NNPC slashes Nigeria’s crude oil prices over supply glut


ABUJA — The Nigerian National Petroleum Corporation, NNPC, weekend, reduced the prices of Nigeria’s crude oil grades — Bonny Light and Qua Iboe — to their lowest points in over a decade.

The decline, according to reports, was due to declining demand for the country’s crude oil in the international market. The action, according to oil traders, was engendered by the need for the country to join in the fight for market share.nnpc

Specifically, the NNPC in a statement, weekend, said it will sell July supplies of Bonny Light crude at 23 cents more than Dated Brent. This, according to oil trading sources, was the smallest differential since 2005 and compares with a 50 cent premium in June and $2.55 a year earlier.

The NNPC also lowered the official selling price for Nigeria’s largest crude oil stream, Qua Iboe, to dated Brent plus 35 cents per barrel, the lowest differential since May 2005.

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Naira devaluation hits industries hard


COMPANIES in the manufacturing sector of the economy that source foreign exchange to import raw materials and products have been hit hard by the devaluation of the naira and the suspension of Retail Dutch Auction System (RDAS) by the Central Bank of Nigeria (CBN).

Naira-dollar-1At the interbank foreign exchange market, the exchange rate of the naira to a dollar is N196.9 while in the black market it hovers between N210 to N214 to a dollar. Similarly, British Pound Sterling exchanges between N303 to N304 to the Naira, while thed Euro exchanges for N222.

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Apiculture’ll solve health, unemployment problems – Dr. Akunne


Dr Chidi Akunne is a Consultant Apiarist and senior lecturer in the Department of Zoology and Entomology Option, Nnamdi Azikiwe University. In this chat with Financial Vanguard in Awka recently, he spoke on the Modified Langstroth Hive, honey wine and other products, noting that honey can help provide the much needed employment as well as food security.

Excerpts:

The Beehive:

Akunne

According to Dr. Akunne, he and his friend, Chiegele Akpoke invented the Modified Langstroth Hive for beekeeping and honey production. “The beehive has two sections – the lower or brood chamber and the upper or super chamber. The brood chamber is where the queen bee and young ones reside while the upper chamber or super is for honey production.

“The advantage the Modified Langstroth Hive has over others is that both chambers (brood and super) are on the same side, affording the super chamber more space to store honey. “Through beekeeping or apiculture, we can have honey as our primary product apart from beeswax used for candle making, paint making, shoe polish, pharmaceutical and therapeutic purposes as well as food.”

Tonic wine:

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Innoson slams N30 billion suit on GTBank


*Court

Nigeria’s first indigenous automobile manufacturer, Innoson Motors Nigeria Limited, has slammed a N30 billion suit against Guarantee Trust Bank, GTB, as a result of damages the company suffered following an ex parte order of Mareva Injunction, which GTB applied and obtained, freezing Innoson’s accounts in all the banks in Nigeria.

 

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Governors: No bailout coming from anywhere


Governors of the 36 states of the federation rose from a meeting in Abuja last week Wednesday, resolving to meet President Muhammadu Buhari on the financial crisis crippling the affairs of some states in the federation. According to the chairman of the Governors’ Forum, Abdulazeez Yari, the governors viewed the financial crisis facing the states as national issue as there are also Federal Government agencies that owe salaries for upward of seven to eight months.

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Why Do Bad Things Happen to Godly People?


“God does not present himself as the preventer of adversity. He presents himself as the redeemer of adversity.”

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Nigerian polity: From disaster to chaos?


“Chaos is another form of servitude”, Albert Camus, 1903-1960

The Seventh National Assembly, NASS, ended on a disgraceful note when it passed forty six(46) bills, on which they have been seating, in ten minutes. Some of the jesters, called Senators even tried to add insult upon injury by defending the absolutely indefensible.

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Senate President: APC could not match Saraki’s political sagacity – Senator Ben Obi


SENATOR Ben Ndii Obi is the immediate past Presidential Adviser on Inter Party Affairs. Before then, he had held many political positions, including being the National Secretary of the defunct All Peoples Party, APP, vice presidential candidate and the senator for Anambra Central. In this interview, Obi speaks on Senate President Bukola Saraki and why there is need for the executive and the legislative arms of government to work together.

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APC: The Crisis Within


Their collective effort massively won them the  general elections,  but now  they are in disarray. This is  the story of a ruling political party in search of peace after the elections of Senator Bukola Saraki and Hon. Yakubu Dogara as Senate President and Speaker, House of Representatives of the 8th National Assembly respectively.

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Boko Haram orphans: We ate grass, drank urine


•Survivors sordid story!
•Our ordeal with the military while evacuating children — Pastor Folorunsho
•’How we keep them alive’

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Nigeria’s naked Lawmakers


In July 2010, renowned law Professor, Itse Sagay, raised an alarm that Nigerian lawmakers were the highest paid in the globe. Sagay found that a Nigerian Senator earns N240 million ($1.7 million) in salaries and allowances while his counterpart in the House of Representatives earns about N204 million ($1.45 million) per annum. Realizing that an American senator earns $174, 000 while a UK parliamentarian earns about $64, 000 per annum, Sagay condemned the Nigerian situation as “a breach of public trust”.

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