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EFCC Operatives Storms Standard Chartered Bank’s Lagos Office

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Standard Chartered
  • EFCC Operatives Storms Standard Chartered Bank’s Lagos Office

Operatives of the Economic and Financial Crimes Commission visited the Lagos head office of Standard Chartered Bank Nigeria on Friday.

Reuters had earlier quoted sources as saying that the EFCC operatives attempted to arrest an unnamed executive of the bank but left shortly after the said executive barricaded herself in an office.

A former Attorney General and Commissioner for Justice in Lagos State, Olasupo Shasore, tweeted that the EFCC operatives were at the bank to arrest the managing director, Bola Adesola.

“Armed agents to arrest MD of international bank for commercial dispute @SCB HQ Victoria Island happening now, private sector under siege,” Shasore had tweeted.

The bank said in a statement that the EFCC operatives entered the building but left as there was no reason for them to be there.

“We can confirm that law enforcement officials entered our head office building on September 14, 2018. We are clear that there was no basis for this entry, and the law enforcement officials left the building shortly afterwards,” the statement read in part.

The EFCC, however, said it never sanctioned any raid on the headquarters of Standard Chartered Bank in Lagos, adding that the act might have been carried out by officials on illegal duty.

The EFCC said this in a statement by its spokesperson, Mr Wilson Uwujaren, on Friday.

The commission said its modus operandi was to invite people and not to use Gestapo tactics in investigations.

The statement read in part, “Following repeated media enquiries regarding a purported raid on the head office of the Standard Chartered Bank today (Friday) by operatives of the EFCC, the commission is constrained to state that there was no raid on the bank by its officers.

“The raid by operatives purportedly wearing the jackets of the commission might have been the handiwork of errant officers, who acted without authorisation.

“The action is in flagrant violation of the standard operation procedures of the commission, as it is not the style of the EFCC to openly raid the offices of banks and other financial institutions.

“Officials of such institutions, who are wanted by the commission, are usually invited for questioning after discreet investigations. Over the years, banks have been cooperative in releasing their officers to the commission for questioning.”

The anti-graft agency promised to investigate the matter, adding that it would leave no stone unturned. It noted that it was a law-abiding agency and would carry out its duties professionally.

Last month, the Central Bank of Nigeria ordered Standard Chartered and three other lenders to repay $8.134bn for allegedly issuing irregular Certificates of Capital Importation on behalf of some offshore investors of MTN Nigeria Communications Limited.

Standard Chartered Bank received the highest fine of N2.4bn but defended its action, insisting that no offence was committed.

It remains unclear whether the move by the EFCC was related to that matter.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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