Oil Price Still Crashing Despite OPEC Seeking Higher Anchor Price

Oil prices are crashing again Tuesday after a short-lived spike on Monday. Crude oil fell by 1.19 percent by 7 a.m. GMT to around $37.50 a barrel, while Brent crude, the European benchmark, fell by 1.22% to hover just above $40 a barrel. If this price trend continues, it will eradicate the 3.5% gains that oil experienced on Monday.


Oil started to recover two weeks ago, with some analysts saying the commodity had finally bottomed out after a near-constant 18-month slide. Oil prices were in the triple digits in the summer of 2014 but are now about 60% lower because of a glut of oversupply by the OPEC cartel of oil-producing countries.


OPEC’s bid to push Western counterparts out of business seems to be working, with Juan Prada from Barclays writing in a note on Tuesday: “Data showed that active US oil rigs fell last week to the lowest level since December 2009. Sentiment was further supported by expectations of policy stimulus in China.”


But after initial concern that OPEC’s pledge to freeze its production wouldn’t make a difference — because of oil-rich countries such as Iran starting to pump huge amounts of oil — the oil price was given a boost by improving market sentiment.

OPEC also said it would be seeking a higher anchor price for oil. The slide in oil prices, however, supports some analysts’ view that the rally is and will be short-lived. Norbert Ruecker, the head of commodities research at the Swiss private bank Julius Baer, said this week that there would be no “long-term recovery” in the price of oil:

 Shale’s cost deflation, Iran’s return, and Mexico’s market opening suggest that supplies remain ample for longer, overshadowing the industry’s investment cuts for the time being. Supply glut fears have taken a backseat as of late with the oil market’s focus shifting from pessimism over ample inventories to optimism over declining US production. We still believe that oil prices experience a short-term bounce but no long-term recovery but see further upside in the near term.

SOURCE:nigeriamasterweb

Abraham Attah Reportedly Moving to USA & Will Attend School Under a Netflix Scholarship

"Beasts of No Nation" star Abraham Attah is apparently moving to the USA (from Ghana), where, according to Nigeria's EbonyLife TV network, he'll attend school thanks to a scholarship from Netflix - the company released "Beasts of No Nation" as you'll recall, hence the connection.

Attah received much deserved acclaim for his performance in the film, including the Best Actor trophy at the 2016 Spirit Awards just a couple of weeks ago. 

I assume his move to the USA will also mean more potential acting work for the young thespian. As of today, he isn't attached to any other film or TV series; last year, he filmed a short film titled "Out of the Village," which was directed by Jonathan Stein, and counts "X-Men" director Bryan Singer as one of its producers. The 16-minute film that follows a brother and his sister during the Ebola outbreak (set in an "unnamed West African village" of course), is currently touring the international film festival circuit. 

The film, which was shot in Ghana raised over $20,000 via a Kickstarter campaign last year. I'm sure Attah's newfound fame will help draw attention to it wherever it screens.

My Company Can Generate Enough Power For Nigeria By 2018 – ALiko Dangote

The President, Dangote Industries, Aliko Dangote, has said his company should be able to generate about 12,000 megawatts of electricity for the country by 2018.

He also said that his business estate would start selling foreign exchange to the Central Bank of Nigeria by 2020.

Dangote, who spoke in Lagos on Monday at the Nigerian Economic Summit organised by Economist Events, an arm of The Economist of London, said, “We are looking at a situation that by 2020, we will be the one selling FX to the CBN. Our projects are mainly import substitution. We are working to be self-sufficient to grow about a million tonnes of rice over the next five years.

“Our gas project would have our gas pipelines on the seabed. The output should be able to provide about 12,000MW of power. We see a lot of transformation when we are done with most of our projects by 2018.

“We have 15 countries in the ECOWAS community that are duty-free. The export market is big and profitable if you have the capacity. Players in the manufacturing (sector) should be encouraged to export if they have the capacity. We must also meet local consumption.”

Dangote said the fall in crude oil price was not a curse and that the nation must use the opportunity to explore the potential in other sectors of the economy.

He said, “This is the right moment to pursue the diversification of the economy, which we have been talking about. I know that once oil gets back to $80 per barrel, we will go back to the same misbehaviour.

“But I think this is the right time for that. Government must come up with the right policy, because if we don’t do it now, we may not do it. But low prices do not mean doom. In 1998-1999, the price of oil was $9. What we need to do is just to block the leakages and pursue diversification.”

According to Dangote, the monthly revenue inflow from oil, which used to be $3.2bn, is now around $1bn, and this has caused a number of challenges for businesses in the country.

