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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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Glaxosmithkline Plans To Exit Nigeria Soon

The company's head office


By Favour & Akinola Ajibade


Nigerians are expected to join the thickly populated  labour market, if the plans of the GlaxoSmithKline Consumer Nigeria Plc (GSK) to close its operations in the country, is anything to go by.

The company, yesterday ( Thursday) told the  management of the Nigeria Exchange Limited (NGX) and the investing public of its intent to clise operations in the country.

The firm, conveyed this message  in a statement, issued and signed by its Secretary, Frederick Ichekwai. 

The planned closure is necessitated by the parent company, GSK Plc UK, strategic intent to cease commercialization of its prescription medicines and vaccines in Nigeria.

Besides,another of its partners, Haleon Group has separately informed the Board of its intent to terminate its distribution agreement in the coming months.

The statement added:“In our published Q2 results we disclosed that the GSK UK Group has informed GlaxoSmithKline Consumer Nigeria PLC of its strategic intent to cease commercialization of its prescription medicines and vaccines in Nigeria through the GSK local operating companies and transition to a third-party direct distribution model for its pharmaceutical products.”

The company promised to treat its employees fairly in compliance with all applicable legal and consultation requirements.

The statement said: “The Board is conscious that shareholders will have many questions; we have been working assiduously with our professional advisors to agree on the next steps and we will be shortly submitting to the Securities and Exchange Commission, a draft Scheme of Arrangement which may, if approved, see shareholders other than GSK UK, receive an accelerated cash distribution and return of capital.”

 

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