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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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Nigerians will start spending new N200, others November this year




CBN's headquarters 

By Akinola Ajibade


Nigerians will start spending newly redesigned N200, N500 and 1,000 notes as from December 15, 2022, the Central Bank of Nigeria (CBN) Governor,Godwin Emefiele has said.

He made this known yesterday ( Wednesday) during a special briefing in Abuja.

According to him, the naira notes were redesigned sequel to the approval by the Federal Government.

The development, he said, is line with the transition from old notes to new ones, adding that bank charges for cash deposits have been suspended with immediate effect.

The new notes, Emiefele said, shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall seize to be legal tender.

He added:“Currency management is a key function of the Central Bank of Nigeria, as enshrined in Section 2 (b) of the CBN Act 2007. Indeed, the integrity of a local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy are some of the hallmarks of a great Central Bank.

“In recent times, however, currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country.

“In recent years, the CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1,000 banknotes. Although global best practice is for central banks to redesign, produce and circulate new local legal tender every 5–8 years, the Naira has not been redesigned in the last 20 years.”

He explained that it was based on these trends, problems, and facts, and in line with sections 19, subsections a and b of the CBN Act 2007, that the management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels.

“In line with this approval, we have finalized arrangements for the new currency to begin circulation on December 15, 2022. The new and existing currencies shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall seize to be legal tender.”

He said all deposit money banks currently holding the existing denominations of the currency are expected to begin returning these notes to the CBN effective immediately, as the newly designed currency will be released to the banks on the order of First-come-First-serve basis.

He also said customers of banks are also expected to begin paying into their bank accounts the existing currency to enable them to withdraw the new banknotes once circulation begins in mid-December 2022.

Banks,he advised,are expected to keep open, their currency processing centres from Mondays through to Saturdays to accommodate all cash that will be returned by their customers.

He added:“For the purpose of this transition from existing to new notes, bank charges for cash deposits are hereby suspended with immediate effect. Therefore, DMBs are to note that no bank customer shall bear any charges for cash returned/paid into their accounts. Members of the public are to please note that the present notes remain legal tender and should not be rejected as a means of exchange for the purchase of goods and services”.

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