Price Of Oil Hits 5-Month High Above $71 A Barrel

April 9, 2019

Price of oil hit a five-month high above 71 dollars a barrel today, Tuesday, supported by concern that violence in Libya could further tighten supply already squeezed by OPEC cuts and U.S. sanctions on Iran and Venezuela.

International benchmark Brent futures hit their strongest level since last November at 71.34 dollars per barrel, before easing to 70.99 dollars per barrel by 0700 GMT.

U.S. West Texas Intermediate (WTI) crude oil futures also hit a November 2018 high, at 64.77 dollars per barrel, before easing to 64.42 dollars per barrel.

Oil markets have tightened this year as the United States imposed sanctions on oil exporters Iran and Venezuela while the producer club of the Organisation of the Petroleum Exporting Countries (OPEC) has been withholding supply to prop up prices.

Brent and WTI futures have risen by 40 per cent and 30 per cent respectively since the start of the year.

Goldman Sachs, an American multinational investment bank and financial services company, said an oil supply deficit had opened up early this year.

“We expect the drivers of this deficit to persist through 2Q19” due to a shock and awe implementation of the OPEC cuts,” the U.S. bank said in a note.

Goldman said it expected Brent to average 72.50 dollars per barrel during the second quarter, up from a previous forecast of 65 dollars per barrel.

Prices have been further lifted this week by escalating violence in Libya, a significant supplier of oil to Europe, which produced around 1.1 million barrels per day (bpd) of crude in March.

Eastern forces on Monday were advancing on the Libyan capital Tripoli in the latest of a cycle of warfare since Muammar Gaddafi’s fall in 2011, with a warplane attacking the city’s functioning airport.

Yet despite generally bullish oil markets, concerns that an economic slowdown this year will hit fuel consumption have been preventing crude prices from rising even higher, traders said.

And while fears of a global recession ebbed following strong U.S. jobs figures and improved Chinese manufacturing data late last week, Bank of America Merrill Lynch said there was still a “significant slowing in growth globally” in 2019.

The bank said it expected Brent and WTI to average 70 dollars per barrel and 59 dollars per barrel respectively in 2019, and 65 dollars per barrel and 60 dollars per barrel in 2020.

Goldman Sachs also said oil prices “will decline gradually from this summer as shale and OPEC production increases.”

Russia, not an OPEC-member but a reluctant participant in the supply cuts, signaled on Monday it wanted to raise output when it would meet with OPEC in June because of falling stockpiles.

In the United States, crude oil production has risen by more than 2 million bpd since early 2018, to a record 12.2 million bpd, with many analysts expecting output to exceed 13 million bpd soon.

Obasanjo May Face Probe Over $16 Billion His Government Spent On Power – Buhari

Editorial staff

April 9, 2019

President Muhammadu Buhari has given an indication that former President Olusegun Obasanjo may soon be probed over the $16 billion which his government claimed to have spent to improve the nation’s power generation.

The President, who gave this indication today in an interactive session with Nigerians residence in Dubai where he is attending international official function, showed that he is not yet done with the matter, as he asked again: “where is the power?

“I think one of the leaders of the (past) administrations made a slip of tongue by saying that they spent $16 billion, not naira on power. But, where is the power and where is the $16 billion? Maybe, eventually, by the end of this (my) term, we will get at it.”

He acknowledged that he is taking things slowly and steadily in order not to make the mistakes of the past, especially when he first led the country in military uniform.

“Whoever calls me ‘Baba go slow,’ (is right because) I’m very cautious of historical antecedent. “Since I was in a hurry, I was locked up; I’m going slowly so that I can survive.

“I may be ‘Baba go slow’ but I didn’t loot.”

President Buhari said that in fighting corruption now, his government follows due process by allowing people to be proven guilty before they are locked up.

“All that I have to do is to tell the police and SSS (State Security Service) that somebody has so many houses; that he has so many investments and his salary is such.

“Recently, the EFCC placed an advert in some of the national newspapers and showed how much was recovered in terms of fixed asset and money.”

He accepted the fact that democracy has made him to only ‘bark but cannot bite.

“I have once ruled this country, some of you know that once upon a time I came in uniform and what I did was to arrest political leader from the president downward: the President, Vice President, the governor’s and ministers. I put them in Kiri-Kiri, and I told them they are guilty until they can prove themselves innocent.

“And you know subsequently what happened- we put about six tribunals base on the geopolitical zones, and those who were ministers and governors were asked to justify what they have in the banks and physical on the ground relative to their legitimate earns.

There were only two Nigerians then to my knowledge who were found to be very Honourable, both of them are dead now. They are Biliaminu Usman, a junior minister, from Jigawa State, and Adamu Chiroma, a minister of finance and governor of central bank. They were incredible Nigerians.

