LAGOS HOTEL, 3 OTHER PROPERTIES FORFEITED BY DRUG KINGPINS AUCTIONED AT N6.1BILLION.(PHOTOS). #PRESS RELEASE.

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 Lagos hotel, 3 other properties forfeited by drug kingpins auctioned at N6.1billion *- It’s a clear message that cartels won’t be allowed to enjoy proceeds of their criminal trade, says Marwa*  A Lagos hotel and three other properties seized from drug kingpins by the National Drug Law Enforcement Agency (NDLEA) and forfeited to the Federal Government through court processes have been auctioned for the sum of Six Billion One Hundred and Forty- Eight Million Nine Hundred and Sixty-Four Thousand Naira (N6,148,964,000.00) only. This was the outcome of a competitive bid process for the sale of eight assets forfeited by drug barons in parts of the country. While bidders who offered above reserved prices emerged winners of four of the listed properties, bids for four others failed because none offered up to the reserved prices. Announcing the winning bids at the bid opening ceremony attended by representatives of ICPC, Civil Society Organisations, auctioneers and bidders at the NDLE...
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OANDO SECURES LEASE FOR GUARACARA REFINERY IN TRINIDAD. (PHOTO).

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 Oando Secures Lease for Guaracara Refinery in Trinidad


Oando Plc has emerged as the preferred bidder for leasing the Guaracara Refinery in Trinidad and Tobago, outcompeting CRO Consortium and INCA Energy.


Trinidad’s Minister of Energy, Stuart Young, attributed the decision to Oando’s strong financial track record, citing its $1.5 billion acquisition of ConocoPhillips’ assets in Nigeria in 2014.


Young highlighted the financial struggles of Petrotrin, the country’s energy firm, which faced escalating losses from $361.5 million in 2014 to $1.2 billion in 2016, alongside a decline in oil production.


The Cabinet-approved Evaluation Committee, comprising industry experts, shortlisted three companies before selecting Oando Trading DMCC as the preferred bidder.


The government reaffirmed its commitment to protecting Paria Fuel Trading Company’s assets, ensuring fuel supply stability and securing resources during the refinery’s restart.


In January, Oando also secured operatorship of Block KON 13 in Angola, a resource-rich area, further expanding its global energy portfolio.

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