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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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Sanwoolu to Banks: Support the nation's auto industry

By Akinola Ajibade


Financial institutions should do their best to support the automobile industry in Nigeria, Lagos state governor, Babajide Sanwo-Olu,has said.

This is coming on the heels of poor finance of the operators,  development, which is having grave consequences on their ability to perform optimally.

Speaking at the commissioning of the GAC Motor Showroom, Workshop and the GS 4 Sports Utility Vehicle (SUV, Sanwoolu said that the automobile industry requires the support of financial institutions, if they want to stay in business  and further create jobs for the people.

According to him, without such support, growth in the sector would be limited, while unemployment rate would continue to climb.

The state government would continue to create a convenient environment for private investors through its programmes and policies,he said.

His adminstration would partner with GAC Motor for the establishment of an assembly plant in Ikeja which would be commissioned before the end of the year,he also said.

He said: ”We are also partnering with GAC Motor on assembly plant in the state. This is a partnership between the Lagos State Government and the company.
”This shows we are not just buying finished products, but we are also partnering with the company to boost employment opportunities. The brands of GAC are actually around employment generation. And for us, this is another very first.”

Speaking, Chief Diana Chen, the Chairman, GAC Motor, Nigeria, lauded Sanwo-Olu for encouraging private investors to thrive in the state through its policies and programmes.

She added that the GS4 SUV would create the difference in the SUV segment with fuel efficiency, state-of-the-art equipment and it’s artistic simplicity.

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