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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Below: Its Chairman, NAMI
By Favour & Akinola Ajibade
Nigeria needs strong reforms across the three layers of governments, namely federal, states and local government councils, in the event that she would achieve tremendous growth in the area of collection of tax revenue, the Executive Chairman,Federal Inland Revenue Service, FIRS),Muhammad NAMI, has said.
He spoke, yesterday ( Monday) at its 153rd meeting of the Board in Abuja. The meeting had the theme: “Harmonization and Codification of Taxes At The National and Sub-National Levels: Key To Achieving A Tax Friendly Environment In Nigeria.”
He said tax authorities must continue to explore and adopt measures, among providing other initiatives which would lead to the optimisation of tax revenue in the three levels of governments.
“As the new administrations attempts to address many socioeconomic challenges facing the nation, it becomes imperative for all the levers of State to shake-off any lethargic antecedents and focus on the goal of a national resurgence.
“The unique and privileged offices we occupy as drivers of the nation’s tax administration processes presents us with a rare opportunity to take hard, but necessary decisions that are expected to yield long term benefits and add immense value to our collective prosperity as a nation.
“In recent years, especially since the dawn of our current democratic dispensation, the importance of taxation has continued to be reiterated and reinforced by all, and the critical role that tax-revenue plays in funding government and governance cannot be over-emphasized.
“However, as we continue to make progress in our unique model of taxation, it is appropriate that we continue to explore and adopt measures and innovative initiatives that will lead to the optimization of tax revenue for all the levels of government, in more efficient, more effective, more inclusive, and more sustainable ways.
“It is only by achieving this, that our efforts as tax administrators can trigger the manner of activity required in the productive sectors of our economy, towards achieving the immense economic potentials that we are capable of,” Mr. Nami said.
Nami,who is also the Chairman of the Joint Tax Board further assured Executive Chairmen of State Revenue Authorities present that given the thrust of the current administration’s tax policy direction, the country was on the pathway to eradicating multiplicity of taxes as a core of its overall economic regeneration objectives.
Mr. Taiwo Oyedele, Chairman, Presidential Fiscal Policy & Tax Reforms Committee,while delivering a presentation on the theme of the meeting highlighted that multiple taxation was causing low tax morale in the country, as well as discouraging investments, while creating room for corruption and making doing business difficult.
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