Sunday 3 May 2015

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Scarcity Worsens As Fuel Sells For N300 In Lagos

The latest fuel scarcity, which surfaced in Lagos some days ago, took a turn for the worse yesterday, forcing commercial vehicle operators, who got the commodity to operate, to hike their fares by almost 100 per cent on some routes.
Many people who could not afforded the increase in fares were stranded at bus stops. The fare from Oshodi to Toyota, Five Star, and Iyana Isolo bus stops that used to be N50 was raised to N100, while Oshodi to Mile 2 was raised to N200 or more. It used to be N100.

Commenting on the ugly development, Ogar Thomas, a civil servant, said government should intervene and settle
the scores between it and the marketers.

“It is the commuters that are facing the problem. At the black market, a 10-litre fuel was sold for N2,700 – N3,000 instead of N870. Whatever is the problem, government should please help to resolve it now,” he pleaded.

A commuter, Soje Tosho, from Mowe, along Lagos-Ibadan Expressway, in Ogun State, said there were long queues of vehicles at some of the filling stations along the expressway. The queues, he said, caused traffic hold-up on the
highway.

According to him, emergency sellers of fuel dotted the expressway, selling the product in jerry cans.

“When the driver of the commercial bus I was traveling in, asked one of the sellers the price of a 10-litre jerry can, the young said it was N2,500. That translates to N250 per litre,” he said.

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More photos and Details on Mayweather And Manny Pacquiao Fight

After 12 rounds of boxing, Mayweather defeated Pacquiao by only 4 points. Pacquiao was very aggressive during the bout but was unlucky to have lost by 4 mere points.

Mayweather danced a lot around the ring, threw punches and jabs here and there that counted, Pacquiao kept running around, chasing him but didn’t land as many punches as Mayweather

Mayweather still remains the undefeated champion.

The AP reports that Manny Pacquiao suffered a right shoulder injury during training but was denied the use of an anti-inflammatory in the dressing room.

Before a fight, there’s a box that needs to be checked if a boxer has a pre-existing injuyry but he didn’t check that box when he had that paperwork filed.

Those who lost this bet should start paying e.g. Mark Wahlberg will have to pay P.Diddy $250,000 for losing. Others should start paying before Riri’s latest song starts to play.

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Oil Prices Rise Further As Dollar Drops

Oil prices rose again Thursday on data suggesting the US crude glut is easing as the dollar weakened against the euro.
US benchmark West Texas Intermediate for June delivery rose $1.05 to $59.63 a barrel on the New York Mercantile Exchange.

European benchmark Brent oil for June delivery gained 94 cents to $66.78 a barrel in London.

Analysts said the oil market continued to react to Wednesday’s US Department of Energy inventory report, which showed a 500,000 barrel drop in petroleum stocks to 61.7 million barrels at the key Cushing, Oklahoma trading hub.

While the decline was modest, it marked the first drop since late November. Traders are taking the decline as a sign producers are cutting back at key US petroleum sites, such as the Bakken region in North Dakota, analysts said.

“The oil price ‘wants’ to rise – this is the impression one is bound to gain if one looks at the events that have taken place on the oil market in recent weeks,” Commerzbank said.

“Certainly market participants are paying more attention and responding more to the ‘positive’ rather than to the ‘negative’ reports.”

Oil prices were given an additional upward push by the retreat in the dollar against the euro and some other currencies following Wednesday’s US economic report showing growth of just 0.2 percent in the first quarter.

A Fed statement Wednesday left open the timing of an increase as it waits for more signs of economic progress.
A weak dollar encourages consumption of crude and other dollar-denominated commodities outside the US.

Source: Vanguard

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Wenger tells Mourinho to show respect

Arsene Wenger has hit back at Jose Mourinho’s recent taunts by suggesting the Chelseaboss lacks respect for his fellow managers.

The Portuguese, set to win the Premier League this weekend, ridiculed Arsenal’s defeat to Monaco in the build-up to their clash at the Emirates Stadium, before mocking their decade-long wait for the title after Sunday’s 0-0 draw.

While Wenger did not rise to Mourinho’s bait, he was keen to stress the importance of respect among the managers – something the Chelsea boss
could “improve” on.

“The biggest thing of managers is to respect each other and some people have to improve on that,” said Wenger when asked about the taunts. “Everybody lives with his own internal problems and I live with mine and that is enough.”

Wenger believes his side have improved this season and are much closer to challenging for the title next term.
“We have to look at it in a realistic way,” he continued. “I feel we have made progress and so I look at it in a positive way because what you want in the season is your team to become better.

“We faced a big challenge because Chelsea didn’t drop their level and thats why we didn’t catch them but overall we feel we have made progress.

“When you fight for the championship you win some games because you smell you can do it that you don’t win if you’re fourth or fifth.”

