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BIG STORY

Oil Price Falls To $72 Per Barrel, First Time Since December 2021

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Oil price fell on Wednesday to $72 a barrel for the first time in more than one year.

Brent crude, the global oil benchmark, fell over 5 percent to $72.39 a barrel, first time since December 2021.

The US West Texas Intermediate also fell over 5 percent to $67.06 a barrel.

According to Reuters, the price of the commodity dropped as worries about Credit Suisse shook global markets and countered expectations of a recovery in Chinese oil demand.

Credit Suisse shares slumped by 30 percent on Wednesday after Saudi National Bank (SNB), its largest shareholder, said it could not provide further support.

“It doesn’t matter what your risk asset is, at this point people are pulling the plug on across different instruments here,” Robert Yawger, director of energy futures at Mizuho in New York, told Reuters.

“Nobody wants to go home with a big position on anything today… you have nowhere to hide really.”

Also speaking on the dip, Dennis Kissler, senior vice-president of trading at BOK Financial, said hedge funds were liquidating due to rising interest rates and economic uncertainty.

He said heavy pressure on the United States stocks earlier today, was adding to the fund liquidation in crude.

The current price of the commodity is now below the $75 benchmark in Nigeria’s 2023 budget.

In 2020, when a similar situation occurred, Zainab Ahmed, minister of finance, said the FG would lower the $57 benchmark of the country.

“What the impact will be on that is that there will be reduced revenue to the budget and it will mean cutting the size of the budget. The quantum of the cut is what we are supposed to assess as a committee,” she had said.

If Ahmed’s words are to be considered, it means the federal government may consider revising the country’s benchmark to fit the global oil price, if the downward trend is not reversed.

Bolade Agboola, oil and gas sector analyst at Meristem Securities Limited, said that the advantage of the global oil price remaining above Nigeria’s benchmark is that the federal government will earn more revenue to finance its budget.

BIG STORY

President Tinubu Appoints Abiola’s Son Jamiu SSA On Linguistics, Foreign Matters

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President Bola Tinubu has approved the appointment of Jamiu Abiola as the Senior Special Assistant to the President on Linguistics and Foreign Matters.

Abiola is one of the children of the winner of the 1993 presidential election annulled by General Ibrahim Babangida, the late Chief Moshood Abiola.

He was previously appointed as the Special Assistant to the President on Special Duties in the Office of the Vice-President.

In a statement on Wednesday by the Director, Information and Public Relations, Office of the Secretary to the Government of the Federation, Segun Imohiosen, Abiola’s appointment takes effect from November 14, 2024.

Imohiosen stated that the appointment aligns with the provisions of the Certain Political and Judicial Office Holders (Salaries and Allowances, etc) Act 2008, as amended.

He said, “President Bola Ahmed Tinubu has approved the appointment of Jamiu Abiola as the Senior Special Assistant to the President on Linguistics and Foreign Matters.

“The appointment takes effect from 14th November, 2024. This is in line with the provisions of the Certain Political and Judicial Office Holders (Salaries and Allowances, etc) Act 2008, as amended.

“Until his appointment, Jamiu served as the Special Assistant to the President on Special Duties in the Office of the Vice President.

“President Tinubu tasks the appointee to work closely with the Federal Ministry of Foreign Affairs and bring his wealth of experience to bear in his new assignment.”

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BIG STORY

Senate Passes Bill For Ijebu State Creation For First Reading

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The Nigerian Senate on Tuesday passed a bill for the creation of Ijebu State, marking the first reading of the proposal during its plenary session.

The bill, which seeks to establish Ijebu as an independent state, was sponsored by Senator Gbenga Daniel, representing Ogun State.

Titled the “Constitution of the Federal Republic of Nigeria (Sixth 1 Alteration) Bill, 2024 (Creation of Ijebu State),” the proposed legislation aims to carve out Ijebu from the current Ogun State.

The bill was introduced by Senate Majority Leader Michael Bamidele of the All Progressives Congress as the “fourth order of the day” during the plenary.

After reading the title of the bill, Senate President Godswill Akpabio moved the proposal forward, passing it for its first reading and setting the stage for further legislative processes.

The bill will now undergo a series of discussions and evaluations before it can proceed to the next stages of approval.

The push for the creation of Ijebu State is part of a broader national discourse on the need for more state creation across Nigeria, particularly in regions where there are growing demands for administrative autonomy.

If the bill successfully progresses through the required legislative procedures, Ijebu, currently a part of Ogun State, could become a separate state with its own governance structures.

This development comes amid increasing calls for state creation in various parts of the country, with proponents arguing that new states could better address local needs, foster economic growth, and enhance political representation.

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BIG STORY

Alleged N110bn Fraud: Court Adjourns Yahaya Bello, Other’s Bail Ruling To December 10

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The Federal High Court in Abuja has adjourned to December 10 for a ruling on the bail application by the immediate past Governor of Kogi State, Yahaya Bello, and two others.

Bello had pleaded not guilty to the 16-count charges brought against them by the Economic and Financial Crimes Commission.

The former governor, along with Umar Oricha and Abdulsalami Hudu, are being prosecuted as the 1st to 3rd defendants, respectively, in a fresh N110bn 16-count charge instituted against them by the EFCC.

Bello, the 1st defendant, vehemently denied the allegations before Justice Maryanne Anenih as they were read out to them.

After taking their plea, the Defendant’s Counsel, Joseph Daudu, moved an application for bail.

However, the EFCC Counsel, Kemi Pinheiro, opposed the application, arguing that it had expired in October.

Clarifying the issue, the Defendant’s Counsel stated that the only relevant application before the Court was the motion for bail in respect of the first defendant, which was filed on November 22.

Relying on all the paragraphs of the affidavit, he added that the bail application was also supported with a written address.

Justice Anenih ordered that the defendants be remanded in the custody of the EFCC.

The EFCC had filed an N110bn alleged fraud suit against the former governor.

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