₦airaland Forum

"Saudi Arabia and other wealthy Gulf Arab countries have accumulated hundreds of billions of dollars of reserves due to high oil prices over the years"

can anyone help ask jonaTAN what he did with our own accumulated oil earnings when oil was selling at over $100 and benchmark was $75?

this thread is for those who do not know that global oil pricing has major element of Politics and international diplomacy.

That oil prices is not just driven by Demand and Supply.

Iranian President Hassan Rouhani said on Tuesday that countries behind the fall in global oil prices would regret their decision and warned that Saudi Arabia and Kuwait would suffer alongside Iran from the price drop.

"Those that have planned to decrease the prices against other countries will regret this decision," Rouhani said in a speech broadcast on state television as oil plunged to near six year lows on international markets.

"If Iran suffers from the drop in oil prices, know that other oil-producing countries such as Saudi Arabia and Kuwait will suffer more than Iran," he added.

Oil prices have fallen 60 percent from their June 2014 peaks, driven down by rising production, particularly of U.S. shale oil, and weaker-than-expected demand in Europe and Asia.

Earlier this month, Iran described Saudi Arabia's inaction in the face of the six-month price slide as a strategic mistake, but hoped that the kingdom, Tehran's main rival in the Gulf, would respond.

On Tuesday, Rouhani singled out Kuwait and Saudi Arabia's budget dependency on oil exports.

Data showed that 80 percent of Saudi Arabia's budget is based on oil sales, while in Kuwait the figure stands at 95 percent, he said in a speech in the city of Bushehr.

In 2013, oil accounted for roughly 90 percent of Saudi Arabia's overall budget income and Kuwait at 92 percent, according to Reuters' calculations based on official data.

On the other hand, only one-third of Iran's budget is based on oil sales, with an estimated 60 percent of the country's exports tied to oil, Rouhani said.

Due to Western sanctions on Iran over its nuclear program, Iran's oil exports have dropped from 2.5 million barrels a day in 2011 to about 1 million barrels per day on average, according to the U.S. Energy Information Administration (EIA).

Iran had adjusted to the drop in exports due to higher oil prices, but that buffer no longer remains today.

The United Arab Emirates energy minister repeated on Tuesday that the Organization of the Petroleum Exporting Countries (OPEC) would not cut output to support prices.

Saudi Arabia and other wealthy Gulf Arab countries have accumulated hundreds of billions of dollars of reserves due to high oil prices over the years.

Saudi authorities appear confident they can ride out the market slide, with state spending set to hit a record this year.

http://news.yahoo.com/irans-rouhani-says-countries-behind-oil-price-drop-085112635.html

barcanista:
Point of correction, NBA is a professional association of lawyers, it is not just a pressure group though it engage itself in activism. Just like NSE, members of NBA elect their members from within themselves and are only answerable to themselves, not me and not you. I am addressing this based on the nse that you attempted to rope in. The question now is what is the role of the regulator in the stock market?

just ignore these ignorants, ill-informed tribal warlords

Which agagu again? The one wey die carry people go on the day of his burial na who again?

Abeg check your information well, I'm sure you meant femi agagu

APC no want ghost o

This is why Amaechi left the campaign train today and returned to Port Harcourt.

Why is the Nigerian Police Force useless in the discharge of it's duties.

HzRF:
U mean that stadium that was filled up

Only God knows weda na ur bra. U use do sun shade yesterday

Yes bra, the stadium filled up they had to move the crowd to ijebuode township stadium.

barcanista:
They are all in pdp enjoying their limited time on the street. Buhari must jail them all

I pray he won't be lenient on them all, they need to return to the federation coffer all they stole.

I'm sure no household with new born babies still name them GOODLUCK NOW.

The guy na truly BADLUCK AS rev mbaka said.

IGBOSON1:
^^^What did 'stealla' Oduah steal?

She didn't steal anything my brother, she just like bullet proofed BMWs.

barcanista:
I gave up on Jonathan after her re-instatement in 2012. That woman is supposed to be in jail for corruption charge, to make matters worse, she allegedly spent about 1year or there about lodging in a hotel on that bill. She even accused Reps of demanding bribe from her. I believe the NASS members may have demanded bribe, I expected ICPC to swoop into the matter. Very shameful of this govt

Is hambe that she accused not still in the PDP, is Farouk Lawan not still in the PDP, Is Ndudi Elumelu not still in the PDP today?

