Oil Price Crash, Prepare For Another Tough Recession, NNPC Boss Urges Nigerians

Mr Mele Kyari, Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC) has urged Nigerians to prepare for more tough time in few months following the crash in the prices of crude oil due to outbreak of coronavirus.

Kyari gave the advice at a consultative round-table meeting organised by the Central Bank of Nigeria (CBN) in Abuja on Wednesday.

The roundtable has its theme “Going for Growth 2.0”.

He explained that about 12 Liquefied Petroleum Gas (LPG) cargos got stranded globally because they had no hub due to abrupt collapse in demand associated specifically with coronavirus.

“It has also hit other sectors from the production stage which is the liquid crude.

“As at today with the Nigerian crude, we have 50 cargoes that have not found landing; it means the traders have purchased it but they don’t know how to take it.”

“Iraq dropped its price by five dollars and Saudi Arabia by eight dollars in some locations.

“So, when your crude oil sells at 30 dollars and you’re dropping it by eight dollars, it means that in the market, you’re selling it at 22 dollars.

“This is a huge problem that can be accommodated in some production environment like in Saudi Arabia.

“Today, the best of our production system is 15 dollars to 17 dollars a barrel, there are many countries whose cost of production is 30 dollars and we’re one of them.

“So, when the price now goes to 22 dollars and we’re producing at 30 dollars, that means we’re out of business,” he explained.

According to him, with the oil market slump on Monday, the reality on ground is beginning to dawn on the country.

He said that when the oil market collapsed, everything would collapse completely adding that oil was the only commodity whereby when the price goes up, beneficiaries would enjoy

“As it stands, there is a global demand of 100 million barrels per day and the spread is affecting the demand.

“We can take oil production to three million barrels if we are determined, but the problem still remains that we have a huge challenge which is the capacity to finance oil development in Nigeria,” he said.

We Need A Nigeria Where Muslims Are Free To Wear Hijab Anywhere - Sultan Of Sokoto

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Muhammad Sa’ad Abubakar III, the Sultan of Sokoto, has asked Muslims to be peaceful and must not to take up arms to fight any one or group over any issue, comment or happenings in Nigeria.

He, however, said he’s looking forward to a better Nigeria where Muslims are allowed to wear hijab anywhere without restriction.

The News Agency of Nigeria (NAN) reports that Abubakar III made the appeal at the opening ceremony of the 108th edition of Islamic Vacation Course (IVC) at IVC permanent site in Ogun State.

The Emir of Kano, Muhammadu Sanusi II, also spoke at the event.

The Sultan, who spoke on Islamic law and the Nigerian constitution, said: “We must not take up arm over any issue or anybody.

“We must never try to fight, we must not enforce our rights on anything. But we as a leader, all of us as leaders, we will look at ways of getting our rights from the government.

“So never be provoked; don’t let any comment or any report from anywhere provoke you into taking up arms to fight.

“Why because that is what they want us to do to destabilise Nigeria. We will not destabilise Nigeria as Muslims. We will walk as Islamic orders us to do.

“And In-shaa Allah we will build a better Nigeria where Muslims are allowed to wear hijab anywhere and at any time.”

Abubakar emphasised the need for Muslims to remain calm over any issue concerning their faith.

“Like I said, Almighty Allah will protect His religion, He will protect the Qur’an, His book. We will do our own part by remaining peaceful, by always abiding by the laws of our land.

“We are always talking to our leaders, especially the political leaders, on what should be done and what ought not to be done,” the Sultan said.

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El-Zakzaky Was Detained For The Crime He Committed Not Religious Persecution - Lai Mohammed Tells US Govt.

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Breaking the news from around the globe.

 

 

The Minister of Information and Culture, Lai Mohammed, has said the detention of leader of Islamic Movement of Nigeria, Sheikh Ibraheem el-Zakzaky, was “purely a criminal matter, which is being handled by a court of competent jurisdiction.”

The Minister said while the government accepted constructive criticism from any quarter, it “rejects any attempt to sow the seed of mistrust among the various religious groups in the country.”

Mohammed, on behalf of the Buhari-led administration, responded to a recent placement of Nigeria and six other countries on a special watch-list of states that engage in, or tolerate, “the severe violation of religious freedom.”

