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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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Naira Scarcity: CBN Blames Hoarders, Releases More Cash To DMBs


CBN's headquarters, Abuja 

Few Naira Notes


By Favour Ifeoluwa & Akinola Ajibade 


The Central Bank of Nigeria (CBN) says the current cash scarcity in Lagos, Abuja, Kaduna and other major cities  across the country was caused by hoarders. 

Its  Acting Director in charge of Corporate Communications, Mrs Hakama Didi, told reporters that some persons are hoarding the Naira due to  challenges experienced during the Naira redesign project.

According to her, the apex bank was not only monitoring the situation, but had released sufficient cash to its branches across the country for onward distribution to Deposit Money Banks (DMBs. 

She noted  that the currency in circulation had  increased from N1trilion in February 2023 to over N3.4 Trillion as of December 11, 2023. 

This, according to her, indicated that there was sufficient cash in circulation, except that the cash was in the hands of individuals who were apprehensive due to their previous experiences.

She empathized with Nigerians, over their previous and current experiences, but insisted that the CBN had adequate cash to meet the day-to-day transaction needs of Nigerians. She, therefore, appealed to Nigerians to be patient while the CBN does the needful to ensure the availability of cash, particularly during the yuletide and beyond.

While also urging Nigerians to continue to accept all Naira banknotes for their daily transactions, Sidi Ali reiterated the Bank’s earlier call to the public to embrace alternative modes of payment, e-channels, to reduce pressure on the use of

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