Contracts
This bullish Ethereum options trade targets $3.1K ETH price with zero liquidation risk
Ether price (ETH) spent the last two months stuck in a rut and even the most bullish trader will admit that the possibility of trading above $4,400 in the next couple of months is dim. Of course, cryptocurrency traders are notoriously optimistic and it is not unusual for them to expect another $4,870 all-time high, but this seems like an unrealistic outcome. Despite the current bearish trend, there are still reasons to be moderately bullish for the next couple of months and using a “long condor with call options” strategy might yield a positive outcome. Options strategies allows the investor to set upside limits Options markets provide more flexibility to develop custom strategies and there are two instruments available. The call option gives the buyer upside price protection, and th...
UAE ratifies extradition deal with South Africa as hunt for Guptas intensifies
The United Arab Emirates has ratified a 2018 extradition treaty with South Africa, its embassy in Pretoria said on Wednesday, a move that President Cyril Ramaphosa’s government hopes will lead to the return of the Gupta brothers to face corruption charges. South Africa signed the treaty with the UAE in late 2018, part of Ramaphosa’s effort to crack down on those accused of corruption and influence peddling under his predecessor, Jacob Zuma. It was ratified in April, UAE’s embassy said in a statement. The Gupta brothers – Atul, Ajay and Rajesh Gupta – are accused of using connections with Zuma to win contracts, misappropriate state assets, inappropriately influence cabinet appointments and siphon off billions of rand in state funds. The Indian-born brothers, who have repeatedly denied wrong...
NNPC renews OML 118 with Shell, Total, Exxon, Eni
The Nigerian National Petroleum Corp renewed Oil Mining Lease 118 with the local subsidiaries of Shell, Total, Exxon and Eni for another 20 years, the West African country’s state oil firm said in a statement on Tuesday. The deal signals the end of “long-standing disputes over the interpretation of the fiscal terms of the production-sharing contracts” between the investors in the field, the statement said. The Nigerian government will immediately recognise revenues of $780 million from the signing of the agreement, “while it would also free the parties from over $9 billion in contingent liabilities,” the statement said. The deal was signed between NNPC, Shell Nigeria Exploration and Production Company, Total Exploration and Production Nigeria Limited, Esso Exploration and Production Nigeri...
NNPC selects 26 firms to lift Nigeria’s crude oil
The Nigerian National Petroleum Corporation (NNPC) has picked 26 foreign and local companies as well as 12 countries to lift the country’s crude oil for the next two years. The crude term contracts, expected to run from 2021 through 2023, would see the firms and the selected nations, which would operate on a Government-to-Government (G2G) basis to purchase the commodity from the national oil company. The deal is coming less than a week after the corporation chose 16 oil and gas consortia for its new crude-for-fuel swap contracts for one year starting in August. The contracts, known as Direct Sale, Direct Purchase (DSDP) are high-stakes agreements used to supply nearly all of Nigeria’s petrol needs as well as cover some of its diesel and jet fuel consumption. However, in the fresh crude oil...
Firm cautions Nigerian government over sale of national assets
Agusto Consulting has cautioned the federal government over its plan to relinquish national assets to private hands, saying, the risk involved is unquantifiable. Agusto Consulting, in a report titled “Rethinking Nigeria’s Models for Infrastructure Development,” noted that, the benefits of relinquishing control to the private sector are glaring, but remain difficult to implement. Noting that the federal government’s handing off certain critical assets of the country that have been dormant over the years will positively impact on the country’s budgetary allocation, but added that this decision has caveats and risks associated with operating models that involve private sector participation regardless of the levels of participation. “First is the high level of corruption in the country and the...
UEFA exco member: Super League clubs will be thrown out of Champions League
Manchester City, Chelsea and Real Madrid could be kicked out of this season’s Champions League this week, according to the Danish FA chairman Jesper Moller. Moller, who is a member of UEFA’s Executive Committee, says the teams involved in the new Super League could face sanctions following Sunday’s groundbreaking announcement. One team that wasn’t part of the Super League’s unveiling was Paris Saint-Germain, who are the only semi-finalists currently not involved in the new competition. “The clubs are going out, and I expect that to happen on Friday, and then you have to see how to finish the Champions League,” Moller told DR Sport. He added: “There must be one extraordinary executive committee meeting on Friday. I have an expectation that the 12 clubs will be thrown out.” As things stand, ...
