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Oil Surges, Equities Fall On Ukraine Crisis

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Oil prices and safe havens surged Monday while equities mostly fell and the ruble plunged after world powers imposed fresh sanctions on Russia over its Ukraine operation, fanning fears about a possible global energy crisis that could further stoke inflation.

Markets had rallied Friday as dealers assessed that the punishments imposed on Moscow were light enough to not hit its crucial oil exports — Russia is the world’s third-biggest producer — at a time when supplies are thin and demand is surging.

But the picture was changed at the weekend, when the United States and European Union said they would exclude some Russian banks from the international bank payments system SWIFT and personally targeted Putin and Foreign Minister Sergei Lavrov.

They also banned all transactions with Russia’s central bank, sending the ruble crashing, with Bloomberg saying it was indicated to be nearly 30 percent down in offshore trading Monday.

“Removing some Russian banks from SWIFT could result in a disruption of oil supplies as buyers and sellers try to figure out how to navigate the new rules,” Andy Lipow, of Lipow Oil Associates in Houston, noted.

Crude surged, with WTI heading closer to the $100 mark, while Brent bounced back above that level after slipping on Friday.

Other commodities rallied, with wheat up eight percent, while aluminium and nickel were also sharply higher.

Traders will be closely watching a meeting this week of OPEC and other major producers led by Russia, where they will discuss plans for further output.

The group had agreed previously to increase production gradually each month, but the Ukraine crisis could throw those plans into disarray.

Russia Blames UK Foreign Secretary, Others For Nuclear Alert

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Vladimir Putin put Russia’s nuclear forces on high alert after comments by UK Foreign Secretary Liz Truss and others, the Kremlin has said.

Kremlin spokesman Dmitry Peskov said “unacceptable” remarks were made about possible “clashes” between NATO and Moscow over Russia’s attack on Ukraine.

It is unclear precisely which comments by Ms Truss Russia objects to.

On Sunday, she said if Russia was not stopped, other states may be threatened and it could end in conflict with NATO.

They said the foreign secretary had always spoken about NATO as a “defensive alliance” and that the UK needed to support Ukraine.

Echoing comments by Defence Secretary Ben Wallace earlier, the source insisted the UK wanted to avoid “any sort of miscalculation”.

Speaking at a press briefing on Monday, Mr Peskov said: “Statements were made by various representatives at various levels on possible altercations or even collisions and clashes between NATO and Russia.

“We believe that such statements are absolutely unacceptable. I would not call the authors of these statements by name, although it was the British foreign minister.”

Speaking to Sky News’s Trevor Phillips on Sunday, Ms Truss warned that if the Russian president was not stopped in Ukraine, there could be “conflict” between Russia and NATO.

“This long-running conflict is about freedom and democracy in Europe,” she said.

“If we don’t stop Putin in Ukraine, we are going to see others under threat: the Baltics, Poland, Moldova, and it could end up in a conflict with Nato. We do not want to go there.”

Following Russia’s comments on Monday Ms Truss announced further sanctions in the House of Commons, including freezing the assets of three further Russian banks and preventing Russian banks from clearing payments in sterling.

There will also be an export ban on “high-end technological equipment” including marine and navigation equipment which “will blunt Russia’s military-industrial capabilities and act as a drag on Russia’s economy for years to come”.

She said there would be “economic hardship” for the UK and its allies as a result of the sanctions but said it was “nothing compared to those endured by the people of Ukraine”, adding that Putin must not succeed in his invasion.

The UK has already said it would introduce sanctions – in the form of asset freezes – against Mr Putin and Russian Foreign Minister Sergey Lavrov – and Ms Truss said the government would target a “hit list” of Russian oligarchs “focusing on their houses, their yachts and every aspect of their lives”.

JAMB Announces New Date for Mock 2022 Exams

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The Joint Admissions and Matriculation Board (JAMB) said the 2022 Unified Tertiary Matriculation Examination (UTME) mock examination will now hold on April 9, and not April 16 as earlier scheduled.

The board made this known in its Weekly Bulletin of the Office of the Registrar on Monday in Abuja.

