Friday, 20 May 2022

BUSINESS AND ECONOMY

Despite Brent-crude futures rallying in recent weeks, Nigeria, is facing a fast-looming future without reliance on fiscal revenue from its massive oil wealth, Bloomberg has reported.

Amid the economic fallout from the COVID-19 pandemic, which has brought to a halt economic activity and travel, demand for crude has been crippled, resulting in a dramatic oversupply.

Accordingly, a glut of Nigerian oil has been bringing the country about $10 less than the $30 a barrel registered on Tuesday.

“It’s now dawned on everyone across the country how severe this threat is. There is a possibility that at least for three to five years, there’s going to be no revenue flowing to the government from oil,” Andrew Nevin, a partner and chief economist for Nigeria at PricewaterhouseCoopers LLP, told Blooomberg.

Zainab Ahmed Minister of Finance: Double whammy challenge

Once oil prices, which normally contribute about half of Nigeria’s fiscal revenue, are at around $20 a barrel, Nigeria receives very little cash for its crude, Nevin of PwC was cited as saying at a webinar on 30 April.

Current global measures to fight the spread of COVID-19, with lockdown procedures, travel bans and shut industries, have driven oil prices to new lows where they fail to cover the costs of pumping barrels for many of Nigeria’s companies, writes the outlet.

Despite such low prices, on 5 April traders were cited as acknowledging that around a quarter of Nigeria’s oil cargoes for his month were still awaiting buyers, with at least six tankers used as storage space for about 4.5 million barrels of crude were idling off Gibraltar and nearby Ceuta.
According to tanker tracking data cited by Bloomberg, the tankers, floating in the area since the end of March, were about to be joined by another one.

Despite such low prices, on 5 April traders were cited as acknowledging that around a quarter of Nigeria’s oil cargoes for his month were still awaiting buyers, with at least six tankers used as storage space for about 4.5 million barrels of crude were idling off Gibraltar and nearby Ceuta.

According to tanker tracking data cited by Bloomberg, the tankers, floating in the area since the end of March, were about to be joined by another one.

On Tuesday Nigeria’s Finance Minister spoke in a webinar to deplore the twin challenge of dealing with the coronavirus epidemic itself and economic impact from it facing the country.

“It’s a double whammy. This has set us back significantly,” said Zainab Ahmed.

Clement Agba, minister of state for budget and national planning, echoed the dismal forecasts, saying: “It is no longer a secret that government revenues have collapsed.”

Nigeria was already struggling before the pandemic, as a US shale oil boom had slashed the country’s crude exports to America.

About 40 to 50 percent of the oil was typically sent to the US.

Amid the dire forecasts, Nigeria has sought a $3.4 billion loan from the International Monetary Fund (IMF) to shore up the country’s 2020 spending plan.

It’s also requested a further $3.5 billion from the World Bank and other financial institutions.

In late April, the IMF reviewed its earlier forecast of an anticipated 2 per cent growth of Nigeria’s economy, predicting it would shrink by 3.4 percent in 2020.

According to the IMF, crude revenues were predicted to decline by $26.5 billion this year, down from $54.5 billion in 2019.

With oil making up 9 percent of the Nigerian economy, crude exports fetch over 90 per cent of foreign exchange earnings.

“This is a period of crisis… Job losses are imminent across the petroleum industry. The impact of this will start reflecting from June and July.

“The reality is that some members will certainly be impacted.

“What matters most to us is how to manage the process of any of such expected exit,” Shell Nigeria’s Fortune Obi, a spokesman of the country’s oil union for senior workers, was quoted as confirming.

The economic downfall could spark social unrest in a country that has witnessed spells of militant violence for years, with oil facilities often targeted by protesters lashing out against allegedly unfair practices by the government and large oil companies.

Regarding possible future government measures, experts predict there will be pressure to keep oil wells pumping, with focus on maximizing revenue by slashing output from high-cost producers.

Deep offshore operators would potentially be the hardest hit from such moves, said Cees Uijlenhoed, chief financial officer First Exploration & Petroleum Plc.

He added, optimistically, that prices might tentatively reach around $50 a barrel by the end of 2020.

