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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 faces a gloomy economy as inflation hits 18.60 per cent

By Akinola Ajibade


Nigeria heading for the worst economic crises, in the event that the Federal Government, fails to put in place measures to stem the rising inflationary rates in the country.

The measures include improving the value of naira relative to other currencies such as dollars and pound sterlings, reducing importation of goods and services,  upping domestic production by establishing more companies, vigourosly pursuing economic diversification progresmmes in order to reduce reliance on crude oil's exports among others.

This happens, as Nigeria's inflationary rates kept on rising amidst increasing Food And Commodity Prices   in the country.

According to the latest report from the National Bureau of Statistics (NBS),  the nation’s inflation rate for the twelve months period ending June 2022 was 18.60%.

 On a month-on- month increase, this indicates a 1.82% rise in Nigeria’s inflation when compared to the figure for May 2022, which was 17.71%.

 According to NBS, in June 2022, Nigeria’s inflation rate increased to 18.60 percent on a year-on-year basis, 0.84 percent points higher compared to the rate recorded in June 2021, which is 17.75 percent.

 This means that the headline inflation rate increased in the month of June 2022 when compared to the same month in the previous year (i.e., June 2021).

 Increases were recorded in all the Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index, according to the national statistical office.

 “On a month-on-month basis, the Headline inflation rate increased to 1.82 percent in June 2022, this is 0.03 percent higher than the rate recorded in May 2022 (1.78 percent).

 “The percentage change in the average composite CPI [consumer price index] for the twelve months period ending June 2022 over the average of the CPI for the previous twelve months period is 16.54 percent, showing a 0.62 percent increase compared to 15.93 percent recorded in June 2021,” the NBS stated.

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