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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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Cameroon, Korea, Two Others Engage In Money Laundering- Says CBN

CBN's Headquarters, Abuja

By Favour & Akinola Ajibade

The Central Bank of Nigeria (CBN) says  Cameroon, Croatia, Korea and Vietnam are some of the countries used for money laundering activities globally. 
The apex regulatory banking institution further said that individuals and organisations from those countries are used to launder money, urging Deposit Money Banks (DMBs) and other Financial Institutions (FIs) in Nigeria to monitor financial  transactions with individuals and agencies in the above listed nations. 
CBN, in a circular with reference number: FPR/AML/PUB/BOF/001/029, issued and signed by its Director, Financial Policy and Regulation Department,  Chibuzo A. Efobi, stated that 
Korea, Iran, and Myanmar remain on the list of high-risk jurisdictions, adding that Russia remains suspended from the Financial Action Task Force (FATF).
The circular reads: “The attention of banks and other Financial Institutions is drawn to the outcomes of Financial Action Task Force (FATF) Plenary conducted from June 21-23, 2023, and subsequent addition of Cameroon, Croatia, and Vietnam to the list of jurisdictions under ‘Increased Monitoring’.
Adding that: " Democratic People’s Republic of Korea, Iran, and Myanmar are on the list of high-risk jurisdictions, subject to ‘Call for Action.’ 
Consequently, enhanced due diligence should be applied and in severe cases, counter-measures may need to be implemented to safeguard the international financial system.”
“Additionally, we would like to emphasise that the suspension of the Russian Federation from the FATF remains in effect.
CBN, in the circular, directed Financial Institutions ( FIs) to be vigilant enough in order to deal with the emerging risks resulting from measures taken to protect the international financial system.
“In light of these developments, FIs are directed to note all additions to jurisdictions under ‘Increased Monitoring,’ as well as, high-risk jurisdictions subject to a ‘Call-for-Action’ and take necessary measures to mitigate these risks effectively.”CBN added.

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