Tuesday, 05 May 2020 21:36

Ganduje appoints new Emir of Rano

Kano State Governor, Abdullahi Ganduje on Tuesday appointed new Emir of Rano to replace the late Emir, Alhaji Tafida Abubakar Illa.

The new Emir of Rano is Alhaji Kabiru Muhammad Inuwa.

The new emir was formerly the Kaigaman Rano, District Head of Kibiya.

A statement issued by the Chief Press Secretary to the Governor, Abba Anwar on Tuesday confirmed that Ganduje has appointed Inuwa to fill the vacant seat.

FLINT, Mich. (AP) — A woman, her adult son and husband have been charged in the fatal shooting of a security guard who refused to let her daughter enter a Family Dollar in Michigan because she wasn't wearing a face mask to protect against transmission of the coronavirus.

Calvin Munerlyn was shot Friday at the store just north of downtown Flint a short time after telling Sharmel Teague’s daughter she had to leave because she lacked a mask, according to Genesee County Prosecutor David Leyton.

Teague, 45, argued with Munerlyn, 43, before leaving. Two men later came to the store.

Teague; her husband, Larry Teague, 44; and Ramonyea Bishop, 23; are charged with first-degree premeditated murder and gun charges.

Larry Teague also is charged with violating Gov. Gretchen Whitmer's executive order mandating that all customers and employees must wear face coverings inside grocery stores, Leyton said.

Witnesses identified Bishop as the man who shot Munerlyn in the back of the head, Leyton said.

Sharmel Teague has been arrested. Police were looking for her husband and son.

No information has been released about the daughter, who has not been charged in the shooting.

“It is important that the governor’s order be respected and adhered to, and for someone to lose their life over it is beyond comprehension,” Leyton said earlier Monday in a statement.

On Thursday, gun-carrying protesters and other demonstrators rallied inside the state Capitol, calling for coronavirus-related restrictions to be lifted. Some protesters with guns — which are allowed in the statehouse — went to the Senate gallery. Some senators wore bulletproof vests.

As of Monday, Michigan has reported 43,754 confirmed COVID-19 virus cases and 4,049 deaths due to complications from the disease.

“The hostile tone that we have seen in recent days on television and in social media can permeate our society in ways we sometimes don’t fully realize or anticipate,” Leyton told reporters Monday. “Decisions like staying home when we can, wearing a mask when going to the store and staying a safe distance from those around us — these should not be political arguments. They don’t necessitate acts of defiance, and we simply cannot devolve into an us versus them mentality.”

About 150 people attended a candlelight vigil Sunday night. On Monday, a makeshift memorial was started outside the Family Dollar.

Munerlyn’s mother, Bernadett, said she wants justice for her son.

“They didn’t have to take my baby and it wasn’t that serious,” she said. “All you people just have to do is listen to the law, listen to the governor. Just stay home. If you don’t have to come out, then you wouldn’t need a mask unless you’re out getting groceries or necessities. All my baby was doing was his job working and doing his job.”

Whitmer offered her condolences.

“It is incredibly sad that in this crisis that this life was lost," Whitmer told reporters Monday. “We are mindful of how important it is that people keep a level head, that we do the right things protecting ourselves and protecting others.”

Nigeria has recorded 245 new cases of Coronavirus, the highest it has recorded in a single day.

With the sharp increase, Nigeria now has a total of 2,802 confirmed cases of Coronavirus.

In the figures released by the Nigerian Centre for Disease Control, NCDC, on Monday night, Lagos recorded a sharp increase, ramping up 76 new infections, while Katsina recorded 37 new cases.

Jigawa also recorded sharp increase in infections, raking in 32 new cases, while Kano has 23 new infections.

The Federal Capital Territory, FCT, followed, ramping up 19 new cases; Borno, 18; Edo, 10; Bauchi, nine; Adamawa, six; Oyo and Ogun, five cases each while Ekiti, Osun, Benue, Niger and Zamfara have one case each.

“245 new cases of #COVID19: There are now 2,802 confirmed cases of #COVID19 in Nigeria; Discharged: 417; Deaths: 93,” NCDC said on its twitter handle.

