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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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Nigerians In Diaspora Will Enjoy Full Repatriation 0f Funds, Says CBN


(By Favour Ifeoluwa & Akinola Ajibade)

The Central Bank of Nigeria (CBN)  yesterday (Friday) introduced  Non-Resident Nigerian Ordinary Account (NRNOA) and Non-Resident Nigerian Investment Account (NRNIA) which aim at enhancing foreign capital inflows through investments and remittances by Nigerians in the diaspora.

According to CNN, the NRNOA enables Non-Resident Nigerians (NRNs) to remit their foreign earnings to Nigeria and manage funds in both foreign and local currencies, the NRNIA enables citizens living abroad to invest in assets in Nigeria in either foreign currency (FCY) or Naira.

The new central bank policy was conveyed in a circular dated January 10, 2025, and signed by CBN acting Director, Trade and Exchange Department, Dr. W.J. Kanya, which was addressed to all Authorised Dealer Banks (ADBs) and the public.

The apex bank further unveiled framework to guide the implementation of the policy.

Under this policy, account holders may maintain both a FCY account and/or a local currency account to facilitate transactions and participate in diverse investment opportunities, the apex bank stated.

Among other benefits, the CBN said the initiative would improve access for NRNs to opportunities in the Nigerian economy and increased contribution of diaspora community to the country’s socio-economic development.

 

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