“But you know what happened, eventually, I myself was arrested, I was put in detention for three and a quarter years. Luckily for me, I was so stupid, I didn’t take anybody’s money, so there was no bad publicity for me because they couldn’t find anything against me. Eventually I was released, and that was why I made up my mind since the bulk is partisan politics, I joined the partisan politics.”

I’ll Like To Contest Presidency In 2023, But…UN Deputy Scribe, Amina Mohammed

Greenbarge Reporters

April 9, 2019

The Deputy Secretary-General of the United Nations (UN), Amina Mohammed, has said that she would have loved to contest the 2023 Presidential election as a woman but that she cannot stand the cheating in the the electoral system.

Amina Mohammed, who is the former Nigerian Minister of Environment, said at the Mo Ibrahim governance lecture in Abidjan, predicted though that it is a woman that will succeed Buhari in “2023, In sha Allah.”

When asked if she would be running, she said: “look, all of my life has been as a public servant and as one that serves, so that is not a problem for me.

“But let me be truthful here; I have always thought that I am appointable and not electable. I think the political system that we have in our country, I believe in democracy, but I think the model for us, where we are is an incredibly difficult environment to say you would come to office through the will of the people.

“I think the manipulation of democracy is a very serious issue in our countries. We have a population, as I said, has a level of literacy that can be manipulated, that is not right!”

Kuje Chairman-Elect, Sabo, Happy He Won Election Without Help Of Godfather

Greenbarge Reporters

April 9, 2019

Chairman-elect for Kuje Area Council of the Federal Capital Territory (FCT), under the Peoples Democratic Party (PDP) in the last election, Alhaji Abdullahi Sulaiman Sabo has expressed joy that no one can claim to be instrumental to his electoral victory except God.

“I always believe that God chooses whom He will to be the leader, and I had been contesting for the chairmanship of Kuje Area Council believing that if God wanted me to win, I would one day win. Now, I thank God that I have won.”

from left: Sani Shaidu, Yusuf Ozi-Usman, Momojimoh Ochi, Hashim (behind Sabo), Chairman-elect, Abdullahi Sulaiman Sabo; Alhaji Yahaya, Onoba Yahaya Onipe and Ibrahim Momoh Jatto

Alhaji Abdullahi Sulaiman Sabo spoke today when he received in audience at his Kayarda residence, members of Ebira Vonya Association Kuje (EVAK), led by its President, Alhaji Yusuf Ozi-Usman. The group had gone to congratulate him on his electoral victory after his fourth attempt since 2007. Sabo defeated the incumbent chairman, Abdullahi Usman Galadima of the All Progressives Congress (APC).

The chairman-elect said that he had no reason not to serve the people of the Council with the fear of God, because he had been blessed by the same God.

He also thanked God for making his party PDP to acquire enough majority in the legislative arm of the Council, adding that with them, he would bring the much needed structural development to the Council.

He sought for the support and cooperation of the people in the Council for the good of all, even as he appealed to EVAK members to always avail him with useful advice on how to move the Council to the next level.

The EVAK President, Yusuf Ozi-Usman had earlier promised on behalf of Ebira community in Kuje of adequate support and cooperation for the success of the new chairman.

In the picture above: Chairman-elect, Abdullahi Sabo (right) receiving congratulatory card from EVAK President, Yusuf (left)

Gov Okorocha To Fellow Igbos: You’ve Failed In Nigeria Politically

Editorial staff

April 8, 2019

The Imo state governor, Rochas Okorocha, has said that his fellow Igbo speaking people from the Southeast have failed woefully in Nigerian politics.

Speaking to newsmen at the government House in Owerri, capital of Imo State, today, Monday, governor Okorocha said that one of the reasons the Igbos have failed is that they failed to accept the light coming to them.
He said that the Igbo also failed because they don’t appreciate the person who came to assist them.

“Igbos have failed politically for two reasons: not to accept the light that has come to them and also not to appreciate the leaders that have come to help them.”

Buhari Worried Over Use Of Cyberspace To Manipulate Elections, Subvert Democracy

Editorial staff

April 8, 2019

President Muhammadu Buhari has expressed worry over the development in recent time where politicians used cyberspace to manipulate elections thereby subverting the democratic rights of the people.

“More recently, we are also witnessing the use of the cyberspace to manipulate elections, subvert the democratic rights of citizens as well as propagate violence.”

The President, who spoke in Dubai today, Monday, also lamented the steady rise in fake news and cybercrimes, particularly when platforms are hijacked and manipulated by criminals.

“Today, we have a cyber-world that is intangible but real. This borderless world is powerful, and it impacts the lives of billions of people, no matter how remote their physical locations are.

“People work in it. People socialize in it. And people invest in it. This presents enormous opportunities. But it also remains a constant threat if left unregulated.

“On the one hand, it has made the human race more productive and more efficient. Today, we have digital banking, virtual currencies and many social platforms that connect people and cultures.