How States Stand in new cases on Monday

76-Lagos
37-Katsina
32-Jigawa
23-Kano
19-FCT
18-Borno
10-Edo
9-Bauchi
6-Adamawa
5-Oyo
5-Ogun
1-Ekiti
1-Osun
1-Benue
1-Niger
1-Zamfara

Nigeria began easing restrictions on Monday in its capital Abuja and in Lagos, its largest city, marking the reopening of Africa's biggest economy after more than four weeks of lockdown.

Nigeria has recorded 2,558 confirmed cases of the new coronavirus and 87 deathssince recording its first case at the end of February, a much lower toll than those seen in Covid-19 hotspots in Europe and the United States. The government has said a stay-at-home order in place since 30 March in Abuja and the states of Lagos and Ogun will be lifted gradually over a six-week period.

The regions will now come in line with the rest of the country where the restrictions in force were less strict and include an overnight curfew, mandatory face masks in publicand a ban on non-essential interstate travel. "We must do all we can to stop the spread of #COVID19 so we must all take responsibility and do what is necessary to remain safe," said Lagos State Governor Babajide Sanwo-Olu in a tweet, hours before restrictions were eased.

On Monday morning, the usually frenetic streets of the coastal megacity Lagos, largely empty during the lockdown, were busy with cars, buses and motorised tricycle taxis. Faced with morning rain, people in the city's Iyana Oworo district huddled under a bridge, ignoring social distancing rules, but most people wore masks.

Businesses have been allowed to reopen provided they have decontaminated their offices, can enable social distancing and offer hand sanitizer and hand washing. Schools and places of worship remain closed, restaurants can only operate on a takeaway basis, and all cultural events have been cancelled.

Rwanda, Zimbabwe and Namibia will ease their lockdowns on Monday. On Friday, South Africa relaxed one of the world's strictest Covid-19 lockdowns, and Ghana last month lifted a three-week lockdown in its two main cities.

Experts have not reached a consensus on the reasons for Nigeria's low number of cases, though many point to the low testing rate. The country's centre for disease control said 17,566 samples have been tested in a country of 200 million people.

THE rise in new cases of COVID-19 (Coronavirus) in the Federal Capital Territory (FCT) as well as deaths in Kano, Nasarawa and Zamfara are heightening anxiety among residents of Abuja and the three states.

FCT’s COVID- cases rose to 266 Saturday from 178 on Friday. It is third to Lagos, the epicentre of the contagion, which had 1,068 cases as of Sunday morning..

Nasarawa State, which shares border with the FCT, lost a member of its House of Assembly at the weekend, a development that led to his colleagues and their families proceeding on a 14-day isolation.

Also, Kano, which is reeling under mass deaths, lost another academic, Prof. Isa Hashim,while Zamfara also lost the Emir of Kaura-Namoda, Mohammed Asha, on Sunday.

The Nasarawa lawmaker and the emir are believed to have died of COVID-19 complications. The cause of the former university teacher is unknown.

Amid the fears in the three states and the FCT, every discharged Coronavirus patient in Lagos has been advised to stay at home or isolate for 14 days.

In the FCT, some residents told The Nation that they are living in fear due to the spread of the pandemic on a daily basis.

“This pandemic is becoming more scary with the raise in the new cases. We need to be very careful now and obey government and medical rules especially as the lockdown is being eased from today,” said one of the residents.

FCT Minister, Muhammad Bello, however enjoined them to comply strictly with the guidelines on easing of the lockdown as that was the only way to ensure that the pandemic is contained.

At the same time, he warned that “anybody who, for any reason, flouts the directives of government and is arrested, the full wrath of the law will fall on him or her.”

The Minister stated that security agencies would deploy additional personnel and resources to all the FCT entry points to ensure that the enforcement of the guidelines.

A statement by Bello’s Chief Press Secretary, Anthony Ogunleye, explained that ”offices in the FCT are open for specific categories of staff on Mondays, Wednesdays and Fridays within a specific time range of 8am and 2pm.”

In Lafia, Governor Abdullahi Sule ordered the shutdown of the Nasarawa State House of Assembly following the sudden death of a member , Adamu Sulieman, from COVID-19 complications.

He also directed the other lawmakers, their families and staff members of the House to quarantine immediately.

Sulieman was said to have taken ill last Thursday and his blood sample was taken and sent to the Federal Medical Centre in Keffi.

