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Business

#EndSARS protest: Pentecostal Fellowship of Nigeria sues for peace

Chairman of the Cross River State PFN has urged protesting youth to sheathe their sword and give peace a chance.

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#EndSARS protest: Pentecostal Fellowship of Nigeria sues for peace

The Pentecostal Fellowship of Nigeria (PFN) join the list of well-meaning organizations advocating for peace in this critical time, just as the body urged the protesting youth to sheathe their sword, and give peace a chance.

The appeal comes after weeks of protests that have rocked different parts of the country. Making this vital call is the Chairman of PFN, Cross River State chapter, Dr. Lawrence Ekwok, who made the appeal in a statement made available to The Vanguard.

READ: $9.6 billion judgement: UK Court grants Nigeria stay of execution, requests $200 million payment 

What they are saying

Dr. Lawrence said, “On behalf of the entire leadership and membership of the Pentecostal Fellowship of Nigeria, PFN, (the umbrella body of all Pentecostal Churches) in Cross River State, I hereby appeal to all protesting youths in Cross River state to sheath their swords.

“I wholeheartedly feel and share in their pains that may have provoked the protests, however, have made their points loud and clear; I, therefore, appeal for restraint and call for calm and a stop to further destruction of property in the state.

READ: Ayade signs PPP agreement for $15m cocoa city project with Israeli company

“This is especially so as the public property belongs to the people of Cross River State and not to any individual whether in government or out of government, just as it will not be fair to destroy property belonging to private persons or concerns who are contributing to the development of Cross River State.

“I am confident that our well-meaning youth will heed this call even as I pray that the Lord God Almighty will bless them and intervene speedily and restore peace to Cross River State in Jesus name, Amen!”

READ: FG asks UK court for more time to appeal $9.6 billion arbitration judgement

Why this matter

The call is a step in the right direction, as it will help to reduce tension and avert looming religious, political, and ethnic crises that are capable of destabilizing the country. Therefore, it will be remarkable for other religious bodies, ethnic, and religious leaders to rise up to the challenge of condemning the arson and looting that have pervaded the nooks and crannies of the nation.

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

1 Comment

1 Comment

  1. Ria Helsdingen

    October 25, 2020 at 10:26 pm

    It’s time that someone doing something about what happening in nigeria.
    End SARS✊✊✊

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Business

Key takeaways from the OPEC+ meeting

Here are key takeaways from OPEC’s recent meeting as the organisation shows admirable strategy in the global oil market management.

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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

The 14th Meeting of OPEC and non-OPEC Ministers took place via video conference on Thursday 4th of March, 2021, under the Chairmanship of HRH Prince Abdul Aziz bin Salman, Saudi Arabia’s Minister of Energy, and Co-Chair His Excellency Alexander Novak, Deputy Prime Minister of the Russian Federation.

In theory, OPEC+ is an organization but in practice, the Group operates like a “cartel” as Ex-US President, Donald Trump describes it. His Royal Highness Abdul Aziz Bin Salman is the well-articulated Head Honcho. The manner in which he has high-handedly managed the oil markets was evident in his responses at the latest meeting.

Here are a few takeaways from the meeting.

OPEC+ getting back control of the Oil markets

In one of his addresses, Saudi Arabia’s energy minister Prince Abdulaziz said that the OPEC Plus cut combined with his country’s voluntary cut managed to accelerate the recovery process of the market.

Evidently, the market has been in an uptrend since the negative prices experienced early last year. Although the markets have experienced a few hurdles externally (geopolitics) and internally (quota cheats and disagreements), prices have rebounded to the highest since 2019. What makes this more remarkable is there is still a pandemic and jet fuel has yet to rebound as aviation has not recovered.

OPEC+ riding the wave of the financial markets

With the bond market on the edge on the signs of inflation, it appears investors are hedging inflation with commodities. That is why all commodities appear to be on the upside. Commodities tend to shine during periods of inflation. With gold prices melting, it appears funds are exposing their portfolio to oil. Hence, why some analysts have argued current prices are not a reflection of supply and demand. They believe the recent oil price rally might have been caused more by financial players rather than improvements in physical oil market fundamentals.

