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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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Union Homes entangles in a web of crises

Union Homes office, Lagos 


By Akinola Ajibade


Union Homes embroils in deeper crisis over N2.5b compensation fund 
All appears not well with Union Homes as the company is facing allegations such as diversion of N2.5 billion paid it by the Lagos government in order to compensate victims of demolition exercise carried out in Abule Odo and Iyana Oba areas of state among other issues.
The government is believed to have paid  compensation for demolishing properties in those areas, years after all parties involved on the matter are unable to amicably resolved the matter.
Sources close to the mortgage financing and estate development firms, said that N2.5 billion was sometimes ago  diverted to Aso Savings, which is a parent body of Union Homes. 
Part of the allegations also include acquisition of Union Homes through shady deals ten years ago.
The sources further said that Aso Savings and Loans Limited was required to inject N5billion as a purchasing consideration fee into Union Homes within 90 days to consumate merger and acquisition arrangements before it can effectively take over and have access to the assets of  Union Homes. 
However, Aso Savings and Loans Limited, according to sources, has  failed to recapitalise Union Homes, as well as criminally converting its 
assets under the failed merger and acquisition programmes earlier signed  in order to improve the  growth of the organisation.
Added to this is the alledged payment of N1billion out of N2.5 billion to the officials of the Lagos state government, who facilitated the  compensation programme.
Efforts made to speak with the Managing Director of Union Homes proved abortive, as neither the text message  nor calls made to him were replied.

















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