“On the other hand, we have seen platforms hijacked and manipulated as evidenced by the steady rise in fake news and cybercrimes.”

The Nigerian leader insisted that a certain level of regulation is needed to preserve the integrity of the digital economy, even as he called on world leaders to come up with proposals to create a digital world that is accessible, inclusive and safe to all.

He acknowledged that digital globalization is transforming the world almost every day with innovations and transformative ideas, the Nigerian leader cautioned that the cyber world would remain a constant threat if left unregulated.

President Buhari called for collective efforts led by both public and private sector leaders to address the emerging threats of digital globalization.

“In effect, the digital world has become the new frontier for both good and evil. Therefore, the challenge for world leaders must be to ensure that this space is inclusive, accessible and safe,’’ the President told the ninth edition of AIM, attended by world leaders in both the public and private sectors.”

Buhari Proud Of Nigerian Youth Who’ve Attracted Over $100 Million Investments

Editorial staff

April 8, 2019

President Muhammadu Buhari is proud of the Nigerian youth who he said, have so far attracted investments of over one hundred million dollars; a sizeable amount from overseas, including Silicon Valley.

“Sixty-five per cent or one hundred and seventeen million Nigerians are under the age of 25 years. These bright minds are the drivers of this emerging digital sector.

‘‘Today, Nigeria has close to ninety technology hubs and every day, new ones are coming up and they are all developing solutions for Nigerian, and indeed global problems.

The Nigerian leader spoke today, Monday, in keynote speech at the 2019 Annual Investment Meeting (AIM) in Dubai. The theme of the summit is: ‘Mapping the Future of Foreign Direct Investment: Enriching World Economies through Digital Globalization.’’

The President reflected on the digital revolution in Nigeria, which was buoyed by impressive statistics on mobile phone penetration, technology hubs and the advent of young entrepreneurs.

“In Nigeria, our mobile phone penetration exceeds eighty per cent. This means the majority of Nigeria’s one hundred and ninety million citizens are fully connected to this new digital world; especially our youth.

“As many of you from this region are aware, Nigerian start-ups always have a very impressive outing at the Gulf Information Technology Exhibition (GITEX). Many have won prizes.’’

President Buhari told the investment summit that as leaders in the public and private sector it was their responsibility to create the enabling environment for young people to flourish and reach their full potential.

He shared the Nigerian experience:

‘‘When we came in 2015, we immediately agreed that any future economic growth must be inclusive. As the Nigerian youth population is fully digitalised, it is clear that the idea of having an inclusive economy cannot be achieved without digital inclusion.’’

The President announced that Nigeria was working on creating the largest digital database in Africa, with over thirty million Nigerians and legal residents already captured in the country’s digital identity system.

Also, the President highlighted that Nigeria’s public sector reform programmes, from procurement to payroll to revenue collections, focus on digitising key operations.

He said the recourse to technology and digitisation reinforces the administration’s objectives of improving efficiency, accountability and transparency in governance.

On cybersecurity, President Buhari said Nigeria has taken the lead in cyber policing in West Africa, working with regional and global partners.

Speaker Dogara Warns Parties Against Imposing Leaders On National Assembly

Editorial staff

April 8, 2019

Speaker of the House of Representatives, Yakubu Dogara, has warned political parties to resist the urge to sponsor or impose candidates for leadership positions in the two chambers of the National Assembly.

Dogara, who spoke today, Monday at the orientation ceremony for Batch B of 9th Assembly members-elect and senators-elect in Abuja, advised any political party with such an agenda to ensure that it carries all members along so that they can have a sense of belonging and defend their leaders if the need ever arises.

“I am not here to dictate to the parties, parties have their manifesto, parties know how they conduct their businesses but one thing I have said, if you followed the business during this induction exercise is that it is always better to allow the leadership to emerge from the people. But where leadership has been forced upon the people, in the history of the National Assembly, we are all part of this history in Nigeria, it has never endured.

“Whoever a party is sponsoring or supporting, they should make sure that they have the backing of the legislators so that they accept it; so that they own the process and they own the leadership. That way, they will always come out to defend it but in a situation where it is forced, literarily, you know, driven down their throats, in most cases, even in the Senate, it doesn’t augur well.”

He said that among other things, good leaders should be able to go about achieving their ambitions without rancour and to have the ability to steer the affairs of the House to surpass the unparalleled achievements the 8th Assembly has made in the legislative history of Nigeria.

“Those that have been elected, we are going to be here for four years to serve the people and leadership is always something that emerges for people. Some of us who have been on the field, we know how that is done and our advice is that we stay calm; even though I understand that a lot of people are going in for these positions of leadership in the National Assembly, but if we can do it with less rancour, at the end of the day, we are praying that we will have those leaders who will be able to sustain what we have done in the 8th Assembly and even surpass.

