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Dangote Foundation Scales Up Donations to IDPs to N1.3 Billion

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  • Dangote Foundation Scales Up Donations to IDPs to N1.3 Billion

Moved by the plight of the Internally Displayed Persons (IDPs) and returnees in Yobe State, many of whom have been hit by starvation, Dangote Foundation has flagged off the distribution of food and other relief items worth over N100 million to IDP camps in the state, thus growing its intervention to N1.3 billion.

The Foundation said its support to the IDPs and other returnees across the North eastern states has grown up to N1.3 billion in the light of recent ugly developments in the camps that necessitated fresh interventions.

Chief Executive of the Foundation, Zouera Youssoufou appealed to individuals and organization to rise up to be counted at this time of hardship for the IDPs, noting that no humanitarian assistance is too small to render to the people in IDPs as most of them are ravaged by hunger.

Youssoufou who flagged off the distribution in company with the Deputy Governor, Yobe State, Abubakar Aliyu disclosed that all the IDP camps in the 32 communities would benefit from the donation.

Speaking at the event the Deputy Governor, expressed the state government’s heart-felt gratitude to the Chairman, Dangote Foundation, Alhaji Aliko Dangote for his genuine concern towards the plight of IDPs in the State.

He recounted previous donations made by the richest man in Africa towards improving health care delivery and eradication of polio in the State.

Said he: “I am highly delighted to welcome Alhaji Aliko Dangote to Yobe State and also thank him for his laudable decision to donate relief materials including rice, spaghetti, noodles, salt, sugar, Dangote seasoning worth millions of naira to IDPs who have suffered untold hardship due to insurgency in the state. I wish to categorically state that Dangote Foundation has made previous donations towards great causes including eradication of polio in the state.”

He noted that with the restoration of peace and significant improvement in security across the North East especially in Yobe State, Dangote’s intervention could not have come at a better time as the gesture would help the returnees find their feet since most of the IDPs across various camps have not cultivated farmlands or engaged in activities to sustain their livelihood in the last 2 years.

Engr. Aliyu made a commitment that the food items will be judiciously distributed to bring succor to the IDPs and returnees and further asked for more assistances from the government, business development partners, philanthropic organizations and other stakeholders to help tackle the challenges of rehabilitation, reconstruction, re-integration and peace building in the second most affected state by insurgency in Nigeria.

In her remark, the Foundation CEO conveyed the readiness of Alhaji Aliko Dangote to contribute to peace and security in all parts of Nigeria describing the situation in the North East philosophically as “injury to one is injury to all, because we are our brother’s keeper.”

Youssoufou expressed her appreciation for the warm reception and the opportunity to fulfill the commitment of the Dangote Foundation which is alleviating poverty and ameliorating the sufferings and pains of vulnerable people in the society.

She said “Dangote Foundation is committed to alleviating poverty and the suffering of vulnerable people in the society through intervention initiatives that impacts lives positively and engenders socio economic development. “

”The Foundation boss further said the Foundation is primarily committed to reducing the number of lives lost to malnutrition especially in children and also providing intervention in the focus areas of education, health and economic empowerment.”

The host Local Government Chairman of Gubja, Alhaji Kijari Batarama noted that “Dangote Foundation’s donation today is a clear demonstration of support and concern for the plight of IDPs and it bears witness to his genuine sympathy of Alhaji Aliko Dangote to the victims of insurgency in the state.

“I am glad to inform you that return of peace in some of these areas has allowed for commencement of farming activities which resulted in bumper harvest during the outgrowing cropping season, complementing efforts in provision of food and attainment of food security.”

He stated further that the return of IDPs has seen the total number of school enrolment rise to 6,819 pupils across 10 different communities and called for more support to help transform lives of returnees and restore affected villages to prosperity.

It would be recalled that since Dangote Foundation commenced its intervention programme in the North East since July 2016 and has since donated 106 trailer load of food items worth 1.3 billion naira in Borno State. The Dangote Foundation will also be committing additional 2 billion naira in supporting government reconstruction efforts in the North East.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Communities in Delta State Shut OML30 Operates by Heritage Energy Operational Services Ltd

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The OML30 operated by Heritage Energy Operational Services Limited in Delta State has been shut down by the host communities for failing to meet its obligations to the 112 host communities.

The host communities, led by its Management Committee/President Generals, had accused the company of gross indifference and failure in its obligations to the host communities despite several meetings and calls to ensure a peaceful resolution.

The station with a production capacity of 80,000 barrels per day and eight flow stations operates within the Ughelli area of Delta State.

The host communities specifically accused HEOSL of failure to pay the GMOU fund for the last two years despite mediation by the Delta State Government on May 18, 2020.

Also, the host communities accused HEOSL of ‘total stoppage of scholarship award and payment to host communities since 2016’.

The Chairman, Dr Harrison Oboghor and Secretary, Mr Ibuje Joseph that led the OML30 host communities explained to journalists on Monday that the host communities had resolved not to backpedal until all their demands were met.

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Crude Oil Recovers from 4 Percent Decline as Joe Biden Wins

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Oil Prices Recover from 4 Percent Decline as Joe Biden Wins

Crude oil prices rose with other financial markets on Monday following a 4 percent decline on Friday.

This was after Joe Biden, the former Vice-President and now the President-elect won the race to the White House.

Global benchmark oil, Brent crude oil, gained $1.06 or 2.7 percent to $40.51 per barrel on Monday while the U.S West Texas Intermediate crude oil gained $1.07 or 2.9 percent to $38.21 per barrel.

On Friday, Brent crude oil declined by 4 percent as global uncertainty surged amid unclear US election and a series of negative comments from President Trump. However, on Saturday when it became clear that Joe Biden has won, global financial markets rebounded in anticipation of additional stimulus given Biden’s position on economic growth and recovery.

Trading this morning has a risk-on flavor, reflecting increasing confidence that Joe Biden will occupy the White House, but the Republican Party will retain control of the Senate,” Michael McCarthy, chief market strategist at CMC Markets in Sydney.

“The outcome is ideal from a market point of view. Neither party controls the Congress, so both trade wars and higher taxes are largely off the agenda.”

The president-elect and his team are now working on mitigating the risk of COVID-19, grow the world’s largest economy by protecting small businesses and the middle class that is the backbone of the American economy.

There will be some repercussions further down the road,” said OCBC’s economist Howie Lee, raising the possibility of lockdowns in the United States under Biden.

“Either you’re crimping energy demand or consumption behavior.”

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Nigeria, Other OPEC Members Oil Revenue to Hit 18 Year Low in 2020

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Revenue of OPEC Members to Drop to 18 Year Low in 2020

The United States Energy Information Administration (EIA) has predicted that the oil revenue of members of the Organisation of the Petroleum Exporting Countries (OPEC) will decline to 18-year low in 2020.

EIA said their combined oil export revenue will plunge to its lowest level since 2002. It proceeded to put a value to the projection by saying members of the oil cartel would earn around $323 billion in net oil export in 2020.

If realised, this forecast revenue would be the lowest in 18 years. Lower crude oil prices and lower export volumes drive this expected decrease in export revenues,” it said.

The oil expert based its projection on weak global oil demand and low oil prices because of COVID-19.

It said this coupled with production cuts by OPEC members in recent months will impact net revenue of the cartel in 2020.

It said, “OPEC earned an estimated $595bn in net oil export revenues in 2019, less than half of the estimated record high of $1.2tn, which was earned in 2012.

“Continued declines in revenue in 2020 could be detrimental to member countries’ fiscal budgets, which rely heavily on revenues from oil sales to import goods, fund social programmes, and support public services.”

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