On the injury front, Mathieu Debuchy remains a doubt with a hamstring problem and Alex Oxlade-Chamberlain is also unavailable, but Abou Diaby is in full training and Mikel Arteta is closing in on a return, though still needs “more time”.

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Ancelotti: I don’t know why Madrid fans boo Ronaldo

Real Madrid coach Carlo Ancelotti has defended Cristiano Ronaldo’s character and admitted he is baffled as to why the striker is whistled by some of the club’s fans.
Ronaldo netted his 50th goal of the season in all competitions in the Liga win over Malaga on April 18 but he has failed to register in his last three outings and came in for heavy criticism for an allegedly petulant reaction to Alvaro Arbeloa beating him to a tap-in in Wednesday’s 3-0 defeat of Almeria.
However, Ancelotti is amazed Ronaldo’s unquenchable thirst for goals is being portrayed as a negative by the media and fans alike.
“I think if Ronaldo has scored 50 goals is precisely because of its nature,” the Italian argued. “He is never happy with what he does, always fighting.
“That is why he scores 50 goals in a season and he has been doing that for such a long time.
“I do not understand why the Santiago Bernabeu whistles Ronaldo.”
Meanwhile, Ancelotti revealed that he hopes to have Gareth Bale available for Saturday’s vital Liga meeting with Sevilla, with the Welsh winger having recovered from a calf problem.
However, the Blancos boss refused to confirm whether the €100 million man or Karim Benzema, who has been out of action with a knee injury, will start at the Ramon Sanchez Pizjuan.
“I think he’ll be ready,” he added. “I have good options for the midfield. I will decide tomorrow if he will play.
“Are Bale and Benzema fully recovered? We will not take risks. It’s not the last game of the season.
“If a player is available, he will play. They may not be in condition to endure 90 minutes but they are fit.
“However, we will not take risks.”
Ancelotti also refused to be drawn on whether Sergio Ramos will play in midfield again, with the centre-back having done a sterling job in front of the back four in the Champions League, second-leg win over Atletico Madrid.
However, the former AC Milan and Juventus boss did argue that the versatile defender is an even better player than iconic Italy international Fabio Cannavaro.
“It’s very difficult to compare Ramos with other historical players,” he added. “There are players with extraordinary quality, some with ability to concentrate very well, others with a quality to defend well.
“But Ramos is extraordinary. He could be the most complete defender ever.
“Cannavaro was perhaps stronger. But Ramos is the most complete.”

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Missing NNPC $20b: sanction PWC for deceiving Nigerians, Adeola tells Buhari

In a press release, the Senator-Elect for Lagos West Senatorial District and Chairman of the House of Representatives Committee on Public Accounts, Hon. Solomon Adeola has called on the incoming Federal Government and relevant financial and auditing regulatory bodies to appropriately sanction the auditing firm, PriceWater House Coopers (PWC) for misleading and deceiving Nigerians on the issue of the missing $20billion NNPC fund as alleged by the former CBN governor and present Emir of Kano, Alhaji Sanusi Lamido Sanusi.

Speaking to journalists against the backdrop of revelations from the ‘Forensic’ Audit Report of the Missing NNPC $20billion and the disclosure by PWC that it did not really audit NNPC accounts contrary to impression created, Hon. Adeola said his Committee that addressed the Press on the need to make the report public as there appears many shortcomings in the procedure for engaging PWC and its subsequent work has been vindicated on its alarm that an unprofessional work might have been done to deceive Nigerians on the weighty allegation of missing billions of dollars.

“From the disclosures by PWC on its work, there is no audit report on the missing money much less a ‘forensic’ audit report. From what was done by PWC, only a review and compilation of some figures was done resulting in different figures from $1.4billion to $43billion being bandied for refund by NNPC to the coffers of the Federation Accounts” he stated adding that PWC not only misled and possibly defrauded Nigerians by purporting to have undertaking a forensic audit report and collecting fees for same but may have abetted a criminal cover up of fraud in its role in the investigation.

The senator-Elect called on the incoming Federal Government to investigate the PWC for it role in the shady saga that has now unfolded and report them to such bodies as International Federation of Accounts (IFAC) and ICAN to face disciplinary actions adding that the accounting firm should be suspended and prevented from further participation in similar exercise undertaken by the Federal Government.

“For such a highly rated auditing firm to release such a report is dangerous and unethical. Indeed all other reports by PWC for the Federal Government should be investigated as they were also involved in the Fuel Subsidy Investigation and they should be made to refund money for work not done or done appropriately” Hon. Adeola stated.

The Lagos West Senator-Elect commended the incoming administration for its promised to revisit the issue of missing NNPC fund as a step in the right direction adding that the deceptive cover up role of PWC in this investigation must not be overlooked as it strikes at the heart of our constitutional provisions and the
development of Nigeria.

“We are talking about $20billion and not millions. This is almost the budget of Nigeria for about two years” Hon Adeola stated.

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