“We do not want any leadership that will take us back, we have made a lot of mileage and we hope we are able to get the kind of leadership that will build on the achievements of this assembly, which is unparalleled in our legislative history.

“So, I will advise members to look at members that have thrown themselves into the race to see who it is that will aggregate their aspirations better and be able to surpass the records of this assembly.”

Nigeria’s Revenue Mobilization Set To Probe 22 Banks Over N100 Billion Alleged Scam

Editorial staff

April 8, 2019

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC), has indicated its preparedness to soon commence probe of 22 Deposit Money Banks (DMB) over alleged none remittance of more than N100 billion from the year to 2018.

A statement yesterday, Sunday, by the commission’s spokesperson, Ibrahim Mohammed, in Abuja, said that the probe would involve a forensic investigation of the funds that had so far been collected as stamp duty by Banks. The statement did not specify when the probe would commence and names of the banks involved

It said that the commercial banks have been deducting the sum of N50 on every deposit with a value of N1,000 and above since January 2000, adding: “at the moment, the total sum of N33 billion had been realized through the collection of stamp duties which falls far below the expectation of stakeholders.

“It is expected that at the end of the exercise, over N100 billion would be recovered,” he said.

The statement said that the commission had concluded arrangements to engage the services of reputable forensic audit firms to carry out the probe and that the probe would be comprehensive as it would cover the affixed stamp used on cheque books prior to the introduction of electronic transactions.

It said that if the Nigerian Postal Service (NIPOST) is properly repositioned through appropriate legal and regulatory framework, and the introduction of appropriate technology, the agency could generate over N500 billion.

“Therefore, the commission is using this medium to appeal to the National Assembly and the Federal Government to initiate measures for the amendment of the NIPOST Act to enable it to expand the economy and attract more revenue to the federation.”

The RMAFC said that it had also embarked on the reconciliation exercise of signature bonuses and other miscellaneous revenues from the oil and gas industry to enable the commission engage other stakeholders.

RMAFC was established to monitor accruals into and disbursement of revenue from the Federation Account, review from time to time, the revenue allocation formula and principles in operation to ensure conformity with changing realities. And it is the only constitutional body vested with the powers to monitor all revenue accruals into the Federation Account.

Source: NAN.

President Buhari Storms Dubai In Search Of Investors

Editorial staff

April 8, 2019

President Muhammadu Buhari has stormed Dubai, the United Arab Emirates (UAE) where he met with six different groups of investors to ask them to come to Nigeria and prosper by investing with handsome returns awaiting them within the shortest possible time.

He spoke today, Monday at the sidelines of the Annual Investment Meeting.

Among those he met is Sheikh Ahmed Al Maktoum, who is a member of the Dubai ruling family and also private investor and member of several boards of companies, both state owned and private. He is interested in establishing a power plant in Lagos, and studies have already been completed.

President Buhari also met the Chairman of the group of Lulu Group that operates a chain of supermarkets in the Middle East and Asia, Yusuff Alli. He told President Buhari that the outfit, with headquarters in Abu Dhabi, has over 164 supermarkets and shopping malls. It employs over 50,000 people.

The interest is to work with Nigerian farmers, using local produce to ensure food security. Quality, affordability and hygiene are the watchwords of the company.

Buhari also held bilateral meeting with Sheikh Hussain Al Nowais, Chairman of Amea Power. The company develops, owns, and operates thermal and renewable energy projects in Africa, the Middle East and Asia. Its wide range of power solutions include conventional – gas, coal, oil, and renewable – solar, wind and hydro.

Apart from power, the company, which owns Rotana Hotel chain, is also interested in the hospitality sector in Nigeria.

Also on cue was Sheikh Ali Rashid Lootah, Chairman, Nakheel Properties and Limitless Group.

One of the world’s leading developers and a major contributor to Dubai’s real estate transformation, the company’s current and future retail project portfolio covers nearly 17 million square feet of leasable space. They are keen to expand their investments in Nigeria.

Sheikh Khalid Bin Kalban is the CEO of Dubai Investments. His meeting with the Nigerian president centred around real estate, processing industries, mergers and acquisitions, health care, education, and financial investments.

Abu Dhabi Fund for Development (ADFD) has supported over 66 projects in 29 African countries. They include rural solar power and water projects, and that was the focus of the discussion, as Sheikh Mohammed Saif Al Suwaidi, the CEO, met with President Buhari.

The bilateral sessions were not concluded, till the Nigerian president had met with Mr Jitender Sachdeva, CEO Skipperseil Group. An integrated energy company with operations in the manufacturing of substation equipment, discussions were on engineering processing, construction of transmission lines and substations for utilities, institutions and industries.

The company’s CEO expressed delight at meeting with President Buhari, and looked forward to doing good business in Nigeria.

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