He died in the early hours of Friday and was buried immediately according to lslamic rites. His result which was returned on Sunday by the National Centre for Disease Control(NCDC) positive .

Majority of the 23-member Assembly, friends and other associates of Suleiman attended the burial

Governor Sule also disclosed that the state had recorded nine confirmed cases of the pandemic with one death. He added that 11 of persons that had contact with the index case tested negative for the virus.

Sule said his government had evacuated about 788 Almajiris back to their home states as part of its efforts to prevent the spread of the disease.

The governor was physically present at the Government Science School, Lafia to bid the Almajiris farewell in air conditioned buses to Plateau, Gombe, Kaduna, Taraba and Jigawa states

Zamfara State Publicity Secretary for the Control and Prevention of COVID-19, Alhaji Mustafa Jafaru Kaura, said that Emir Asha died on Sunday while in isolation at the Yariman Bakura Specialist Hospital.

He explained that Asha’s blood sample was sent to Abuja for COVID-19 test but that he died before the result could be out.

He said the remains of the Emir were still in the hospital waiting for burial by officials of the NCDC.

Hashim, a former university teacher, was until his death yesterday senior Counsellor in Kano Emirate Council and the Jarman Kano. He was 86.

A family source, Ibrahim Aliyu the heath of the traditional title holder started deteriorating following the deaths of some of his childhood friends in quick succession in the Emirate.

Hashim, a Professor of Political Science, was a senior lecturer with Bayero University Kano (BUK) for many years before his retirement.

Nigerian singer Aituaje Iruobe, known professionally as Waje has called for calm in the investigation of murder against Clarence Peters.

Lagos State Police Command announced that the popular music video director was being investigated for murder over the death of professional dancer, Love Divine, known as Kodak.

Photo of Kodak and Clarence Peters.

Lagos Police PRO, Bala Elkana said: “It is a murder charge. We are probably looking at murder.”

Elkana’s announcement sparked diverse reactions because multiple reports stated that the dancer died of electrocution while charging her phone at Peters’ house.

But Elkana said: “We are not concluding at this stage. If she died of electrocution according to reports, it is left for us to find out.”

Reacting on Sunday, Waje said: “I have known Clarence for more than 10 years and this is just a sad situation. You have built and constantly still building job opportunities for young people in entertainment.

“My prayers go to my brother @clarenceshotit.

“As the Nigerian Police carry out their investigations, it’s important to be careful in communication and understand and respect the rights of this man and every other Nigerian.

“And I pray comfort for Kodaks family. And to my friend @jbeautyfull (Clarence Peters’ girlfriend) This too shall pass.”

Popular Nigerian video director, Clarence Abiodun Peters, has finally spoken about the death of professional dancer, Love Divine (Kodak), at his residence.

He took to his social media page on Monday morning to give his account on the events surrounding the death of the professional video vixen.

According to him, he was not physically in the same room as Kodak although they were in the same building.

He said it was a few moments after that they called his attention to the scene.

He also stated that no one has been arrested in connection to the dancer’s death.

He said he was only called in by the Police for questioning.

Please read Clarence Peters’ side of the story below:

On the 29th of April 2020, Love Divine Ike (Picture Kodak) was in the dance studio, on the premises of Capital Dreams Pictures, with 5 other team members and myself – 7 people in total.

At about 7:30 pm on the same day, while in another office – a building beside the dance studio, on the same premises, some people who were said to be with Love Divine at the time, rushed in and called my attention to the fact that Love Divine had collapsed.

We immediately rushed her to the nearest hospital, which refused to let us into their premises, let alone admit her. They assumed she was a Covid-19 patient.

We tried, but we were not able to gain entry into a second hospital. We eventually got her to a third hospital where she was pronounced dead 30 minutes after arrival.

I was not physically in the same room as her when the incident occurred, and when I inquired, I was told by those present at the scene that Love Divine, while taking a break from the dance session, was sitting on one of the metal sliding door rails, charging and using her phone plugged to an extension box.

The witnesses didn’t realize anything was wrong until they saw she had laid down, and they noticed smoke coming from her chest area.

She was said to be electrocuted, her phone was found on her chest, with severe burn marks, and the phone’s imprint on her chest.

