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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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CBN bows to pressure, limits withdrawals to N.5m and N5m weekly

CBN head office, Abuja


By Favour Ajibade


The Central Bank of Nigeria ( CBN) has increased the maximum  weekly withdrawal for individuals and companies to N500,000 and N5million  respectively.

Before now, the weekly maximum withdrawal for individuals was  N100,000, a development, which was frowned at many Nigerians, especially the business oriented ones. 

The apex banking body, in a letter dated Thursday, November 12,2022 and signed by its Director, Banking Supervision, Haruna Mustapha said it has become necessary to upwardly review the issue in order not to cause disquiet in the country.

The letter reads: "Following our circular BSD/DIR/PUB/LAB/015/06dated December 6, 2022, on the above subject and based on feedback received from stakeholders, the Central Bank of Nigeria (CBN) hereby makes the following reviews:

" In compelling circumstances where cash withdrawal above the limits in (1) above is required for legitimate purposes, such requests shall be subject to a processing fee of 3% and 5% for individuals and corporate organizations, respectively.”





 on Thursday, and addressed to banks in Nigeria, said that it has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500, 000 and N5m, respectively.

The bank said it made the decision based on feedback received from stakeholders.



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