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 will spend a minimum of $2billion annually, in the event that she opted for a military option in order the crises in Niger, a neighbouring country in. Africa, the Director/ Chief Executive officer, Centre for the Promotion of Private Enterprise ( CPPE), Dr Muda Yusuf has said.
Recall that a military junta in Niger Republic, led by General Tichiani, ousted the government of Mohamed Bazoum, a development, which has since generated controversy countries and bodies within and outside Africa.
In a statement titled “Economic Implications Of Military Option In Restoring Democracy In Niger, signed yesterday ( Tuesday) and made available to the News Mirror, Yusuf welcomed the decision of the Economic Community of West African States ( ECOWAS) to pressurise the military junta in Niger to restore constitutional democracy in that country, but warned that the development will cost Nigeria $2 billion yearly, in view of the fact it is enormous and challenging for a country, like Nigeria, which is grappling to survive.
He said that the socio-economic implications are quite huge for a country struggling with a high fiscal deficit like Nigeria, and the rest of the regional economic block.
He noted that Nigeria spent fortunes, when she intervened in Liberia and Sierra Leone operations, adding the country would not spend less than $2 billion annually to prosecute a military operation in Niger, taking into account the prevailing geopolitical dynamics in the Sahel.
Continuing further, Yusuf said it will be difficult to accommodate such a huge financial commitment at this time without putting a serious strain on the nation’s fiscal operations and foreign reserves.
Nigerian authorities, Yusuf said, should realise that lives were lost. durin the Liberian and Sierra Leonian war, stressing that there was no concrete benefit for Nigeria if she spend so much of its financial and human resources except for the perception of Nigeria in the comity of nations as the ‘giant’ of Africa.
According to him, the fragile fragile security situation in the sub-region may further deteriorate in the event of a military assault on Niger.
“Current acts of terrorism in the region require concerted efforts by ECOWAS countries to tackle them. Nigeria needs the cooperation of its neighbours to effectively confront terrorism in the country,” said the immediate past Director General of the Lagos Chamber of Commerce and Industry (LCCI).
According to him, a fragmented region cannot present an effective front to deal with the growing challenge of insecurity in the region, warning that the countries in the region may become more vulnerable in the event of intra-regional conflict and fragmentation.
He added that “it is instructive that the Sahel is rapidly becoming a theatre of geopolitical competition between Russia and the West. The Sahel is currently the hotbed of global terrorism. It is not in Nigeria’s interest to get deeply involved in the military adventures in the zone, with Mali, Burkina Faso, and Niger being major theatres of their operations. This could further complicate matters for the entire sub-region. Nigeria should avoid getting entangled in these geopolitical dynamics,” Yusuf warned.
“Our President, His Excellency Bola Ahmed Tinubu, GCFR being the current chairman of ECOWAS is saddled with enormous leadership responsibility at this crucial time in the region’s history.
However, any contemplation of military intervention should take into account the wider social, economic, welfare, and security implications for the countries of the sub-region and their citizens. There are far-reaching macroeconomic, trade and security, and geopolitical ramifications that should be carefully considered. The risk of high collateral damage is also very high.
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