Tag: July

  • OPEC crude price drops 10% in July

    OPEC crude price drops 10% in July

    The Organisation of Petroleum Exporting Countries (OPEC) has said the price of crude oil supplied by its members known as (OPEC Reference Basket) averaged $54.19 per barrel in July, representing a decline of more than 10 per cent from the previous month.

    The group in its August Monthly Oil Market Report said crude oil futures were also driven lower by various bearish factors, noting that global oil demand is expected to grow by 1.38 million barrels per day (mb/d) this year, which is about 90,000 barrels per day higher than last month’s projections with total oil demand anticipated to reach 92.70 mb/d. In 2016, world oil demand growth is expected at 1.34 mb/d with total world consumption hitting a record level of 94.04 mb/d.

    The report said after falling to multi-year lows earlier in the year, crude oil prices stabilised in April, remaining at around the $60 per barrel range until June. However, in July, a set of bearish factors pushed crude oil prices to their lowest levels in months, with Nymex WTI nearing $45 per barrel and Brent around $50 per barrel.

    This decline in oil prices came amid a sell-off in crude futures, triggered largely by continued oversupply at a time when incremental global demand has not followed suit. Financial concerns in Greece and China, as well as the outcome of the world powers’ talks on Iran’s nuclear programme, have all contributed to the current bearish market conditions, OPEC said.

    On the physical side, crude oil values for light sweet West African grades including Nigeria’s sweet crude have been pressured by several months of overhang cargoes. This is despite the recent easing of the oversupply as refiners increase utilisation to capitalise on lower crude oil prices amid a rebound in gasoline demand and better arbitrage economics to Asia. In the Middle East, spot crude cargoes are being squeezed by an inflow of Atlantic Basin crudes into the Asia-Pacific market on the back of relatively low light sweet crude prices compared with sour Middle East grades, the report added.

    On refining, the organisation said refining margins have been healthy in most regions. While margins have seen a slight weakening in Asia, they remain on the rise in the Atlantic Basin due to lower crude prices along with the excellent performance of the top of the barrel.

    During the driving season, US gasoline demand has reached as high as 9.5 mb/d over the last two months, a level not seen in years, supported primarily by lower gasoline prices.

  • CIIN confab to hold July 26

    Operators have planned  a Annual Mega Conference to hold from July 26 to July 28, this year at the Transcorp Hilton, Abuja.

    The theme is: Developing insurance business for national growth.

    President, Chartered Insurance Institute of Nigeria (CIIN) and Chairman, Insurance Industry Consultative Council (IICC), Bola Temowo, made this known at a briefing in Lagos.

    He said the conference was the first  for stakeholders in the  industry to speak with one voice.

    He added that it was also informed by the need to upscale the capacity of the industry for effective performance and improved contribution to the growth of the country’s Gross Domestic Product, which is receiving  attention of the industry.

    The keynote address at the conference will be delivered by the Commissioner for Insurance, Mr. Fola Daniel while the theme paper will be presented by Mr. Frank O’Neill, Managing Director, Swiss Re, ME & A.

    Other guest speakers are Managing Director, LASACO Assurance Plc, Ven Olusola Ladipo-Ajayi; Managing Director, Financial Derivatives Ltd, Bismarck Rewane.

  • July date for Emily K premiere

    THE much-talked-about Nollywood movie, Emily K, will premiere on July 3, at the Barcelona Hotel, Abuja.

    The movie, which was shot entirely in the Federal Capital Territory, features popular Nollywood actress, Empress Njamah, playing alongside Chuks Chyke, Gina Castel, Dr. Ayuba, A-JAy of Threadstone and a host of other actors.

    Another foremost Nollywood actor, Ramsey Nouah, is expected to feature in the movie.

    The flick, according to its director/producer, Peter Kundum, will be a big hit once it is premiered.

    Kundum said Red carpet for the event would start at 5pm, while the screening starts at 6pm.

    Emily K, he noted, is a love story that cuts across boundaries, with Emily (Empress Njamah) playing the lead role.

    Entertainment aficionados and top actors in the industry are expected to grace the event.

    “I can tell you that once this movie is out, many Nigerians will love it because of the research works that went into it. We worked tirelessly to ensure that the movie succeeds,” said Kundum.

  • Scenes from July

    Scenes from July

    Its significance lies in the madness in other lands not so far away. Long before then, it was not in doubt where their loyalty was. Almost everyone knew that they belonged to the Ikwerre man with a Yoruba first name, which makes many wonder if his mother has the Oduduwa ancestry. Some, without proof, have even said he is more Yoruba than Ikwerre.  But, that is gibberish.

    Last month, over 20 of his men in the Rivers State House of Assembly announced their time was up with the Peoples Democratic Party (PDP). Months earlier, their leader, Governor Rotimi Amaechi, had led the way by dumping the party he believes has a leaking umbrella and teamed up to form the All Progressives Congress (APC). After this move, majority of the state’s members of the National Assembly, including Dr Dakuku Peterside, who chairs the House of Representatives Committee on Petroleum (Downstream) and Senator Magnus Abe, who chairs the Senate Committee on Petroleum (Downstream), left for the APC too. It was surprising that the state legislators did not move soon after. But, the drama in their switch is not lost coming at a time when the hand of Esau and the voice of Jacob parable is being re-enacted in impeachment moves in states whose governors have switched to the APC.

    There was also drama in the PDP’s reaction. It said they mattered not and their switch would not affect its fortune. Really?

    Well, for these men, it might have been meant to say, you can’t impeach our governor.

    The Rivers’ scenes pale away with Edo’s July scenes. There, the law was on break. Lawlessness reigned. And sadly, lawmakers were the ones behind it all. The police had it up to their necks trying to separate fights. You need to have seen how lawmakers were disgracing their constituents.  A court bailiff was told by a “lawmaker to go to hell” when he attempted to serve him summons.

    No thanks to this ‘we-no-go-gree’ caused by suspension and counter-suspension, no bill was attended to last month. Yet, these men earned their pay from tax payers who they did nothing to serve.

    Please let’s leave Edo and get to the presidential state. Bayelsa held an investment forum. It did not end without unforgetable scenes. At the forum, Petroleum Minister Diezani Alison-Madueke revealed that an Industrial Park was going to be built in the state. And guess where? Otuoke of course, the presidential village whose population is less than 10,000. This is an addition to the fantastic General Hospital with facilities not being fully utilised. The university is also there and its population will soon be more than the community’s.

    Another drama in Bayelsa last month is that while a forum was being held to convince investors to come to the state, a relaxation centre, which also had a car wash, was pulled down by the government in Yenegoa. Reason: No tangible one has been given, yet the owner says he broke no town planning rule. It was a major point where men chilled out after a hard days’ job. Now they have to look elsewhere.

    The other three states in the Southsouth, Cross River, Akwa Ibom and Delta sure had their indelible July scenes.

    In Delta, scenes that gave the impression that peace might take a flight were recorded. It all surrounded the Export Processing Zone being worked on by the Federal Government around Escravos. Last month, the project pitched Ijaw against Itsekiri. Before then, it had pitched Itsekiri against Itsekiri in Ugborodo. Lives were lost and heads were broken and jaws dropped when Itsekiri battled Itsekiri. Last months’ dramas were more of Ijaw proclaiming their right to the project. They rejected Governor Emmanuel Uduaghan’s interface committee on the project. One of their leaders, who said his grandparent’s grave would be consumed by the project, even threatened that the project would not start until their demands were met. President Goodluck Jonathan would have to wait more before performing the groundbreaking ceremony.

    Cross River maintained its peaceful mien during the month. But, dramas around the issue of border demarcation between Nigeria and Cameroun, as a result of the loss of Bakassi, played out. Fears were expressed by communities around the Obudu axis about plots to cede them to Cameroun. The last has certainly not be heard about this.

    Really, almost no July scene from the Southsouth could beat the one at the sod turning ceremony for the new PDP secretariat in Uyo, the Akwa Ibom State capital. Governor Godswill Akpabio was quoted as saying: “Those who have betrayed the governor will not enter the Government House… Those who want to take power from the back door will die. They will die. And the PDP will continue.”

    He was said to have used the Biblical story of King David and Absalom to back his position. Absalom, he said, wanted to take over power before 30 and sought to kill King David, his father. He eventually died before his father.

    Can both cases really be juxtaposed?  Absalom was a son; those who the governor claimed have betrayed are his political sons. There is no blood relationship.

    Since then, his opponents have taken advertorial space to lampoon him. They also called on Jonathan to save them.

    The governor has not spoken since then on the matter. At least in public. But, in an advertorial, which was a reaction to an open letter to Jonathan on the controversial statement, the governor’s supporters said he was only referring to political death and not physical death. They claimed it was natural that a stream that forgets its source will naturally die. There is no need for any physical effort to realise this. True talk?

    Secretary to the State Government Emmanuel Udom, in an advertorial, also toed the same line, arguing further that backdoor means ‘crude’, ‘undemocratic’ and all that. He did not forget to let us know that the people of Akwa Ibom are begging him to succeed Akpabio.

    Well, my final take: let everyone have a level-playing field. That way, there will be fairplay.

    Till next week. Have the best of August.

  • Omeruo to report to Chelsea July 28

    • Loan move to Boro not done and dusted yet

    Even though Super Eagles’ defender,Kenneth Omeruo has confirmed that he would be featuring for Championship side, Middlesbrough in another loan deal, his advisor, Chika Akujobi has disclosed that the deal is yet to be signed.

    Akujobi revealed that Omeruo would report to Chelsea first before anything can happen between the Stamford Bridge giants and Middlesbrough.

    He said Omeruo was too hasty to go to the press and reveal such sensitive matter when in actual fact anything could still happen between now and the end of the transfer season.

    “Kenneth has already revealed where he would be playing next season.

    He said he did that through Twitter but I have told him to be wary of what he discloses to the media. He is coming back to London first on July 26th and he will report to Chelsea on July 28th. It is when he arrives that the club would determine what  will become of him. Even though the body language says that Jose Mourinho does not need him for now but nobody can determine what the future holds. Something could just happen that may make Chelsea and Mourinho to change their minds,” Akujobi told SportingLife.

  • Jonathan stops NFF’s N253m July allocation

    Jonathan stops NFF’s N253m July allocation

    • Presidency orders Danagogo to take charge of funds

    Piqued by the revelation of an alleged monumental fraud and gross misappropriation of funds by the Aminu Maigari-led Executive Board, the Federal Government has stopped direct release of monthly allocation to the Nigeria Football Federation (NFF).

    Nigeria’s World Cup bonus row in Brazil compelled the Federal Government to beam its searchlight on the finances of the NFF in the last four years.

    Prompt News gathered that there was a directive from the Presidency that the Minister of Sports, Tammy Danagogo, should henceforth monitor the release of funds to the NFF to ensure its judicious use.

    Consequently, the sum of N253 million being monthly allocation for the month of July was released to the National Sports Commission (NSC) for onward release to the NFF on an instalmental basis as the Minister may deem fit.

    “That so called ‘Glass House’ stinks. With what we have discovered in that place, you don’t expect us to fold our arms while people misuse government funds in the name of the Federation’s autonomy.

    “Can you imagine that Maigari requested for about N150 million to furnish the new NFF building, (Sunday Dankaro House) when indeed, the former Sani Lulu-led board left $1 million in the NFF account specifically for that purpose,” a top official in the Federal Ministry of Finance alleged to Prompt News on condition of anonymity.

    “How do you expect government to continue to condone such fraudulence and irresponsibility?”

    The source however said direct allocation could be restored to the NFF only when government was convinced that those at the helm of affairs would be accountable and responsible.

    The ousted NFF President, Aminu Maigari, is being asked to account for the funds released by the Federal Government for the World Cup, the money released by FIFA for the World Cup and the over one billion Naira left in the NFF coffers by the Sani Lulu Abdullahi-led board.