The Federal Government on Sunday rejected the designation, describing it as “misleading.”

According to the government, the United States “fell for the antics of the discontented and the unpatriotic few” who will not hesitate to hang Nigeria out to dry on the altar of their inordinate ambition and their sheer animosity towards the administration of President Muhammadu Buhari.

Mohammed, in a statement issued in Abuja, said the deliberate effort to give religious coloration to the farmer-herder clashes and, in particular, the Boko Haram insurgency in the North East, had undoubtedly helped to mislead the US.

While describing the “iniquitous tag” as stemming from “an orchestrated narrative that has long been discredited,” he said the good people of Nigeria enjoy unfettered freedom to practice their religion.

Mohammed blamed the tag on “failed politicians and disgruntled elements — some of them supposedly respected leaders — for latching on to religion as their trump card, especially in the run up to the 2019 general elections.

He said it was “unfortunate that the US fell for the antics of the discontented and the unpatriotic” few who will not hesitate to hang Nigeria out to dry on the altar of their inordinate ambition and their sheer animosity towards the Buhari administration.

The Minister said the Nigerian government was acutely aware of how the political opposition, in particular, had spared no resources in deriving political capital from the various security challenges in the country.

The statement reads in part, “The deliberate effort to give religious coloration to the farmer-herder clashes and the Boko Haram insurgency, in particular, has undoubtedly helped to mislead the US into concluding that the government is doing little or nothing to guarantee religious freedom in the country.

”But, as we have always said, the farmer-herder clashes have nothing to do with religion but everything to do with environmental and socio-economic realities.

“The religious tag given to the clashes has no basis in fact, but is very convenient for those who will very easily give the dog a bad name just to hang it.

“On its part, the Boko Haram terrorists are extreme fanatics who do not subscribe to the tenets of any religion, in spite of their pretense to Islamic adherence.”

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Breaking: Super Eagles Legend, Kanu Nwankwo Loses Daughter

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Breaking the news from around the globe.

  by  Rahaman Abiola -

 Nwankwo Kanu has confirmed the tragic death of his "daughter" Eniton - The former Nigerian international made the disheartening announcement on Christmas eve - The deceased was one of the beneficiaries of his NGO, Kanu Heart Foundation (KHF) Former Super Eagles star, Nwankwo Kanu, has been plunged into mourning following the death of Eniton, one of the beneficiaries of his philanthropy-based NGO, Kanu Heart Foundation. 

The former Nigerian international made the tragic announcement through his verified Twitter account on the eve of Christmas, Tuesday, December 24. Kanu, who referred the deceased as his "daughter," was overtly left heartbroken by the sudden passing of the promising young girl. Although the Arsenal legend did not disclose the cause of the death, there are insinuations that Eniton might have hearkened to the last call through a heart-related ailment. "Why why why one of Kanu heart foundation gone," the 43-year-old former star posted. 

 "My daughter gone gone gone. I can’t believe this. R I P Eniton. God knows all. Sad sad sad, don’t know what to do," bereaved Kanu further lamented, accompanied by some sad emojis. Meanwhile, friends and fans have been sending heartfelt condolences to the Super Eagles legend upon the incident. 

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Breaking : Nigerian Senator Representing Imo North Slumps And Dies Inside Toilet

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Breaking the news from around the globe.

The Senator representing Imo North Senatorial District, Benjamin Uwajumogu, is dead.

His death was confirmed to journalists outside the Senate chamber on Wednesday by the Senator representing Imo West Senatorial District, Rochas Okorocha.

He was said to have slumped in the toilet while taking his bath and rushed to a private hospital in Apo, Abuja where he died.

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I'm Very Sick And Can't Be Treated In Prison - Orji Uzor Kalu Begs Court For Bail

Orji Uzor Kalu, former governor of Abia state, has filed a bail application pending his appeal against his jail sentence.

The former governor, through his counsel, urged the court to grant him a post-conviction bail on health grounds.

A federal high court in Lagos had convicted Kalu of N7.1 billion fraud. Mohammad Idris, the presiding judge, sentenced Kalu to 12 years in prison for money laundering.