This government and everything PDP is corruption in its human form

chukel:
please don't group those of us who stand by the truth with the others. I am still igbo and will always be igbo but above all Nigerian

Respect bro, it is not about tribalism but the general pain the incompetence of the head of sensitive org like the Stock Exchange Commission will bring to nigerians if he/she is not deserving of the post.

Sometimes in November 2014, Nigeria recorded the highest loss in the stock market she heads yet she wants renewal of her tenure.

I cant quantified my loss in the market and I had to tell my broker in Nigeria to sell off all my stocks in August thank God I did before the November complete crash happened, I still pray for the broker who told me to sell off most of them then if not the loss would have been more painful, yet ANYIM AND OKONJO IWEALA want her retained.

chukel:
Yes, my brother. It is an article u have posted. This is what I reacted to. What u typed and posted by urself. "the IGBOs doing what they do best, Protect and promote ineptitude and cluelessness on the altar of TRIBAL sentiments.". That wasn't part of the article. Is it? I am igbo and u know I don't support tribalism or cluelessness.

I wish the Ohaneze n'digbo and other igbo cultural groups and 80% of igbo contributors on NL were in tandem with your antitribalism stand when the issue of stealla Oduah came up.

barcanista:
I don't understand why some people will want certain group of people in power all because he/she is my kinsman/kinswoman. This is pathetic! Jonathan goofed for not sacking Otteh few years ago. That woman has done more harm than good. Even the stock market isn't making sense

The exchange broke record for the biggest lost in decades under her as DG, the former DG I'm sure won't stupidly go out to sleep in a N850,000 room per night and eat a N85,000 meal per day for an exchange that was just recovering from the global economic meltdown and one stupid mofo is telling us she did meritoriously well.

They dont read news but wear their tribal toga as If her failures and incompetence didnt affect Igbo investors too.

Nigeria needs competent hands not tribal backed failures.

For JonaTAN to deny someone a 2nd term base on his view that she was incompetent shows how inept she was. JonaTAN of all people say she failed then her case is pathetic.

barcanista:
You are pathetic bro. Aruma Otteh has been controversial since day 1. Imagine her spending 850k per day for hotel and 85k per meal. Haba bros! Even workers at SEC had to protest for her removal back then. Wjat achievement did she make as D-G SEC? How is our stock market?

Barcanista she did so well that even Mr clueless praised her so well but want her to go rest.

They are blinded by tribal sentiments just like the reports stated.

The nigerian stock market is one of the worst performers in the world under her yet the Harvard Trained finance Minster wants her retained to continue her cluelessness in the post.

I can truly see a massive turnout just like the massive turnout in Abeokuta yesterday.

The flogging GEJ will receive in the next election I pray he will not develop heart failure.

maestroferddi:
Your case is pathetic.

Ms Oteh has served meritoriously for all to see.

You creatures of ethnic and primordial chauvinism should continue eat yourselves up while well-endowed people like Oteh keep flying higher.

Cry cry baby, JonaTAN don dump her like he dumped stealla Oduah

Person wey do you died with the antidote.

The Presidential rally of the PDP witnessed it's worst turnout in Abeokuta yesterday despite the presence of the president himself at the rally.

The highlight of the failure is the hide and seek game of the former BOT chairman of the Party and Former President of Nigeria who stylishly ignore the president in his homestate.

Juxtaposed the rally of the PDP with that of the APC that is happening at same venue less than 24hrs later. With its highlight of the same PDP former President hosting and taking photo ops with the opposition elements who paid him a courtesy call at his residence.

It is clear where the south west is going, and the rescue of Nigeria is at hand.

Sai Buhari,
Sai Rotimi Amaechi
Sai Owelle Rochas
Sai JAGABAN
Sai Oshiomhole
Sai APC 2015

chukel:
be careful with ur utterances so we don't wash our linens outside. El rufai once said GMB is perpetually unelectable. Today, he is campaigning for him. Is dat tribalism? Most people who opposed GMB in 2011 are now for him. Simply because they know better. Don't reduce everything to tribalism

What utterances, what I have posted is a news paper article and report.

It is about the mindset of a minister and secretary of federal government who are supporting a candidate not for competency but tribal sentiments.

Is it not written well enough in the report?

chukel:
I am really disappointed at Ur statement. Extreme tribalism will lead u no where.

Read the report before you spew rubbish.

Is it not funny that a SFG who suspended a Public Official will now turn coat and be recommending her for a new tenure.

Did your clan and people support STELLA ODUAH be retained in office despite the glaring case of graft and abuse of office?

