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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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Financial Matkets Dealers Lack Transparency- CBN

CBN's Headquarters, Abuja


By Favour Ifeoluwa & Akinola Ajibade

The Central Bank of Nigeria (CBN) has accused dealers of providing misleading information on transactions concluded in the financial market..

According to CBN, unauthorized dealers are the bane of the problems in the market, as shown by findings carried out recently.

It said that ongoing investigations have revealed instances of underreporting transaction rates and the practice of “second checks” on foreign exchange and fixed-income transactions.

In a circular to all market dealers,the apex banking body  said it had allowed financial market transactions to be conducted on a “willing buyer willing seller” basis, where prices are expected to be quoted and displayed transparently. However, many players in the market are reportedly flouting this order, causing distortions in the market.

“The attention of the CBN has been drawn to the practice of Authorised Dealers (and their customers) in reporting inaccurate and misleading information on transactions concluded in the financial market,” said Aliyu Ashiru, acting director of the financial markets department at the CBN, in a circular issued to all market dealers on Monday.

“This behaviour is not compliant with the ethical standards associated with a sound financial market. Deliberate attempts to create price distortions by reporting false transaction details amount to market manipulation, which will not be tolerated and will henceforth face sanctions,” Ashiru added.

The monetary authorities are employing various means to ensure the unification of the exchange rate.

On Monday, the CBN announced it had released $500 million to various sectors. This came barely a week after the bank paid approximately $2.0 billion to settle outstanding commitments across the manufacturing, aviation, and petroleum sectors.

 

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