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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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ICPC Will Not Hesitate to Deal Oil Racketeers


By Favour & Akinola Ajibade


Oil racketeers will henceforth face prosecution and subsequently sentenced to prison, in the event that the decision of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) stands by its decision to completely eradicate such activities in the country. 

This happens as ICPC  secured a seven year conviction for  two fraudsters, Aso Adasa Morrison and Frank Biobarakuma recently. 

The body in a statement signed by its spokesperson, Mrs. Azuka Ogugua and made available to the media, said the two suspects were first arraigned sometime in March 2013 before Hon. Justice B. A. Georgewill of Rivers State High Court 16 on a 17-count charge bordering on conspiracy, forgery and obtaining false pretence regarding transactions in crude oil in Nigeria 

She said the court was informed of how the convicts and others at large between the month of March 2012 and February 2013 in Port Harcourt, fraudulently obtained the sum of $260,000 and $402,300 from one Mr. Jung Yongmin, a South Korean, under the pretext of selling Nigerian crude oil to him.

Their actions were contrary to Sections 1 and 8 of the Advanced Fee Fraud and Other Related Offences Act, 2004 and Section 467 of the Criminal Code Act, 2004,she quoted in the statement.

She also disclosed that the convicts had earlier entered a “not guilty” plea when the charges were brought before them and that set the tune for a long legal battle.

She added:”However, it was only recently that the trial judge, Justice S. C. Amadi, Chief Judge of Rivers State (who inherited the case after the elevation of Justice Georgewill to the Court of Appeal) found the Convicts guilty on all 17 counts.

“In their allocutus to the court, defence counsel pleaded that the convicts were first-time offenders who have children to cater for and that the court should consider a non-custodial sentencing which was not granted.

“Handing down judgment, Justice Amadi sentenced the duo to 3 years in prison for counts 1-4, 7 years in prison for counts 5 & 6, 3 years in prison for count 7-17 without any option of fine.”

The sentences are to run concurrently.

The court further advised that the South Korean Embassy (the petitioners) be informed of the judgment which is a consequence of their petition to ICPC.

 
169770cookie-checkCrude Oil Racketeering: ICPC Gets 7- Year Conviction Of Fraudsters
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