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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 Advises Central Bankers on Tighter Regulation of Banks

CBN's headquarters, Abuja.


Favour Ajibade


The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, yesterday, advised his counterparts in other African countries to put in place  measures that would prevent any run on financial institutions in their jurisdictions..

He said sound regulatory and supervisory mechanisms and day to day monitoring of the financial institutions are crucial, if the banks would remain healthy. 

He gave the advice at the opening of the 2023 African Central Bank Conference held at the Global Leadership Center, Johannesburg, South Africa. 

Speaking on the current global dynamics and specific policy developments in Nigeria to address emerging shocks, he advised central banks on the continent to draw lessons from the recent failure of Silicon Valley Bank (SVB) and Signature Bank in the United States of America, by putting in place regulations that will prevent any run on banks in their countries.

Emefiele, while sharing Nigeria’s experience in regulating banks, noted that the threats posed to the financial system necessitated the release of new guidelines and regulations to tackle potential infringements and, in the process, protect depositors’ funds as well as promote greater transparency in the sector.

According to him, regulators must be alive to their responsibilities by ensuring that banks under their regulatory watch are financially healthy and do not suffer a similar fate as the Silicon Valley Bank, which, until its collapse recently, catered to many of the world’s most powerful tech investors.

Topics discussed at the conference, declared open by the Prime Minister of Namibia, the Rt Hon. Saara Kuugongelwa, centred around “African Solution for African Problems” and “Africa’s  Seat at the Table,” among others. Other deliberations at the two-day confab, also addressed by Lesetja Kganyago, Governor, Reserve Bank of South Africa, bordered on “Calibrating for a New World Order” and “Unlocking Development Finance and Mobilising Institutional Investors for Development in Africa”.

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