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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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Recapitalisation w'll improve industry growth, says PenCom


By Akinola Ajibade



The recent recapitalisation exercise in the pension industry will bring about increased effectiveness and efficiency as well as improved service delivery in the sector, the Director-General, National Pension Commission, Mrs. Aisha Dahir-Umar, has said.

She spoke at the 2022 workshop organized by PenCom for  journalists in Lagos recently. 

According to her,  PenCom would continue to develop and implement innovative polices, with a view to  foster safety and fair returns on pension fund investment as the pension industry and financial system evolves.

Represented at the event by the PenCom's Head of Corporate Communications Department, Mr. Abdulqadir Dahiru,  Dahir Umah said that the  Commission is taking strategic steps, in order to  encourage workers in the informal sector of the economy to participate in the Micro Pension Plan and further expand the Contributory Pension Scheme (CPS).

Speaking further, she said the theme of the workshop, "Increasing Informal Sector Participation in the Contributory Pension Scheme (CPS): The case for Micro Pension Plan”, aligns with the Commission’s objective of expanding coverage of the CPS.

The objective of the workshop, she said, is to bring in to the CPS, Nigerians working in the informal sector and those who are self employed through the Micro Pension Plan (MPP), noting that “it is of utmost importance to educate the media on the MPP and enlist your support to make the Plan popular amongst informal sector workers and the self-employed.

She added that the Commission’s directive to increase the Minimum Regulatory Capital (Shareholders’ Fund) from N1 billion to N5 billion. was to ramp up the capacity of the Pension Fund Administrators to manage the increasing number of registered contributors, and the value of pension fund assets.

She disclosed that as at June 30, 2022, the number of registered contributors and the pension fund assets stood at 9,795,957million and N14.27 Trillion, respectively.

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