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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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Nigeria Will Spend N1.6trn on Electricity Subsidy This Year, Says Fed Govt

Sanusi during the intertive session

By Favour Ifeoluwa & Akinola Ajibade

No fewer than N1.6 trillion will be spend on subsidizing electricity for end users by the Federal Government in 2024, the Executive Secretary,  Nigeria Electricity Regulatory Commission ( BERC) , Garba Sanusi has said. 

He said this yesterday( Wednesday) during an interactive session with journalists  in Abuja 

According to him, the amount was not sustainable, going by the bad economy in Nigeria.

Recall that NERC last night( Wednesday) posted the review tarriff for the operating electricity distribution companies with provision of subsidy.

The NERC boss, who spoke passionately about the new tarrif review said: “I want to correct the impression that for one year we haven’t had any review. The reality is that the reviews have been done but what happened is what you pay as a customer is a blend of regulation and and policy.

“If we have determined that you should be paying N150 and the Federal Government says you should pay N60 and it will pay the difference. Then that is what it is, and the government would now provide the money.

“And that is why the current tariff order that is posted on our website, you will see this is what you should pay, and this is what the government says you should pay, and the government will provide the difference except there is the change of the government policy.

“For the first time we mandated all the electricity distribution companies ( DisCos)  to provide five-year capital investment plans, and we reviewed it for prudence and efficiency, and we made sure that all these investments are targeted towards the improving service.

“We have our projection on what will be required if the government does nothing tariff, and it will be N1.6trn to fund electricity, and that is 30bn a month. One of the new things in tarrif order is, and to avoid rate shock, we will now be doing the minor tariff review very frequently, like every month’’.

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