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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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Access may acquire controlling shares in Angola Bank

By Favour and Akinola Ajibade 

Access Bank may acquire a majority share in  Finibanco Bank S.A,  a full size Commercial Bank with 20 branches and a  total assets of $300million  in the oil rich nation in Southern Africa. 
This follows the  regulatory approval by the Central Bank of Angola, Bianco Nacional de Angola.
Prior to this period, the Central Bank of Nigeria (CBN) had approved the transaction and the Bank now expects to receive the approval of the Angolan Competition Authority in the coming days in order complete regulatory approvals required to bring the transaction to closure.
While announcing the decision by Access Bank to acquire the Angola Bank, the Company Secretary, Sunday Ekwochi said the bank has also signed an agreement with minority shareholders of Finibanco Angola S.A who have expressed an interest to sell their shares concurrently as the bank targets above 80 percent at the completion of the deal.
Similarly, the Group Chief Executive Officer, of Access Holdings said the company is pleased with the development which has made Access Bank, a frontline bank on the continent.
“We are pleased to be well positioned to join the select league of banks providing high-value financial services to high growth business and the rising consumer sector in Angola”.

 


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