NNPC Lifts Crude, Nigerian Govt Hires Oracle & Microsoft, TCN To Build Substations

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NNPC and IOCs operating in Nigeria including independent oil companies lifted crude oil and condensate worth over $36.023bn; Nigeria is hiring Oracle and Microsoft as the government invests more to save costs and fight corruption; TCN has disclosed that it is prepared to build two new 330KV substations in Kaduna and Zaria . . .

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NNPC Lifts Crude, Nigerian Govt Hires Oracle & Microsoft, TCN To Build Substations

Crude Oil Price Rebound To $48.82/Barrel Fuels Fears of Price Hike

Crude oil price . Rising

Further fuel price hike looms as crude oil hits $48.82/barrel

The rebound in the price of crude oil in the international market continued yesterday, fuelling fears of a further hike in the price of Premium Motor Spirit, PMS, also known as petrol, in Nigeria . . .

Continue reading “Crude Oil Price Rebound To $48.82/Barrel Fuels Fears of Price Hike”

Crude Oil Price Rebound To $48.82/Barrel Fuels Fears of Price Hike

Crude Oil Price Edges Towards $38/Barrel: Bull Market?

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Crude price edges towards $38 per barrel ahead of U.S. data.

Crude oil futures edged up on Friday as traders and analysts eyed U.S. jobs data which could give further momentum to rising prices . . .

Continue reading “Crude Oil Price Edges Towards $38/Barrel: Bull Market?”

Crude Oil Price Edges Towards $38/Barrel: Bull Market?

Nigeria & Saudi Arabia vow to fix oil prices

Buhari . Saudi Arabia.jpg

Nigeria’s President Muhammadu Buhari and King Salman Bin Abdul-Aziz of Saudi Arabia say they will do everything possible to ensure a rebound of oil price and a stable market . . .

Continue reading “Nigeria & Saudi Arabia vow to fix oil prices”

Nigeria & Saudi Arabia vow to fix oil prices

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News . Business News 01

NETFLIX launches in Nigeria

Netflix has announced that it’s now available in 130 new countries, including Nigeria. Before today, Netflix was being enjoyed in just 60 countries. Now it’s in almost every country on earth.


The announcement came during the opening keynote address at the 2016 Consumer Electronics Show in Vegas. According to Harrison Weber of Venturebeat, Netflix’s massive expansion serves as a counter to its recent slow growth in the U.S.

Some of the other countries that will be able to access Netflix include Singapore, South Korea, Saudi Arabia, Vietnam and India. Countries like China, which holds about 20% of the world’s population, North Korea, Syria and Crimea still don’t have access to Netflix. This is due to some socio-political reason or the other.

While the platform may not record as much success in Africa as it has in other parts of the world due to the high cost of internet data, its chances of assembling a huge following is high as Africans are already fans of its series and programmes.

Netflix recently featured some African productions like Kunle Afolayan’s “October 1,” Emem Isong’s “Knocking on Heaven’s Door,” Biyi Bandele’s “Fifty” among others.

Netflix is popular for hit series like “Daredevil,” “House of Cards,” “Narcos,” “Orange is the New Black” among others.

Considering the fact that most Nigerians have consistently complained of DSTV’s high monthly subscription, would Netflix’s expansion to Nigeria be a disadvantage to MultiChoice?


MBR . Okwuchukwu Ibekwe sells son for N400,000 to boost his business. In Lagos Police net

Trader sells his son for N400,000 to boost business

The Lagos State Police Command has arrested a 28-year-old man, Okwuchukwu Ibekwe, for allegedly selling his five-month-old son to a syndicate in Anambra State for N400,000.

It was learnt that Okwuchukwu, who lives on Shinaba Street, in the Iyana Iba area of Lagos, had some difficulties in his trade and allegedly decided with his wife to raise some money by selling the baby.

It was also gathered that the Ibekwes had contacted one Chinelo, who is still on the run, on December 17, 2015, for the transaction.

It was learnt that Chinelo, who stayed in Ihiala, Anambra State, paid the Ibekwes N400,000 ─ N250,000 to the father and N150,000 to the mother of the baby.

It was gathered that the man, however, had a quarrel with his wife after returning from his trip to Anambra. It was gathered that when he refused to give the wife her share, she reported the matter to the police.

