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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

Japa, Agbero, Eba, 17 Other Nigerian Words Added To Oxford Dictionary

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The Oxford English Dictionary has broadened its vocabulary with 20 Nigerian words and expressions in its most recent update.

The newly included entries feature well-known terms such as “japa,” “agbero,” “eba,” “419,” and “abi,” among others.

These words, deeply embedded in the daily lives of Nigerians, underscore the influence of Pidgin English, street slang, and cultural expressions that are progressively gaining international recognition.

Notably, some of these words, like “japa” and “jand,” are listed as both nouns and verbs in the dictionary.

Pronunciation guides have been included to help non-Nigerians pronounce the words accurately.

Kingsley Ugwuanyi, a Nigerian English consultant for the Oxford English Dictionary, shared the update on LinkedIn on Tuesday.

He expressed enthusiasm about his involvement in drafting the words and recording their pronunciations.

Ugwuanyi wrote, “I’m thrilled to announce that the Oxford English Dictionary (OED) Oxford Languages | OUP has officially published its latest updates, featuring an amazing collection of Nigerian English words that beautifully reflect Nigeria’s culture, creativity, and the unique ways we express ourselves as Nigerians.

“This time, I not only drafted most of the words but also had the incredible opportunity to provide their hashtag#pronunciations! So, when you explore the OED online and click on the pronunciations, you’ll hear my hashtag#voice bringing these words to life.”

Among the entries, “japa” is defined as “the emigration of Nigerians to other countries (especially those in Europe or North America) in search of further education, employment, or economic opportunity.”

“Agbero” is described as “a person (usually a boy or young man) who works as a tout, typically at car parks and bus stops, collecting money from passengers and drivers, and ushering passengers onto vehicles.”

The term “419,” widely recognized in Nigeria, is defined as “Fraud (now usually perpetrated on the internet) involving requests for advance payment in return for a substantial share of a large amount of money, which ultimately is never given. Frequently as a modifier, as in 419 email, 419 scam, etc. Cf. yahoo n.2.”

Other words added include abi, adire (batik), area boy (lout), cross-carpet, cross-carpeting, eba, Edo, gele (headgear), jand (noun, verb), janded (adjective), Kanuri, Kobo, Naija, suya, Yahoo, Yahoo boy, and Yarn Dust.

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BIG STORY

Alleged Fraud: Emefiele Loses Bid To Stop $4.5bn, N2.8bn Case

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The Lagos State Special Offences Court, on Wednesday, dismissed an application filed by former governor of the Central Bank of Nigeria, Godwin Emefiele, challenging the court’s jurisdiction to entertain the $4.5 billion and N2.8 billion fraud charges brought against him by the Economic and Financial Crimes Commission.

Justice Rahman Oshodi, in his ruling, held that the court had the jurisdiction to try Emefiele and his co-defendant, Henry Omoile.

The judge, however, struck out four of the 26 counts filed by the EFCC against the defendants for lack of jurisdiction.

“The objection challenging the court’s territorial jurisdiction over counts eight to 26 fails and is hereby dismissed.

“The prosecution has established sufficient territorial nexus in this case,” the court held.

To this end, the judge subsequently adjourned the case for trial continuation on February 24, 2025.

The EFCC had arraigned Emefiele on 26 charges, bordering on abuse of office and illegal allocation of $4.5 billion and N2.8 billion.

At the last adjourned date on December 12, 2024, Emefiele’s counsel, Mr. Olalekan Ojo (SAN), argued that the court lacked jurisdiction to hear the case in Lagos.

The embattled Emefiele was suspended as CBN governor on June 14, 2023, by President Bola Ahmed Tinubu’s government.

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BIG STORY

34 Terrorists Killed In Failed Ambush On Troops In Borno — Defence HQ

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The Defence Headquarters (DHQ) reported that 34 terrorists were killed in a firefight with troops deployed to Sabon Gari village in the Damboa LGA of Borno state.

In a statement on Wednesday, Edward Buba, the director of defence media operations, revealed that the incident took place on January 4 when the terrorists, riding motorcycles, attacked the troops.

Buba explained that the terrorists had aimed to surprise the troops in retaliation for the recent killing of their commander and combatants.

“The terrorists were taken by surprise when troops on a fighting patrol returning to base foiled their planned attack as soon as it commenced,” the statement reads.

“Additionally, a reinforcement team comprising elements of the Civilian Joint Task Force, vigilantes, and hybrid forces arrived at the scene in time to overpower the terrorists.”

He mentioned that the reinforcement team encountered an improvised explosive device (IED), which injured the vigilante commander.

The DHQ spokesperson added that the air component of operation Hadin Kai conducted an air interdiction on the fleeing terrorists.

“Battle damage assessment revealed several terrorists were killed, and weapons were recovered,” he said.

“On the whole, 34 terrorists were killed, and 23 AK-47 rifles were recovered. Troops also recovered over 200 rounds of 7.62mm special ammunition. Sadly, six personnel were killed in action.”

Buba stated that the names of the personnel killed during the attack were being withheld to allow for administrative procedures in notifying their next of kin.

“Overall, the Armed Forces of Nigeria remain profoundly conscious of their role and responsibility in ending insurgency and terrorism in the nation. Accordingly, troops remain committed to defeating the terrorists,” he added.

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