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
Any commercial banks, which involved in round tripping and other illicit monetary crimes, would henceforth be exposed and condemned, the Acting Governor, Central Bank of Nigeria (CBN), Mr Folashodun Shonobi has said.
This follows series of accusations levelled against the monetary financial institutions in the country, by stakeholders, especially operators and the negative consequences, which the development is having on the country.
While delivering a lecture entitled: " Diaspora Remmittences and Nigerian Economic Development" in Abuja recently, Shonubi said round tripping and other monetary offences are becoming a challenge, which must be outightly tackled, in order to restore sanity in the local and international financial practices.
According to him, commercial banks are culpable, adding that CBN will soon go after any one of them caught in the practices.
He said the recent plummet of the Naira exchange rate to over N950/$ in the parallel market, coupl6 with an exacerberating scarcity of foreign exchange, made the apex bank to issue a stern warning to banks, which involved in the unlawful trading of Forex.
He said the need to ensure that funds are directed through proper avenues to bolster economic growth, is key to the development of the economy.
“We will not hesitate to expose and condemn the commercial banks engaged in such illicit practices,” Shonubi declared unequivocally. Moreover, Shonubi highlighted the shortcomings of the existing remittance system" he said.
Shonubi pointed out that the cost of transferring money from the diaspora to Sub-Saharan Africa stands at approximately 9 per cent of every $100, a figure he deemed excessively high and unparalleled globally.
Despite the challenges posed by informal channels, Nigeria has still managed to attract a substantial amount of remittances, with a staggering $16.7 billion influx.
However, a significant portion of these funds bypasses the official foreign exchange market. “We are vigorously striving to incentivise individuals to route their funds through formal channels, steering clear of the convoluted informal avenues,” Shonubi said.
The CBN measures will impact currency markets in a few days time, Shonubi further said after meeting President Bola Tinubu to discuss ways to improve dollar liquidity on the official market. CBN governor Shonubi’s meeting with Tinubu comes after the bank on Friday revealed a $19 billion commitment in derivatives in 2022, nearly the size of the country’s reserves.
Nigeria is looking for ways to shore up its reserves and stem the fall of its currency, which has hit record lows on the black markets two months after trading restrictions were loosened on the official market. Shonubi did not disclose the measures to be introduced.
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