“There are some areas where we are facing serious challenges and there are some where we are not. It depends on your business model. If your business model is to import 100 per cent, definitely, you will be facing challenges, because the inflow of foreign exchange is not where it used to be a year and a half ago,” he added.

SOURCE: Nigerismonitor

International Women's Day Celebration...I pledge For Parity

On this International Women’s Day, let’s commit ourselves to improving women’s Professional Qualifications, enlarging their scope of Professional Opportunities and promoting their Entrepreneurial Power.

#IWD2016, #PledgeForParity, #ISupportPledgeForParity, 

5 dead as 5 Storey Building Collapses In Lekki

A Five storey building has collapsed in the lekki area of Lagos this morning. The collapsed building is opposite Oando filling station by Chisco bus stop along the Lekki-Epe expressway corridor. 



So far, 6 persons have been rescued alive while 4 dead bodies have been recovered. 




Confirming the incidence, the spokesperson of the National Emergency Management Agency (NEMA) Mr Ibrahim Farinloye said rescue operations are currently ongoing.

Ese’s abduction by my subject embarrassing – Emir Sanusi

The Emir of Kano, Alhaji Muhammadu Sunusi II, described the abduction of 14 year old Miss Ese Oruru from Bayelsa State by one of his subjects as an embarrassment.

Sanusi said this after a meeting with members of his council over the issue on Monday.

The royal father further explained that when the matter was first brought to his attention in September 2015, he ordered for her repatriation after it was established that she was under aged.He explained that he received two calls from people in far away South Africa on Monday morning over the matter.

He, however, expressed surprise that the matter still lingered months after he gave instructions.

Sunusi said, “I ordered her repatriation since September 2015 through the office of the Assistant Inspector General of Police in charge of Zone 1.

“But to my surprise, the issue is still in between the Sharia Commission, Hisbah (religious police) and the Police.

“The matter is worrisome, to the extent that two people phoned me in the morning today from South Africa over the matter. I told them clearly that I had directed for her repatriation since the last six month.

“I can also remember that I ordered the District head of Kura, The Sharia Commission and Hisbah to investigate the allegation she (Ese) raised that her mother wanted to kill her.

“The duo confirmed to me that the allegation raised by Ese is true. I requested police intervention just to get her a cover to take her back home.

“I think it is the Police authorities that caused the delay. I have done my best for her and even directed for action. It’s unfortunate that the police delayed this matter which has embarrassed us.

“Ese is under aged and she can’t be married off as an under aged. Every Muslim also knows that marriage can’t be without guidance. She must be taken back to her parents; she can only marry when she reaches the age of 18 years.

The Emir further said, “It is un-Islamic for someone to marry a lady without guidance. This abduction of Ese by my subject to Kano is bad because it will cause disunity among our people.”

Sanusi reiterated his directive to the Shariah Commission to immediately repatriate the girl back to her family, pointed out that “this issue is something that is unbecoming among our people”. 

SOURCE: Premiumtimesng 

Jumoke The ‘Agege Bread Seller’ Lands Her First Magazine Cover, Modelling Contract & Top Internship…

Her name is OLAJUMOKE ORISAGUNA, and today she covers the This Day Style magazine. TY Bello also shared Jumoke’s story on her Instagram.

Read her story as shared by TY Bello on instagram and see pictures below:

“Olajumoke a bread hawker from the Sabo market bakery, walked entirely by coincidence unto our set of our Thisday style shoot for @tiniegram The moment didn’t look special at all. If anything she stood there a little confused .. Some people asking her to leave the set and others asking her to stay . I signaled if it was OK to take her photograph and she agreed and I pressed on my shutter so she could move ahead . My main subject of interest was the Okada driver that had slowed down just before she arrived.  Okada riders have that cool Lagos vibe and always happen to add a bit of swag to street portraits.

I was wrong to have paid her such little attention. Every frame with her in it was perfect .. I had found a second subject in the Tinnie’s story .. A young beautiful hawker who could have served as a love interest of some sort. Digitally I made the red in her dress match @tiniegram sleeves to create a connection between them .

When the magazine came out last week and the images hit social media , I was proven right this girl split the limelight with the main subject effortlessly… questions and comments started to fly: Was she a model? How did we convince the model to balance all that bread on her head . The buzz about her multiplied when I clarified that she indeed wasn’t a model at all but simply stumbled on our set. I immediately begone my search for her. If so many felt she was beautiful enough to be a model.. Then maybe she was mean to be one. I was going to find a way to make it happen. I had assistants leave word with people in the area we shot her and to my delight the very next day, she showed up at my studio.

