Skip to main content

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...
Post a Comment

CBN Returns BDC's Operators To Forex Market

CBN's Headquarters, Abuja


By Favour & Akinola Ajibade 


The Central Bank of Nigeria (CBN) says Bureau De Change( BDC) operators henceforth are back in the Nigerian Foreign Exchange Market to promote its growth. 

The apex banking regulatory body said this recently, while introducing changes in the operations of the Bureau De Change (BDC) segment of the industry. 

In its circular dated  August 17, 2023 and made available to the media, CBN outlines key measures aimed at streamlining and improving  BDC operations.

The measures include ensuring the spread on buying and selling of BDC operators, a development, which would allow them to operate between the range of range of -2.5% to +2.5% in the forex market window, that is weighted on  average rate from the previous day.

Explaining the rationale behind these measures,  the apex bank said it would provide more stability and transparency to exchange rate fluctuations, thereby  benefiting both BDC operators and the general public.

Acting CBN's Governor, Folashodun Shonubi 

Also, the changes would pave way for the mandatory submission of periodic financial reports by BDC operators. 

These reports include  daily, weekly, monthly, quarterly, and yearly ones, which are going to be  submitted through the upgraded Financial Institution Forex Rendition System (FIFX), a system, that is talored to meet the specific requirements of each operator in order to enhance oversight their oversight functions.

Also, the circular lays emphasis on sanctions  for operators, who fail to submit accurate returns within the specified timeframe. These include withdrawal of the  operating licenses of affected BDCs operators.

In cases where BDC operators have had no transactions during a given period, they are required to submit nil returns, thereby fostering a culture of compliance and thorough record-keeping.

All BDC operators and the public are therefore urged to familiarize themselves with these new guidelines and adhere to them meticulously, the circular added. 



Comments

Post a Comment

Popular posts from this blog

HAPPY 70 TO ELDER ADE ADEDAMOLA OGIDAN

PLATINUM BIRTHDAY ANNIVERSARY OF ELDER ADE ADEDAMOLA OGIDAN, A FOREMOST JOURNALIST & EDITOR By Favour Ifeoluwa & Akinola Ajibade Like a new born child, beaming with smiles for coming out of his mother's womb in order to live a fulfiled life, the celebrator,Ade Ogidan fits perfectly well into this category. Simply known as AAO, a shorten form of Ade Adedamola Ogidan, the thorough based journalist is without doubt, a  well grounded newsman.. With Bachelor of Science ( BSC) Degree in   Sociology and Anthropology( 1976 ) from University of Nigeria, Nsukka,  Ogidan has cut his teeth well in Journalism. Prior to this, he  taught in Osogbo Grammar School and worked at the Nigerian Communication respectively  after his youth service, a development, which no doubt prepared  him well for journalism profession and other future engagements. Pragmatic, resilient and outspoken, where it matters, Ogidan ensured  that his tenure as the first C...
1 comment
Read more

Oil Block: Why Fed Govt Prioritises Production Bonus To Attract Local & Foreign Investors

Oil Blocks: Why FG Prioritizes Production Bonus to Attract Local and Foreign Investors By Ibrahim Musa The Federal Government has emphasized production bonus, which refers to the payment by an operator to a host country upon achievement of oil and gas production, as a strategy for attracting investors to bid for Nigeria’s oil blocks. Previously, the government relied on a high signature bonus, which refers to a single, non-recoverable lump sum payment made upfront by oil companies for their rights to develop oil blocks, as an option for maximizing revenue generation, thus discouraging investors with limited resources from bidding. Currently, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC which regulates activities in the nation’s oil and gas industry, has removed all entry barriers to attract massive investments. This strategy aims at growing oil and gas production, enhancing Nigerian Content Development, attracting Foreign Direct Investment, contributing to l...
Post a Comment
Read more

NGA Recognises Okunbor & Shell Nigeria For Outstanding Contributions to Nigeria Gas Sector

NGA Recognises Okunbor and Shell Nigeria for Outstanding Contributions to Nigeria’s Gas Industry From Left to Right: President, Nigerian Gas Association (NGA), Akachukwu Nwokedi; Managing Director, Shell Petroleum Development Company (SPDC), Osagie Okunbor; Shell Principal Adviser, Governance, and Information Management, Ifeoma Okonkwo; Manager, Corporate Planning & Strategy, NLNG, Akitunde Adetunji and Financial Secretary, NGA, Engr. Chukwuemeka Iheme, during the Association’s courtesy visit to SPDC Office in Lagos recently. By Favour Ifeoluwa & Akinola Ajibade The Nigerian Gas Association (‘NGA’) has recognized and expressed deep appreciation for the outstanding contributions of Mr. Osagie Okunbor, Managing Director of The Shell Petroleum Development Company of Nigeria Limited (‘SPDC’) and Country Chair of Shell Companies in Nigeria, towards the advancement of Nigeria’s gas sector. This recognition came during a recent courtesy visit by the NGA’s Executive Cou...
Post a Comment
Read more