Republicans have won the majority of House seats.
The Republican Party has now won enough House of Representatives seats to take control, giving them complete power over Congress and the White House. This follows their earlier victory in gaining control of the Senate last week.
During the last two years when Republicans controlled the House, there was a lot of internal conflict. Far-right conservative groups often challenged their own party’s leaders to gain more power and influence. While House Speaker Johnson managed to keep open rebellion under control (sometimes with Trump’s help), the right wing of the party is now growing stronger and has big plans following Trump’s election win.
NNPCL appoints new EVPs, CFO
NNPC Limited’s Board of Directors has announced several important changes to its leadership team.
The company shared these changes in a statement called “Leadership Appointments at NNPC Limited” on Wednesday night. Olufemi Soneye, the Chief Corporate Communications Officer, posted on X: “These changes reflect our ongoing commitment to enhancing corporate governance, improving operational efficiency, and securing long-term success in Nigeria’s energy sector.”
The company explained that these leadership changes are important for making Nigeria’s energy sector stronger and better managed.
The new appointments include Mr Adedapo A. Segun becoming Chief Financial Officer after previously working as Executive Vice President of Downstream operations.
Mr Isiyaku Abdullahi has been made Executive Vice President (EVP) of Downstream operations, and Mr Udobong Ntia is now Executive Vice President (EVP) of Upstream operations.
UCH is experiencing a blackout over N400m debt
The University College Hospital (UCH) in Ibadan has lost its power supply after being disconnected from the national electricity grid because it owes N400 million.
The Ibadan Electricity Distribution Company (IBEDC) explained they had no choice but to cut power because UCH hadn’t paid its debt.
The company said they had to take this step because they’re under pressure to pay their bills.
“IBEDC was compelled to take this course of action as we are faced with increasing pressure to meet our financial obligations to the market.
“However, IBEDC reiterated its commitment to working with UCH and remains open to discussions on a flexible payment arrangement that could be mutually agreed upon by both parties,” said IBEDC spokesperson, Busolami Tunwase.
There was a bombing attempt at Brazil’s top court.
A man took his own life using a bomb outside Brazil’s Supreme Court after trying to get into the building on Wednesday, according to officials. This event has raised security concerns as Brazil prepares to host important world leaders from the Group of 20 (G20) major economies.
The explosions happened just five days before G20 leaders were scheduled to meet in Rio de Janeiro and before Chinese President Xi Jinping’s planned visit to the capital city of Brasilia.
Oil prices ease on fears of higher output, sluggish demand
Oil prices dropped slightly early Thursday, losing most of the gains they made the day before. This drop was caused by concerns about higher worldwide oil production while demand grew slowly, and a stronger dollar made the situation worse.
Brent crude oil, which is a global benchmark, fell by 35 cents (0.5%) to $71.93 per barrel by 0500 West African Time. In the United States, West Texas Intermediate crude oil dropped by 42 cents (0.6%) to $68.01.
On Tuesday, OPEC (the Organisation of the Petroleum Exporting Countries) lowered its prediction for global oil demand growth in 2024. They now expect demand to grow by 1.82 million barrels per day, down from their earlier prediction of 1.93 million barrels per day last month. This change was due to weak demand in countries like China and India, which caused oil prices to fall to their lowest level in almost two weeks.
At the same time, the U.S. Energy Information Administration slightly increased its forecast for U.S. oil production. They now expect the U.S. to produce an average of 13.23 million barrels per day this year, which is 300,000 barrels per day more than last year’s record of 12.93 million barrels per day, and slightly higher than their previous forecast of 13.22 million barrels per day.
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