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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

Dangote Mega Refinery in Nigeria Seeks Millions of Barrels of US Crude Amid Output Challenges

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Dangote Refinery

The Dangote Mega Refinery, situated near Lagos, Nigeria, is embarking on an ambitious plan to procure millions of barrels of US crude over the next year.

The refinery, established by Aliko Dangote, Africa’s wealthiest individual, has issued a term tender for the purchase of 2 million barrels a month of West Texas Intermediate Midland crude for a duration of 12 months, commencing in July.

This development revealed through a document obtained by Bloomberg, represents a shift in strategy for the refinery, which has opted for US oil imports due to constraints in the availability and reliability of Nigerian crude.

Elitsa Georgieva, Executive Director at Citac, an energy consultancy specializing in the African downstream sector, emphasized the allure of US crude for Dangote’s refinery.

Georgieva highlighted the challenges associated with sourcing Nigerian crude, including insufficient supply, unreliability, and sometimes unavailability.

In contrast, US WTI offers reliability, availability, and competitive pricing, making it an attractive option for Dangote.

Nigeria’s struggles to meet its OPEC+ quota and sustain its crude production capacity have been ongoing for at least a year.

Despite an estimated production capacity of 2.6 million barrels a day, the country only managed to pump about 1.45 million barrels a day of crude and liquids in April.

Factors contributing to this decline include crude theft, aging oil pipelines, low investment, and divestments by oil majors operating in Nigeria.

To address the challenge of local supply for the Dangote refinery, Nigeria’s upstream regulators have proposed new draft rules compelling oil producers to prioritize selling crude to domestic refineries.

This regulatory move aims to ensure sufficient local supply to support the operations of the 650,000 barrel-a-day Dangote refinery.

Operating at about half capacity presently, the Dangote refinery has capitalized on the opportunity to secure cheaper US oil imports to fulfill up to a third of its feedstock requirements.

Since the beginning of the year, the refinery has been receiving monthly shipments of about 2 million barrels of WTI Midland from the United States.

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Crude Oil

Oil Prices Hold Steady as U.S. Demand Signals Strengthening

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Crude Oil - Investors King

Oil prices maintained a steady stance in the global market as signals of strengthening demand in the United States provided support amidst ongoing geopolitical tensions.

Brent crude oil, against which Nigerian oil is priced, holds at $82.79 per barrel, a marginal increase of 4 cents or 0.05%.

Similarly, U.S. West Texas Intermediate (WTI) crude saw a slight uptick of 4 cents to $78.67 per barrel.

The stability in oil prices came in the wake of favorable data indicating a potential surge in demand from the U.S. market.

An analysis by MUFG analysts Ehsan Khoman and Soojin Kim pointed to a broader risk-on sentiment spurred by signs of receding inflationary pressures in the U.S., suggesting the possibility of a more accommodative monetary policy by the Federal Reserve.

This prospect could alleviate the strength of the dollar and render oil more affordable for holders of other currencies, consequently bolstering demand.

Despite a brief dip on Wednesday, when Brent crude touched an intra-day low of $81.05 per barrel, the commodity rebounded, indicating underlying market resilience.

This bounce-back was attributed to a notable decline in U.S. crude oil inventories, gasoline, and distillates.

The Energy Information Administration (EIA) reported a reduction of 2.5 million barrels in crude inventories to 457 million barrels for the week ending May 10, surpassing analysts’ consensus forecast of 543,000 barrels.

John Evans, an analyst at PVM, underscored the significance of increased refinery activity, which contributed to the decline in inventories and hinted at heightened demand.

This development sparked a turnaround in price dynamics, with earlier losses being nullified by a surge in buying activity that wiped out all declines.

Moreover, U.S. consumer price data for April revealed a less-than-expected increase, aligning with market expectations of a potential interest rate cut by the Federal Reserve in September.

The prospect of monetary easing further buoyed market sentiment, contributing to the stability of oil prices.

However, amidst these market dynamics, geopolitical tensions persisted in the Middle East, particularly between Israel and Palestinian factions. Israeli military operations in Gaza remained ongoing, with ceasefire negotiations reaching a stalemate mediated by Qatar and Egypt.

The situation underscored the potential for geopolitical flare-ups to impact oil market sentiment.

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Crude Oil

Shell’s Bonga Field Hits Record High Production of 138,000 Barrels per Day in 2023

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Shell Nigeria Exploration and Production Company Limited (SNEPCo) has achieved a significant milestone as its Bonga field, Nigeria’s first deep-water development, hit a record high production of 138,000 barrels per day in 2023.

This represents a substantial increase when compared to 101,000 barrels per day produced in the previous year.

The improvement in production is attributed to various factors, including the drilling of new wells, reservoir optimization, enhanced facility management, and overall asset management strategies.

Elohor Aiboni, Managing Director of SNEPCo, expressed pride in Bonga’s performance, stating that the increased production underscores the commitment of the company’s staff and its continuous efforts to enhance production processes and maintenance.

Aiboni also acknowledged the support of the Nigerian National Petroleum Company Limited and SNEPCo’s co-venture partners, including TotalEnergies Nigeria Limited, Nigerian Agip Exploration, and Esso Exploration and Production Nigeria Limited.

The Bonga field, which commenced production in November 2005, operates through the Bonga Floating Production Storage and Offloading (FPSO) vessel, with a capacity of 225,000 barrels per day.

Located 120 kilometers offshore, the FPSO has been a key contributor to Nigeria’s oil production since its inception.

Last year, the Bonga FPSO reached a significant milestone by exporting its 1-billionth barrel of oil, further cementing its position as a vital asset in Nigeria’s oil and gas sector.

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