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Beware of Recruitment Scam, NNPC Warns Job Seekers



  • Beware of Recruitment Scam, NNPC Warns Job Seekers

The Nigerian National Petroleum Corporation has again announced that it never inaugurated a recruitment campaign of any kind, as it warned job seekers to avoid being scammed.

This came just as the Group Managing Director of the corporation, Dr. Maikanti Baru, said that the corporation would grant auditors from the Office of the Auditor-General for the Federation unrestricted access to its financial records.

Baru said this when the Auditor-General of the Federation, Mr. Anthony Ayine, visited him in his Abuja office.

The NNPC said the latest clarification was as a result of a fresh recruitment advert purportedly emanating from the corporation being circulated by emails and on various social media platforms.

The NNPC’s spokesperson, Mr. Ndu Ughamadu, said the advert was on a fake letterhead that came with the NNPC logo and was purportedly signed by the corporation’s GMD as well as its Chief Operating Officer, Refineries, Mr. Anibor Kragha.

He said the fake advert directed unsuspecting applicants to send their applications to a fraudulent email address.

Ughamadu said another form of the scam involved text messages, emails and letters inviting job seekers for job interviews at the NNPC towers and other locations across the country with a view to extorting them.

He called on members of the public, especially applicants, to ignore such adverts and invitations for job interviews, adding that the corporation was not recruiting and warned anyone who entertained such invitations would be doing so at their own risk.

Ughamadu said anyone contacted for the purpose of the fake recruitment should not hesitate to report to relevant law enforcement agencies.

A statement from the AGF on Wednesday also said that the assurance from the NNPC GMD was part of measures aimed at ensuring transparency and accountability in the management of government resources.

Baru expressed the willingness of the corporation to collaborate with the AGF office for effective service delivery to Nigerians.

He said the corporation was making efforts to ensure that its accounts were up to date, adding that work had been concluded on the 2014 account.

He added that the financial statement for the 2015 financial year would be ready by the end of this month.

Baru said the NNPC was prepared to work harmoniously with the AGF and implement whatever corrective actions recommended to the corporation that would add value to the firm’s efficient and transparent operation.

Ayine, according to the statement, commended the drive of the GMD towards repositioning the NNPC for transparency and accountability since his assumption of office in July, 2016.

He noted that the account of the NNPC had been audited to December 2014, adding that the audit of 2016 would be concluded by December 2017.

The auditor-general commended the GMD for his assurance that auditors would be given unrestricted access to the financial records for their periodic audit checks.

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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