Month: April 2021

500,000 crypto investors wrecked, Market loses billions of dollars in 1 day

ADEOLA YUSUF

  Cryptocurrency pundits say no shaking even as world’s most popular crypto rout deepened, dropping below the $50,000 level to $48,400, its lowest levels in about seven weeks. The crypto market suffered heavy losses in the early hours of Friday with many traders liquidated as the flagship crypto dipped below the $50,000 price levels. In the cryptoverse hundreds of billions of dollars were, according to a report by Lagos-based Nairametric, virtually wiped off in value as the global crypto market lost about $300 billion, trading at $1.77 trillion, a 12.29% decrease…

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Why Natural Gas Prices Jumped to $2.754/ MMBtu

ADEOLA YUSUF

  The U.S. benchmark natural gas price reversed losses from earlier on Thursday and turned higher after the Energy Information Administration reported a smaller-than-forecast injection into storage. As of 11:30 a.m. on Thursday, the price of natural gas at Henry Hub was up by 2.34 percent at $2.754/ MMBtu. At the start of trading on Thursday, the price was at $2.688/ MMBtu, down from Wednesday’s close at $2.776/ MMBtu. The EIA’s weekly natural gas storage report showed today that working gas in storage was 1,883 billion cubic feet (Bcf) at the end of the week to…

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Power Epilepsy lands Nigerian businesses in $58bn loss in 24 months

ADEOLA YUSUF

  6 Six in 10 of registered customers are not metered, and their electricity bills are not transparent and clear, World Bank says in damning report about Nigeria’s electricity sector   Businesses in Nigeria lost $58 billion in two years to power supply epilepsy. World Bank, which said this in an estimate about the OPEC country, which is the largest oil producer in Africa, maintained that businessmen in the country are losing each year around US$29 billion because of the unreliable power supply. “Businesses in Nigeria lose about $29bn annually because of…

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JUST IN: Hoodlums Set Nigeria’s Imo Governor Mansion, Exotic Cars Ablaze

ADEOLA YUSUF

  The multi-million naira mansion and exotic cars belonging to the governor of Imo state, Southeast Nigeria, Hope Uzodimma, have reportedly been set ablaze by hoodlums. The property located at his hometown in Omuma, Oru East local government was reported to have been attacked by hoodlums and set ablaze while vehicles packed within the premises were also torched. As gathered, the hoodlums, who dressed in black attire, were said to have arrived at the premises with arms at about 11 am, overpowered the security, and set the premises ablaze. This…

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JUST IN: Buhari makes U-Turn, orders DPR to return revoked Addax oil blocks

ADEOLA YUSUF

  Nigerian President who doubles as oil minister restores ownership of OML 123, 124, 126 and 137 to NNPC, JV partner with Addax President Muhammadu Buhari has ordered the Department of Petroleum Resources (DPR) to retract the letter of revocation of four oil blocks earlier given to Addax Petroleum, a company wholly owned by Government of the People’s Republic of China. The President also approved the restoration of all the OMLs 123, 124, 126 and 137 earlier revoked to the Nigeria National Petroleum Corporation, NNPC which is in production sharing…

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Bandits murdered three abducted Nigeria’s Private Varsity Students – Govt

ADEOLA YUSUF

  Three abducted students of Greenfield University, Kaduna, Northwest Nigeria, been shot dead. Mr. Samuel Aruwan, Commissioner, Ministry of Internal Security and Home Affairs, Kaduna State disclosed this in a statement Friday. He said, “In an act of mindless evil and sheer wickedness, the armed bandits who kidnapped students of Greenfield University, have shot dead three of the abducted students. “The armed bandits on Tuesday night kidnapped an unspecified number of students at the institution located at Kasarami village off Kaduna-Abuja Road in Chikun LGA. According to Aruwan, “The remains of three students…

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Day Seadogs, Fondation stormed Lagos Rural Area for healthcare mission

ADEOLA YUSUF

  The rusty community of Imeke, a suburb in Olorunda Local Council Development Area (LCDA) in Badagry  Lagos, Nigeria, will not forget April 17, 2021, in a hurry. It was a day chosen by the local chapter of the National Association of Seadogs (NAS), Pyrates Confraternity, Saratoga X Deck, Festac Branch in partnership with Sir. Afam Chukwuma Hope Foundation to propagate the ideals of the NAS Medical Mission initiative. The event was also part of activities to commemorate the World Health Day which held across the globe on April 7,…

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Reason Nigeria Offered N20bn fresh Tax Waiver to NLNG

ADEOLA YUSUF

  Here is how the tax waivers granted NLNG hit ₦46 billion in 3 years   The Federal government has granted Nigeria Liquefied Natural Gas (NLNG) company ₦20 billion tax waiver for the construction of Bodo Bonny Bridge in Rivers State. The Federal Inland Revenue Service (FIRS) presented the road infrastructure credit certificate to LNG in Abuja on Thursday. NLNG has so far received three credit certificates in the last three years valued at ₦46 billion. Thursday’s own is the third while the fourth is expected later in the year.…

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Nigeria inks multi-million dollars gas deals with SEEPCO

ADEOLA YUSUF

  Here is NNPC’s account of how the deals including  125mmscfd gas supply to OML 143 plants would unlock 1.2tcf of country’s gas reserves.   The gas development and commercialization programme of the Nigerian National Petroleum Corporation (NNPC) received a boost Thursday with the execution of the Oil Mining Lease (OML) 143 Gas Development Agreement (GDA) by the NNPC and its partner, Sterling Oil Exploration and Production Company (SEEPCO). A statement by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, disclosed that the project would boost the…

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Pantami: Buhari turns table, probes, threatens legal action against ICT Firms

ADEOLA YUSUF

  “Government is now investigating the veracity behind these claims of attempted inducement (by ICT firms), and – should they be found to hold credence – police and judicial action must be expected.” Garba Shehu, President Buhari’s spokesman said.   The Nigerian President Muhammadu Buhari said his government has begun investigating the veracity behind these claims of attempted inducement, and – should they be found to hold credence – police and judicial action must be expected. This is contrary to calls made by some Nigerians for Mr. Buhari to probe…

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