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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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Subsidy will encourage competition, says Makarfi


Favour Ajibade


Nigeria  would be providing  opportunities for businesses to compete and further increase their earnings, immediately subsidy is removed, the Nigerian Ambassador to Brazil,  Ahmad Makarfi, has said.

He said this at the Brazil-Nigeria Business Forum organised by the Brazilian Consulate in Lagos in commemoration of the Bicentennial Independence of Brazil.

The government, he said, would be able to free some funds for investment in other sectors, once its stops paying subsidy on fuel imported into the country.

He, however, urged the business community to leverage the potential of Brazil in fields such as agriculture, aviation, transportation, and others, including services.

According to him, if the renewed business relations is embraced, it will enable Nigerians to contribute to the substitution of imports in specific areas where the country has the capacity to produce locally, and can bring attractive initiative.

“I enjoin all of us to engage our friends that will be coming from Brazil and others to help us in some of these efforts that we believe are good for the country.

“Nigeria imports two million metric tonnes of wheat every year. We do not produce, not that we do not have the capacity. We do not produce more than 100,000 metric tonnes of wheat. The shortfall is meant through import,” the ambassador said.

He noted specifically that favourable market exist for wheat products, urging the business community not to rely on the government to do this for them.

“Do not ever think that the government will run some of these things (businesses) to provide for the people. It is for us to take some of this knowledge like we have been doing and adapt them in agriculture, aviation, value addition-progress and in every other aspect.

“Just have off-takers among the commercial private sector to upscale the production and mass adoption across board,” Makarfi added.

Meanwhile, in an exclusive interview with InsideBusiness, the President, National Cotton Association of Nigeria, Anibe Achimugu, said the major take away from the business forum was the fact that Brazili was reaching out to Nigeria’s private sector.

Brazil has the capacity technologically and otherwise to help businesses to grow in various sectors.

“From what I have seen so far, I think they (Brazil) have that capacity to support large scale production and also processing with value addition,” he said.

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