Category: Featured

FG targets $2.8bn revenue from oil price rebound

The Federal Government on Friday said crude oil price would rebound by at least $15 per barrel in the short term following the latest intervention by the Organisation of Petroleum Exporting Countries and its allies, jointly referred to as OPEC+.

The Minister of State for Petroleum Resource, Timipre Sylva, said the rebound could translate to an additional revenue of $2.8bn for the country.

He said, “It is expected that this historic intervention when concluded will see crude oil prices rebound by at least $15 per barrel in the short term, thereby enhancing the prospect of exceeding Nigeria’s adjusted budget estimate that is currently rebased at $30 per barrel and crude oil production of 1.7 million barrels per day.

“The price rebound may translate to additional revenues of not less than $2.8bn for the federation.”

Sylva, who disclosed this in a speech, stated that Nigeria joined OPEC+ to cut crude oil supply by up to 10 million barrels per day between May and June 2020, eight million bpd between July and December 2020, and six million bpd from January 2021 to April 2022.

He stated that based on reference production of Nigeria in October 2018 of 1.83 million bpd of dry crude oil, Nigeria would now be producing 1.412 million bpd, 1.495 million bpd and 1.579 million bpd respectively for the corresponding periods in the agreement.

The Minister said, “This is in addition to condensate production of between 360-460 KBOPD of which are exempt from OPEC curtailment.

“The agreement awaits close out of ongoing engagement with Mexico to agree on its full participation.”

He said it was pleasing to note that despite the production curtailments that this historic agreement would entail, all planned industry development projects would progress as they would be delivered after the termination of the 9th OPEC/Non-OPEC Ministerial Meeting Agreement on adjustments in April 2020.

Nigeria joined other OPEC+ counterparts in a historic curtailment of crude oil production to rebalance and stabilise the global oil markets.

Sylva explained that Nigeria was participating in the pursuit of its commitment to the framework of the Declaration of Cooperation entered on 10th December 2016 and further endorsed in subsequent meetings as well as the Charter of Cooperation signed in July 2019.

Man United to exercise Ighalo buy option

Manchester United are ready to lift the purchase option in the loan contract of striker, Odion Ighalo.

Ighalo has scored four goals in eight appearances for the Red Devils since making a loan move to the Manchester side from Chinese club, Shanghai Shenhua during the January transfer window.

According to Manchester Evening News, the Mancunian executives are ready to exercise the option to buy Ighalo in the summer after the expiration of his loan deal at the club.

Ighalo recently revealed that there was no offer on the table yet from United majorly due to the fact that his loan deal is not yet complete.

The decision to keep Ighalo in the team beyond the summer will lie on players the team will be willing to bring into the team.

The Red Devils have been linked to high profile strikers including Borussia Dortmund’s Jordon Sancho and Tottenham Hotspur’s Harry Kane.

Pastor Chris Oyakhilome has made history

In the past few days, I have watched several videos of my former pastor, Chris Oyakhilome, rehashing conspiracy theories that linked 5G technology with COVID-19. It has been a deeply embarrassing experience for me, watching him talk so confidently about what he has not even tried to understand. Oyakhilome’s church, Christ Embassy, has many upwardly mobile young people. Some of them work in the tech industry and could have put their pastor straight with some quick education on the different natures of technology and disease. How did they allow him to go on the pulpit and be asking people to pray against vaccines? How did it happen that he could pull up poorly designed charts on a large screen in the church and even share several videos that, although confirmed his paranoia, proved nothing substantial about the danger of 5G technology?

Pastor Chris is (or used to be) a modernist. I attended his church at some point partly because he was a skilled preacher of the Word with dazzling stagecraft, and partly because of their taste for tech stuff especially as it concerns modern gadgets. Part of Christ Embassy’s niche has been an unapologetic deployment of the aesthetic of the novel, their perspicacity to employ newer technologies before their counterparts. I do not think there is any church in Nigeria that has as many digital apps as Christ Embassy currently does. They invest in projects that concern using technology to further church experience on-ground and online. They also host frequent workshops where they brainstorm on how to advance churching with modern technology. Watching him now, I cannot reconcile Christ Embassy’s adaptive attitude to technological advancement with his newfound Luddism.

The advent of groundbreaking technology frequently gives rise to concerns and debates about how far humans should go in the bid to transcend existing limitations, but most of Pastor Chris’ assertions about 5G have been so atrocious that I facepalmed in shock. To think that there was a time that I took his sermons to be the very Word of God, and patterned my life based on his prophetic vision. If he could be so bold about what is clearly out of his range of competence, only God knows how much of what he taught us, his flock, were based on similarly poorly informed ideas.

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There is no point repeating Pastor Chris’ paranoia to offer a rebuttal. Trying to deploy facts to sway people who are already taken by conspiracy theories is usually counter-productive. I have not come across a single conspiracy theorist that can be convinced by facts. They will not only chalk down all your arguments to part of the conspiracy, but you will also end up strengthening their resolve. If Pastor Chris and his followers remain sceptical by the counterarguments offered by the Senior Pastor of Kingsway International Christian Centre, London, Matthew Ashimolowo, there is nothing else anyone can say that will move their needle. We cannot do anything about their beliefs, but we can put some ideas out there for the benefit of those who are not sure of what and how to believe.

