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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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'Ajaokuta will generate N800b in 10 years ' says expert






By Akinola Ajibade


Ajaokuta Steel Company  will generate N809.56 billion in 10 years, if it given N701billion as capital to reactivate it, a fellow of Nigerian Society of Engineers (NSE),Dr. Otis Anyaeji has said.

Averagely N80 billion profit will be generated in a year, a development, which translates to N800 billion in 10 years.

Onyeaji said this in a presentation during the October 28, lecture titled: ‘Advocacy and Activism in our Engineering DNA’

A combination of public and private sector funds should be considered for adoption, probably on a 30:70 ratio in order to raise the needed fund,he said.

“This is very crucial, being another significant and consistent effort by the Nigerian Society of Engineers to further argue for ways of adding value to local resources and thereby create jobs at this difficult periodIn doing this, the investments on ground at Ajaokuta would be taken into due consideration on the public side. In other words, the real cash injection by the government may not actually be more than N100 billion at the end of the day in cash,” he added.

President of NSE, Tasiu Gidari-Wudil,in his earlier remarks bemoaned the rejection of engineering practitioners in Nigeria, wondering why a non-engineer should occupy a position meant for engineers.

“We find out that engineers have been neglected in the affairs of this country. You have Minister of Communications who is very close to engineering but he is not an engineer. But why can’t you bring in somebody who is from that field who will be able to deliver.

“So let there be a round peg in a round hole. Let the government understand that everything about governance and politics centre on infrastructural development. You cannot get infrastructural development by neglecting engineers.If we want this country infrastructurally, we just have to get the right people. So, the engineers must be involved. Other technologies must be involved,” he said.

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