Oando through its upstream subsidiary Oando Energy Resources has announced a significant gas and condensate discovery in the deeper sequences of the Obiafu-Obrikom fields, in OML61, onshore Niger Delta. The project is a joint venture arrangement among the NNPC, Agip, and Oando, according to a disclosure sent to the Nigerian Stock Exchange. Details showed that the NNPC owns 60 percent stake in the project, while Oando and NAOC, the operator control 20 percent each. The Obiafu-41 Deep appraisal/exploration well has reached a total depth of 4.374m encountering an important gas and condensate accumulation within the deltaic sequence of Oligocene age comprising more than 130m of high-quality hydrocarbon-bearing sands. The discovery, the firm said, has further potential that will be assessed with the next appraisal campaign. The well can deliver in excess of 100 million standard cubic feet/day of gas and 3,000 barrels/day of associated condensates. The discovery is part of a drilling campaign planned by the JV aimed at exploring near-field and deep pool opportunities as immediate time to market opportunities.
Data from the Debt Management Office shows that the World Bank and the Exim Bank of China are Nigeria’s largest creditors with a combined portfolio of $11.46 billion. The World Bank Group alone has a portfolio of $8.9 billion in Nigeria, which is 34.75 percent of the country’s $25.61 billion external indebtedness as of 31 March. The World Bank is a multilateral lender, while the Exim Bank of China is a bilateral lender, implementing orders from the government of China, especially in financing projects being executed by Chinese firms. Nigeria also owes the African Development Bank Group $1.25 billion, which makes up 4.88 percent of the country’s external debt. The country is indebted to the African Development Fund to the tune of $834.18m which constitutes 3.26 per cent of the country’s external debt, the data showed. Other multilateral agencies in which Nigeria is indebted to include the Arab Bank for Development in Africa, $5.88 million, Electricite de France, $59.15 million, the Islamic Development Fund $15.51 million and the International Fund for Agricultural Development $176.19 million. These, respectively, constitute 0.02 percent, 0.23 percent, 0.06 percent and 0.69 percent of Nigeria’s external debt. The country owes all the multilateral agencies put together the sum of $11.25 billion. This constitutes 43.92 percent of the nation’s external debt. On the bilateral level, China is Nigeria’s biggest creditor with a portfolio of $2.55 billion. This constitutes 9.96 percent of the country’s external debt.
The ruling All Progressives Congress APC has asked President Buhari to take steps to immediately nationalise telecommunications giant, MTN and other South Africans investments in the country. The party’s chairman, Adams Oshiomhole flanked by executives of the party, accused the South African government of backing the wave of xenophobic attacks on Nigerians and other Africans in the country. The party advocated stringent measures against Multichoice, Standard Chartered Bank, Stanbic Bank and other South African business interests in Nigeria, declared that Africa can no longer be the centrepiece of Nigeria’s foreign policy. Oshiomhole also asked Nigerians to boycott all South African goods and businesses.
More shares of MTN Nigeria Communications were offloaded on the floor of the Nigerian Stock Exchange following the announcement by the firm that it was closing all its stores and service centres nationwide until further notice as a result of reprisal attacks from Nigerians due to ongoing xenophobic violence in South Africa. Investor sell-offs brought about a 1.07 percent decline or ₦1.50 loss recorded on Wednesday by the telecom network closing at ₦138.50 from ₦140 it sold the day before. The market value of MTN Nigeria shares at the close of business Wednesday, on the NSE, in turn, dropped by ₦30.5 billion to ₦2.819 trillion from ₦2.850 trillion on Tuesday. The firm is the biggest mobile telecommunication network provider in Nigeria, with a 38 percent share of the telecoms market and 65,379,196 subscribers all over the country.