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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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Labour- Fed Govt: take immediate actions to reverse fuel price hike



Favour Ajibade


The Federal government should take immediate steps to reverse the current hiked price of fuel N240, The Nigerian Labour Congress ( NLC), has said. 

NLC said this in a joint statement signed by NLC and TUC Presidents, Comrade Ayuba Wabba and Comrade Festus Osifo.

According to them, the ongoing price hike of fuel is unnecessary, crippling and pain-inducing to Nigerians, adding that Nigerians they are  suffering beyond measure because of government policies.

The Labour Centres are seriously bewildered and disturbed by the persistent shortage and uncontrollable prices that players in the downstream sector of the petroleum industry are meeting out to Nigerians.

The statement added:“The persistent shortages of Premium Motor Spirit (PMS) otherwise called petrol in the country has become a source of pain to the Nigerian people.It has led not just to long avoidable queues, adulteration of the product by the unscrupulous elements, exploitation of the consumers, turning fuel stations to traffic menace.

“All these have tragic consequences for the Nigerian people and debilitating effects on the health of the economy which itself is not in a good state.”

“We are reliably informed that the shortage is deliberately fostered by players in the downstream sector in other to hike the price far above the government-approved threshold. It is an added problem when non-state actors begin to arrogate to themselves the power to determine the price of a litre of fuel far above the rate pegged by the government in the current subsidy regime.

“The Nigerian people and taxpayers currently expense several trillions of Naira annually to subsidize petrol. The same people cannot be exploited and made to pay over N240 per litre when the current ex-depot price is currently fixed at N l 48.19k per litre. The opportunity cost of the subsidy payment is enormous and yet the benefit of the subsidy regime is gradually been eroded.

“No country develops when its people are subjected to perennial hardship and its industries are shackled by unnecessary chains of miseries.

“It is more disturbing that the government is equally demonstrating a high level of culpability in the unwholesome situation by its silence and unwillingness to frontally and publicly address the harrowing experiences of Nigeria in the current situation because no concerned and responsive government will bury its head in the sands like the proverbial ostrich while the citizens are being brutally exploited.

“For the records, no private individual or companies are importing a litre of PMS into this Country, all Products are imported by the government and there is no record whatsoever that the agency of government min is importing the products has added a kobo to the price it sells the Products to the Marketers. Then who is benefiting from this racketeering?

“We are strongly worried that leaving our energy security and sovereignty in the hands of unscrupulous capitalists and their collaborators will further plunge this nation into the economic abyss we are working hard to avoid.”

They urged the federal government an end to the avoidable, unnecessary, crippling and pain-inducing fuel shortages and unapproved price hikes of up to N240 in the country,adding that the excuse is good enough to cripple the country.

If there are challenges, they should be fixed; we have a government in power to fix challenges not to make excuses,they also said

They added:“Organised Labour are ready and willing to engage the Federal Government and assist in all ways possible to overcome the country’s present challenges. But we caution it not to take either the Labour Movement nor the Nigerian people for granted as it seems to be manifestly doing on various crucial national issues”

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