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Ovia: Emefiele is Nigeria’s Best CBN Governor Ever

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  • Ovia: Emefiele is Nigeria’s Best CBN Governor Ever

The Chairman of Zenith Bank Plc, Mr. Jim Ovia has described the University of Nigeria, Nsukka (UNN) as a training ground for capable and committed change agents, saying this was evident in the quality and capacity of the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, an alumni of the institution, whom he described as the “best CBN governor in the history of Nigeria”.

While Ovia did not give reasons, many market analysts believe Emefiele’s skill at reversing the free fall of the Naira from N525/$ to stability at N360/$, a 30% gain within one year may have earned him accolades as have CBN’s imports substitution programme which has seen the fall of rice import by 90% in less than two years under aegis of the anchor borrower’s programme.

Ovia who made the remark in his acceptance speech on the occasion of an award of an honorary Degree of Doctor of Business Administration (DBA) (Honoris Causa) by the university to him at its 47th convocation ceremony at the weekend, said he had witnessed firsthand the quality of a product of UNN in the person of Emefiele.

He stated that it was when Emefiele was the chief executive officer and group managing director of Zenith Bank Plc between July 2010 and May 2014 that the bank witnessed exponential growth and phenomenal profitability.

Ovia also attributed Emefiele’s performance and current results at the central bank to what he described as the excellent training he received at UNN.

He noted that UNN was a centre of excellence that has produced industrious individuals in the private and public sectors of this country, adding that in his role at the helm of Zenith Bank, he had the privilege of meeting several other alumni of the university.

“The ‘Lion’ appears as a symbol of strength on the university banner. In reality and particularly in the corporate steeplechase, the lions have always devoured their prey and beaten their competitors to the game. I’m always lucky to be on their side,” Ovia said.

Ovia congratulated the graduands and their sacrifices, saying that the sleepless nights had finally paid off and urged them to be good ambassadors of the university.

“However, you should know that it is not over yet. The long hours you spent studying in and outside the classrooms; the early mornings and the late nights you endured, and all the hard work that culminated into today’s success story are all a preparation for the life you are about to embark on.

“Be good ambassadors of this great institution wherever you find yourself and continue to display those positive attributes that saw you through,” Ovia said.

He commended the parents and guardians of the graduands for the sacrifices undertaken to support their education.

Ovia also lauded the efforts of the university’s teaching and non-teaching staff, for the efforts put towards realising this achievement.

He charged the graduands to reflect on the fact that all of them have been saddled with the responsibility of holding up the reputation of the institution.

According to him, all of them have a “responsibility that will be guided by the mindset to seek truth, teach truth and preserve truth while endeavoring to restore the dignity of man”.

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.

Crude Oil

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

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Oil

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.

PRICES

  • 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

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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

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oil

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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