If those are not tribalistic tendencies then accept my apology.

demelza:
This is humiliation, it has passed embarassment.
A passer-by would think we are still under colonial rule and have no leaders of our own.
Anyway till FeBuhari.

is it not better to be under colonial rule than this clueless and inept leadership under jonaTAN?

Collynzo9:
Tenure of an Igbo woman expires, the President appoints a northerner as acting DG.....no problem at all nobody interested... then an inconsequential Yoruba pops out from no where trying to clash the heads of Igbos and Hausas together creating further problems in the country. Sounds familiar?
Sanusi was and remains 100% right.
Yorubas are the problem with Nigeria
http://www.thenigerianvoice.com/news/138889/1/sanusi-words-on-marble-yorubas-are-the-problem-wit.html

read the report well.

“Jonathan rejected a memo from the Minister of Finance, Dr. Ngozi Okonjo-Iweala seeking the retention of Ms. Oteh. The Minister based the case for Oteh on a strong recommendation by the SGF, Anyim Pius Anyim.

“To some extent, the SGF misled the Minister because the indices did not add up for Oteh as to earn a renewal of tenure. There was no convincing statistics to prove that Oteh has led the stock market to a leap recovery.


“No one could explain why the Office of the SGF which suspended her while in office will be the one championing her retention. I think there was a tribal connotation to it

for easy assimilation and access.

why did the SFG support her return to the post he suspended her along the line for.

Read bro, I didn't put up the report

let see how the stadium will be scanty today too

Collynzo9:
Idiotic, two faced Yorubas always looking for problems where there is none and creating tension where none exists.
I have never seen a set of people that specialize in stoking fire and jamming heads together like the Yorubas.
Next please..

I can feel your pains, anger and anguish

cry cry baby, ventilate your anger at the president looking for new SUPPORT BASE not any yoruba

seems GEJ is trying to do away with people who he said are "the backbone of his government" and is looking to appease to new backbones after seeing and hearing from Prof Jega of INEC that magical voting figure will not be possible in 2015 as against the voodoo election figure of 2011 recorded in the SOUTH EAST.

The backbone have the least collection rate of VOTERS CARD across the ZONE so new and real BACKBONES are sought after.

He has approved the appointment of a Commissioner in the Commission, Mr. Mounir Gwarzo, as acting Director-General.

“Jonathan rejected a memo from the Minister of Finance, Dr. Ngozi Okonjo-Iweala seeking the retention of Ms. Oteh. The Minister based the case for Oteh on a strong recommendation by the SGF, Anyim Pius Anyim.

“To some extent, the SGF misled the Minister because the indices did not add up for Oteh as to earn a renewal of tenure. There was no convincing statistics to prove that Oteh has led the stock market to a leap recovery.


“No one could explain why the Office of the SGF which suspended her while in office will be the one championing her retention. I think there was a tribal connotation to it.


the IGBOs doing what they do best, Protect and promote ineptitude and cluelessness on the altar of TRIBAL sentiments.

Case study STEAL'LA ODUAH

President Goodluck Jonathan has rejected a request for the extension of Securities and Exchange Commission (SEC) Director-General Ms Arunma Oteh’s tenure, it emerged yesterday.

He has approved the appointment of a Commissioner in the Commission, Mr. Mounir Gwarzo, as acting Director-General.

The President rejected a memo from the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, seeking a second term for Oteh.

The memo was said to be based on the Secretary to the Government of the Federation SGF) Anyim Pius Anyim’s recommendation.

Ms. Oteh’s controversial tenure ended on January 6.

Although she lobbied to return, the President was said to have thought otherwise.

It was learnt an evaluation showed that her performance was “neither sterling nor spectacular.”

The government found that the stock market has not recovered from the 2008 financial crisis.

The President, findings showed, rejected her return to also resolve the lingering “Executive-National Assembly face-off” over her tenure.

[/b]A source said: “Despite intense lobbying by some government officials and business players, the President stood his ground that Ms. Oteh should not come back.

[b]“Jonathan rejected a memo from the Minister of Finance, Dr. Ngozi Okonjo-Iweala seeking the retention of Ms. Oteh. The Minister based the case for Oteh on a strong recommendation by the SGF, Anyim Pius Anyim.

“To some extent, the SGF misled the Minister because the indices did not add up for Oteh as to earn a renewal of tenure. There was no convincing statistics to prove that Oteh has led the stock market to a leap recovery.


“No one could explain why the Office of the SGF which suspended her while in office will be the one championing her retention. I think there was a tribal connotation to it.


“The evaluation of her tenure indicated an average performance because she was rated as ‘neither sterling nor spectacular. The President chose to look beyond ethnic sentiments and stood on the side of truth and the public yearning for a change in SEC.

