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Thread: Latest Nigerian News from Forex Forum Nigeria.

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    Oil prices rise with global markets as Trump hails positive meeting with Kim

    Oil prices rose alongside global markets on Tuesday as U.S.President Donald Trump said a summit in Singapore with North Korea’s Kim Jong Un had made “a lot of progress” .

    This announcement is boosting hopes of a deal to end a nuclear standoff on the Korean peninsula.

    Brent crude futures were trading at 76.55 dollars a barrel at 0547 GMT.
    U.S. West Texas Intermediate (WTI) crude futures were at 66.24 dollars a barrel.
    Markets were held back by signs that output is rising from top producers Russia, the United States and Saudi Arabia.
    Traders said activity was also muted ahead of a meeting between the Organization of the Petroleum Exporting Countries (OPEC) and some of its allies on June 22.
    The meeting may determine the crude production policy of several major producers.
    Global markets rose after Trump said a closely watched summit with Kim on Tuesday had made “a lot of progress”.
    It was “really very positive” after he and Kim signed a document following talks in efforts to end a nuclear standoff on the Korean peninsula.
    “Any positive outcome could be good news for markets,” said Shannon Rivkin, investment director at Australia’s Rivkin Securities.
    Beyond the Singapore summit, crude has been generally supported by healthy demand and voluntary production cuts led by OPEC.
    Some oil market fundamentals, however, point to lower prices, with output from the three biggest producers, Russia, the U.S. and Saudi Arabia on the rise.
    Russian production has reportedly climbed from below 11 million barrels per day (bpd) to 11.1 million bpd in early June.
    In the U. S., output has risen by almost a third in the last two years, to a record of 10.8 million bpd.
    “The deluge of U.S. crude production continues to hold the top-side in check,” said Stephen Innes, head of trading at futures brokerage OANDA.
    Top exporter Saudi Arabia, which has so far led OPEC’s efforts to withhold supplies, is also showing signs of raising production.
    In physical oil markets, Middle East light crude grades are set to trade at discounts against their respective official selling prices (OSPs) amid ample supplies to Asia, including from the U. S., four trade sources said on Tuesday.
    Saudi Arabia has told OPEC that it increased oil output to a little more than ten million bpd in May, up from 9.9 million bpd in April.
    “This fits with the theory that the Saudis and Russians are subtly moving toward a change to the agreement at this month’s meeting,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
    Other producers are also increasing output.
    Kazakhstan’s oil output in the first five months of 2018 rose 6.4 per cent from the same time a year ago to 37.7 million tonnes (1.83 million bpd), the Deputy Energy Minister Makhambet Dosmukhambetov said on Tuesday.


    OPEC, together with some non-OPEC producers including Russia, started withholding output in 2017 to end a global supply overhang and prop up prices.


    OPEC and its partners are due to meet at its headquarters in Vienna to discuss policy.


    “Expect more of the same whippy markets driven by rumours and innuendo ahead of the June 22 Vienna OPEC meeting,” Innes said.

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    GT Bank: Innoson Vehicles admits misleading information on Supreme Court order

    The management of Innoson Vehicles Manufacturing has admitted that it erred on information concerning the recent judgement delivered by the Supreme Court between the company and Guaranty Trust Bank Plc.

    Admitting the error on the company’s official twitter handle, @Innosonvehicles, the company blamed the “error” on the staff of the agency managing its social media accounts.

    “The management of Innoson Vehicles Manufacturing want to bring to the attention of the public to the caption: SUPREME COURT ORDERS @gtbank TO PAY 14BN to INNOSON made on its official twitter handle @Innosonvehicles. The caption was a slight distortion of the information,” the company stated.

    Stating the effort made by the company to correct the error, the company added, “When the information came to our notice, we had to correct the error made by the staff of the agency managing our social media accounts. We apologise for that misleading information.”

    The Company Secretary of Guaranty Trust Bank Plc, Erhi Obebeduo, also recently said in a statement that there was no any Supreme Court order for the bank to pay any debtor money, describing the information spread on the social media as false.

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    28 Year Old Man Hacks Into Banks App, Steals 207M

    A 28 year old suspected fraudster,james Nwagalezi,was arrested yesterday, arraigned before a Lagos Magistrates Court for allegedly conniving with Okoli Nmesoma, already facing tria,to hack into the mobile app account of Eko Bank Plc and unlawfully withdrew N207 million.
    Nwagalezi is facing a four count charge bordering on felony to wit unlawfully hacking into a bank account and stealing, preferred against him by the police.
    Police Prosecutor, Inspector Jimoh Joseph, told the court and the defendant and others still at large committed the offence on April 27 at Igboelerin Okokomaiko, Ojo, Lagos. He said the management of the bank at its headquarters in Lagos reported the fraud to the Divisional Police Officer,DPO, in-charge of Ikoyi Division, SP Tijani Mustapha ,who directed a crack team led by Inspector Tope Ijatuyi to fish out the suspects.
    He added that Nwagwalezi was arrested after several months of manhunt . His arrest brings the number of suspects arrested and charged to court to six. The police are still hunting for more suspects involved in the alleged fraud .
    According to the prosecutor, the offenses are punishable under Section 4111, 387,287 and 325 of the Criminal Laws of Lagos State ,2015. However, Nwagwalezi pleaded not guilty to the charge .
    Magistrate B.I. Before granted him N1 million bail, with sureties in like sum, one of whom must be a community leader.
    He adjourned the case till July 4th and ordered that the defendant be remanded at the Ikoyi Prison, pending when he is able to perfectil his bail conditions.

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    ‘Ethnic jingoist behind INEC chair’s sack call’

    The Independent Service Delivery Monitoring Group (ISDMG), yesterday, chided some leaders from the South and the Middle Belt for calling for the sack of the Chairman of the Independent National Electoral Commission (INEC), Professor Mahmoud Yakubu.

    Some leaders, including Air Commodore Nkanga Idongesit and Chief Edwin Clark (South South), Chief Ayo Adebanjo (South West), Chief Chukwuemeka Ezeife (South East), and Air Commodore Dan Suleiman (Middle Belt), among others, had last week, said Prof. Yakubu had perfected plans to rig the 2019 general elections in favour of President Muhammadu Buhari and therefore should be sacked.

    However, the ISDMG said the call would not stand because the reasons advanced by the advocates were laced with sectional sentiments.

    Speaking at a press conference in Abuja, Executive Director of ISDMG, Dr. Chima Amadi, who was flanked by leaders of some civil society organisations, said it was disingenuous for the southern and Middle Belt leaders to call for change of guard at INEC simply because Prof. Yakubu was from the same geo-political zone with President Muhammadu Buhari.

    Dr. Amadi wondered why those against Prof. Yakubu could not challenge his personal integrity and competence, but instead resorted to raising false alarm considering that the INEC chairman had conducted many by-elections that were won by the opposition.

    “This very same group was at work on the eve of the 2015 general elections when they called for the sack and arrest of the then INEC Chairman, Prof. Attahiru Jega…It is their stock-in-trade on behalf of their sponsors. Those who still think that our problem is the electoral empire should have a rethink,” he said.

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    Audi head arrested in Germany over diesel scandal

    Munich prosecutors, who earlier this month widened their probe into Audi, said Rupert Stadler was being held due to fears he might hinder their investigation into the scandal, plunging Volkswagen into a leadership crisis.

    News of the arrest comes as Volkswagen’s new group CEO Herbert Diess is trying to introduce a new leadership structure.

    The new arrangement includes Stadler, to speed up a shift toward electric vehicles in the wake of its “dieselgate” troubles.

    “His arrest is another low point in VW’s diesel saga,” said Evercore ISI analysts, who have criticized the company for being slow to reform.

    “Almost three years after the diesel scandal broke, it takes police to take action against the Audi CEO.”

    VW admitted in September 2015 to using illegal software to cheat U.S. emissions tests on diesel engines, sparking the biggest crisis in the company’s history and leading to a regulatory crackdown across the auto industry.

    The United States filed criminal charges against former VW CEO Martin Winterkorn in May, but he is unlikely to face U.S. authorities because Germany does not extradite its nationals to countries outside the European Union.

