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Shina Peller issues statement following his arrest and release by police 

Shina Peller has issued a brief statement on Instagram hours after he was arrested and later released by the police in Lagos.  

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Shina Peller issues statement following his arrest and release by police 

Nigerian businessman turned lawmaker, Shina Peller, has issued a brief statement on Instagram hours after he was arrested and later released by the police in Lagos.

In the statement, he thanked all those who showed support during the ordeal. He also promised to issue a detailed statement later, as the issue for which he was arrested is still being addressed. In the meantime, he said he is off to Iseyin (his constituency) where he would be spending his Christmas holiday.

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“Hello my people, I want to thank everyone for the outpour of love and support over the events that occurred yesterday. I am fine and in good spirits.

“Currently heading to iseyin to spend xmas with my constituents.
All issues are being addressed at the appropriate level and I will release a formal statement in due course…”

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Just to keep you to speed in case you’ve been too busy with Christmas, the popular businessman and owner of Quilox Nightclub was arrested at Maroko Police Station on Monday, December 23rd.

The arrest followed a series of events, including hours of non-stop clubbing at Quilox. Nairametrics understands that the 36-hours non-stop clubbing which was declared by Peller, had caused serious traffic gridlock within and around the axis where the club is located.  This is because many of the clubbers had parked their cars by the sides of the road, thereby obstructing traffic.

The Lagos State Government supposedly intervened in a bid to address the situation. In the process, some of the clubbers/customers at Quilox were allegedly arrested and taken to the Maroko Police Station. Quilox night club was also sealed off.

[READ MORE: Stallion Motors denies shutdown of operation amidst bank debt, outlets shutdown)

Surprisingly, Shina Peller had gone to the police station to bail those who were arrested when he too was detained. Peller’s Press Secretary, Kola Popoola, reportedly said the following:

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“Honourable Shina Peller was at the Maroko Police Station to bail some of Club Quilox’s customers, who allegedly parked on the road during a show at the club.

Patricia

“Prior to the kick-off of the 36-hour non-stop show, which usually holds every year at Quilox, Peller had informed concerned Lagos traffic authorities (in order) to avoid unnecessary gridlock.

“On getting to the Maroko Police Station, the police started harassing him and even went as far as seizing all his phones for no reason.”

On the other hand, the police said businessman/politician was arrested after he “invaded the station with thugs and forcefully removed three seized vehicles”. Apparently, five other alleged thugs were also detained alongside the politician. He was also accused of causing “noise pollution” due to the loud music coming from his club.

Emmanuel holds an MSc. in International Relations and a B.A in Philosophy & Logic, both from the University of Ibadan. He is a communications professional. As a Lead Business Analyst at Nairametrics, he focuses mostly on quoted companies, their products/services, and the economy in which they operate. Emmanuel is also experienced in the areas of corporate communication, brand communication, corporate storytelling, public relations, business research, management/strategy, etc. You may contact him via his email- emmanuel.abara@nairametrics.com.

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Business News

Brent crude price fails to remain over $40, concerns over pledge cut strengthens

Brent crude lost 1.14 %, to trade at $39.38 a barrel at 3.40 am Nigerian time, failing to stay over the $40 resistance price level. 

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Where next for oil prices?, Brent crude futures gained 0.14 to trade at $34.70 at the time this report was drafted, recovering some of its losses earlier in the oil trading session. , Brent crude price fails to remain over $40, concerns over pledge cut strengthens

Brent crude prices dropped on Thursday morning, reversing the gains recorded yesterday, on reports that supply will rise if major crude oil producers fail to reach an agreement on crude oil output cuts that have helped in stabilizing crude oil prices since the start of COVID-19.

Brent crude lost 1.14 %, to trade at $39.38 a barrel at 3:40 am Nigerian time, failing to stay over the $40 resistance price level.

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OPEC members such as Nigeria and Iraq have shown weak compliance in meeting their crude oil production reduction targets set last month.

“Overall, the market is moving in the right direction with the gradual easing of the lockdown. But we still need to be cautious. There is always a risk of another wave of the coronavirus,” the first OPEC source said.

“The other thing is how quickly demand patterns will recover. Inventories are still above average levels and that needs to be tackled.”

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(READ MORE: OPEC+ to discuss extension of output cut as Chinese demands boost Nigerian oil)

OPEC+ had initially agreed to reduce crude oil production by a record 9.7 million barrels per day, or about 10% of global production of crude oil, for the month of May and June in order to minimize the damage caused by COVID-19 pandemic in weakening global demand for crude oil.

Oil prices gain likely to halt over demand uncertainty as US-China tension intensifies, Brent crude price fails to remain over $40, concerns over pledge cut strengthens

Meanwhile, OPEC+ private sources reportedly told Reuters that Saudi Arabia and Russia have agreed on a precursory deal to extend oil production cuts by one month while putting pressure on countries with poor compliance such as Nigeria and Iraq to deepen their oil production cuts.

What you should know about OPEC+: OPEC + came into light in late 2016 as a means for major oil-exporting countries to exercise their control over crude oil prices. Essentially, OPEC+ is an amalgamation of OPEC (Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, Venezuela) and high oil-exporting non-OPEC countries like Mexico, Oman, South Sudan, Kazakhstan, and Russia.