Caution and Vigilance needed to balance the markets

During one of OPEC’s chair remarks, Prince Salman reiterated how important compliance has been in the recovery process. He also commended HE Timipye Sylva’s in his diplomatic management as he compensated on previous failed quotas and his mission as Special Envoy to Congo, Equatorial Guinea, Gabon and South Sudan in complying with their quotas. In his words to the Minister of State for Petroleum Resources, “you have earned your graduation”.

Prince Salman also reiterated how important caution and vigilance are needed in these markets. He said, “we have learned in the course of the past year, the difficulty of making hard predictions in such an unpredictable environment.”

He further added that, “We Have mitigated the impact of the last three waves of pandemic by avoiding complacency. To buttress his speech, he said ‘we did not cast caution to the winds, nor endanger our achievements over the past year. We have elected to follow a careful and proactive approach that has proved successful.”

OPEC+ unity getting stronger

In every successful relationship, understanding and unity are very key tenets needed. Although Russia has a separate agenda of theirs, with regards to the U.S shale, market share and their domestic needs, they still understand that the ultimate priority is to keep the group united. This was reiterated by Alexander Novak,  the Russian Minister agreed that the market hasn’t fully recovered but it’s in a better state than it was a few months ago. He also stressed the importance of conformity to the pact.

The fact that the group even had a majority consensus on the decision not to rollover cuts for April shows that there is a lot of unity in the group. Nigeria also supported the views that there should not be additional supply.

On U.S Shale and Joe Biden

“Drill, baby, drill is gone forever.” These were the words of the Saudi Energy Minister Prince Abdulaziz bin Salman, who in all indications is boasting that the U.S shale revolution has ended. It appears U.S shale is kneecapped as most shale companies suffered financial bankruptcies during the last oil crash. Also with little Capital expenditure and demand for American oil, OPEC has regained dominance in the markets. Personally, I noted this when the markets still went up after an EIA report on a 20 million barrel build in U.S crude inventories which is very unusual.

On the other hand, Saudi Arabia is going to have some sort of love-hate relationship with Joe Biden. With talks of a sanction on Saudi Arabia over the death of Jamal Khashoggi and other human rights which has forced the U.S to ‘recalibrate’ their issues with the Middle-East nation. However, Prince Salman must love having an American President who is so focused on climate change, energy transition and renewable energy which inadvertently means the rise of OPEC+ and oil prices will have a smooth sailing.

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India and China will have to use their stockpiles

When asked about India, The OPEC chair, Prince Salman said that India should start pulling oil out of the cheap stocks they bought last year. Notably, when prices were down, a lot of oil-importing nations filled their inventories with cheap oil. Saudi Arabia’s Energy Minister is of the belief that India and the rest should exhaust what they have accumulated during the oil price crisis. This would be disappointing to India, as they wanted more supply (lower prices) to boost their economic recovery.

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Conclusion

Oil traders and stakeholders did not see this coming. Every speculator short in the market will be “ouching like hell” as HRH Prince Salman warned last year. Kudos to Egypt for hedging against high prices as it seems that prices will keep rising in the foreseeable future. OPEC once again has shown admirable strategy in the global oil market management. Additionally, Saudi Arabia is extending its voluntary output cut by another 1m b/d, and the cartel isn’t increasing output for April.

You can find the full press statement from OPEC here 

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Business

Update: Fire outbreak as tanker explodes

A fuel tanker has exploded around an NNPC filling station on Alagbole-Akute road.

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There is a fire outbreak as a tanker carrying Premium Motor Spirit (PMS), popularly called Petrol exploded around an NNPC filling station on Alagbole-Akute road, Ogun State on Saturday.

This was disclosed by some eyewitnesses in the area.

Witnesses said the fire started at about 6:45am while the firefighters were immediately contacted, and they arrived at the scene at about 7:23am.

No injury or death was recorded as a result of the incident.

The incident occurred in a border community with Lagos while the firefighters seen at the scene were officials of the Lagos State Emergency Management Agency (LASEMA).

Officials of the Federal Fire Service were also said to have arrived at the scene of the incident shortly after the fire had been put out.

 

 

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