    The Munich prosecutors said Stadler’s arrest was not made at the behest of U.S. authorities. The executive was arrested at his home in Ingolstadt in the early hours on Monday, they said.

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    End to electricity challenges in sight as FG goes nuclear

    Mr Dmitry Shornikov, an expert and Chief Executive Officer, Russian State Nuclear Energy Corporation (ROSATOM), said this in an interview text emailed to the News Agency of Nigeria (NAN) in Abuja on Tuesday.

    According him, Nigeria is most certainly following all the correct steps required to be ready for nuclear power production.

    “The Nigerian Government has shown firm commitment to introduce nuclear power into its energy mix.

    “As part of the government’s programme to deploy nuclear power plants for electricity generation in the country, the Nigeria Atomic Energy Commission was activated in April 2006.

    “One of the International Atomic Energy Agency (IAEA) guidelines for newcomer countries envisages assistance to adapt national energy grids for special requirements of reliability and safety.

    “If a country that wants to develop nuclear programme does not have adequate grid infrastructure, it should follow the International Atomic Energy Agency (IAEA) guidelines in order to rectify this.

    “In the summer of 2015, the IAEA conducted two missions to Nigeria in support of its nuclear programme.

    “These missions found that Nigeria’s emergency preparedness and response framework was consistent with IAEA safety standards, and that the country needed to further refine its policies and strengthen capacities on the management on nuclear initiatives.”

    NAN recalls that Nigeria started developing its peaceful nuclear programme a decade ago and ROSATOM has been working with Nigeria for roughly half of this time.

    A great deal has already been done in terms of the legal framework and educating specialists, both of which are part of the nuclear infrastructure development programme.

    The two countries started their partnership in nuclear power development in 2009, by executing an intergovernmental agreement on cooperation in the field of the peaceful usage of nuclear technologies.

    On Oct. 30, 2017, Russia and Nigeria signed project development agreements on construction and operation of a Nuclear Power Plant (NPP) and a Research Centre housing a multi-purpose nuclear research reactor on the territory of Federal Republic of Nigeria.

    The parties also signed a roadmap for cooperation in the field of peaceful usage of nuclear technologies.

    Dmitry, overseeing Central and Southern Africa of ROSATOM, said it was important for Nigeria to harness all available energy mix, including nuclear to improve its power generation, given the huge demand for electricity supply in the country.

    “Today, Nigeria is the biggest economy in Africa, however, its power sector is performing far below the level of an economy of this magnitude.

    “Over half of the population has no access to grid-connected electricity and those who are connected to the grid suffer extensive power outages.

    “Nigeria’s current installed capacity is estimated at around 12,500 MW, only half of this is operational, and only about 5,000 MW reaches the grid.

    “Restricted output has been blamed on gas supply problems, water shortages, grid constraints and breakdowns.

    “Existing energy mix in Nigeria is made up mostly of hydro and gas turbine power plants and will certainly benefit from the addition of sustainable base load generation.

    “There are three important factors that should be considered when designing the optimum energy mix, this include economics, security of supply and environmental impact.

    “Nuclear is one of the only power sources that is capable of producing all the three factors and is, therefore, crucial to help balance any energy mix,” Dmitry explained.

    He said ROSATOM was committed to assisting Nigeria archive its nuclear energy production ambition.

    Dmitry, however, said skills development was a key requirement in Nigeria getting ready for the development and running of nuclear energy plants, adding that ROSATOM was willing to further assist in developing the needed skills.
    “Since 2010, ROSATOM has been running a project on training staff for partner countries.

    “The project is aimed at supporting the partner country in creating an integrated system for training qualified specialists for the nuclear power industry.
    “From highly professional construction, installation and operating staff to providing the most modern specialised university education and retraining of executives, both for nuclear power and national regulatory authorities in the nuclear sphere.

    He disclosed that 17 students from Nigeria were presently studying in Russia, adding that Nigeria was part of special ROSATOM’s bursary programme on free education for talented students.

    According to him, ROSATOM will give its best to support development of science in Nigeria which remains a veritable key to further develop the country.

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