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Lagos Evacuates 12,600 Tonnes of Waste from Streets, Drains in Operation Deep Clean



  • Lagos Evacuates 12,600 Tonnes of Waste from Streets, Drains in Operation Deep Clean

The Lagos State Ministry of the Environment in collaboration with Visionscape has swung into action and cleared over 12,600 metric tonnes of solid waste from over 80 locations across the state within 10 days in an exercise tagged ‘Operation Deep Clean’.

The cleanup of refuse dumps all over the State began in July with Visionscape clearing up black spots – illegal waste dumpsites.

Commissioner for the Environment, Dr. Babatunde Adejare, in a statement, affirmed the government’s resolve to rid the state of refuse heaps and solicited the support of all residents for the soon-to-be fully launched Cleaner Lagos Initiative.

“Since the exercise began, over 80 locations across the State have been covered and we are building momentum in spite of the heavy rainfall this season. We are building a new culture of waste management in Lagos State. We are optimistic that all communities in Lagos State will see overall benefits of this drive to put an integrated waste management system in place,” he said.

Many Lagosians have commended Operation Deep Clean, positing that the impact would be phenomenal once it spreads to all parts of the state.

Speaking in an interview, Mrs Abiodun Yusuff, a shop owner in Egbeda area of the state, said the good job being done by the government deserved commendation, adding that the government was silently revolutionizing waste management in the state. She said the positive impact of the Cleaner Lagos Initiative is being felt in the state.

“I was getting worried about the seriousness of the State Government to address waste management because at some point and even in some areas now, you still find heaps of refuse on the road. But I commend the government officials for the good job they did in our area. My only charge to them is that they should not relent but keep on cleaning everywhere and ensure that the state is free of waste,” she said.

A chieftain of the Peoples’ Democratic Party (PDP) in Lagos State, Prince Yakub Abiola Aromasodu has also commended the Lagos State Government for the prompt evacuation of debris from Akobi Crescent in Surulere, saying that the development attests to the commitment of the Governor Akinwunmi Ambode-led administration to address waste management in line with international best practices.

Following the torrential rain in the state last week, many areas including Akobi Crescent were flooded and overtaken by debris, with people unable to access their streets and homes. Within hours, officials of the Ministry of Environment including the Commissioner were on site and the new waste management partner of the State Government, Visionscape, moved to the area and cleaned it up.

Responding to the development, Aromasodu, who also resides in Surulere, said the fact that the debris was evacuated within few hours speaks volumes about the ability of the State Government to appropriately respond to issues affecting the state.

Aromasodu, who is a former PDP Youth Leader in Lagos State and former Coordinator of National Programme for Eradication of Poverty (NAPEP) in the state, said government must now intensify the campaign to educate the people on desisting from dumping waste in drainage channels and on highways and streets.

“I must commend the State Government and particularly Governor Ambode for the swift response in addressing the situation. I was worried myself when I saw the pictures of Akobi Crescent online showing how the situation was but within hours, the whole area was cleaned up. This is simply a serious confirmation of the fact that the government of the day is committed to transforming the waste management sector as the Governor has said on several occasions and I want to ask them to keep up the good work,” Aromasodu said.

Over 80 locations have been cleared up spanning from Abijo along Lekki Expressway in Eti Osa Local Government, Oke Afa Bridge around Oke Afa Bus Stop in Ejigbo, Osapa Junction in Lekki, Awori-Oniyaya/Balogun Ilawe in Agege, Alabama Suru Market in Ifelodun area, Durbar Road, Mile 2 (Jakande Estates) Amuwo Odofin, Olaogun Street in Ebute Meta Yaba, Roju Avenue in Kosofe/Ojota, Church Bus Stop at Igando Road, Igando Ikotun, St Finbars College in Akoka, Moshood Abiola Model Market in Agege Lagos, among others.

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

Crude Oil

Oil Dips Below $62 in New York Though Banks Say Rally Can Extend




Oil Dips Below $62 in New York Though Banks Say Rally Can Extend

Oil retreated from an earlier rally with investment banks and traders predicting the market can go significantly higher in the months to come.

