engineering, Koby Global Engineering Services ltd, FLT Energy System Limited, Smart Meters Access Provider Company Limited, Cresthill Engineering Limited.
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