Federal government okays N20.1 billion for Nigerian customs equipment
The federal government has approved a total of N20,114,002871 for the acquisition of various operational equipment for the Nigerian Customs Service (NCS). The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this to State House Correspondents after the federal executive council (FEC) meeting presided over by Vice President, Yemi Osinbajo at the presidential villa on Wednesday. The Minister said further that Council also approved the sum of N539,277,673 for the construction of the Federal Inland Revenue Service (FIRS) building at the Ilupeju Medium and Small Taxpayers’ office in Lagos. On the breakdown of contracts approved for Customs, the Minister said a total of 427 operational vehicles, worth N14.55 billion and nine assorted gunboats worth N5,564,002,871 were a...
Mino Raiola wants Erling Haaland to be 1st £1 millon-a-week player
Mino Raiola is determined to make Erling Haaland the first £1 million-a-week player. Haaland has grown into one of the deadliest strikers in world football, having scored a ridiculous 49 goals in 52 appearances for Borussia Dortmund. The Norwegian sensation is attracting interest from all of Europe’s elite but according to The Mirror, super-agent Raiola wants any transfer to be a “once in a lifetime deal”. Raiola, along with Haaland’s father Alf-Inge, recently travelled to spain for meetings with both Barcelona and Real Madrid. It’s said the two Spanish giants were shocked at the finances it would take to secure the former Red Bull Salzburg man, while Manchester City, Manchester United, Chelsea and Liverpool are all aware how costly and complex a potential deal will be. Still only 20 but w...
Lagos: Councillors suspend council chairman for ‘fraud’
The Chairman, Surulere Local Government, Lagos State, Tajudeen Ajide, has been suspended for alleged financial impropriety. This is according to a letter sent to the Lagos State Commissioner of Police by the nine councillors at the local government. The suspension, according to the councillors, is sequel to a resolution dated April 9, 2021 wherein a vote of no confidence was passed in Ajide. The names of the councillors include: Akande Barakat, Adebisi David, Fasasi Ajenifuja, Phillips Olubunmi, Otinwa Eric, Ijitola Oluwasegun, Ajala Ajibola, Kareem Abiodun and Kazeem Bello. They asked both the police commissioner and the area commander, Area C, to deploy policemen in the local government secretariat to prevent hoodlums from attacking them. The letter read in part, “We the undersigned by t...
Nasarawa government recommits to infrastructural development
Alhaji Yusuf Mada, the Special Adviser to Gov. Abdullahi Sule of Nasarawa State on Infrastructure, says the State Government is committed to the provision of infrastructure to improve the lives of the people. Mada stated this on Monday in Nassarawa Eggon while playing host to All Progressives Congress (APC) Wakama Ward stakeholders in Nassarawa Eggon Local Government Area of the state. The special adviser said the provision of infrastructure would also stimulate the state’s socio-economic activities, revenue base and the overall development of communities across the state. He said that the giant strides achieved by Sule was geared towards bringing the much needed dividends of democracy to the door steps of residents. “I want to commend you for the visit and to assure you of His Excellency,...
House minority caucus flays $1.5 billion approval for rehabilitation of Port Harcourt refinery
The Minority Caucus in the House of Representatives Tuesday described the approval of $1.5 billion for the rehabilitation of the Port Harcourt refinery as a huge scam and a ploy by unscrupulous elements to siphon public funds. The Federal Executive Council (FEC) had recently at its virtual meeting presided over by President Muhammadu Buhari approved $1.5 billion for the rehabilitation of the refinery. But, the caucus in a statement by its Leader, Hon. Ndudi Elumelu, while rejecting the amount, said the figure is outrageous and heavily inflated, demanding an immediate review of the cost. The lawmakers noted that while they are in support of any genuine effort to bridge energy deficit in Nigeria, such should not be used as a ploy by corrupt individuals to fleece the nation. The caucus called...
Governor Wike: Nobody can undermine Rivers in quest for Nigeria’s presidency
Rivers State Governor, Nyesom Wike, has said that anybody jostling to be president of Nigeria would also need to secure votes in Rivers to combine with either Kano or Lagos to emerge victorious. Wike said such pivotal position establishes the importance of Rivers State in the political scheme of the country, stating that nobody would be allowed to undermine it. He made the assertion at the grand finale of the People’s Democratic Party (PDP) Local Government Election Campaign that held at Ulakwo in Etche Local Government Area, yesterday. The governor said: “I keep telling the Peoples Democratic Party (PDP), that no state has given more votes to the party than Rivers. “And it is only in Rivers, in the whole of South-South, that the All Progressives Congress (APC) didn’t get 25 per cent votes...