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
The Senate, yesterday, considered the federal high court amendment and the franchise regulation bills for hearing, with a view to prepare them for passage in the nearest future.
The bills were sponsored by Senator Mikhail Adetokunbo Abiru, who doubles as the Chairman, Committee on Industries and also representing Lagos East District at the upper chamber of the National Assembly.
The two bills were among the seven bills considered for hearing by the Senate.
Others are Adminstration for Criminal Justice 2015; Repeal and Enactment Bill 2022 (S.B 920); Firearms Act No 32 1959 Cap F28 LFN 2004( Repeal and Enactment) among others.
The Senate President, Dr Ahmed Lawan, who
declared the hearing open was represented by
Senator Ajayi Borrofice( Ondo North).
At the event also was the Chairman, Senate Committee on Judiciary, Human Rights and Legal Matters, Senator Opeyemi Bamidele, who
urged stakeholders to add necessary inputs into the bills, in order to be able to fine-tune them for the development of judiciar matters and the country in particular.
Of note was the synopsis of the bills sponsored by Senator Abiru. According to him, the bill, which seeks to amend the Federal High Court Act aimed at addressing the obvious shortcomings inherent in the Principal Act to make provisions for the regulation of the award of pre-judgment interest to ensure the attainment of substantial justice, particularly in relation to claims bothering on commercial transactions.
He said that in commercial claims, particularly the ones for recovery of debts, the claimant should ordinarily be entitled to prejudgment interest on the principal debt sum should he succeed in his claim. However, entitlement to such a pre-judgment interest is not as easy as it seems, at least as far as the numerous decisions of our appellate courts are concerned.
“Presently in Nigeria, there is no statutory law which regulates the award of pre-judgment interest. Nigerian courts up till date still have recourse to the English common law practice as a guide in their award of pre-judgment interest.
Adding that: " A legislation and legal framework is desirable to deal with the glaring shortcomings in the law and practice on award of pre-judgment interest and this is the reason he came up with the bill”, Abiru, a retired bank Chief Executive said at the hearing.
On the Franchise Regulation Bill 2022, Abiru stated that the bill seeks to create a framework for the regulation of franchising and to guide the relationship between franchisors and franchisees and for matters connected therewith.
Continuing further, the former banker said that
franchising is a well-utilized model used for business expansion by both multinationals and local businesses.
Franchising, he stressed provides a means of expanding the reach of a business into new territories and new markets in a lower risk model than traditional company owned expansion. Franchising in Nigeria has evolved over the years from not being properly utilised and understood to now being employed across various sectors.
“However, as of today, there is no single statute that regulates franchising or guides the relationship between franchisors and franchisees. Since there are no laws the basic principles of contracts and intellectual property law are applied to franchises in Nigeria especially in the event of a dispute”.
“He encouraged the stakeholders who have more specialized information and experience in this sector, to avail the Committee with the benefit of their expert position, views and inputs so that a robust legal framework is put in place to regulate this very important emerging business strategy”.
Stakeholders unanimously supported all the bills that were under consideration and urged the Committee to expedite action on the passage of the bills.
Other Senators at the hearing include; Frank Ibezim(Imo North), Ibrahim Oloriegbe (Kwara Central), James Manager (Delta South) and Ibrahim Hassan Hadejia (Jigawa North East).
Stakeholders and representatives of the Nigerian Navy, Correctional Services, ICPC, Nigerian Army, Ministry of Women Affairs, Centre for Socio legal studies among others were also present.
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