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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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Reps-NNPC: You spent your profit tax to pay subsidy





By Akinola Ajibade


From the House of Representatives came  revelation yesterday( Thursday) that the Nigeria National Petroleum Corporation NNPC made series of  deductions from petroleum profit tax in order to pay for fuel subsidy.

Also, the lawmakers said that many government agencies are involved in self assessment of their income tax, as against the expressed provisions of the nation's tax laws.

The  Chairman, committee onTaxes,Hon Mustapha Aliyu and and other members made the discovery while engaging the Chairman of the Federal Inland Revenue Service FIRS Mr Mohammed Nami on the issue.

However, the tax agency said that its responsibility was to collect revenue for the Federal Government, not keeping records of how monies are expended.

Speaking further, the Committee urged FIRS to fish out companies and agencies, which engage  in deductions of taxes meant for the government.

According to a member of the committee, Hon. Benjamin Kalu( Abia APC),  some government agencies may have been involved in racketeering and as a result, would not want the deals to come public knowledge.

The members, also asked the government abolish subsidy regime, claiming that the money, which the country is paying in order to subsidize petroleum products is outrageous.

Another member of the probe panel Hon. Sergius Ogun (Edo, PDP) said that “from the records it is obvious that the government is paying for what the citizens are not consuming in Nigeria.”

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