By Aduragbemi Omiyale

A production sharing contract (PSC) for Block KON 13 has been signed between Oando Plc and the Angolan National Agency for Petroleum, Gas and Biofuels (ANPG).

With a 45 per cent participating interest, Oando’s wholly owned subsidiary, Oando Exploration and Production Angola Ltd, will serve as operator of the block.

The other partners in the consortium are Effimax Energy – Serviços, Lda (30 per cent), Sonangol Exploração & Produção (15 per cent), and Walcot Ltd (10 per cent).

Block KON 13 is located in the onshore Kwanza Basin, Angola. It has two exploration wells previously drilled to a total depth of 3,000m, with oil shows encountered in one well across various depths.

The addition of Block KON 13 further bolsters the energy firm’s upstream portfolio and underscores its commitment to driving regional growth and energy security.

Recall that before now, Oando acquired the assets of Nigerian Agip Oil Company Limited as part of its expansion strategy.

The latest addition solidifies the company’s strategic entry into the Angolan oil and gas sector and represents a significant step in its long-term vision to grow its upstream operations across Africa. It also represents its first operated international upstream joint venture and further strengthens its position as a prominent player in the continent’s energy landscape.

“The execution of this PSC advances our geographic footprint across Africa and reaffirms the commitment to excellence and execution we have repeatedly demonstrated on the continent.

“We bring proven technical expertise to this asset and a clear mandate to create value for our partners and advance Angola’s energy ambitions for the benefit of the continent.

“We look forward to working with ANPG, our co-venturers, and key stakeholders in moving from agreement to action,” the chief executive of Oando, Mr Wale Tinubu, said.

Oando, through its upstream businesses, holds interests in 14 oil and gas assets spanning exploration, development, and production activities, both onshore and offshore, in Nigeria and São Tomé and Príncipe.

By Adedapo Adesanya

President Bola Tinubu is seeking Senate approval for a significant upward review of the 2026 budget, proposing an additional N9 trillion to the Appropriation Bill.

The request, conveyed in a letter read on the Senate floor during plenary by the Senate President, Mr Godswill Akpabio, would increase the budget size from N58.47 trillion to N67.47 trillion.

According to the President, the proposed adjustment is aimed at strengthening fiscal transparency and ensuring more effective implementation of priority national programmes.

He said the increase will first address outstanding legal commitments carried over from previous appropriation cycles, preventing them from affecting the execution of the 2026 budget.

The proposal also seeks to consolidate existing government debt within the fiscal framework, while making provisions for a limited number of strategic and priority projects.

President Tinubu added that the revised financing plan is designed to preserve macro-fiscal stability and ease pressure on the domestic financial market.

The Senate is expected to consider the request in the coming days.

In December, the President presented the N58.47 trillion 2026 budget proposal to a joint session of the National Assembly, outlining the government’s priorities anchored on economic stability, infrastructure expansion, security and social investment.

The budget was hinged on assumptions including oil production of 1.84 million barrels per day, an oil price benchmark of $64.85 per barrel, and an exchange rate assumption of N1,400 to the Dollar.

Following the presentation, the Senate passed the appropriation bill for first and second readings, paving the way for detailed consideration by relevant committees.

By Adedapo Adesanya

The American Institute of CPAs (AICPA) and the Nigerian Capital Market Institute (NCMI), the educational and training arm of the Nigerian Securities and Exchange Commission (SEC), have collaborated to provide the Capital Market Operators (CMOs) in Nigeria with access to the Internal Control and Enterprise Risk Management Certificate programmes from the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

COSO is a joint initiative of five leading accounting and finance bodies, including the AICPA. It is dedicated to advancing thought leadership in Enterprise Risk Management (ERM), Internal Control, and Fraud Deterrence.

The COSO Internal Control Certificate Programme offers finance professionals a unique opportunity to develop expertise in designing, implementing and monitoring a system of internal control in today’s technology-driven world. The COSO Enterprise Risk Management Certificate Programme offers finance professionals the unique opportunity to learn the concepts and principles of the updated ERM framework and be prepared to integrate it into their organisation’s strategy-setting process to drive business performance.

With access to COSO programmes, businesses in Nigeria can strengthen their governance frameworks by developing and maintaining effective internal controls and managing risks such as errors, fraud, and mismanagement. This not only protects organisational assets but also promotes business continuity and resilience.

According to Ms Ijeoma Anadozie, Country Director, Nigeria at the Association of International Certified Professional Accountants, the global alliance formed by AICPA and CIMA, the collaboration marks a significant step towards strengthening corporate governance and risk management across the country

“By leveraging these resources, companies in Nigeria will be better equipped to tighten internal controls, enhance the accuracy and transparency of financial reporting, and foster greater investor confidence. These improvements are not only vital for business resilience and profitability, but they also contribute meaningfully to the broader economic development and financial stability of our country,” she noted.

On his part, Mr Tunde Kamali, Managing Director at the Nigerian Capital Market Institute, said he is proud to collaborate with the American Institute of CPAs in expanding access to globally recognised COSO programmes for businesses across Nigeria.

“This initiative reflects our commitment to equipping market participants with the tools needed to navigate an increasingly complex and risky landscape,” he said.

According to Mr Kamali, by deepening knowledge in internal control and enterprise risk management, “we are empowering businesses to operate with greater integrity, accountability, and strategic foresight. This collaboration not only supports the advancement of our capital market ecosystem, but also reinforces Nigeria’s long‑term vision for sustainable economic growth and global competitiveness.”