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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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The Central Bank of Nigeria (CBN) says that it has pegged the payment of cash dollar purchase to a customer at $500 saying that the foreign currency (FX) exceeding this amount will be made through a transfer to their Naira bank account. 

The apex bank further said customer purchasing the foreign currency is a non-resident, regardless of whether they are Nigerian or not, a Bureau De Change (BDC) will issue them a prepaid Nigerian Naira (NGN) card instead of transferring money to a bank account. The card will serve as a means for non-resident customers to receive their funds. There are specific limits on the amount of credit and the total amount that can be loaded onto the prepaid NGN card. These limits are set in accordance with relevant Know Your Customer (KYC) requirements, which are measures designed to verify the identity and suitability of customers. The CBN stated these in the revised regulatory and supervisory guidelines for bureau de change operations in Nigeria, released on Friday. “The idea is to sanitise that space because a lot of malpractices are going on in the BDC ecosystem,” Muda Yusuf, director/CEO, Centre for the Promotion of Private Enterprise, said. Yusuf noted that the BDCs are too many and regulating them becomes an issue.

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