Appetite
Joe Biden pointedly asks Vladimir Putin about cyberattacks at summit
U.S. President Joe Biden asked Russian President Vladimir Putin on Wednesday how he would feel if someone carried out a ransomware attack on Russian oil pipelines, a pointed question during their summit that illustrated the breadth of their disagreements. The query referred to a cyberattack that closed the Colonial Pipeline Co system for several days in May, preventing millions of barrels of gasoline, diesel and jet fuel from flowing to the U.S. East Coast from the Gulf Coast. Both leaders described their first summit in a lakeside Swiss villa as professional, rather than friendly, and said they agreed to hold lower-level talks on cybersecurity and arms control and to send their ambassadors back to their capitals. But there was no hiding their differences on issues such as human rights, wh...
NNPC seeks $1 billion funding to revive PHC refinery
The Nigerian National Petroleum Corporation, NNPC, is currently shopping for $1 billion to revamp Nigeria’s biggest refinery located in Port Harcourt, Rivers State. To realise its plans, the nation’s oil company is already in high-level discussion to raise the money via a prepayment deal with trading firms. If the financing is successful, the long overdue rehabilitation of the refinery should reduce Nigeria’s hefty fuel import bill. It would also mark Nigeria’s second oil-backed financing since the COVID-19 pandemic that has added to the difficulty of finding investors as fuel demand is sapped by lockdowns and renewable energy is gaining ground over fossil fuels. The money would be repaid over seven years through deliveries of Nigerian crude and products from the refinery once the refurbis...
Pressure on banks over consumer loans money market
A Central Bank of Nigeria, CBN, Survey Report has shown that banks experienced higher loan default rates on credit cards and overdrafts/ personal lending to household in the third quarter of the year (Q3’20). The survey also noted that lenders expect to tighten the conditions for which loans are given to borrowers (loan covenant) in the next quarter (Q4’20). The Survey Report titled: ”Credit Condition Survey Report for Q3’20″ stated:”Lenders experienced higher default rates on credit card and overdrafts/personal lending to households in Q3’20 but expect lower default rates in Q4’20. “Losses given default on total unsecured loans to households and overdraft/personal loans to households both declined in Q3 2020. “Similarly, default on total unsecured loans to households was expected to worse...
Enugu doctor arrested over patient’s death
An Enugu based medical practitioner, Dr Charles Nwangwu, has been arrested by operatives of the Inspector General of Police Tactical Squad over alleged medical negligence leading to the death of a 68-year-old father of seven. The family of the deceased had in a petition dated 12th June 2020 addressed to the Inspector General of Police, Mr Adamu Mohammed, alleged that the management of Mount Zion Medical Center, 9th Mile Ngwo, had murdered their father out of medical negligence. The petition reads in parts: ‘Mr. Jonathan Ugwuanyi now late after a bussiness meeting at 9th Mile Corner presented himself at Mount Zion Medical Center 9th mile corner Ngwo, Enugu, with mild symptoms of loss of appetite, weakness and fever. “Around 9.20pm, almost 8hrs after, and with further phone calls, a nurse on...
