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Economy

Wale Tinubu’s Oando PLC Completes $783Million Acquisition Of Nigerian Agip Oil Company

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The total consideration for the deal is $783 million, which includes reimbursement and consideration for the asset, as confirmed by Oando in a press release.

Oando PLC has finalised its acquisition of Nigerian Agip Oil Company (NAOC) from Italian energy major Eni, marking a significant achievement in its long-term growth strategy.

The total consideration for the deal is $783 million, which includes reimbursement and consideration for the asset, as confirmed by Oando in a press release.

The Nigerian energy solutions provider is listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange.

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According to the statement, the acquisition is a significant milestone in Oando’s long-term strategy to expand its upstream operations and strengthen its position in the Nigerian oil and gas sector.

The transaction increases Oando’s current participating interests in OMLs 60, 61, 62, and 63 from 20% to 40%.

It increases Oando’s ownership stake in all NEPL/NAOC/OOL Joint Venture assets and infrastructure which include forty discovered oil and gas fields, of which twenty-four are currently producing, approximately forty identified prospects and leads, twelve production stations, approximately 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, the Kwale-Okpai phases 1 & 2 power plants (with a total nameplate capacity of 960MW), and associated infrastructure.

Based on 2022 reserves estimates, Oando’s total reserves stand at 505.6MMboe and the transaction will deliver a 98% increase of 493.6MMboe, bringing the total reserves to 1.0Bnboe.

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The transaction is immediately cash generative and will contribute significantly to the cashflows of the Company.

Commenting, Wale Tinubu, Group Chief Executive, Oando PLC, said: “Today’s announcement is the culmination of ten years of toil, resilience, and an unwavering belief in the realisation of our ambition since the 2014 entry into the Joint Venture via the acquisition of Conoco-Philips Nigerian Portfolio.

“It is a win for Oando, and every indigenous energy player, as we take our destiny in our hands, and play a pivotal role in this next phase of the nation’s upstream evolution.

“With our assumption of the role of operator, our immediate focus is on optimizing the assets’ immense potential, advancing production and contributing to our strategic objectives.

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“This we will do while prioritizing responsible practices and sustainable development in ensuring a balanced approach to our host communities, and environmental stewardship as we complement the nation’s plan to boost production output.

“Looking to the future, we will continue to pursue strategic diversification opportunities within the broader energy sector that provide enhanced growth and value creation for our stakeholders, particularly in clean energy, agri-feedstock sector, as well as energy infrastructure and mining.”

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Economy

Five states get $3m reward each for budget reforms

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Five states will receive $3 million each in performance-based grants under the World Bank-supported HOPE Governance Programme after meeting key requirements aimed at improving budget planning and transparency in the education and primary healthcare sectors.

The National Coordinator of the programme, Dr. Assad Hassan, announced this on Tuesday at a retreat in Abuja attended by Commissioners, Permanent Secretaries and Directors of Budget and Planning from the 36 states and the Federal Capital Territory.

He said the incentive payments, amounting to $27 million, are tied to the successful implementation of specific governance reforms verified by an independent assessment team engaged by the programme.

According to Hassan, Bayelsa, Borno, Kano, Kebbi and Yobe states emerged as the top performers after meeting two major reform targets relating to budget planning for basic education and primary healthcare. Each of the five states qualified for $1.5 million under each target, bringing their total reward to $3 million.

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He explained that the reforms required participating states to introduce standard guidelines for preparing and submitting annual work plans for education and primary healthcare budgets within the prescribed timeline.

Nine states also qualified for another round of incentives after ensuring that their local governments adopted harmonised budget guidelines and a uniform chart of accounts.

The benefiting states are Adamawa, Bayelsa, Borno, Delta, Gombe, Kano, Plateau, Taraba and Yobe, with each receiving $500,000.

In another category, 15 states met the conditions for publishing their 2025 Citizens’ Budgets for basic education and primary healthcare, making them eligible for grants of $500,000 each.

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The states are Abia, Bayelsa, Borno, Edo, Ekiti, Enugu, Imo, Jigawa, Kano, Kebbi, Kogi, Nasarawa, Ondo, Plateau and Yobe.

Hassan said many states were unable to benefit because they failed to complete the required reforms before the deadline, did not satisfy key assessment conditions or failed to make the required documents available on their official websites.

“The disbursement is based on the findings and recommendations of the Interim Independent Verification Agent, which assessed the performance of states in meeting the Year Zero Disbursement-Linked Indicators,” he said.

He noted that the programme had also identified weaknesses that slowed implementation in several states, particularly the absence of effective coordination among relevant government institutions, which affected ownership of the reforms and their long-term sustainability.

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The National Coordinator disclosed that the second phase of the Year Zero verification exercise is expected to be completed by July this year.

He said preparations had already begun for a comprehensive capacity-building programme that would provide technical support to states to improve their performance in subsequent assessments.

According to him, the HOPE Governance Programme is designed to improve how public funds are managed in basic education and primary healthcare by promoting transparency, strengthening accountability and ensuring that money allocated to the two sectors is used more effectively.

He added that the programme also supports better planning and implementation of annual budgets while helping governments address shortages of teachers and primary healthcare workers through improved recruitment and deployment.

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The HOPE Governance Programme is a $500 million initiative supported by the World Bank to strengthen financing, accountability and service delivery in Nigeria’s basic education and primary healthcare sectors across the federal, state and local government levels.

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Economy

See Black Market Dollar To Naira Exchange Rate Today 30th June 2026

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Dollar To Naira Exchange Rate
The Black Market Dollar-to-Naira Exchange Rate for 30th June 2026 Can Be Accessed Below.

NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.

The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.

Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.

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What’s the dollar to naira black market today, 30th June 2026?

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1387 on Tuesday, 30th June, 2026, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1400
Buying Rate ₦1387
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1390
Lowest Rate ₦1377

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Economy

WhatsApp To Hide Users’ Phone Numbers, Introduces Username To Heighten Privacy

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Meta explained that users will only be reachable if someone knows their exact username, adding that there will be no public directory or search suggestions for discovering accounts.

Global messaging app, WhatsApp, has announced a major privacy update that will allow users to connect with others without revealing their phone numbers, as the messaging platform prepares to introduce unique usernames globally.

The Meta-owned messaging service disclosed on Monday that users will soon be able to create personalized usernames that can be shared instead of their mobile numbers when initiating conversations.

According to the company, the new feature is aimed at strengthening user privacy by preventing phone numbers from being automatically exposed in situations such as joining large group chats or contacting a business or individual for the first time.

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Meta explained that users will only be reachable if someone knows their exact username, adding that there will be no public directory or search suggestions for discovering accounts.

The company said the approach is intended to reduce unwanted contact while giving users greater control over who can reach them.

With more than three billion people using WhatsApp worldwide, Meta acknowledged that not every preferred username will be available because each handle must be unique.

The company said the rollout of username reservations will begin gradually over the coming months, with users receiving notifications when the feature becomes available in their respective countries.

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Meta also announced that creators, organisations and small businesses will be given priority to secure usernames that match those they already use on Facebook or Instagram, helping them maintain consistent identities across the company’s platforms.

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