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Curb Export of Crimes Abroad

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cybercrime - Investors King
  • Curb Export of Crimes Abroad

Nigeria grabbed the headlines for the wrong reason in the United Arab Emirates recently, when five of her youths smashed a bureau de change outlet in the Sharjah Emirate of the country and made away with Dh2.3 million (about N226.1 million in our local currency). The UAE police said the robbers had travelled on March 18 with a tourist visa, which means that their sole mission was for this felony.

This embarrassing image echo in the UAE coincided with Saudi Arabia’s planned execution of a female Nigerian, Kudirat Afolabi, a mother of two, who had been on death row for drug trafficking. Indeed, she was executed last Monday. Nigerian officials say that 23 other Nigerians are facing death sentences for the same offence. But as the Senior Special Assistant to the President on Diaspora Affairs, Abike Dabiri-Erewa, lamented Afolabi’s tragic fate, another Nigerian woman, Somide Wahid, was caught at the Jeddah Airport with hard drugs. This underscores the foolhardiness of drug traffickers.

According to the UAE authorities, the Nigerian bandits stormed the BDC in a commando style, broke the glass barriers between the customers and the staff and grabbed the cash in various denominations of foreign currencies and fled. Under the illusion that their host country’s security personnel were as ineffective as Nigeria’s, the robbers fanned out to different emirates to make their arrest difficult, if not impossible. But they were dead wrong as they were rounded up within 48 hours after the robbery.

Shortly after the story was published in Nigerian newspapers, a report credited to a travel agency alleged that the standard three-month visa permit to tourists had been reviewed for Nigerians to one month. But the UAE Embassy in Nigeria swiftly said the report was false. These robbers who have given our country a bad name deserve the maximum punishment in the UAE penal code to serve as a deterrent to others. Nigerians, who think other nations are as notorious as our country in the breakdown of law and order and abysmal failure of government to enforce its writ, are in for hard times.

This explains why 446 Nigerians are serving various jail terms for offences they committed in the UAE. Nigeria’s Ambassador to the UAE, Mohammed Rimi, revealed this when President Muhammadu Buhari held a town hall meeting with Nigerian residents there during his latest state visit. Besides those in prison, 5,021 others were involved in irregular residency breaches. But they were pardoned and their residency regularised.

On drug trafficking, The Economist of London newspaper reports that there are 32 countries globally, especially in Asia and the Middle East that prescribe death penalty for the offence. Seven of these nations — Indonesia, China, Vietnam, Saudi Arabia, Malaysia, Iran and Singapore —are no-nonsense enforcers of the punishment, despite global condemnation and calls for its reversal in respect for human rights. With zero-tolerance for trafficking in cocaine, heroin and similar substances, these countries don’t succumb to diplomatic pressure, even at the highest level. Tochi Iwuchukwu’s case, convicted of drug trafficking and executed in Singapore in 2007, demonstrated this. President Olusegun Obasanjo, while in office, wrote to his Singaporean counterpart in a plea for clemency for the Nigerian, but he was rebuffed. In December 2017, two Nigerian students in Malaysia were sentenced to death, while another was executed in Indonesia. This is an image crisis for Nigeria. Since 2009, the United Nations Office on Drugs and Crimes had identified the country as a major drug transit hub in West Africa. The global agency said, “In May 2010, Nigerian authorities stopped two separate cargo shipments totalling 63 kg of methamphetamine and amphetamine to Japan and South Africa.”

Instructively, Nigeria accused Saudi Arabia of not informing its embassy of the arrest and prosecution of Afolabi, until it was invited to take the last will of the deceased. Even more intriguing is that the Nigerian Consul-General in Jeddah, Saudi Arabia, reportedly wrote two memos to the Minister of Foreign Affairs, Geoffrey Onyeama, stressing the innocence of some of the accused, but they were allegedly not acted upon. Nigeria has always pleaded with the Saudi authorities to temper justice with mercy. But this has never paid off. Saudi Arabia’s Embassy in Nigeria, in response to the latest execution, said, “It is well known for all those interested in travelling to the Kingdom of Saudi Arabia that the penalty for drug trafficking is the death sentence and it is applied on all persons convicted without exception, as long as the evidence is established against them, and this is conveyed to every person prior to his trip to the Kingdom of Saudi Arabia.”

Interestingly, these drug traffickers were those who abused the advantage of their religious pilgrimages. A local media report claims that scanners, which could have been used to detect these incriminating substances in the luggage of delinquent pilgrims, were not used at the airports where they were lifted for the hajj in 2018. As a result, three traffickers were arrested last year on arrival in Saudi Arabia. If this is true, then, the Nigerian authorities should stop howling when her lawless citizens are caught in the act, but be ashamed of the country’s system that aids them. Such an act of omission or commission can only thrive where drug syndicates, working in cahoots with tainted aviation sector officials, have seized control. The foundation for this moral atrophy is laid in a justice delivery system that allowed 26 hard drug suspects to become fugitives as Premium Times reported on April 12. Again, thirty suspects on trial over eight years ago reportedly jumped bail.

In all, the get-rich-quick syndrome; unexplained wealth by public officials and individuals without a strong government mechanism to address the rot; corruption in the police that fuels the release of confessed killers and robbers in their custody and endless court trials of armed robbery cases, help to whet our youths’ appetite for life on the fast lane. But they should be conscious of the fact that unlike the shambolic governance at home, these countries do not condone such unlawful excesses.