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Rather than reducing crude oil production cuts in July, OPEC+ was deliberating on keeping those cuts beyond June. 

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“Saudi Arabia and Russia are aligned on the extension for one month,” one OPEC source said.

“Any agreement on extending the cuts is conditional on countries who have not fully complied in May deepening their cuts in upcoming months to offset their overproduction,” the private source told Reuters.

“I don’t think there will be a meeting on Thursday. There are still many challenges,” another OPEC source added.

 

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Business News

Saudi Arabia and Russia agree to extend output cuts, but there’s a condition

The two leading oil producers in the cartel are not just demanding that these non-compliant member countries implement the output cuts already promised, but also want deeper output cuts in the coming months to make up for their earlier failings.

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Saudi Arabia and Russia agree to extend output cuts with a condition

Saudi Arabia and Russia, the leading producers in the OPEC+ alliance, have reached a preliminary agreement to extend the current level of output cut of 9.7 million barrels per day by an additional month.

The agreement was reached on the condition that member countries, led by Iraq and Nigeria, who failed to comply with the agreed output cut for May, must ensure over-compliance going forward in order to make up for the non-compliance of their allocated quotas.

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The alliance, which helped to revive global oil markets, was earlier troubled by disagreement among members after the likes of Nigeria broke their promises. The Russians and Saudis have, therefore, warned that they will start phasing out supply cuts if the likes of Iraq, Nigeria, and even Kazakhstan do not shape up and conform to the earlier agreement.

The two leading oil producers in the cartel are not just demanding that these non-compliant member countries implement the output cuts already promised, but also want deeper output cuts in the coming months to make up for their earlier failings.

(READ MORE: Global oil market to re-balance in 2 months’ time)

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According to the initial agreement reached in April, OPEC+ was to cut 9.7 million barrels per day in combined production for May and June and then ease these to 7.7 million barrels per day until the end of the year. From January 2021, the production cuts would be further eased to 5.8 million barrels per day, to remain in effect until the end of April 2022.

Saudi, Russia agree to cut oil by 20 million barrel, Further oil production cut required to keep oil price above $40 in 2020 , OPEC + deal to boost Nigeria’s earnings by $2.8 Billion, Saudi Arabia and Russia agree to extend output cuts with a condition

Meanwhile, despite the non-compliance by some OPEC member countries in May, the market expected that the OPEC+ coalition would be motivated enough to extend the current output cut of 9.7 million barrels per day through July/August.

It had been speculated that the OPEC+ cartel could hold its June meeting earlier than initially planned. However, the meeting is being held up by the fact that Saudi Arabia and Russia will be requiring assurances from non-compliant members that they will over-comply going forward, as a form of compensation. These members are Iraq and Nigeria from OPEC and Kazakhstan from non-OPEC.

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Around the World

Bonny light up by over 5%, inches closer to $40

Crude oil prices, against earlier predictions, surged past the $40 per barrel mark in the early hours of Wednesday – the highest in almost 3 months.

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Bonny light, Oil prices, Nigeria’s sweet crude hits $12, yet nobody is buying, Oil prices slump from 5 week high over lockdown concerns, Crude oil prices hit $40 per barrel as inventory build-up declines

As part of signs that the global oil market is moving closer to rebalancing, Nigerian Bonny light price against earlier predictions, surged closer to $40, as it closed at $37.57 per barrel mark, up by 5.57% on Wednesday.

This is coming against the backdrop of a decline in crude oil inventory by 483,000 barrels for the week ending May 29, as estimated by the American Petroleum Institute (API) on Tuesday, and signs that OPEC+ producers are close to agreeing on a short extension of their historic deal to cut output.

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According to data from oilprice, the Brent crude was sold for $39.79 per barrel. The American WTI dropped to $36.79 per barrel.

Meanwhile, Russia and some other OPEC+ member countries are pushing for an extension by a month or 2 of the current output cut of 9.7 million barrels per day beyond June. This is within the 1-3 months’ extension that Saudi Arabia is pushing for.

(READ MORE:Crude oil prices rally as investors remain optimistic about oil production cut)

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Either way, the market likes the idea of more cuts, with the understanding that going through with the earlier agreed output cut after June, will not be enough to draw down the global oil glut that is negatively affecting prices and building up inventories.

crude oil, Nigeria's Crude oil, Bonny light crude oil crashes as Nigeria runs into deeper revenue crisisBonny light crude oil crashes as Nigeria runs into deeper revenue crisis, Brent crude futures gained 0.92%, at $36.08 per barrel, while the U.S. West Texas Intermediate (WTI) crude futures also gained 0.54%, at $33.67 a barrel, Crude oil prices hit $40 per barrel as inventory build-up declines

Analysts had predicted an inventory build of over 3 million barrels, and last week, the API had predicted a crude oil inventory of 9.731 million barrels. Meanwhile, the Energy Information Administration (EIA) estimated that the inventory was going to be up by 7.9 million barrels by last week.

 

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