“Stakeholders in the Stock Exchange Market, workers and others alike wanted a fresh breath of air in SEC. You will recall that at the peak of SEC crisis in 2012, Ms. Oteh’s commissioners even disowned her.

It could not be ascertained if Ms. Oteh will remain a member of the President’s Economic Management Team (EMT).

“Another source added: “She earned First Class in Computer Science from the University of Nigeria, Nsukka, the nation might still engage her elsewhere.

“No nation will allow a First Class brain and respected intellectual to waste away. Definitely, the Presidency may accommodate her elsewhere.”

Gwarzo, the Executive Commissioner for Operations, graduated with a Bachelor’s Degree in Economics from Bayero University, Kano in 1987.

He obtained a Post-Graduate Degree in Development Finance from the University of Birmingham in 1999.

He is a Fellow of the Chartered Institute of Stockbrokers.

A third source said: “Gwarzo will act pending the appointment of a substantive DG. The President has the discretion to appoint a DG in line with Section 5(1 and 2) of the Investments and Securities Act 2007.

The section says: “The DG and the three full time commissioners shall be appointed by the President upon the recommendation of the Minister and confirmation by the Senate.

“The DG shall hold office for a period of five years in the first instance and may be reappointed for a further period of five years and no more.”

Ms. Oteh was suspended on June 12, 2012 and was recalled via a letter by the SGF.

The reinstatement followed an audit report on SEC by PricewaterhouseCoopers.

Her recall created bad blood between the Presidency and the House of Representatives because she was reinstated on the eve of the presentation of the Ad Hoc Committee on Capital Market’s report on the SEC’s activities.

The crisis between the House and Ms. Oteh followed a public hearing into the capital market operations.

During the hearing, the then Chairman of the House Committee on Capital market and Other Institutions, Mr. Herman Hembe, alleged that Ms. Oteh was not qualified to be DG.

He said the committee also discovered how Ms. Oteh allegedly spent N850, 000 on hotel accommodation in a day and N85, 000 on a meal.


But Ms. Oteh took exception to the allegations, saying: “This has been a Kangaroo court. Not even in Idi Amin’s Uganda did we have this type of public hearing. You had implied that as a regulator, that by having people on secondment from the private sector, it could undermine the capacity of the regulatory functions of the commission.

“In asking the SEC to contribute N39m for this public hearing, don’t you think that you are undermining your capacity to carry out your duties?”



http://thenationonlineng.net/new/no-tenure-extension-secs-dg-oteh/

anonimi:
I am sure that in your mind you have equated "the Nigerian government" to be SOLELY the Presidency.
Meanwhile what you posted is the ENGAGEMENT and commitment of the UK Parliamentarians in the fight against terrorism.

Can you show us similar engagement and COMMITMENT of our SINators and representaTHIEVES almost 50% of whom are in the Association of Pretending Crooks, APC
Thanks!

Kai Buhari!!!
#Liberate-Lagos

Almost 50% Senators and Reps are in APC?

God help and save your case

Young03:
I watched it live on bbc world this mornin bt cudn't stay to finish d stories, well..d situation in 9ja nw is out of hand...Uk shud pls in conjuction wt God ,intervene in this matter..arest my case

Nigeria as an independent sovereign will call for foreign intervention to have troops on the ground before it can be assisted.

It is either jonaTAN is willfully trying to decimate the population of the North East or is listening to lies and boasts of his military chiefs that they are equal to the task which is a blatant lie.

When Mali faced similar threat to its territorial integrity, It called on France for direct Military Intervention and the terrorist were driven back out of Northern Mali and Timbuktu

House of Lords

Parliament

Taliban attacks

Posted at 16:55


Liberal Democrat peer Lord Hussain argues that Boko Haram's activities are just as brutal as the Taliban's, who attacked school children in Pakistan in December, and asks what is being done to help Pakistan.

Baroness Anelay says her comments must be restricted to the country mentioned in the urgent question

Nigeria got mentioned specifically in an URGENT QUESTION.

The WEST is tired of the uselessness of the Nigerian Government.

House of Lords

Parliament

Taliban attacks

Posted at 16:55


Liberal Democrat peer Lord Hussain argues that Boko Haram's activities are just as brutal as the Taliban's, who attacked school children in Pakistan in December, and asks what is being done to help Pakistan.

Baroness Anelay says her comments must be restricted to the country mentioned in the urgent question

Nigeria got mentioned specifically in an URGENT QUESTION