Oil Prices Steady as Middle East Conflict Concerns Ease

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August 15, 2024

Oil prices were broadly steady on Wednesday, as concerns that conflict may spread in the Middle East and threaten production in one of the world’s major regions for crude production eased slightly.

Brent crude futures slipped 10 cents, or 0.1%, to $80.59 a barrel by 1057 GMT. U.S. West Texas Intermediate crude futures were down 19 cents, or 0.2%, to $78.16 per barrel.

After hitting a seven-month low of $76.30 at the beginning of last week, Brent rose more than 3% on Monday to cap a five-day run of gains, closing at $82.30 a barrel.

Iran had vowed a severe response to the killing of the leader of Hamas late last month. Three senior Iranian officials have said that only a ceasefire deal in Gaza would hold Iran back from direct retaliation against Israel for the assassination.

Israel has neither confirmed nor denied its involvement but it is fighting in Gaza against Hamas after the group attacked Israel in October.

Also hindering oil price gains, the International Energy Agency on Tuesday, trimmed its 2025 estimate for oil demand growth, citing the impact of a weakened Chinese economy on consumption. That came after OPEC cut expected demand for 2024 for similar reasons.

Signs of healthier U.S. demand had supported prices in earlier trading.

South Africa Unemployment Rate Climbs over 8 million

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Rhoda Onuzulike

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August 14, 2024

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South Africa’s unemployment rate increased by 0.6 percentage points from 32.9% in Q1 2024 to 33.5% in Q2 2024, the government’s statistics office reported Tuesday.

Africa’s most industrialized economy has struggled to create jobs in recent years due to a long recession and most recently the Covid-19 pandemic.

About 8.4 million people were out of work, up from 5.2 million in 2014.

The number of employed persons fell by 92,000 to 16.7 million in Q2 2024. The sectors which saw the most job decreases include trade, agriculture and construction.

Only manufacturing, social services and utilities added jobs.

The figures are the first to be released since the May elections which brought in a coalition government which put reviving the ailing economy top of its agenda.

Unemployment was a key political issue in the vote, likely contributing to the loss of an absolute majority by the African National Congress (ANC).

The statistics affice said that the most significant decrease in employment was observed in the Western Cape, Mpumalanga and KwaZulu-Natal provinces.

Sudanese Peace Talks Get Underway Despite Boycott By The Army

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Zoe Maven

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August 14, 2024

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United States-initiated peace talks to try stop Sudan’s 16-month war got underway in Switzerland on Wednesday with hopes of an agreement to end to the violence, broader humanitarian access, and be able to ensure implementation.

The negotiations are taking place at a time of growing alarm at the plight of the Sudanese people who are caught in the middle of fighting between the army and the paramilitary Rapid Support Forces.

But Sudan’s military said it will not be attending the talks, leaving little hope for a quick ceasefire.

Previous international efforts to bring an end to the war have failed.

The conflict has created the world’s largest humanitarian crisis with tens of thousands of people dying and more than 10 million people being forced from their homes.

In addition, more than half Sudan’s population is facing acute hunger with famine officially declared earlier this month in the Darfur region

FG Inaugurates Sub-Committee on Naira-Based Crude Sales

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Rhoda Onuzulike

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August 14, 2024

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The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has inaugurated the Technical Sub-Committee tasked with developing the framework for the sale of crude oil to local refineries in Naira.

This initiative aligns with the recent presidential directive aimed at enhancing Nigeria’s refining capacity and promoting economic growth.

The inauguration took place following a stakeholders meeting where government officials and representatives of local refineries, including the Dangote Refinery, gathered to discuss the implementation of the directive, the Ministry said on its X handle.

The committee includes the Permanent Secretary of the Ministry of Finance, Lydia Jafiya, the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji as well as representatives from the Nigerian National Petroleum Corporation Limited (NNPCL), Central Bank of Nigeria (CBN), Afrexim Bank, Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

In his remarks, the Minister highlighted the critical role of the committee in crafting a robust template that will ensure the successful implementation of the initiative.

He emphasised that this initiative is part of a broader strategy to position Nigeria as a refining hub, which will significantly boost the economy by reducing reliance on crude oil exports and fostering local expertise in the energy sector.

In closing, Edun commended the members of the committee for their dedication and anticipated contributions, urging them to work diligently to meet the expectations set by the presidential directive. He further reiterated that the ultimate goal is to transform Nigeria’s energy sector into one that is self-reliant and globally competitive.

Pres. Tinubu Arrives Equatorial Guinea For Official Visit

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Rhoda Onuzulike

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August 14, 2024

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President Bola Ahmed Tinubu has arrived in Malabo, Equatorial Guinea for a three-day official visit.