“Aso kan na ni mo wo kiri Lana…” Jumoke the ‘model’ the Internet had been searching for speaks almost no English. She explained how she had worn the exact outfit in our photograph the day before and someone showed her her own photograph on his phone from face book. A mallam led her to my studio that morning.

She narrated her journey to Lagos… A hair stylist from Ire in Osun state but not making enough profit between she and her husband, a sliding door installer in from same village, to care for their two young children.

At the invitation of a distant relative who knew someone operating a bakery, she relocated Lagos with her 14 month old daughter to give bread hawking a try, leaving her husband and older 5 year old behind .

As I listened to her, I wandered if the beauty I had seen on my screen as I edited my image was a fluke… well, until she smiled… I realized that I was wrong… I had in fact underestimated the beauty of this 27 year old woman. As always, it was her eyes and of course her perfectly chiseled features that jumped out at you when she chuckled. This lady belonged in front of my camera. After a conversation with her husband telling him the story of our meeting, I decided I was going to photograph her that very afternoon… Within an hour, Bimpe Onakoya, one of Nigeria’s leading makeup artist and Zubby one of my favourite hairstylist were at my studio to work magic. They had both followed the story online and were more than happy to put in their very best for her.
Olajumoke, with curly extensions out ,revealed a short natural Afro that beautifully hugged her face @Bimpeonakoya also had decided to keep the make up minimal… She stepped in front of my camera and I almost couldn’t recognize her. She moved different too. Jumoke looked straight into my lens emoting like she had done this all her life…. I knew we had found a star.”

During the course of the day, @emaedosio who was making a short documentary about the process had asked her what she really wanted to do .
‘Ka ma kiri Buredi ko suwon ‘ she explained that bread hawking wasn’t the most profitable business but put enough food on her table . It also put a roof over a head .. Howbeit a roof she shared with scores of other hawkers .

She was a trained hairdresser back in Osun state but her family could not afford the necessarily ‘freedom ‘ ceremony ; a passing out ritual that gives a trainee a sometimes unwritten permission to start a full fledged salon .
We all decided that the make over would be incomplete if it ended at the studio . Every one started to reach out to their contacts and through Bimpe we were able to get her a meeting with Ugo the pioneer of Make-me salon .

As a result of the buzz she generated from the Thisday cover Our model is now close to starting an internship at @makemesalon and has been offered a additional internship with @sarisignature a famous Lebanese owned salon on the island island .

To pay Jumoke her model fee from her first job in front of the camera we called @_ujumarshall one of Nigeria’s And matched her fees .She’s been offered a modelling contract with the help of @godsonukaegbu from a @fewmodels .She’s also had @payporte reach out to her to be model on their next billboard campaign .

This is clearly only the beginning of another chapter in Jumoke’s story . Though it seems accidental it s clearly Devine .

Just this morning ,mentor of mine offered to foot the bill for her accommodation ,education as well as her child’s .. This finally makes it possible to be finally reunited with her husband and older child .

I’ve asked my self over and again why all of this is happening . One thing is clear .. This woman here is no charity case .. We met her in the middle of her hustle … The woman works hard.. Seven days a week .. With a family to support .. But with dignity ..who pays that much attention to how she looks as she’s about to hawk bread … ?Arranging the bread so delicately like it was worth much more .. Making sure she left the bakery while it was steamy and hot … Every body likes their bread hot . .. All of this even when it’s clear that her profit in a day is between N300-500 .
This is the story of so many Nigerians .. The young house selling gala in traffic… The woman braiding hair under the bridge .. Nigerians work hard and we go it with style …

This has taught us and I hope everyone reading to pay a little attention ., to those clearly working hard around us .. You may have your own wahala to deal with .. But nothing gives you a bigger break from your troubles than just making life easier for someone else .. Give an orange seller a N1000 note and she may be able to take the next day off to attend to herself and her children .

Jumoke is sorted … I personally believe so with all the doors opening up for her but This story is more about the ‘jumokes’around you . Who put in all the work but just need a little push .You may not be able to help every one but as I learnt from someone I really respect … In your own unique way …. Do for the ONE what you would have liked to do for ALL.

Jumoke ooo.. Wants to be a hairstylists but secretly nurses a fantasy to act in a Yoruba film one day .. I know she’ll be a nollywood hit .. She did great in front of my camera and understood how to work the tiniest emotional nuances .She may not speak much English but can read and write in Yoruba.

Source: womanng