Economy
New King of Delta Region – New Hope For Nigerian Youngsters
After the crowning of the oil-rich but poor Niger Delta region’s dashing monarch, several young Nigerians have taken an interest again in royalty, tradition, and heritage.
The Itsekiri people of the Iwere Kingdom in Delta state anointed a new monarch, Ogiame Atuwatse III, in front of thousands of spectators and dignitaries from across the world.
A new generation has been inspired by the prince’s progressive approach, and his address was a highlight of the event for those who have long bemoaned the failings of leadership in the country.
“We must move beyond oil and gas,” he said in a wide-ranging address. With 86 per cent of Nigeria’s entire export earnings coming from oil, Nigeria is the continent’s largest oil producer.
This region of Nigeria’s Niger Delta has had to contend with militants, oil spills, and pollution produced by the region’s energy giants.
As he remarked, “We must go beyond oil and gas to focus our attention on initiatives that will result in increased value for everyone.” Because of the progressive promises and claims, some of the richest Forex traders in Nigeria, think that the country’s currency will become less volatile and be more demanded in the marketplace. In addition to that, a lot of people are hoping that when the new Olu of Warri takes office, things will get moving to rewrite the history of the region.
“It’s been either pollution or insecurity in the Niger Delta, and I think this is a tipping point,” Oritsema Jemide told CNN.
He also promised to empower women so they could play a more active part in their society.
“We will guarantee that women of all ages, young and old, are recognized and appreciated, not merely verbally, but also in actual cultural practice. Our ladies will no longer be invisible, I tell them.”
Tara Fela Durotoye, an Itsekiri businesswoman, attended the coronation event. She said to the journalists: “Many people began to dance as he arrived. Someone exclaimed… I believe Nigerians are searching for something new and fresh. His age, his exposure, his education, and the lineage make him a perfect example of all of that and more”.
“As a monarch, he brought so much to the throne: a futuristic monarch who knows technology, who understands the importance of women. Being a part of it gave me hope,” as Durotoye said to CNN,
Itsekiri’s ancestral house, Ode-Itsekiri, hosted a celebration honouring the Olu of Warri.
A large number of people watched local broadcasts and congregated at watching centres to see history unfold across the country and the diaspora.
Her father, a historian, made sure his children were well-versed in their culture, according to Durotoye.
At 10, she attended the coronation of her father, the current Olu of Warri. “To be able to participate in and witness another coronation in my life as a 44-year-old woman and mother of three was an honour,” she stated.
During the intermission, the Olu of Warri entertained the crowd by singing Christian praise hymns. The king was criticized by some for not embracing his ancestors’ beliefs.
Olu Erejuwa II is supposed to have cursed Nigeria with his grandpa Olu Erejuwa II’s blood.
“When it comes to spirituality, I feel that the spiritual and physical are intimately intertwined. I reverse the curse in my capacity as spiritual, cultural, political, and traditional monarch of this land,’ he said.
To individuals in the diaspora who desire to strengthen their links to Itsekiri culture, the new age gives optimism that a supportive atmosphere will be established for those who want to do so.
Because she’s been playing with the notion of spending more time establishing a foundation and setting down roots, she adds, “I feel like this coronation is very meaningful for me.”
This new monarch, who I believe has a vision for the kingdom that will provide an enabling atmosphere for those ambitions, is really crucial.
By Adedapo Adesanya
Energy stocks influenced the 4.76 per cent loss recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Friday, December 5.
The culprits were the duo of 11 Plc and Nipco Plc,with the former shedding N32.17 to end at N291.83 per share compared with the previous day’s N324.00 per share, and the latter down by N21.00 to sell at N195.00 per unit versus the previous session’s N216.00 per unit.
Consequently, the NASD Unlisted Security Index (NSI) slumped by 170.16 points to 3,401.37 points from 3,571.53 points and the market capitalisation lost N101.81 billion to close at N2.035 billion from the N2.136 trillion quoted in the preceding session.
The OTC securities exchange suffered the decline yesterday despite the share prices of three companies closing green.
Central Securities Clearing System (CSCS) Plc was up by N1.80 to close at N39.80 per share compared with Thursday’s price of N38.00 per share, Air Liquide Plc appreciated by N1.09 to N11.99 per unit from N10.90 per unit, and FrieslandCampina Wamco Nigeria Plc grew by 78 Kobo to N56.57 per share from N55.79 per share.
