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Oil prices rose on Monday, pushing Brent back above $50 a barrel, buoyed by hopes that a rollout of coronavirus vaccines will lift global fuel demand, while an extension of Brexit talks eased jitters on that front for now.

Brent crude futures for February rose 8 cents, or 0.2%, to $50.05 a barrel by 0137 GMT, while U.S. West Texas Intermediate crude futures for January were up 4 cents, or 0.1%, at $46.61 a barrel.

Oil prices have rallied for six consecutive weeks, their longest stretch of gains since June.

The United States kicked off its vaccination campaign against Covid-19, buoying hopes that pandemic restrictions could end soon and lift demand at the world’s largest oil consumer.

An extension of Brexit talks among European powers also buoyed financial markets on Monday.

CMC Markets’ chief markets strategist Michael McCarthy asked: “Having ‘bought the rumour’ of an effective vaccine, now that delivery is here will investors ‘sell the fact’?”

Major European countries continued in lockdown mode to curb the spread of Covid-19 which has reduced fuel demand. For example, Germany, the fourth largest economy in the world, plans to impose stricter lockdown from Wednesday to battle the virus.

Investors are looking ahead to two meetings between the Organization of the Petroleum Exporting Countries and its allies including Russia, a grouping known as OPEC+.

The OPEC+ joint ministerial monitoring committee (JMMC) that monitors compliance among members will meet on Dec. 16, while OPEC+ will meet on Jan. 4 to study the market after their last decision to limit production rises to 500,000 barrels per day starting next year.

In the United States, energy firms last week added the most oil and natural gas rigs in a week since January as producers continued to return to the wellpad.

Two separate fires occurred at Nigeria’s Qua Iboe crude oil export terminal and at an oil pipeline in Iran on Sunday but the incidents have mostly been contained.

Reuters

Oyo State Police Command yesterday confirmed the kidnap of two foreigners in Ibadan, the state capital. It was gathered that the two foreigners, who are Indians, were kidnapped last Wednesday.

They were kidnapped around 4:00 p.m. at a pharmaceutical firm near Toll Gate on the Lagos-Ibadan expressway. They were said to be driving out of the company’s premises when the kidnappers, who were trailing them, opened fire on their vehicle’s tyres, which forced the vehicles to a halt.

Oyo Police Public Relations Officer (PPRO), Olugbenga Fadeyi, confirmed the abduction in a statement made available to newsmen on Sunday. Fadeyi said police officers are on the trail of the criminals, but did not say if the kidnappers had made contact with the families. 

He, however, urged expatriates to be vigilant during this period. “Modalities have been emplaced while concerted effort intensified to rescue them from their captor(s).

“Likewise, all expatriates are advised to be vigilant and be watchful especially during this period, while security agencies should be alerted when they see any suspicious movement around their facilities,” he said.

Hundreds of Indian nationals live and work in Nigeria, especially in the pharmaceutical sector. Kidnapping for ransom targeting foreigners and prominent Nigerians is common in Nigeria. The victims are usually released unhurt after ransom payments, but the police rarely confirm any money was paid.

Last week, a Chinese engineer kidnapped in Ekiti State was freed after the payment of ransom. His freedom was confirmed on the day a team of security personnel in neighbouring Ondo State arrested suspects allegedly involved in the murder of Israel Adeusi, the traditional ruler of Ifon in Ose Local Government Area of Ondo.

The Chinese expatriate was one of the engineers working with the company handling the new Ado-Iyin road. Gunmen killed a police officer serving as his escort before whisking him away from the site.

The Guardian

The Nigerian military had located and exchanged fire with gunmen who kidnapped scores of secondary school students in northwestern Katsina state, according to a statement from the president on Saturday.

The gang, armed with AK-47s, stormed the Government Science secondary school in Kankara district at about 9:40 p.m. on Friday, police and locals said. A parent and school employee told Reuters that roughly half of the school’s 800 students were missing.

President Muhammadu Buhari said in a statement that the military had located the kidnappers in a forest and was exchanging fire with them, aided by air support.

In the statement, Buhari condemned the attack in his home state. Police and the military were still working to determine how many were kidnapped and missing.

Police at the scene on Friday exchanged fire with the attackers, allowing some students to run for safety, police spokesman Gambo Isah said in a statement.

Police said they would deploy additional forces to support the search and rescue. One officer was shot and wounded in the exchange of fire with the gang, they said.

Katsina is plagued by violence the government attributes to bandits - a loose term for gangs of outlaws who attack locals and kidnap for ransom. Attacks by Islamist militants are common in northeastern parts of the country.

Violence and insecurity across Nigeria have enraged citizens, particularly after scores of farmers were killed, some beheaded, by Islamist militants in northeast Borno state late last month.

Buhari, who arrived on Friday for a week in his home village some 200 km (125 miles) from Kankara, was scheduled to brief the national assembly on the security situation last week, but cancelled the appearance without official explanation.

Reuters

Multiple sources, including residents and security operatives revealed on Saturday that the bandits who were said to be in hundreds and fully armed, stormed Kankara in Katsina state on foot a few minutes after 9pm having parked their motorcycles at a nearby village to avoid suspicion by residents and security operatives stationed in Kankara.

It was further learnt that while some of the bandits engaged policemen stationed at the main gate of the school in a shoot-out, some of the bandits scaled the school fence to gain entrance.

Some top officials of the school also revealed that the bandits first went to the staff quarters where they took the wife of a staff member who they later released. The bandits reportedly proceeded to the pupils’ hostel where they gathered the students together and marched them out of the school.

One of the sources, who spoke on condition of anonymity, said, “The pupils were being marched out of the school when troops of the Nigerian army arrived and engaged them in a fierce shoot-out. The development made some of the pupils to escape while the bandits left with some others. It was a very disturbing scenario.”

Parents who had their wards in the school continued to storm the school throughout Saturday to make enquiries about their children.

Punch

 

More than 300 students are still missing, following an attack by gunmen on Government Science Secondary School, Kankara, Katsina.

Security sources confirmed on Saturday evening that 345 students have not been accounted for.

The gunmen had invaded the school on Friday night, shooting into the air to scare away people in the area.

The school is said to have a population of around 800 students, and according to the police, when the gunmen attacked, some of the students scaled the fence to escape.

A security officer who was manning the school premises was also shot.

As of Saturday morning, the police said around 200 students had been found.

Isah Gambo, spokesman of the Katsina police command, had earlier said a search was ongoing for the missing students.

The Cable

A committee to protect the welfare of children on the streets, Committee on Welfare of Street Children (CWSC) has been inaugurated by the Ogun state Ministry of Women Affairs and Social Development.

Members of the committee are Abiodun Jimoh, Idowu Hassan,  Tunde Jimoh, Olaseni Arowora; Moshood Gbadanosi, Jide Dahunsi, Hakeem Ishola and Tawakalitu Soneye.

The Commissioner in the ministry, Mrs Funmi Efuwape, represented by a Director, Mr Toyin Kayode while inaugurating the Committee at a developmental programme, organised by the Global Support for Kids (GSK) Initiatives, in Abeokuta, charged the committe to oversee and protect the welfare of children living on the streets. 

The commissioner urged the committee members to see themselves as agents of progress and not agents of destruction. 

She advised them to be good ambassadors in ensuring that, the rights and welfare of children on the streets are well protected.

Mrs Efuwape urged the committee not to cover up for the children, whenever they are involved in any wrong inimical to the society, saying, "covering up for them without seeking ways of correcting them, would be endangering the lives of people in their community".

She said the ministry cannot do it alone but needs the support and collaboration of Non governmental organizations, NGOs,  CSOs and private organizations, adding that children not attended to would become vulnerable to the society.

The Commissioner assured that the ministry would give adequate support to members of the committee to ensure that little children are taken off the streets.

Earlier in his welcome address, Director of GSK, Mr Opeyemi Olowookere admitted that building a child is building a nation, thus keeping children off the street would definitely lead to community safety, and make everyone to come together as a family.

According to him "Police, trade unions, motor unions, security agencies, community leaders and many others have roles to play. Children seen as problems today can become great persons in the society tomorrow if well taken care of."

"Parental care must be improved upon, as some parents and guardians are fond of training children with cruelty, transfer of aggression, unnecessary beatings, raining curses and unholy abuses, which hitherto leads to children running away from home.

"When the home is not conducive for them, they eventually get acceptability outside their home, they get freedom to do whatever they like. So, I urge total cooperation from all to take these children out of the streets. Let's give them fatherly and motherly love and relate with them well."

Other speakers including the former state Coordinator of Child Protection Network (CPN), Mrs. Peju Osoba , 

National Secretary of CPN, Mr Olakunle Sanni and the Coordinator of CPN in Ogun State, Mr Soleye Akingbade unanimously stressed the need for protecting all children who according to them, are the future of the Nation.

Others present at the ocassion include Officers of the Nigeria Police; Community leaders; Youths Leaders; Non Governmental Organizations (NGOs) and Civil Society Organizations among others.

 

Egba indigenes home and abroad, have been advised to continue to support the Paramount Ruler and Alake of Egbaland, Oba Adedotun Aremu Gbadebo as well as the New Lisa Aje Egba, Chief Oladipupo Adebutu towards improving the economy and infrastructure of Egbaland.

The Leragun Igbehin and the Okanlomo of Ijeun Land, Chief Toyin Amuzu, TA, gave this advice, while congratulating Chief Oladipupo Adebutu and his wife Yeye Adenike Adebutu on their new Chieftaincy Titles as the Lisa Aje Egba and the Erelu Lisa Aje Egba, by Oba Aremu Adedotun Gbadebo.

Chief Amuzu who described the new Lisa Aje Egba as an astute politician, a hard-working business minded leader and manager of men said his economic activities traverse various boundaries.

He said, "Chief Ladi Adebutu's hotel business , piggery and other economic concerns have provided jobs for the people and revenue for the State Government.

According to him, "his philanthropic gestures and selfless services cut across Ogun State, as he had impacted greatly by donating transformers, managing roads, supporting education, providing drainages and supporting communities as well as individuals.

Chief Amuzu, advised the new Lisa Aje Egba to see the title as a fresh call to service and ensure he improves on the socio-economic status of Abeokuta.

The community leader who commended the Alake for his roles in bringing Egba people together to foster peace and unity, said "this is the only way by which the development of the ancient town can be ensured".

He urged Egba people at home and in diaspora never to forget their root saying, "we all must strive to ensure our homestead, Egbaland, remains a pride of place, because ,Ile labo sinmi oko" (home is where you go after your labour).

In a bid to safeguard the health of its people and fully sanitise all Poultry markets in Ogun State, Live Birds Market (LBM) Operators and Poultry Value Chain actors have been trained on the promotion of Biosecurity and Disease Reporting by the State Ministry of Agriculture through its Veterinary Services Department.

Flagging off the training with the theme "Promoting Biosecurity, Disease Reporting In The Value Chain" at the Veterinary Services Department Ita-Eko, Commissioner for Agriculture, Dr. Adeola Odedina noted that the training became imperative in order to ensure that bird marketers carry out their trade in the most healthy manner. 

He stated that, as a border State, there was the need for stakeholders to guide against dumping of unhieginic animal.

"I want to assure you that the government will continue to do the needful in ensuring that Diseases animals especially those that have the potential to infect humans are nip in the bud. And because we share boundaries with neighbouring West African countries, it is important that we carry stakeholders along in this renewed drive.

"Our regular engagement with Live Bird Market disinfection and decontamination activities especially during festive periods has helped in no small major in checking the spread of Avian Influenza which has become a standard for effective control and eradication of the disease as recognised by the Food and Agricultural Organisation", Odedina said.

He added that the Ministry was committed to working with the Poultry sector operators to promote effective standards of Biosecurity, create a network for Disease Reporting and Surveillance to further build healthy poultry population as well as ensure profitability in poultry value chain.

Odedina disclosed that the state engage stakeholders through an all- inclusive Agricultural opportunity with a new focus to benefit all, "we have a new focus on Poultry in Ogun State. There is the Anchor Borrowers Programme for graduate and unemployed youths, Noiler programme for small holder farmers where we will support farmers with 50 birds and with inputs and the Mother hen project".

In his lecture tittled: "Biosecurity Guidelines for Live Bird Marketers", Deputy Director, Veterinary Services Department, Dr. Tade Olanrewaju enlightened the trainees that birds markets should be at least, 200 metres away from residential areas, advising them to ensure cleanliness and regular  disinfection of the market as well as cages.

He enjoined them to see that their markets are of strong Biosecurity standards to be certified by Veterinary Doctors or Public Health Operators.

He counselled them to understand the value chains related to their markets saying restrictions must be placed on entry of poultry where diseases like zoonotic influenza viruses are on rampage, warning that dead birds must be properly disposed.

In their remarks,the duo of Ejide Balogun and Olaonipekun Ayodele appreciated the Government for the training saying, it has further exposed them to see themselves as Agricultural stakeholders, pledging to advice their members to imbibe hygienic poultry practice.

Nigeria’s foreign-currency shortage is squeezing the life out of Africa’s biggest economy.

Banks won’t honor card payments, foreign investors can’t get their money out and manufacturers are unable to import vital raw materials as output hurtles toward a second contraction in four years.

Dependent on oil exports for half of its revenue, the Nigerian government’s coffers have emptied after crude prices plunged in the wake of the coronavirus pandemic.

