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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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Cash Scarcity:CBN plans flooding banks with banknotes, calls for weekends' operation


By Akinola Ajibade


Ahead of plans by the Nigeria Labour Congress  (NLC) to embark on a nationwide strike and further grind the country to a halt over scarcity of cash, the Central Bank of Nigeria ( CBN) and Deposit Money Banks ( DMBs) have  agreed to pump.money into the economy, as well as working on weekends.

The apex banking rregulatory body yesterday, in a statement signed by its Director, Corporate  Communication Department, Dr Isa AbdulMumin said that its going to release  banknotes from its vaults to commercial banks across the country as part of a coordinated effort to ease the circulation of banknotes of various denominations.

Also, it has directed all commercial banks to open for operation on Saturdays and Sundays.

AbdulMumin said that substantial amount of money in various denominations, had been received by the commercial banks for onward circulation to their respective customers.

The CBN had directed all banks to load their Automated Teller Machines (ATMs) as well as conduct physical operations in the banking halls through the weekends,he said.

He said,branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs,adding that the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, would personally lead teams to monitor the level of compliance by the banks in various locations across the country.

He urged Nigerians to be patient as the current situation would ease soon with the injection of more banknotes into circulation.

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