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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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World Bank offers Nigeria $800m ahead of subsidies' removal


By Akinola Ajibade



World Bank has given Federal  Government $800 million ahead of June this year, slated for the  removal of petrol subsidies, the Minister of Finance, Zanaib Ahmed has said.

The global banking institution gave out the money in order to scale up national programmes before  government remove the subsidies. 

Speaking yesterday ( Wednesday) after the cabinet's meeting in Abuja, Ahmed said  the money was given to the government to provide social infrastructure for its more than 200million population.

She noted that the government was considering cash transfers and mass transit buses for workers to ease the pain of the subsidy removal on the most vulnerable segment of its population. 

She  added that the country registered ten million households,  a figure, that is equivalent of 50 million people on the  list. of vulnerables in the country. 

Ahmed said: “Several things are on plan. Some  we can start executing quickly while others are not.The latter would take some time before they are implemented"

The World Bank, Ahmed said, was  expecting  COVID-19 crisis to push over 11 million Nigerians into poverty by 2022,  a development which has taking the total number of people classified as poor in the country to over 100 million. 

According to her, discussions were going on at different levels of government and with members of the incoming administration of President-elect Bola Tinubu on the subsidy removal.

Recall that Federal Government has set aside N3.36 trillion ($7.3 billion) this year to spend on petrol subsidies until mid-2023, after which it has made no provision for the expense, which cost more than its spending on healthcare and education.


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