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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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Fed Govt Will Soon Disburse Funds To SME Operators


By Favour Ifeoluwa & Akinola Ajibade


The Government will commence disbursement of funds under its Presidential Palliative Programmes, the Minister for Industry, Trade and Investments, Dr Doris Uzoka-Anite has said. 

The programmes aim at alleviating the impact of the fuel subsidy removal on Nigerians. 

The Minister, in a statement, yesterday ( Sunday) and made available to the media, said the programmes consist of the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme. 

The statement said: "“In the Presidential Conditional Grant Programme, the Federal Government will disburse a grant sum of N50,000 to nano businesses across the 774 local government areas. “The Federal Government, through the Federal Ministry of Industry, Trade and Investment and Small and Medium Enterprises Development Agency of Nigeria, will collaborate with state and local governments, federal legislators, ministers, banks and other stakeholders for the disbursement of the funds. 

It added that: “Eligible nano business beneficiaries should be willing to provide proof of residential/business address in their local government area, and provide relevant personal and bank account information, including Bank Verification Number for verification of identity.” For the Presidential Palliative Loan Programme.

It said the government would disburse N75billion to micro, small and medium-sized enterprises across various sectors and N75billion  specifically to manufacturers. The loan would be administered to the beneficiaries at a single-digit interest rate of nine per annum.

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