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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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March 2023: Nigeria's inflation of 22.04% may move up further if.....



By Favour & Akinola Ajibade


Nigeria may not achieve its economic growth plans soon, in the event that the country's rate of  inflation increases further from 22.04 per cent unchecked. 

The National Bureau of Statistics( NBS), released 22.04% for the month of March this year.

This happens, as the country suffered  increase in inflationary rate on twelve occasions in recent times and may experience more growth in IR in the event that the Federal Government is unable to check it. 

Last weekend, the Bureau announced that the rate of inflation has increased from 21.91 percent in February to 20.04 per cent in March, a development, which might have informed the decision of apex banking regulatory authorities to try to halt by mopping up more funds from circulation, northwithstanding the consequences on average Nigerians, who are yet to come out of the problems provoked by the introduction and implementation of cashless policies in the country.

Records showed that the  country’s inflation rate has now risen three times in a row since the first quarter of  2023. 

For instance, March inflation data shows a 0.13 per cent increase from the 21.91 per cent recorded in February 2023.

Year on year, the country’s inflation rate increased by 6.13 per cent from 15.92 percent in March 2022.

“On a month-on-month basis, the all-items index in March 2023 was 1.86 percent, which was 0.15 per cent points higher than the rate recorded in February 2023 (1.71 percent),” the report added.

The NBS statistics also showed that the rate of food inflation in March increased to 2.07 per cent , 0.16 per cent more than the 1.90 per cent reported in February.

The country’s inflation rate has now risen three times in a row since the beginning of the year.

March inflation data shows a 0.13 per cent increase from the 21.91 per cent recorded in February 2023.

Year on year, the country’s inflation rate increased by 6.13 per cent from 15.92 percent in March 2022.

“On a month-on-month basis, the all-items index in March 2023 was 1.86 percent, which was 0.15 per cent points higher than the rate recorded in February 2023 (1.71 percent),” the report added.

The NBS statistics also showed that the rate of food inflation in March increased to 2.07 per cent , 0.16 per cent more than the 1.90 per cent reported in February.

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