NEWS: Crude Oil Prices Rise for Third Successive Week and lots of Other interesting News Updates.

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Crude Oil Prices Rise for Third Successive Week

Crude oil prices has continued to climb for the third week in a row, with Light Brent crude, which had not settled above $60 since December 24, rising by $2.24 or 3.8 per cent to settle at $61.52 a barrel, marking the highest price at which it has been sold this year.

The current rise in oil prices was fuelled by spending cuts by oil companies and further declines in the number of active US oil rigs, which fell by 98 to 1,358 on Friday, representing 406 rigs less than the figure recorded the same time last year, according to weekly data from Baker Hughes Inc.

The Chairman and Chief Executive Officer of International Energy Services Limited, Dr. Diran Fawibe told THISDAY over the weekend that the current rise in the price of crude oil was as a result of the strategy of the Organisation of Petroleum Exporting Countries (OPEC) not to cut output so as not to lose market share to non-OPEC members.

According to him, “It is a strategy that was largely being promoted by Saudi Arabia and some gulf countries like the United States, he went further to state that OPEC, particularly Saudi Arabia and the Gulf producers that produce oil at a lower cost, used the strategy to force the high cost producers to reduce their output as oil prices sank below their cost of production”.

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Tony Elumelu Foundation Appoints New Chief Executive

The Board of Trustees of the Tony Elumelu Foundation announced the appointment of Professor Reid E. Whitlock as the chief executive of the foundation.

Founded in 2010 by Elumelu, the foundation is Africa’s leading advocate for entrepreneurship, and is responsible for programmes designed to ensure that entrepreneurs and entrepreneurship become the primary driver of Africa’s economic growth and social transformation.

Whitlock’s appointment follows Dr Wiebe Boer, and will be effective from Monday.

Founder and Chairman of the Board of Trustees, Elumelu, when commenting on Whitlock’s appointment said: “As Dr. Boer becomes Director of Strategy for Heirs Holdings, I want to thank him for the leadership he has provided, helping transform the Tony Elumelu Foundation from just an idea into a preeminent global philanthropic institution.

While speaking on his appointment, Whitlock said he was honoured by the opportunity the board of trustees of the foundation had given him.

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Insecurity: Customs to Install CCTV at Tin Can Island Port Terminal

The Nigeria Customs Service (NCS) has just concluded plans to fix Closed-circuit Television (CCTV) in the terminals as part of the efforts to monitor movement of containers in the ports.

The first phase of the project is to begin at the second gate of the Tin Can Island port terminal and when it has been concluded,  Customs officials in the area would be able to see what happens to every container in the terminal through constant monitoring with the CCTV.

Customs Controller of the Tin Can Island Port, Alhaji Jibrin Zakare confirmed the plans, saying the CCTV which will be introduced will help in monitoring cargo’s in the terminals.

Stakeholders believe the installation of CCTV is coming at a good time and should be introduced in all other commands throughout the country.

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