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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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Tinubu-Reps: Fed Govt Needs N500b For Palliatives


President Tinubu seeking N500billio through Representatives


By Favour & Akinola Ajibade


Nigeria will spend N500illion for palliatives in order to cushion the effect of subsidy removal on petroleum products in the next few months, if all go according to plans. 

This happens, as President, Bola Tinubu, requested the approval of the House of representatives for an amendment of the 2022 supplementary appropriation Act. Through the amendment, the Federal Government will be sourcing N500 billion for palliatives, with a view to lessen the pains, which subsidy removal has brought to Nigerians.

The Speaker of the House of Representatives, Tajudeen Abbas, read the president’s letter during plenary on Wednesday.

Titled: “Request for the amendment of the 2022 appropriation act”, Tinubu said the money which the government is sourcing  from the 2022 supplementary Appropriation Act of N819.5 billion will be used as palliatives for Nigerians.

“I write to request the approval of the House of Representatives for an amendment of the 2022 appropriation act in accordance with the law.

“The request has become necessary in other to source for funds to provide necessary palliatives to cushion the effect of the recent removal of fuel subsidy in Nigeria.

“The sum of N500 billion only has been extracted from the 2022 appropriation act of N819.536 for the provision of palliatives to Nigerians to cushion the effect of fuel subsidy removal. I expect that the House will speedily consider the request,” the letter read.

The speaker said the lawmakers would consider Tinubu’s request at plenary on Thursday.

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