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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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Stakeholders Doubt Govt Claims Over Subsidy Payment

Stakeholders at a meeting in Akwa-Ibom


Favour & Akinola Ajibade


The Federal Government appears to be economical with the truth over claims of  payment of subsidy on electricity tariffs in Nigeria. 

Stakeholders in the power sector gave this indication at the industry forum in Akwa-Ibom state recently. They said that there was no way subsidy could have existed since electricity distribution companies are profit-making organizations and are doing so to stay in business.

“How can the government claim that it was subsidizing the profit-making objectives of profit-making companies, which are not even supplying commensurate energy to the people”,the group queries in a communique signed by its National Coordinators,Barrister Clifford Thomas

The group advocated the need for the federal government to Nigerians the dynamics of subsidy removal in the power sector, to warrant the proposed increase in electricity tariffs.

It added:”If the federal government cannot explain, we therefore conclude that electricity subsidy is a scam”.

It urged the government to stop the planned electricity tariffs increase on the premise that the burden is already too heavy on Nigerians right now, and they cannot afford to pay more to electricity distribution companies.

It also advised that power generation must improve beyond what it is right now to about 15,000 megawatts, for easy transmission and distribution to end users, and to improve the manufacturing base of Nigeria.

It emphasized that the monopoly over gas should be broken, so that states with gas reserves could harness it to power electricity, cars,and domestic cooking.

It added:”This will stop the practice of gas wastage by flaring, which destroys the environment (human and natural), loss of islands in the state, rise in sea levels, shoreline recession, destruction of the ozone layer and other associated ills of gas flaring”.

According to the communique,all electricity consumers in Akwa Ibom State must be metered to enable them pay for power they consume, and not waste energy.

It added:The government of Akwa Ibom State should guarantee meters for consumers in the state by putting modalities in place to pay for, and recoup such investments as social and welfare services to the people in line with Chapter Two of the Constitution of the Federal Republic of Nigeria, 1999, as amended". 


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