However, the UAE, Saudi Arabia and others should not see any Nigerian deviant as the country’s true envoy. In Europe and the United States, there is an army of Nigerians in all the professions who are doing Nigeria proud and adding value to the economies of their host nations.

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.

Crude Oil

Brent Crude Hits $88.42, WTI Climbs to $83.36 on Dollar Index Dip

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Brent crude oil - Investors King

Oil prices surged as Brent crude oil appreciated to $88.42 a barrel while U.S. West Texas Intermediate (WTI) crude climbed to $83.36 a barrel.

The uptick in prices comes as the U.S. dollar index dipped to its lowest level in over a week, prompting investors to shift their focus from geopolitical tensions to global economic conditions.

The weakening of the U.S. dollar, a key factor influencing oil prices, provided a boost to dollar-denominated commodities like oil. As the dollar index fell, demand for oil from investors holding other currencies increased, leading to the rise in prices.

Investors also found support in euro zone data indicating a robust expansion in business activity, with April witnessing the fastest pace of growth in nearly a year.

Andrew Lipow, president of Lipow Oil Associates, noted that the market had been under pressure due to sluggish growth in the euro zone, making any signs of improvement supportive for oil prices.

Market participants are increasingly looking beyond geopolitical tensions and focusing on economic indicators and supply-and-demand dynamics.

Despite initial concerns regarding tensions between Israel and Iran and uncertainties surrounding China’s economic performance, the market sentiment remained optimistic, buoyed by expectations of steady oil demand.

Analysts anticipate the release of key economic data later in the week, including U.S. first-quarter gross domestic product (GDP) figures and March’s personal consumption expenditures, which serve as the Federal Reserve’s preferred inflation gauge.

These data points are expected to provide further insights into the health of the economy and potentially impact oil prices.

Also, anticipation builds around the release of U.S. crude oil inventory data by the Energy Information Administration, scheduled for Wednesday.

Preliminary reports suggest an increase in crude oil inventories alongside a decrease in refined product stockpiles, reflecting ongoing dynamics in the oil market.

As oil prices continue their upward trajectory, investors remain vigilant, monitoring economic indicators and geopolitical developments for further cues on the future direction of the market.

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Crude Oil

NNPC and Newcross Set to Boost Awoba Unit Field Production to 12,000 bpd

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NNPC - Investors King

NNPC and Newcross Exploration and Production Ltd are working together to increase production at the Awoba Unit Field to 12,000 barrels per day (bpd) within the next 30 days.

This initiative, aimed at optimizing hydrocarbon asset production, follows the recent restart of operations at the Awoba field, which commenced this month after a hiatus.

The field, located in the mangrove swamp south of Port Harcourt, Rivers State, ceased production in 2021 due to logistical challenges and crude oil theft.

The joint venture between NNPC and Newcross is poised to bolster national revenue and meet OPEC production quotas, contributing significantly to Nigeria’s energy sector.

Mele Kyari, NNPC’s Group Chief Executive Officer, attributes this achievement to a conducive operating environment fostered by the administration of President Bola Ahmed Tinubu.

The endeavor underscores a collective effort involving stakeholders from various sectors, including staff, operators, host communities, and security agencies, aimed at revitalizing Nigeria’s oil and gas sector.

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Gold

Gold Prices Slide Below $2,300 as Investors Digest Fed’s Rate Outlook

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gold bars - Investors King

Amidst a backdrop of global economic shifts and geopolitical recalibration, gold prices dipped below the $2,300 price level.

The decline comes as investors carefully analyse signals from the Federal Reserve regarding its future interest rate policies.

After reaching record highs earlier this month, gold suffered its most daily decline in nearly two years, shedding 2.7% on Monday.

The recent retreat reflects a multifaceted landscape where concerns over escalating tensions in the Middle East have eased, coupled with indications that the Federal Reserve may maintain higher interest rates for a prolonged period.

Richard Grace, a senior currency analyst and international economist at ITC Markets, noted that tactical short-selling likely contributed to the decline, especially given the rapid surge in gold prices witnessed recently.

Despite this setback, bullion remains up approximately 15% since mid-February, supported by ongoing geopolitical uncertainties, central bank purchases, and robust demand from Chinese consumers.

The shift in focus among investors now turns toward forthcoming US economic data, including key inflation metrics favored by the Federal Reserve.

These data points are anticipated to provide further insights into the central bank’s monetary policy trajectory.

Over recent weeks, policymakers have adopted a more hawkish tone in response to consistently strong inflation reports, leading market participants to adjust their expectations regarding the timing of future interest rate adjustments.

As markets recalibrate their expectations for monetary policy, the prospect of a higher-for-longer interest rate environment poses challenges for gold, which traditionally does not offer interest-bearing returns.

Spot gold prices dropped by 1.2% to $2,298.67 an ounce, with the Bloomberg Dollar Spot Index remaining relatively stable. Silver, palladium, and platinum also experienced declines following gold’s retreat.

The ongoing interplay between economic indicators, geopolitical developments, and central bank policies continues to shape the trajectory of precious metal markets.

While gold faces near-term headwinds, its status as a safe-haven asset and store of value ensures that it remains a focal point for investors navigating uncertain global dynamics.

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