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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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Pension investments in FGN securities rise to N9.64 tr



By Favour Ajibade


Pension investments in Federal Government of Nigeria ( FGN) securities have increased from N9.19 trillion in September 2021  to N9.64 trillion in December 2022.

According to the National Pension Commission  (NPC, the increase represents N451.82 billion or 4.92 per cent.

The body further attributed the  increase in the value of investments in FGN Securities to additional investments in assets class during the last quarter.

While referring to its fourth Quarter of 2022 Report, PenCom said that the total value of pension fund assets as at December 31, 2022 was N14.99 trillion.

The assets, PenCom said, was made up of N10.72 trillion RSA ‘Active’ Funds I, II III and V; N1.19 trillion RSA Retiree Fund IV; N1.57 trillion Closed Pension Fund Administrators (CPFAs); and N1.48 trillion Approved Existing Schemes. Fund VI Active and Retiree Fund amounted to N36.20 billion. 

A breakdown of the fund, the agency said, showed that pension fund assets were mainly invested in Federal Government Securities (FGN), which accounted for 64.33 percent of total assets. 

The report read: “The composition of investments in FGN Securities includes FGN Bonds at 95.60 percent; Treasury Bills at 2.06 percent; and Agency Bonds, Sukuk and Green Bonds accounting for 2.34 percent.


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