Futures in New York pared much of an earlier increase to $63 a barrel as the dollar climbed and equities slipped. Bank of America said prices could reach $70 at some point this year, while Socar Trading SA sees global benchmark Brent hitting $80 a barrel before the end of the year as the glut of inventories built up during the Covid-19 pandemic is drained by the summer.

The loss of oil output after the big freeze in the U.S. should help the market firm as much of the world emerges from lockdowns, according to Trafigura Group. Inventory data due later Tuesday from the American Petroleum Institute and more from the Energy Department on Wednesday will shed more light on how the Texas freeze disrupted U.S. oil supply last week.

Oil has surged this year after Saudi Arabia pledged to unilaterally cut 1 million barrels a day in February and March, with Goldman Sachs Group Inc. predicting the rally will accelerate as demand outpaces global supply. Russia and Riyadh, however, will next week once again head into an OPEC+ meeting with differing opinions about adding more crude to the market.

“The freeze in the U.S. has proved supportive as production was cut,” said Hans van Cleef, senior energy economist at ABN Amro. “We still expect that Russia will push for a significant rise in production,” which could soon weigh on prices, he said.


  • West Texas Intermediate for April fell 27 cents to $61.43 a barrel at 9:20 a.m. New York time
  • Brent for April settlement fell 8 cents to $65.16

Brent’s prompt timespread firmed in a bullish backwardation structure to the widest in more than a year. The gap rose above $1 a barrel on Tuesday before easing to 87 cents. That compares with 25 cents at the start of the month.

JPMorgan Chase & Co. and oil trader Vitol Group shot down talk of a new oil supercycle, though they said a lack of supply response will keep prices for crude prices firm in the short term.

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Crude Oil

Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return



Crude oil

Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return

Oil prices rose on Monday as the slow return of U.S. crude output cut by frigid conditions served as a reminder of the tight supply situation, just as demand recovers from the depths of the COVID-19 pandemic.

Brent crude was up $1.38, or 2.2%, at $64.29 per barrel. West Texas Intermediate gained $1.38, or 2.33%, to trade at $60.62 per barrel.

Abnormally cold weather in Texas and the Plains states forced the shutdown of up to 4 million barrels per day (bpd) of crude production along with 21 billion cubic feet of natural gas output, analysts estimated.

Shale oil producers in the region could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output affected, sources said, as frozen pipes and power supply interruptions slow their recovery.

“With three-quarters of fracking crews standing down, the likelihood of a fast resumption is low,” ANZ Research said in a note.

For the first time since November, U.S. drilling companies cut the number of oil rigs operating due to the cold and snow enveloping Texas, New Mexico and other energy-producing centres.

OPEC+ oil producers are set to meet on March 4, with sources saying the group is likely to ease curbs on supply after April given a recovery in prices, although any increase in output will likely be modest given lingering uncertainty over the pandemic.

“Saudi Arabia is eager to pursue yet higher prices in order to cover its social break-even expenses at around $80 a barrel while Russia is strongly focused on unwinding current cuts and getting back to normal production,” said SEB chief commodity analyst Bjarne Schieldrop.

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Crude Oil

Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather




Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather

Oil prices rose to $65.47 per barrel on Thursday as crude oil production dropped in the US due to frigid Texas weather.

The unusual weather has left millions in the dark and forced oil producers to shut down production. According to reports, at least the winter blast has claimed 24 lives.

Brent crude oil gained $2 to $65.47 on Thursday morning before pulling back to $64.62 per barrel around 11:00 am Nigerian time.

U.S. West Texas Intermediate (WTI) crude rose 2.3 percent to settle at $61.74 per barrel.

“This has just sent us to the next level,” said Bob Yawger, director of energy futures at Mizuho in New York. “Crude oil WTI will probably max out somewhere pretty close to $65.65, refinery utilization rate will probably slide to somewhere around 76%,” Yawger said.

However, the report that Saudi Arabia plans to increase production in the coming months weighed on crude oil as it can be seen in the chart below.

Prince Abdulaziz bin Salman, Saudi Arabian Energy Minister, warned that it was too early to declare victory against the COVID-19 virus and that oil producers must remain “extremely cautious”.

“We are in a much better place than we were a year ago, but I must warn, once again, against complacency. The uncertainty is very high, and we have to be extremely cautious,” he told an energy industry event.

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