There’s little prospect of a respite any time soon: it needs oil prices of $70 per barrel and production of 2 million barrels a day to balance its budget, but prices are hovering around $40 and OPEC curbs have restricted the nation’s output to about 1.4 million barrels a day.

The evaporation of foreign income forced the central bank to halt weekly interbank foreign-currency sales since March.

Now the effects of the dollar shortage are seeping through to the economy.

“A lot of the members can’t access the amount of dollars they need from the banks,” said Eke Ubiji, executive secretary of the Nigerian Association of Small and Medium Enterprises.

“That is constraining business.” International Monetary Fund predicts Nigeria’s economy will contract by 5.4% this year, the most in four decades.

The latest official job figures put the second-quarter unemployment rate at 27.1%, the highest in a decade.

Inflation, meanwhile, accelerated to 12.8% in the year through July, from 12.6% the previous month, as prices of imports including food surged.

Lenders including Guaranty Trust Bank Plc, Nigeria’s biggest by market value, have cut the amount of foreign currency customers can spend on payment cards abroad to $100 a month from $3,000.

Rules on what companies do with the dollars they receive have also been changed, said Emeka Mgbeahuru, who runs Tropitec Ltd., an importer of agricultural equipment from Italy and China with distribution links across west and central Africa.

“When you source your own dollars, they won’t let you pay in cash into your account and won’t let you transfer to your suppliers,” Mgbeahuru said by phone from the southeastern commercial hub of Onitsha.

Many banks are following a template they used when they went through a similar contraction in 2016, which was to cut customers’ foreign payments and wait for crude prices to recover before raising the limits.

Central Bank of Nigeria spokesman Isaac Okorafor didn’t respond to a call and messages seeking comment.

“The challenge with dollar liquidity is an industry-wide problem,” said Bridget Oyefeso-Odusami, a spokeswoman of Stanbic IBTC Bank Plc, which cut its customers’ card spending to $500 monthly.

The shortage of foreign currency is forcing some companies to consider closing down, said Ubiji. “If that happens, it has a ripple effect, which is loss of jobs,” he said.

“We wish the situation changes for the better.”

Bloomberg 

 

 

 

 

Minister of information and culture, Mr Lai Mohammed, says states would no longer be refunded for construction or repair works carried out on federal roads.

Addressing state house correspondents after the third virtual meeting of the federal executive council (FEC), Mohammed said reconstruction works done on federal roads would be supervised by the ministry of works and housing.

“There is a caveat henceforth if any state takes on federal government road, it will not be paid, they will not get any refund,” he told journalists on Wednesday.

“Even if you want to pay from your own pocket, you will still need the permission of the federal government and it will be supervised by the federal ministry of works and housing.”

Mohammed explained that the council approved a refund of N148 billion spent on federal roads by Rivers, Cross River, Ondo, Bayelsa and Osun states.

The minister said approval of the refund followed a memo presented by Mr Babatunde Fashola, minister of works and housing.

“You will recall that in 2016, 36 states of the federation sent a very huge bill to the federal government, asking for compensation for money that they have expended on federal roads,” he explained.

“This prompted Mr President to set up a committee to go and verify the claims of these 36 states, whether indeed these projects were actually constructed, were they completed, in line with the federal government standards.

“At the end of that exercise by an inter-ministerial committee, chaired by the minister of works and housing, but also had ministers of education, transportation, finance, minister of state for works, DG BPP and permanent secretary cabinet office as members.

“At the end of that exercise, the committee recommended that the federal government should refund N550,364,297.31 billion to 31 of the 36 states, after they were convinced that, yes indeed, the projects were completed and they were federal government roads.

“The claims of five other states Cross River, Rivers, Ondo, Bayelsa and Osun failed on the grounds that they did not do proper documentation and the committee felt they needed proper documentation.

“So, the committee went back with new terms of reference to ensure that the claims of the five states were in order, that is why the BPP is on the committee.

“So, at the end of the exercise, the committee now reported that the five states – Cross River with 20 roads and one bridge will get a refund of N18,394,737,608.85, Ondo with six roads to get a refund of N7,822,147,577.08, and Osun with two roads and one bridge to get a refund of N2,468,938,876.78.

“Others are Bayelsa with five roads and one bridge is to get a refund of N38,040,564,783.40 and Rivers with three roads and three flyovers bridges is to get a refund of N78,953,067,518.29.”

The minister said the committees confirmed the roads and the bridges, that not only were they completed, they were in substantial-good form, adding that some of the bridges and roads were built about 10 years ago.

 

The Cable