Of course, Pastor Chris’ cant against 5G technology neatly folds into the history of human reactions against new technology. People have always been threatened by technological changes that change their relationship to time and space because, like it or not, it propels a new way of experiencing the self and the structures of existing relations. The invention of new things from writing to printing, bound books, photography, cars, the telephone, streetlights, the radio, cinema, film, and the Internet has been met with paranoia and moral panic. In the 19th Century, when Alexander Graham Bell invented the telephone, people thought it would destroy privacy and social relations. According to one writer, because of telephone communication, “we will soon be nothing but transparent heaps of jelly to each other.” Today, people say pretty much the same thing about mobile phones and social media. We now look back nostalgically at the time when the telephone, the same device they said would ruin social relationships, was a far less-threatening means of technologically-mediated communication.

In 1825, when the Stockton-Darlington Railway opened in North-east England, people expressed fears as Pastor Chris and his followers are doing today. They said the railway was unsafe, that people would fall out of the contraption because of the speed at which trains could travel. Some thought the human body would melt if people travelled as fast as they could do through the railway. Some concerned individuals forewarned that women’s uteruses would fly out of their bodies if trains reached a speed level of 50 miles per hour. Today, we know better than traffic in such ideas anymore. Again, when electricity was being introduced into homes in the USA, people also protested. They warned that if private homes were to be lit, women and children would be unsafe because they would be visible to potential assaulters.

Some of the moral panic that seizes people who fear modern technology also happens because inventions make people see the world differently, and that affects how they relate to religious authority. Religious leaders particularly fear scientific advancement because it changes how people understand the Divine Will. We cannot narrate the history of the Protestant Reformation that changed the history of Europe without talking about the significant role that the invention of print technology played in that event. When Galileo started promoting his heliocentric theories in the 17th Century, the Church opposed the range of his vision because his radical claims challenged religious leaders’ interpretation of the Bible. They did not exactly put their anxieties in the apocalyptic language of the “anti-Christ,” as Pastor Chris is doing, but it was a similar threat of the restructuring of their familiar world. I concede that not every technology has been good for mankind, but one would expect someone of Pastor Chris’ calibre to at least do his homework before spewing 5G truthism and anti-vaccine conspiracy theories.

This 5G conspiracy theory and the link with COVID-19 will not be the end of the moral panic that will seize people. Every day, as science and technology advance its scope of possibilities, people will push back for fear of how it will take the bottom out of their world. They are not alone. There are bioethicists who also make important ethical arguments about human invention, and they challenge inventors to put a moral brake on their enthusiasm as they invent. They urge scientists to be responsible with their vision, and yes, we can be reassured they have our backs. What they do not do, is to ask people to pray against vaccines. That will be illiterate.

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Finally, of this one thing I am now convinced: sometime in the future, when the COVID-19 vaccine has been developed and humans have overcome the disease; when the human race- including members of the future Christ Embassy who will inherit Pastor Chris’ church-are doing wonders with 10G technology, they will look back at this time in history and laugh at their founder in the same way we laugh at the wisdom of those who said if God wanted man to fly he would have given man wings. They will be amused at his claims the same way we are when we read historical accounts that tell us that people were once opposed to inventions like the eyeglasses because they thought disabilities were the will of God, and they were not meant to be corrected.

I do not know when that day will be and who will be around to witness it, but I do know that Pastor Chris will be remembered for being the face of 21st Century Luddism in this part of the world. He will be less remembered for the megachurch he built, the scores of young people like me that he nurtured, and even the various healing miracles that he performed. This crass display of ignorance is what will define his legacy. He will go down in history as a prophet, true, but one with a limited vision.

Fayemi, APC running cult-like govt in Ekiti –Oni’s group

The Director General, Atunse Ekiti Movement, Dr Ife Arowosoge, has taken a swipe at the Chairman of the All Progressives Congress in Ekiti State, Paul Omotoso, for describing a former governor of Ekiti State, Chief Segun Oni, as a nominal member even when he occupied the position of the party’s deputy national chairman.

Arowosoge, a former member of the House of Representatives, said, “This confirms all the allegations we earlier levelled against the Governor Kayode Fayemi-led government and his ‘TokanTokan’ group that they run a cult-like system of administration in the state.

“This is a warning to all Ekiti people to be wary of the Ekiti APC because anybody who is not in their cult can never be regarded, respected and rewarded as part of them but as a nominal member. The cases of Chief Oni and Senator Dayo Adeyeye are sufficient lessons for all to learn from.”

The Atunse Ekiti leader spoke in a rejoinder to an interview granted by Omotoso, in which the APC chairman also said that Oni was not impactful as he never used his position in the party to assist members to secure employment and contract.

Omotoso had spoken in reaction to Oni’s assertion that the APC was worse than the Peoples Democratic Party and the decision of the former governor and his supporters, under the aegis of Atunse Ekiti Movement, to abandon the APC in view of the ill treatment allegedly meted to them in the party.

Arowosoge said, “It is very clear they (the APC) never wanted Chief Oni and had orchestrated their plan to get rid of him from the party right from the beginning. The same intrigues used on Oni were sold to Governor Godwin Obaseki of Edo State to nail Adams Oshiomhole, the national chairman of the APC, through suspension by members of the exco from Adams’s ward.”

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He claimed the APC state chairman did not know “the implications of a party office holder using his office to influence award of contracts” as stipulated in the Public Procurement Act, 2015.

The Atunse Ekiti leader said, “I don’t expect Omotoso, a legal practitioner, to fall into such a terrible mistake of accusing a person for not committing infractions against the law of Nigeria; or indirectly confessing using his position now to commit such a criminal offence.

“If Omotoso had known Chief Oni very well, he would have known that he (Oni) guides his good name so jealously and would not involve himself in any act, which would sprinkle red oil on his white garment. The only property Oni has is his house in Ifaki. He is living in a rented apartment in Abuja and he has no property in Ado Ekiti, the state capital.