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There Is Nothing Wrong In Addressing Buhari By His Military Rank - Adesina

By Gabriel Ogunjobi

 

Femi Adesina, the media assistant to President Muhammadu Buhari has made a quick reaction to Wednesday’s Editorial of the Punch Newspaper.

The newspaper had made a strong stand to vehemently condemn the current administration and decided to label the President a military dictator for the time being.

“As a symbolic demonstration of our protest against autocracy and military-style repression, PUNCH (all our print newspapers, The PUNCH, Saturday PUNCH, Sunday PUNCH, PUNCH Sports Extra, and digital platforms, most especially Punchng.com) will henceforth prefix Buhari’s name with his rank as a military dictator in the 80s, Major General, and refer to his administration as a regime, until they purge themselves of their insufferable contempt for the rule of law”, it partly said.

Adesina, however, defended the President in his brief tweet, stating that military title was earned and the insinuation made by Punch is “not completely out of order.”

“If you decide to call him Major General, he wasn’t dashed the rank, he earned it. So, you are not completely out of order. The fact that you can do so is even another testimony to press freedom in Nigeria,”, he wrote Wednesday morning.

President Buhari had previously ruled as the nation’s head of state from 31 December 1983 to 27 August 1985, although he has since claimed to be a reformed democrat after he emerged Nigeria’s democratic head.

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Breaking : Courts May Be Indefinetely Shut Down Nationwide, As Lawyers Disagreed To DSS Court Invasion, Presents 4 Demands

The Nigerian Bar Association, NBA, has demanded for the immediate suspension of the Director-General, DG, of the Department of l State Security Services, DSS, Yusuf Bichi.
The Lawyers Association was reacting to Friday’s invasion of a Federal High Court, in Abuja, by armed Officials of the DSS.

The Officials disrupted the court proceedings, in their bid to re-arrest Omoyele Sowore and Olawale Bakare. Both Activists, arrested for planning a nationwide protest, were released by the DSS, on Thursday night, about 125 days after their arrest.

They had been granted bail by two different Judges, but the DSS refused to release them.
The Agency, however, released them on Thursday, after Justice Ijeoma Ojukwu gave the DSS 24 hours to release the Activists, who are being tried for treasonable felony and insulting President Muhammadu Buhari.

They were however, re-arrested on Friday.
In its statement, on Friday, the NBA said that it was “dismayed at the exhibition of primitivity, thuggery, insane passion for lawlessness, contempt and disrespect for the rule of law by the Agents of the Department of State Services, DSS, within the precints of the Federal High Court, Abuja”.

 NBA, therefore, made four demands including the “immediate suspension of the Director-General of the Department of State Security from Office”.
“We make this demand bearing in mind the fact that the DSS under his leadership has established itself as a brutish and irresponsible agency that derives immense pleasure from violating the fundamental rights of Nigerians and disrespecting court orders”, Kunle Edun, the National Publicity Secretary of the NBA, said in a statement.

The Association also called for an investigation of the DSS’ action, as well as a review of the law establishing the Agency.

Read the full statement by the NBA below:

“Nigerian Bar Association is greatly dismayed at the exhibition of primitivity, thuggery, insane passion for lawlessness, contempt and disrespect for the rule of law by the agents of the Department of State Services (DSS) within the precints of the Federal High Court, Abuja while attempting to re-arrest Citizens Omoyele Sowore and Olawale Bakare earlier today. Eventually Sowore and Bakare were re-arrested by the DSS inspite of being on bail granted by the Federal High Court.

“The NBA has been properly briefed – beyond the shameful videos of the incident in public domain- by our members who witnessed the disgraceful and crass violation of the hallowed precincts of the law by the officers of the Department of State Services, an agency of the Federal Government of Nigeria. The NBA finds it disgraceful that this ‘court riot’ occasioned by the high handedness and insensitivity of the security operatives interrupted judicial proceedings and made the Presiding Judge to abandon judicial proceedings because of safety concerns.

“The Nigerian Bar Association strongly condemns the action of the Department of State Security, which is another in the series of impunity and lawlessness exhibited by the DSS. The invasion of the court by the agency of the Gederal Government of Nigeria runs contrary to the avowed assurances of the President of the Federal Republic of Nigeria that he will ensure that the Federal Government and agencies under it obeys court orders. The disrespect of the court by the DSS is legendary and unrivalled.

“Few days ago, the officers of the Nigerian Police Force exhibited similar traits when it also invaded the precincts of the High Court, Effurun to arrest Mr. Ademi-Akpeto, Chairman of Sapele branch of the NBA. Many Nigerians are still in unlawful custody and not charged to court. Nigerians are now under siege by security agents who have no regards for the law and the courts.

“The NBA urges all Nigerians to be alive to their responsibilities as citizens of the Federal Republic of Nigeria and is ready to partner with all Nigerians and civil society organisations to ensure that the rights of Nigerians as guaranteed by Chapter 4 of the Constitution of the Federal Republic of Nigeria, 1999 as amended are not trampled upon by by any agency of government. The NBA therefore, demands as follows:

1. That the Federal Government of Nigeria and the National Assembly immediately investigate the shameful conduct by the DSS and ensure that all persons found culpable are duly punished in accordance with the law.
2. The immediate suspension of the Director General of the Department of State Security from office. We make this demand bearing in mind the fact that the DSS under his leadership has established itself as a brutish and irresponsible agency that derives immense pleasure from violating the fundamental rights of Nigerians and disrespecting court orders.

3. That the National Assembly should review the laws setting up the DSS and indeed all security agencies in Nigeria with a view to repositioning them to be more responsible and responsive to the public.

4. That the Attorney General of the Federation, being the Chief Law officer of the Federation takes over all the political cases or cases involving politically exposed persons presently handled by the DSS.
“The above demands of the NBA is without prejuduce to the consultations presently going on amongst critical Stakeholders in the legal profession and the judiciary on how best to ensure that this sad incident does not re-occur.
“NBA thanks all Lawyers and Nigerians who have expressed displeasure over this sad incident. NBA shall keep lawyers and Nigerians alike informed of our further engagements with critical stakeholders.
Kunle Edun,
National Publicity Secretary, Nigeria Bar Association.”

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Breaking : Buhari Government Vows To Recover Pension Fund Embezzled By Amaechi, Akpabio, Fashola, Rochas Okorocha And Others

 

The Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN) has vowed to comply with the order of a Federal High Court which directed him to recover monies being paid to former governors that are currently serving as senators and ministers.

The AGF stated this in a statement made available to journalists by his media aide, Dr. Umar Gwandu.

Recall that Justice Oluremi Oguntoyinbo made the order while delivering judgment in a suit filed by Socio-Economic Rights and Accountability Project (SERAP) on Wednesday.

The suit was filed by SERAP, who had approached the court for an order of mandamus to compel the Attorney General of the Federation to file action to challenge states’ pension laws for former governors and recover public funds collected by them in the interest of the public.

The group further sought an order directing the AGF to challenge the legality of states’ pension laws permitting former governors and other ex-public officials to collect such pensions.

Responding to the judgment on Thursday, Malami said that “the Federal Government will be guided by public interest in complying with the court order.

“We will work and be guided by the legalities of the case, the dictates of justice and public interest in complying with the judgment”, the minister said.

A total of 21 states had at various times promulgated pension laws allocating huge benefits to their former governors despite public objection.

They are Lagos, Akwa Ibom, Edo, Delta, Kano, Gombe, Yobe, Borno, Bauchi, Abia, Imo, Bayelsa, Oyo, Osun, Kwara, Ondo, Ebonyi, Rivers, Niger, Kogi and Katsina states

Immediately affected by the order are five ministers in the cabinet of President Muhammadu Buhari and nine senators.

The ministers are Mr. Babatunde Fashola (Lagos, Housing and Urban Development), Senator Godswill Akpabio (Akwa Ibom, Niger Delta), Hon. Chibuike Amaechi (Rivers, Transportation), Mr. Rauf Aregbesola (Osun, Interior) and Chief Timipre Sylva (Bayelsa, State Petroleum).

The senators caught by the judgment are Orji Uzor-Kalu and Theodore Orji (Abia), Kassim Shettima (Borno), Sam Egwu (Ebonyi), Danjuma Goje (Gombe) Rochas Okorocha (Imo), Ibrahim Shekarau and Kabiru Gaya (Kano) and Ibrahim Geidam (Yobe).

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