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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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NLNG Clarifies $27.5m payment to FIRS


By Favour Ifeoluwa & Akinola Ajibade 


The Nigerian Liquefied Natural Gas Limited made a payment of $27.5 million to the Federal Inland Revenue Service (FIRS), not because it was coerced to do so by the tribunal, the gas giant's General Manager, External Relations and Sustainable  Development, Andy Odeh has said. 

According to him, the payment was done in furtherance of an out-of-court settlement agreement reached between the parties and not because of any order made by the Tribunal.

Odeh in a statement to the media, said that the company remains a responsible corporate citizen, and consistently operates in compliance with Nigerian laws.

The statement read; “Nigeria LNG Limited (NLNG) has noted media reports suggesting that a Tax Appeal Tribunal ordered NLNG to pay $27.5 million to the Federal Inland Revenue Service (FIRS) as a revised Company Income Tax (CIT) settlement for 2016.

“NLNG clarifies that these reports misrepresent an out-of-court settlement that was reached amicably between the parties, without prejudice to their respective legal positions, which the Tribunal merely adopted as Consent Judgment in the appeal.

“The payment by NLNG was thus made in furtherance of a settlement agreement reached between the parties and not because of any order made by the Tribunal.

“NLNG remains a responsible corporate citizen, and consistently operates in compliance with Nigerian laws and will continue to operate in line with its vision of being “a globally competitive LNG company helping to build a better Nigeria.”


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