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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 earns N890m from non-oil exports in 2022

Above: CBN's office. Below: Emiefele 


By Akinola Ajibade



Nigeria has  recorded N890million from the non-oil exports proceeds in 2022, the Governor,  Central Bank of Nigeria (CBN) Mr Godwin Emiefiele has said.

He stated this at the Nigeria International Economic Partnership Forum as part of activities lined up for the United Nations General Assembly meeting soon.

Prior to this period, the country, according to Emiefele, had recorded export repatriation about $64 million in the first quarter of 2022, $622 million in the second quarter, N859 million in the  third quarter,  adding that projections are that by the quarter, the figures would have increased further.

He expressed regret that Nigeria is highly dependent on oil revenue proceeds to support its import obligations.

He said that low revenue inflow from oil sales was responsible for the current foreign exchange crises confronting the country.

The development had led to the massive depreciation of the Naira with an exchange rate of the IE window crashing to N436 to $1.

He said the CBN is addressing the situation with its RT 200 project which will help boost foreign exchange supply with non-oil export repatriation.

He assured that Nigeria is aggressively looking at non-export for foreign exchange proceeds, saying he is certain this would yield the expected results in the months to come.

He added that Nigeria is a country where the country depends on food, and crude revenues to support other sectors, adding that the country is aggressively looking at non-oil exports.

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