The President arrived at the Presidential Wing of the Malabo International Airport at about 2:07 pm and was received by the Prime Minister of the country, Manuela Roka Botey.

On arrival, President Tinubu was received into a brief welcome ceremony, after which he proceeded to the People’s Palace Court, the Presidential Palace.

At the People’s Court, the Nigerian Leader will be hosted in a brief ceremony, followed by a family photo, and a military parade after which he will hold a private meeting with President Mbasogo.

The private meeting between the two presidents will be followed by the signing of bilateral agreements on various areas, including oil and gas and security.

President Tinubu is also scheduled to sign a historic visitors’ book after which he would be hosted at a dinner.

On the President’s entourage are the Minister of Foreign Affairs, Yusuf Tuggar; Minister of Defence, Abubakar Badaru; and the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, as well as the Minister of Interior, Olubunmi Tunji-Ojo;

Others are the Attorney-General and Minister of Justice, Lateef Fagbemi; Youth Development, Jamila Ibrahim-Bio; the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari; amongst others.

Recall that the Presidential Spokesperson, Ajuri Ngelale, stated in a statement that President Tinubu’s visit is at the invitation of his Equatorial Guinean counterpart, President Teodoro Obiang Nguema Mbasogo.

Council of State Passes Vote of Confidence on Tinubu

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Rhoda Onuzulike

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August 14, 2024

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The National Council of State has passed a vote of confidence on President Bola Ahmed Tinubu, commending Nigerians for resisting unconstitutional change of government.

Briefing State House Correspondents on Tuesday after four hours of the council meeting at the Council Chamber of the State House, the Minister of Solid Minerals Development, Dele Alake said that the council also passed vote of confidence on President Bola Tinubu’s administration.

Alake disclosed that the Council meeting, which was attended physically by Former Presidents, Muhammadu Buhari and Goodluck Jonathan had in attendance virtually, the former Heads of State, Yakubu Gowon and Abdulsalam Abubakar.

The minister further revealed that seven cabinet members of President Tinubu made individual presentations on roadmaps, prospects and challenges adding that areas of diversification of the Nigerian economy were more prioritized.

” As you all are aware, the Council of State just concluded its meeting with all the former heads of state in attendance, physically or virtually.

The last count, I think most of them were the physically attending was the former head of state, General Buhari and President Goodluck Jonathan, were there physically, and the rest were there virtually, via zoom.

So in essence, in principle, all of them were in attendance. And that’s a very eloquent testimony to the kind of support that they are giving to our current president, President bola Ahmed Tinubu.

A lot of issues were exhaustively discussed at the meeting. And of course, you know that, apart from the former heads of state, the Constitutional composition of the Council of State includes all governors,, security adviser, Attorney General and the rest. So the governors were all in attendance as well.”

The Minister also disclosed that the National Security Adviser to the President , Nuhu Ribadu also briefed the meeting on the Pre- ,during and post protest security measures as well as update on the entire security situation of the country.

“And some of us ministers who are invited to make presentations on our road map on what we’ve been able to achieve, the prospects and the challenges in our various ministries. And so, Myself, the Solid Minerals, coordinating Minister of the Economy and the finance minister, Wale Edun was also there to make presentation. The Minister of Budget was also there he made his presentation. The Minister of works also made presentation, the Minister of Trade and Investment. Dr Doris was also there. The Minister of Agriculture also was invited.

So these seven of us ministers made individual presentations to the council of state meeting, and our presentations were well received from the feedback that we got immediately after individual presentations.

And of course, at the end of it, matters of state were discussed, in a robust manner and frank manner. And the National Security Adviser also was on hand to present the security situation of the country.

Dr Alake added that the council discussed exhaustively matters related to National issues while they were also briefed on progress made on each sectors of the economy.

“Matters of state were discussed in a robust manner ,National security Adviser was also on hand to brief on the security situation of the country,he also briefed the council of state on Pre, during and post efforts made to contain the protest”

Dr Alake described the protest as insurrection and a movement that attempted forceful change of government.

“And he did inform the Council of State about the pre, during and post event of the last protests, which I do not call a protest. I call a movement to effect a change of regime by force, which was also resisted.

And so, you know, the council thanked Nigerians at large for resisting any unconstitutional move to change government, if anybody is not satisfied with the government, any current administration, there is always an election coming, so you wait for election and cast your vote.

So the NSA briefed the Council on the security situations, and allayed fears all round.

So after the NSA’s briefing, generally, he allayed everybody’s fears and spoke on the tightness of the security around the country, and also reassured all and sundry that nobody will be allowed to truncate our hard earned democracy.

Any change of government has to be through the ballots and not through the barrel of the gun or through insurrection or through any other unconstitutional means, only through the ballot box can any government be changed. And he reassured on the security readiness of all security agencies in the country, to secure our territorial integrity and to protect Nigeria’s Democracy.

Now the details of the presentation that the ministers did will be too long for you, but succinctly put is just to let the Council of State know the progress being made in each sector of the economy. And the emphasis, of course, by the Renewed Hope Agenda, is on economic diversification. And that’s why I was there. That’s why Agric was there. That’s why all the other ministers you know that constitute, or the ministries that constitutes the plank of the Renewed Hope Agendas, economic diversification and transformation.”

Speaking on the participation of the members of the Nigeria Governors’ Forum, the Chairman, the Governor of Kwara State Abdulrazaq Abdulrahman ,said the 36 state governors of the Federation unanimously passed vote of confidence on President Bola Ahmed Tinubu with satisfaction on the activities of his administration in the last 14months.

He added that frank and fruitful discussions were held and the Council reached satisfactory conclusion that the administration of President Bola Ahmed Tinubu is on the right track.

“We The high note of the meeting was a unanimous passage of a vote of confidence on President Bola Ahmed Tinubu GCFR, Commander in Chief of the Nigerian armed forces.

“members, especially those of the Nigerian governor’s forum, were satisfied with the presentation by the members of the Federal Executive Council, and after that meeting, there was an executive session between members of the Nigerian governor’s forum and Mr President, and Frank and fruitful discussions were held between both parties, and I’m glad to say we’re on the right track. And to say in the same vein, members of the NGF also, like the members of the Council of State, passed a vote of confidence on Mr President.

The last council of state meeting held on February 10, 2023, under former President Muhammadu Buhari. At the time, Former President Buhari had convened the meeting over the 2023 elections.

The council comprises of president as chairman and vice president as deputy chairman, all living former Heads of State and Presidents, all former Chief Justices of Nigeria, President of the Senate, Speaker of the House of Representatives, all state governors and Attorney-General of the Federation as members.

Olympic Flag Arrives Los Angeles, Host City For 2028 Games

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Emenike Agu

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August 13, 2024

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The Olympic flag arrived on Monday in Los Angeles, where it will be flown in 2028 when the city hosts the next Summer Games.

The flag arrived aboard a Delta Airlines jet carrying American athletes and officials, and painted with “LA28” and palm trees on its side. Hip-hop legend Tupac Shakur’s “California Love” blasted on loudspeakers on the tarmac at Los Angeles International Airport as the plane came to a stop.

Los Angeles Mayor Karen Bass stepped off the plane dressed in a red Team USA tracksuit, smiled broadly and waved the Olympic flag before descending airstairs to be greeted by California Governor Gavin Newsom. Olympic diver Delaney Schnell, skateboarder Tate Carew and others accompanied the mayor.

Bass said at the airport that she felt a “tremendous pride and responsibility” in being given the Olympic Flag in Paris on Sunday. While Los Angeles has been putting in the work to host a great Games, the mayor said American organizers now really felt the “need to put our foot on the gas.”

The International Olympic Committee awarded Los Angeles the right in 2017 to host the 2028 Games. It will be the third time LA has hosted the Games in the modern era, after being the host city in 1932 and 1984.

Bass acknowledged Paris had set a high bar as an Olympic host, and that LA’s homelessness problem would be a challenge to overcome. But the City of Angels has one world-class asset that nobody else can claim: “We do have Hollywood, so I expect a lot of magical opportunities,” she said in Paris.

Olympic officials in Paris handed out the flag to their American counterparts on Sunday during the closing ceremony. Actor Tom Cruise provided a dose of Hollywood flare in Paris, as he rappelled from the roof of France’s national stadium to receive the flag.

Cruise’s exit from Paris’ closing ceremony on a motorbike saw it transition to a pre-recorded video of the 62-year-old skydiving down to the Hollywood sign, where a wide shot showed the Olympic rings incorporated into the LA landmark.

Financial Fair Play: Man City Face Relegation

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Emenike Agu

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August 13, 2024

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Manchester City is facing a serious threat of relegation from the Premier League as the hearing into 115 alleged breaches of Financial Fair Play regulations is set to begin in early September.

The charges, dating back to 2009, have cast a shadow over the club, which has enjoyed immense success under Pep Guardiola, winning 15 major trophies since his appointment in 2016.

The potential consequences for Man City are severe, with journalist Martyn Ziegler reporting that if the most serious charges are proven, the club could face relegation or a significant points deduction.

This situation follows in the footsteps of recent penalties imposed on other clubs, such as Everton and Nottingham Forest, who were docked points for similar but less complex breaches.

The hearing is expected to last over 10 weeks, with a verdict anticipated in early January 2024. Meanwhile, City has launched its own legal case against the Premier League concerning associated party transaction rules, which is set to be heard within the next fortnight.

Amidst the ongoing legal battles, the odds of Man City being relegated this season have been slashed from 100/1 to 28/1, reflecting the gravity of the situation.

Despite the uncertainty, Manchester City captain Kyle Walker remains focused on the team’s on-field performance. Walker expressed confidence in City’s ability to secure a fifth consecutive Premier League title.

“I wouldn’t say it’s an ego, but we’ve done this now four times in a row – this is our trophy to lose,” Walker said.

“For us to go and do four in a row off the back of a Treble was a great achievement. Now, why can’t we go and do five in a row? That’s the motivation we have to create from us as a group of players, from me as a captain,” he added.

Marketers Project N600/Litre For Dangote Petrol

By

Emenike Agu

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August 13, 2024

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Independent petroleum marketers in Nigeria are hoping that the Dangote Petroleum Refinery will sell its Premium Motor Spirit, popularly called petrol, at N600 or N650/litre when it is finally released into the market.

Dealers under the aegis of the Independent Petroleum Marketers Association of Nigeria said they believe that the Dangote refinery would crash the price of petrol as it did with diesel.

IPMAN National Vice President, Hammed Fashola, said the $20bn refinery would bring down the cost of fuel if it gets the needed support, especially as it has to do with crude supply.

According to him, the Nigerian National Petroleum Company Limited, which is the sole importer of PMS has been selling to marketers at N570/litre, but most IPMAN members buy from private depot owners at N700 and above.

“We are marketers, we go for the best. We have been buying from the NNPC, but if the opportunity of Dangote comes and the price is favourable, we will grab it. It depends on the price.

“The official price from the NNPC is around N570/litre, but the third parties, the private depots sell PMS to most of our members at N700 and above.

“Plus or minus, we hope Dangote can sell between N600 and N650/litre. N600 is still okay. However, it depends on the cost of the production from Dangote’s end. We have to be factual and sincere to ourselves. The NNPC we are talking about has an element of subsidy or what they now call under-recovery. I think something is hidden there,” Fashola stated.

Speaking about diesel price, Fashola recalled, “We know Dangote refinery crashed the price of diesel. When the refinery started producing, diesel was around N1,600 and it went down to N1,000.

“Now you can buy diesel at N1,150 or N1,200/litre. We expect the same with PMS, but this crude crisis is a major challenge. Even if Dangote is buying crude in naira, if it is at the international market price, it will make no difference. We have to be realistic.”

The IPMAN leader said the association has had business discussions with some officials of the refinery on a possible partnership, saying the marketers are waiting for Dangote.

“The discussion continues. We are on course. I think very soon we will conclude the discussion. We are waiting,” he stated.

Recall that the President of the Dangote Group, Alhaji Aliko Dangote, had last month projected that the refinery would begin the production of petrol between August 10 and 12, 2024.

However, the 650,000 barrels per day capacity refinery could not roll out petrol on Monday for different reasons.

Findings showed that the ongoing crude supply crisis might be a setback to the refinery.

Kenyan Teachers Strike Looms Amid Calls for CBA Agreement Fulfillment

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Nzubechukwu Anodo

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August 13, 2024

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Kenya Nation Union of Teachers (KNUT) says tutors will not go back for third term unless the Collective Bargaining Agreement (CBA) is fully implemented.

The union’s Secretary General, Collins Oyuu said that the Teachers Service Commission (TSC) had not yet implemented the second phase of the signed 2021-2025 CBA.

He said the union will continue to secure and maintain better terms of condition of service for teachers in this country and not leave anyone behind.

He noted that the CBA signed 2017-2021 only catered for the teachers in the administration department like headteachers but classroom teachers were not considered.

He said it was unfortunate that the teachers will be forced to down their tools when schools re-open in September for the third and last term of the year, to press for the implementation of the CBA.

He added said it was unfortunate that parliament had failed to listen to the pleas by teachers to avert a crisis in the education sector.

He urged the Salaries Remuneration Commission to consider all teachers equal regardless of their responsibilities when they carry out the job evaluation.

Recall that President Ruto has recently signed into law the Supplementary Appropriation Bill, 2024 reducing government expenditure plans for the 2024-2025 Financial Year.

A total of Sh18.7 billion has been allocated for the confirmation of 46,000 intern teachers, and Sh30.7 billion for the capitation of Junior Secondary School (JSS) students including those transitioning to grade nine.

Additionally, a total of Sh23 billion has been allocated for universities for the Differentiated Unit Cost funding model, Sh31.3 billion for the Higher Education Loans Board for scholarships and loans and a further Sh17 billion to the University Funding Board for scholarships to university students.