JAMB said that the change was due to the realisation that April 16, earlier scheduled, was an Easter Saturday; a holy Saturday, celebrated by Christians to mark the end of the Lent period before Easter Sunday.

The board also noted that the date for the exercise had been affected also by the shift in date for the registration of the UTME and Direct Entry (DE), which was earlier scheduled for Feb.12, but later commenced on Feb.19.

It, however, urged all candidates who registered and would want to sit for the mock exercise to note the change of date and be prepared.

The News Agency of Nigeria (NAN) reports that the 2022 registration commenced on Saturday, Feb.19 and is expected to end on March 26.

The UTME however has been scheduled by JAMB to hold from May 6 to May 16.

In a similar development, JAMB said that it had made significant progress in the ongoing registration of candidates for the 2022 exercise.

According to the board, it has successfully registered over 236,000 candidates on Feb. 26, eight days after the commencement of the registration on Feb.19.

The board, while comparing the statistics with its 2021 exercise, said that it registered only 102,221 candidates within same period of eight days in the 2021 exercise.

JAMB attributed the improvement to its partnership with the National Identity Management Commission (NIMC), while adding that the seamless process had yielded the desired results.

Ukraine Crisis: Nigerian Embassy Receives 204 Citizens In Bucharest, Romania

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Minister of Foreign Affairs, Geoffrey Onyeama confirmed on Monday that about 204 Nigerians living in Ukraine have been safely received and provided accommodations by officials of the Nigerian Embassy.

The minister said that the affected persons were currently being documented and awaiting final arrangements to be brought back to Nigeria.

He said that officials of the embassy at Bucharest, Romania received 130 Nigerians while those in Budapest, Hungary safely received and accommodated 74 Nigerians.

He said that another batch of about 200 was expected in Budapest on Monday, Feb. 28, 2022.

He said: “In the last 24hours, officials of the Nigerian Embassy have received 130 Nigerians safely at Bucharest, Romania where they have been provided accommodation.

“Also, officials at Budapest, Hungary, have received and accommodated 74 Nigerians safely, where they are being documented for subsequent travel arrangements back to Nigeria.

“In Warsaw, Poland, we have received 52 Nigerians and 23 are being processed at the Polish Government Reception Point at Hala Kijowska, Milny 90, 37-552 Milny, which is near the border of Korczowa-Krakowiec.

“The camp is well organized with beds and beddings, food, heating, clothing, and materials for evacuees,” he said.

Onyeama assured Nigerians that arrangements were being put in place to effectively and safely evacuate Nigerian citizens in the war-ravaged areas.

ASUU Accuses Federal Govt. Of Not Showing Seriousness To Negotiate

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The Academic Staff Union of Universities, ASUU, has accused the Federal Government of showing levity in its ongoing negotiation with the union whose members are currently on a four-week warning strike.

The union, therefore, said ending the industrial action was dependent on the readiness of the government to take the issue at stake seriously and do the needful.

National President of ASUU, Prof. Emmanuel Osodeke said the last meeting between the two sides did not achieve anything because the government team acted as if it did not know the issues at stake.

He said: “Our last meeting did not lead to anything meaningful because the government team acted as if they were not aware of the issues at stake. We have been on this thing for some years now. What we expected from them is to come to the meeting with answers to what we are demanding.

“We were surprised that their team came with no action as to how to resolve the issues. Another meeting is slated for Tuesday and we hope they would change and do the needful.

“What we are asking for has been in public domain for long that almost everybody knows what the issues are. It is surprising that they did not come with any action plan to meet our demands and resolve the issues.”

When asked whether the next meeting would resolve the faceoff, Osodeke said government’s action and readiness would determine that.

He added that the demands of the union were still the same, including revitalising university education, discontinuance of Integrated Personnel Payroll Information System, IPPIS, as the payment system in the universities, payment of promotion and salary arrears, among others.

However, discovered that the two major areas of disagreement were the IPPIS that the lecturers want to be replaced with the University Transparency and Accountability System, UTAS, and adequate funding of the sector.

On the call for more money to be pumped into the sector, the government is claiming that it was currently having paucity of funds, a claim the union said could be tackled by the government setting its priority right.

If the two sides fail to resolve their faceoff by March 13, this year, the union may go on an indefinite strike.

Once Upon A Time – Feb. 28 – 1991 – Gulf War Ends After Iraq Accepts Ceasefire Following Retreat From Kuwait

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202 BC Coronation ceremony of Liu Bang as Emperor Gaozu of Han takes place, initiating four centuries of the Han Dynasty’s rule over China

1710 In the Battle of Helsingborg, 14,000 Danish invaders under Jørgen Rantzau are decisively defeated by an equally sized Swedish force under Magnus Stenbock

1854 Republican Party formally organized in Ripon, Wisconsin

1915 WWI: After the French try to drive the Germans forces back into the Champagne region, they gain a few hundred yards – at the cost of 50,000 casualties

1947 February 28 Massacre: Anti-government uprising in Taiwan is violently put down by Chiang Kai-shek and his Kuomintang-led Republic of China government with the loss of 18,000-28,000 lives. Marks the beginning of the White Terror.

1953 Francis Crick and James Watson discover the chemical structure of DNA-molecule (double-helix polymer)

1991 Gulf War ends after Iraq accepts a ceasefire following their retreat from Kuwait

HISTORICAL EVENTS TODAY

TODAY IN FILM & TV

1983 Final TV episode of “M*A*S*H”, a 2-hour special directed by series star Alan Alda titled “Goodbye, Farewell and Amen”, airs (CBS); record 125 million watch in the US

TODAY IN MUSIC

1984 26th Grammy Awards: Michael Jackson wins 8 Grammys

TODAY IN SPORT

1971 PGA Championship Men’s Golf, PGA National East: Jack Nicklaus leads wire-to-wire for his 2nd career grand slam; wins by 2 from Billy Casper

DO YOU KNOW THIS FACT ABOUT TODAY?

1939 The erroneous word “Dord” is discovered in the Webster’s New International Dictionary, Second Edition, prompting an investigation.

WOULD YOU BELIEVE THIS FACT ABOUT TODAY?

2013 The brains of two rats successfully connected so that they share information

Sports Diplomacy Colloquium: Ministry, NIIA Highlight Positive Power Of Sports

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The Federal Ministry of Youth and Sports Development (FMYSD) and the Nigerian Institute of International Affairs (NIIA) have highlighted the power of sports to promote peace and positive change in the world.

The Ministry and the NIIA collaborated to organize the first ever conference on Sports Diplomacy as the driver of Nigeria’s foreign policy agenda for Africa. The colloquium held at the NIIA Headquarters, at Kofo Abayomi, Victoria Island, Lagos.

The Youth and Sports Development Minister Sunday Dare and the Director-General of the Nigerian Institute of International Affairs, Professor Eghosa Osaghae both used the occasion of the conference to elaborate on the need to use sports to enhance social well being and build bridges among nations and peoples.

Osaghae said in his welcome remarks that sports has become a tool for the unification of people with diverse backgrounds and cultures, stating that the time to make it a central part of international diplomacy is now.
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The NIIA Director-General also described sports men and women as ambassadors of peace whose influences transcend the tracks, fields, courts and arena of their sporting exploits.

In his own remarks, the Minister Sunday Dare said the power of sports and its intricate relationship with politics dates back to Greco Roman times, revealing that the Olympics Games were a positive fall out of this interplay.

Dare also spoke about the power of sports branding for nations, giving examples of India(known for cricket), Kenya(known for its middle and long distance racing), Jamaica(for sprints)and Brazil(football).

He said sports can stimulate economic activities and improve the cause of humanity, emphasizing the need to transit sports to business models that will deliver all round value and ensure sustainable and incremental growth.

The Minister further stated that sports as a business is critical to its deployment as a tool for cohesion, development and elevation of the black race.

“One of the first steps I took as Minister was to seek President Muhammadu Buhari’s approval to reclassify sports as business. Thankfully, Mr President gave his approval in Council in 2020.

“With the work done with private and other public sector partners, as well as the National Economic Summit Group (NESG) we birthed a draft of the National Sports Industry Policy (NSIP) which will soon be presented to the Federal Executive Council for its consideration and hopefully approval.

“This policy is anchored on three triggers, the three ‘I’s which are Infrastructure, Investment and Incentive. All embedded in the sports policy,” Dare explained.

He further spoke about some collaborative steps including Memorandum of Understanding(MoU) signed with the Egyptian, Algerian, Ghanaian, South African and Turkish Governments towards youth and sports development.

Revealing Nigeria’s support for Egypt’s campaign to become Africa’s first hosts of the Olympics Games in 2032, Dare said, “the capabilities of our Egyptian brothers and sisters are significant as those who have visited recently will testify.

“This will really showcase the capabilities of Africa to the world and bring the world even closer to Africa through this very powerful tool. The economic opportunities for our people are of course significant as the symbolic importance of hosting the world,” he added.

Enyimba’s Coach Finidi Threatens To Quit NPFL Over Referee’s Poor Officiating

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Enyimba boss, Finidi George, is furious with match officials following his side’s defeat to Heartland in the Nigeria Professional Football League NPFL on Saturday.

Speaking after the game in Owerri, The former Nigerian international claimed his side was hard done by some referee decisions and won’t mind quitting the league if things don’t get better.

He said: “ You watched the match, If I say something then I am leaving this league, you can not play football this way and expect to get another result and that is what we are experiencing Nationwide”

“You all saw the game and I am not going to comment about that, winning or no winning it should be better and games like this should be better and I wish you guys are doing a better job, you all watch the game and it is not about coaching, it is not about anything, the league should be better than this”

“Is it right what is happening, journalists should write about what they are seeing in different centers across the country, football is dying”, He said.

Murphy Chukwu scored the only goal of the game for Heartland in the 57th minute.

The defeat means, Enyimba remain 7th on the table, eleven points behind leaders Rivers United.

Chelsea Prays For Peace Over Situation In Ukraine

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Premier League club Chelsea, owned by Russian Roman Abramovich,issued a statement on Sunday saying they are praying for peace and described the situation in Ukraine as ‘horrific’.

Abramovich announced on Saturday that he was giving “stewardship and care” of the club to trustees of the London side’s foundation.

The Russian’s comments came after calls in Britain that he be sanctioned over Moscow’s invasion of Ukraine but did not include any reference to Ukraine or the conflict.

“The situation in Ukraine is horrific and devastating. Chelsea FC’s thoughts are with everyone in Ukraine. Everyone at the club is praying for peace,” Chelsea said on their website.

Abramovich remains the club owner and his announcement on Saturday did not reveal why he was giving the foundation stewardship nor any details on how the arrangement would work.

Several Russian individuals and entities have been put under sanctions by British Prime Minister Boris Johnson after Moscow launched an all-out invasion of Ukraine by land, air and sea this week.

Abramovich has not faced any sanctions but British opposition lawmakers said on Thursday that he should be included. One said the UK should seize his assets and bar him from owning the football club.

The chairman of the Chelsea foundation trustees is American lawyer Bruce Buck who is also chairman of the club as a whole.

Chelsea manager Thomas Tuchel said on Friday that uncertainty over Abramovich’s future weighed on the club in Sunday’s League Cup final.

Chelsea enjoyed unprecedented success after Abramovich took over in 2003, winning five Premier League titles, five FA Cups and the Champions League twice.

World Cup Final Draw Holds On April 1

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The draw for the final competition for the Qatar 2022 World Cup will hold on 1 April, the date generally known as ‘All Fools Day’.

This will be just days after the conclusion of the play-off for the qualifiers from Africa. Nigeria are due to host Ghana in Abuja on Tuesday 29 March, just three days to the final draw.

Traditionally, the final draw had always held in December of the year preceding the World Cup. But the 2022 edition is a departure as it will be holding in winter time of November and December instead of the traditional June/July calendar.

Hence, the final draw which holds six months to the competition is now slated for April. It will hold on the sidelines of the 72nd FIFA Congress at the Doha Exhibition and Convention Center.