GERMANY AND AUSTRIA TO TAP OIL RESERVES AFTER 400 MILLION BARRELS REQUESTED. (PHOTO).

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 Germany and Austria to tap oil reserves after 400 million barrels requested  Germany and Austria announced they are releasing portions of their oil reserves in response to an International Energy Agency request for member nations to collectively release 400 million barrels to help ease rising energy prices linked to the Iran conflict. Japan also said it will begin releasing part of its reserves starting Monday. The move marks one of the largest coordinated releases of emergency oil stocks in history. The previous record came in 2022, when IEA members released 182.7 million barrels following the energy disruptions caused by Russia’s invasion of Ukraine. Member countries currently hold over 1.2 billion barrels of public emergency oil stocks, along with an additional 600 million barrels of industry stocks maintained under government requirements. The release comes amid heightened tensions in the Persian Gulf, where Iran has targeted commercial ships and disrupted shipping throug...

EFCC SECURED 187 CONVICTIONS IN THE LAST ONE YEAR-MAGU.

Image result for magu                    The Acting Chairman of the Economic and Financial Crimes Commission,EFCC,Ibrahim Magu yesterday thuesday ,stated that the Commission has secured over 187 convictions in the last one year.Magu stated this while giving a keynote address on the ''Role and Challenges of Anti-Corruption Agencies in Enhancing Effective Public Service Performance'' at an International Conference on Law,Security and Development Strategies organized  by the International Institute for Policy Review and Development Strategies,University of Port Harcourt,Rivers State.Magu who was represented by Dr. Hakeen Bello,scored the Federal government high for its support to the EFCC and the political will to fight corruption.According to him,the political will to combat graft ''used to be a problem in the past when former chairmen of EFCC were not always sure of whether their activities would receive the full support of the government''.Magu said the Commission recorded mahjor breakthrough s in prosecutions of politically exposed persons including the conviction of Temisan Omatseye,former Director General of Nigeria Maritime Administration and Safety Agency,NIMASA.
Magu stated that in a bid to strengthen investigative and prosecutorial efforts of the Commission,various arms of the agency have been restructured.He said new sections including Capital Market/Insurance Unit,Cyber Crime Units Forensic/Financial Investigation Unit,Foreign Exchange Malpractice Unit and Procurement Fraud Units were created to join the already existing units.On the problem of inefficiency in the public service,Magu identified its major causes as over staffing and poor remuneration;poor assessment of manpower needs; use of wrong criteria to appraise staff performance; poor recruitment procedures,inadequate training and ineffective supervision.Other causes he identified are: Political interference in the process of personal administration,leading to improper delegation of power and ineffective supervision and corruption.Professo Okey Onuchuku,Dean,Faculty of Social Science,UNIPORT,who represented the Vice Chancellor,Professor Lale Ndowa,commended the organizers of the events.He said the theme; ''Global Perspectives To Legal Issues,Security and International Development'' could not have come at a more auspicious time in view of the various challenges facing the country at the moment.According to him ''if the country has functional institutions,it means there will be rule of law and if there is rule of law,it means there will be development''.The Conference was attended by academics from local Universities within Nigeria.
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