The witnesses were taken to the Ojodu Police Headquarters straight from the hospital where statements were taken and the phone (which had traces of burnt flesh on it) was deposited.

The following day, the Police conducted an examination of the body and were taken to the scene of the incident for further examination.

The Police are currently carrying out a full-scale investigation into the events that occurred, and an autopsy will be carried out, with the full permission and consent of her family.

Please note that no one has been charged or arrested, by the Police. The witnesses and I willingly made ourselves available to the Police and we have all pledged our full co-operation, through every part of this process. I will be helping out in every possible capacity.

The detainment of popular music video director and producer, Clarence Peters, by the Lagos State Police command has stirred heavily criticism from his girlfriend of fourteen years, Jennifer Alegieuno.

This happened after Lagos State Police command announced that Clearance Peters was being investigated for murder over the death of professional dancer, Love Divine, known as Kodak.

The dancer was alleged to have died of electrocution while charging her phone at Peters’ house on April 30, 2020, but Lagos Police PRO, Bala Elkana said: “It is a murder charge. We are probably looking at murder. We are not concluding at this stage. If she died of electrocution according to reports, it is left for us to find out.”

However, Jennifer took to Instagram to defend her boyfriend.

Jennifer criticised the Lagos Police command for charging her boyfriend with murder without waiting for the autopsy report on the dancer.

Please read her post below:

It is SICKENING the corruption and laxity in the NIGERIAN POLICE FORCE!

But First, lemme start with you the ones who follow blogs and comment without thinking. That someone earns a living from breaking homes and destroying people’s reputation is something that should naturally be worrisome to you but NO, it refreshes you.

So, as Clarence’s 14yrs long girlfriend, Lemme state AUTHORITATIVELY that CLARENCE PETERS was invited to the police command, YABA and he went there willingly.

He was NOT arrested, neither was he CHARGED WITH MURDER as stated by the press statement from the police command through their spokesperson BALA ELKANA!

Just because we chose to keep quiet until the autopsy result comes out before addressing the press and of course the police report to exonerate him was signed and collected.

On Friday 2nd of May, 2020 an investigative team led by IPO, MR. POPOOLA, after the on-scene investigation was done, the body visited at the morgue, came to a conclusion they had no case with CLARENCE PETERS(who was not on the scene of the incident)

SEGUN the business manager, the 4dancers and two other members of staff of CAPITAL DREAMS PICTURES, (all referred to as witnesses), that it was a NATURAL ACCIDENT.

He wrote his report to that effect.

Events took a different turn when The DCP- YETUNDE LONGE, came in and asked that the report be torn, he wrote a second one that she tore again.

By the third report, then came in MR. OYE and his father Sir Shina Peters and she couldn’t continue with her foul play.

She agreed they had NO CASE with him and the rest of the witnesses. “So why are u still holding him..” everyone asked, she said she was waiting for the autopsy result so she can attach it. When she saw she had been caught, she sent them to put out a press statement that he was charged for murder. So thinking Nigerians, can someone be “CHARGED” without an autopsy conducted?

Backtrack a bit, after LD passed on, it took more than 24hrs to seek the consent from her family to conduct that autopsy. By the time the consent was gotten, due to the COVID-19 caused NIGERIAN COURTS CLOSURE, the autopsy was to start on Monday being tomorrow (today).

So again, how are we talking “he’s being charged for MURDER”??? Since they decided to throw the first blow of negativity, let’s go ALL OUT with the information. You have all been waiting for a response from him and because he chose to be law-abiding, someone who contributes positively to the Nigerian economy, they want to tarnish his name? And artistes, everyone is quiet? Nobody is asking questions other than “how can she be electrocuted”??? Is it right? Who is going to charge PHCN to court for the SURGE?

Music director and producer Clarence Peters is currently being detained by Lagos police over the death of popular dancer, Love Divines known as Kodak.

This happened after reports emerged that the popular dancer died at Peters’ house on Wednesday while charging her iPhone.

It was reported that the dancer was barefooted and sat near the door of the residence while operating the plugged phone when the incident happened.

According to reports, she suffered chest burns when the phone fell on her body and died before they got to the hospital.

However, The Nation reported that Peters is now being detained and questioned at the State Criminal Investigation and Intelligence Department (SCIID), Yaba.


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