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...
Favour Ajibade
Concessioning of Ajaokuta Steel Company Limited to another party or institution would jeopardize plans to revive the firm and further return it to optimal performance, a group has said.
The group is made up of Non- Governmental Organisation (NGO) led by its National Coordinator, Mohammed Bougel Attach and African Citizens Development Foundation ( ACDF).
While the former is led by its National Coordinator, Mohammed Bougel Attach, the latter has Otunba Dele Ajayi-Smith as member.
In a statement signed by the duo and made available to News Mirror, the group is not in support to offer the multi-billion dollars Steel company to any other organization, adding that the idea is running contrarily to its objectives.
The group further said that its giving support to local investors to turn around the fortunes of the company and therefore must not be conceded to other institutions.
The coalition’s position was sequel to mixed reactions trailing the recent pronouncements by the Federal Government of Nigeria, to privatize the steel company.
This is coming on the heel of a protracted legal tussle that was put to rest recently.In particular, we view the recent comment by the Honourable Minister, Arc. Olamilekan Adegbite, where he informed Nigerians of the ongoing privatization process involving a review of select firms bidding as investors in the company, as positive and in the right direction,the statement added.
Though details about the procurement of the firms and consultants for the processes are not made public yet, the group expresses optimism that government will follow due process by applying the direct sourcing or selective bidding processes.
“As civil society group monitoring the developments around the steel plant, we wish to reinstate our earlier support to the government on the ongoing privatization efforts, which in our opinion is to encourage local investors in the affairs of the company for effective and efficient management and productivity.
“As a point to note, one of the recommendations of the November 25, 2021 National Conference on Ajaokuta Steel Complex and President Muhammadu Buhari Industrialization Agenda, was for the government to stop the concessioning agreement and consider the privatization of the ASCL and the National Iron Ore Mining Company, NIOMCO, by encouraging local investors.
“The conference however frowned at any attempt to reconsider the issue of concessioning the two companies or to allow foreign investors, as the above two factors have been the bane of setbacks recorded over the last 30 years by the two establishments
“The CSO coalition used the opportunity once again to commend the federal government over the settlement of debt owed to a foreign firm that has now set ASCL and NIOMCO on a positive new course”
According to him, the policy was in line with Sections 19, Subsections A and B of the CBN Act 2007.
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