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
Nigeria's power sector is not performing well because it is under the domineering influence of cartels and carbels, its Minister, Adebayo Adelabu, has said.
He, however, promised to deal with the situation professionally in order to foster its growth.
Adelabu, who spoke at a reception party organised in his honour by the Central Council of Ibadan Indigenes at Oke-Aremo, new palace of Olubadan at the weekend, said the cartel does not allow the sector to perform optimally.
“The challenges facing the power sector are enormous. The aged ineffectiveness of the sector in generation, transformation and distribution of power always attracts criticism from the end users,” he said.
According to him, the sector plays a pivotal role in the economic growth hence the reason it cannot afford to continue failing the public.
“The manufacturing sector, both the Small and Medium Scale Entrepreneur including the households, need power for economic survival.
“There is no doubt that there are cartels and cabals that are working against the success of the sector but this will be handled professionally.
“I will collaborate with relevant stakeholders including the CCII to ensure my successful stay as Minister of Power.
“It must be noted that we had this kind of opportunity 10 years ago when Chief Remi Babalola was appointed as Minister of State for Finance but today, it is no longer Minister of State but full Minister.
“My appointment must be seen as a two-edged sword with faces of failure and success. If the power sector records remarkable success or the other way round, it will not be hidden.
“That is why I need the support of all and sundry to succeed in this enormous task. We should put aside political differences and work together as an indivisible entity.
“The era of party politics, electioneering and election is gone. This is time for governance. We must reciprocate the good gesture of President Bola Tinubu with remarkable success in the power sector.”
Continuing, Adelabu said it is ready to work with Governor Seyi Makinde at the state level in a bid to turn around the state.
" I will at the state level collaborate with Governor Seyi Makinde to ensure that he succeeds in his effort to turn the state around.”
“Also, I want to commend the Chairman of Ilaji Hotels and Resorts, Engineer Dotun Sanusi for collaborating with the government in the area of rural electrification, especially with the donation of over 85 transformers to various communities in the state,” the Minister said.
Earlier in his address, the President of CCII, Barrister Niyi Ajewole, has described the appointment of Adelabu as the Minister of Power as a welcome development.
He thanked President Tinubu for reciprocating the gesture of the people of the state during the 2023 general election with the appointment of a substantive minister.
He, therefore, enjoined Adelabu to use the opportunity to impact the people of Ibadanland in the area of the creation of employment opportunity.
Ajewole also urged him to cooperate with Governor Makinde in his effort to improve power supply in the state.
Similarly, Engineer Sanusi admitted that the task before the Minister is enormous, at the same time he must prove his capability.
He told the minister to have it at the back of his mind that he is not the Minister of Oyo State but Nigeria and has no reason to fail the country.
According to him, “We must all be ready to take full responsibility for his failure and success. Our advice and constructive criticism will go a long way in his effort to make a meaningful impact in the sector.
“With his pedigree in the Finance and management sector, the minister will turn the industry around for good.
In attendance at the reception are, the past and the incumbent presidents of the CCII; Barrister Niyi Ajewole; the Councils of Mogajis and Baales led by Mogaji Asimiyu Ariori and Chief Taye Ayorinde, the Chairman of Ilaji Hotel and Resorts, Engineer Dotun Sanusi and others described the situation at the power sector as worrisome and the need for the minister to brace up for the challenges.
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