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...
By Favour & Akinola Ajibade
Godwin Emefiele, the Governor of Nigeria’s Central Bank was suspended because he could not present the audited accounts of the bank from 2019 up to date, InsideBusinessNG investigation has revealed.
An audited account is a financial record that have been checked by a chartered accountant as being a true and correct record of the financial operations and position of an organisation .
Emefiele’s suspension which sources within the Aso Villa, Nigeria’s seat of government, the intelligence community, and the apex bank said is a raging fire, is currently making many in both the private and the public sectors uncomfortable, and may also affect the new CBN Acting-Governor, Folasodun Shonubi whom they alleged, does not merit the position.
They alleged Shonubi is at the center of the recent Stamp Duty scandal that rocked the apex bank. The new Acting-Governor is also alleged to be involved in the jumbo insurances of the CBN which premiums were allegedly inflated by billions of Naira during Emefiele’s tenure.
They also alleged that Shonubi favoured some insurance brokerage firms that are involved in the cover for the apex bank’s risks. These are minuses for Shonubi according to people that are familiar with the issues.
Findings by InsideBusinessNG showed that in the first week of this new administration and during the heat of the subsidy removal, President Bola Tinubu had asked Emefiele for a comprehensive report of his administration from 2016 to 2023.
Query That CBN Governor, Godwin Emefiele Could Not
The Central Bank of Nigeria ( CBN) Governor, Godwin Emeifiele was suspended because he could not present the audited accounts of the bank almost four years( 2019 till date), News Mirror investigation has revealed.
Audited accounts are financial records of institutions( quoted and unquoted) which have been verified by chartered accountants and also found to be true and correct financial status of the organisations.
Reliable sources within the Aso Villa, Nigeria’s seat of government, the intelligence community, and the apex bank issues about the audited and unaudited accounts of companies are raging currently in both the private and the public sectors, and that the new CBN Acting-Governor, Folasodun Shonubi whom they fingered as one of the key suspect does not merit the position.
The sources alleged Shonubi is at the center of the recent Stamp Duty scandal that rocked the apex bank, adding that the new Acting-Governor is alleged to be involved in the jumbo insurances of the CBN which premiums were allegedly inflated by billions of Naira during Emefiele’s tenure.
They also alleged that Shonubi favoured some insurance brokerage firms that are involved in the cover for the apex bank’s risks. These are minuses for Shonubi according to people that are familiar with the issues.
Findings by News Mirror showed that in the first week of this new administration and during the heat of the subsidy removal, President Bola Tinubu had asked Emefiele for a comprehensive report of his administration from 2016 to 2023.
Although a report was submitted for the period, it was, however, said to be exclusive of some vital information required for the presidency to take a decision on the measures to cushion the impacts of subsidy removal.
News Mirror investigations further revealed that another query was issued, bothering on the apex bank’s financial status between 2019 and 2022 with a specific request for the CBN’s audited accounts for the period. These are parts of the vital information which the first report by Emefiele omitted.
This query, it was gathered, threw the entire CBN management off balance because both KPMG and Ernst & Young, the two auditors to the CBN, had in January confessed to the Department of State Service (DSS) during its investigation of the apex bank, that the audited accounts from 2016 to 2021 were all fraudulently prepared and should not be relied on for any decision. Consequently, they had allegedly agreed that the financial statements of the CBN from 2016 to 2021 be withdrawn and all be re-issued.
News Mirror in February reported that the apex bank has no audited account for the Year 2022 despite the N300 million part-payment of fees to the two auditors.
The inability to present the financial statement was gathered to have created problems for Emefiele, who, allegedly told the Presidency that the documents were in Lagos and so was excused to go and get them. It was during this period that sources in the CBN said he wanted to flee the country, leading to his arrest.
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