It was also learnt that the baby’s mother fled the house after making the report.

Okwuchukwu was, however, arrested and detained at the Police Gender Unit, Ikeja, while police operatives also arrested Chinelo’s husband in Anambra State. The baby and Chinelo had yet to be found.

While being paraded on Wednesday, Okwuchukwu said he collected N400,000 from Chinelo in exchange for his son with the full knowledge of his wife.

He said, “Chinelo was to give me N400,000 for the baby. My wife was the one who suggested that we dispose of the baby to meet our business needs.

“But Chinelo gave me N250,000 for the baby when I went to deliver him to her in Anambra State.

“When I returned, my wife and I quarrelled and she ran away for three days. I did not know that she went to report the matter to the police. She was concerned with her own share of N150,000.

“I sell vehicle spare parts in Ladipo market.

“It was a lawyer who called me that my wife had reported me to the police, and that I should come and see her. When I went there, I was arrested.

“I do not know the whereabouts of my son. I did not know Chinelo would run away with my child.”

It was learnt that the police were intensifying efforts to recover the baby.

The Lagos State Commissioner of Police, Fatai Owoseni, who paraded the suspect, said the case was undergoing “intense investigation.”

“The suspect is assisting the police with information to recover the baby,” he added.


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Crude oil price drops below $35 for first time since 2004

The prices of crude oil Wednesday fell below $35 per barrel for the first time since 2004, tumbling more than five per cent as the row between Saudi Arabia and Iran made any cooperation between major exporters on cutting crude oil supply to the international market more unlikely.

The collapse in relations between Saudi Arabia and Iran after the Saudi execution of a Shi’ite cleric, Nimr al-Nimr, is believed to have ended speculation that the Organisation of Petroleum Exporting Countries (OPEC) could agree to cut production to lift the price of oil.
Hopes that the two rivals might overcome their animosity to agree to manage supply this year were dashed last Monday when Riyadh called off diplomatic ties with Tehran over Iran’s response to the execution of Saudi Shi’ite cleric.

Fellow Gulf OPEC members – the United Arab Emirates and Kuwait – have backed Saudi Arabia in the diplomatic crisis that could deepen sectarian tension in the Arab world.

Also Iraq, OPEC’s second-biggest oil producer, has joined Iran in criticising Riyadh.

A Reuters survey of OPEC production showed that Saudi Arabia ended 2015 with its output at full tilt, with no sign of cutting supply to make room for Iran, which plans to ramp up its own output when international financial sanctions are lifted this year.

According to the survey, Saudi production for December averaged 10.15 million barrels per day, that is, above 10 million barrels per day for nine straight months, which represents the longest period of sustained production above that threshold for decades.

The determination by the world’s biggest oil exporter, Saudi Arabia to defend its market share despite a global glut has helped drive oil prices to their lowest in 11 years.

A sharp rise in United States stocks reinforced the picture of a market that is awash with oil and refined products.
Evidence of slowing economic growth in China and India has meanwhile fueled fears that even strong demand elsewhere may not be enough to mop up the excess crude that has resulted from near-record production over the last year.

Benchmark Brent futures were traded at $34.48 a barrel, down $1.94 yesterday, and at their lowest level since early July 2004. The price is on track for its largest one-day drop in percentage terms in nearly five weeks.

US crude futures were down $1.48 at $34.49 a barrel after slipping 79 cents the previous day.

Oil has slumped from above $115 in June 2014 as shale oil from the US has flooded the market, while falling prices have prompted some producers to pump even harder to compensate for lower revenues and to keep market share.

Iranian oil exports are widely expected to increase in 2016 to add to this oversupply as Western sanctions against Tehran over its nuclear programme are lifted.

The lifting of sanctions on Iran in line with a nuclear agreement is expected to provide the biggest increase in supply of 2016.

Currently, there is excess inventory of 1.5 million barrels a day in the international market as the world produces more than it consumes, and Iran is promising to add another 1 million bpd to the market over the next 12 months.

However, a senior Iranian oil official was quoted by agency reports as saying the country could moderate oil export increases once sanctions are lifted to avoid putting prices under further pressure.

Meanwhile US crude stockpiles rose by 10.6 million barrels last week, the biggest build since 1993, according to Energy Information Administration data.




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