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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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Naira re-design will curb terrorism and its allies

CBN's Head Office in Abuja


By Akinola Ajibade

Re-desination of naira will  curb terrorism, kidnapping and other insecurity problems plaguing the country,  the Central Bank of Nigeria CBN's Senior Manager,  Currency Operations Department, Shamsudeen Imam, has said.

He spoke yesterday ( Tuesday) during  a programme at the Gombe International Market in Gombe state. 

He said that cases whereby criminals collect ranson from the families of their victims are going to be reduced, once the newly redesigned naira notes are in circulation.

According to Imam, there is so much money in circulation, which has a way of encouraging criminal activities, revealing that the apex bank’s latest effort will control the money in circulation.

He said, “It will address the issue of terrorism, kidnapping, because there is a lot of money in circulation before, and the kidnappers are using that opportunity to collect ransom from people.”

He disclosed that the currency change was a good step, adding that it would add a lot of positive benefits to the economy.

According to him, other countries change their currencies every five years. “Globally, currencies are redesigned every five to eight years, but for Nigeria, it’s long overdue. Some of our currencies have stayed for 14 to 20 years, so it’s the right time to redesign our currency,” Imam said.

While enumerating the importance of the currency change, Imam said it would improve the country’s monetary policy.

“The CIC is a component of monetary policy, so definitely, our monetary policy mechanism will be very effective. It will improve our financial inclusion drive, as it will push a lot of people to open accounts because we can’t carry cash. You need to open an account and as a result, more people will come into the financial system,” he said.

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