During the session, the volume of transactions rose by 6,885.3 per cent to 18.2 million units from 4.3 million units, the value of transactions ballooned by 10,301.7 per cent to N389.7 million from N347.2 million, but the number of deals declined by 29.7 per cent to 26 deals from 37 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the day as the most traded stock by value on a year-to-date basis with 5.8 billion units worth N16.4 billion, followed by Okitipupa Plc with 170.4 million units valued at N8.0 billion, and Air Liquide Plc with 507.5 million units worth N4.2 billion.
InfraCredit Plc also finished the day as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.
By Adedapo Adesanya
The Naira depreciated further against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, December 5, as FX demand pressure mounts.
The Nigerian currency lost N2.60 or 0.18 per cent against the greenback to close at N1,450.43/$1 compared with the previous day’s N1,447.83/$1.
Equally, the domestic currency declined against the Pound Sterling in the official forex market during the session by N4.48 to trade at N1,935.45/£1, in contrast to Thursday’s closing price of N1,930.97/£1 and shrank against the Euro by 43 Kobo to end at N1,689.17/€1 versus the preceding session’s rate of N1,688.74/€1.
Similarly, the local currency performed badly against the US Dollar at the GTBank FX counter by N2 to close at N1,455/$1 versus Thursday’s N1,453/$1 but traded flat at the parallel market at N14.65/$1.
As the country gets into the festive period, pressure mounted on the local currency reflecting higher foreign payments and lower FX inflows.
However, there are expectations that the Nigerian currency will be stable, supported by interventions by to the Central Bank of Nigeria (CBN) in the face of steady dollar Demand and inflows from Detty December festivities that will give the Naira a boost after it depreciated mildly last month.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450/$1 next week, buoyed by improved FX interventions by the apex bank.
As for the crypto market, it was down yesterday due to profit-taking associated with year-end trading. However, the December 1-Year Consumer Inflation Expectation by the University of Michigan fell to 4.1 per cent from 4.5 per cent previously and 4.5 per cent expected. The 5-Year Consumer Inflation Expectation fell to 3.2 per cent from 3.4 per cent previously and 3.4 per cent expected.
With the dearth of official economic data of late, these private surveys have taken on a new level of significance and the market banks of them to make decisions.
Cardano (ADA) depreciated by 5.7 per cent to $0.4142, Dogecoin (DOGE) slid by 5.1 per cent to $0.1394, Ethereum (ETH) dropped by 3.9 per cent to $3,039.75, Solana (SOL) declined by 3.8 per cent to $133.24, and Litecoin (LTC) fell by 3.7 per cent to $80.59.
Further, Bitcoin (BTC) went down by 2.6 per cent to sell at $89,683.72, Binance Coin (BNB) slumped by 2.2 per cent to $883.59, and Ripple (XRP) shrank by 2.1 per cent to $2.04, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
The oil market was up on Friday on increasing expectations the US Federal Reserve will cut interest rates next week, which could boost economic growth and energy demand.
Brent futures rose by 49 cents or 0.8 per cent to $63.75 per barrel and the US West Texas Intermediate (WTI) futures expanded by 41 cents or 0.7 per cent to $60.08 per barrel.
Investors digested a US inflation report and recalibrated expectations for the Federal Reserve to reduce rates at its December 9-10 meeting.
US consumer spending increased moderately in September after three straight months of solid gains, suggesting a loss of momentum in the economy at the end of the third quarter as a lackluster labor market and the rising cost of living curbed demand.
Traders have been pricing in an 87 per cent chance that the US central bank will lower borrowing costs by 25 basis points next week, according to CME Group’s FedWatch Tool.
Investors also focused on news from Russia and Venezuela to determine whether oil supplies from the two sanctioned members of the Organisation of the Petroleum Exporting Countries and allies (OPEC+) will increase or decrease in the future.
The failure of US talks in Moscow to achieve any significant breakthrough over the war in Ukraine has helped to boost oil prices so far this week.
A loss of Venezuelan oil production in case of a US military intervention will materially impact global benchmark prices as the market will have to replace Venezuela’s heavy crude.
Venezuela is estimated to pump about 1.1 million barrels per day of crude oil at present, so if the US-Venezuela tension escalation into an invasion in the South American country, this volume of crude would be at risk.
Reuters reported that the Group of Seven countries and the European Union are in talks to replace a price cap on Russian oil exports with a full maritime services ban in a bid to reduce the oil revenue that helps finance Russia’s war in Ukraine.
Any deal that could lift sanctions on Russia, the world’s second-biggest crude producer after the US, could increase the amount of oil available to global markets, weakening prices.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn