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Emefiele’s Ingenuity Improves Nigeria’s Equity Market – CNN
By Our Correspondent with agency reports
The ingenuity of Governor Godwin Emefiele, the head of the Central Bank of Nigeria, CBN, in the management of the foreign exchange market helped notch Nigeria’s stock market to be amongst the five (5) top performers in 2017, topping equities markets of most major European, Middle Eastern and Asian countries.
A CNN report, which examined the performances of global equities’ markets, listed the United States stock market (Average 25%), Nigeria (43%), Turkey (43%), Argentina (73%) and Hong Kong (35%) as the major outperformers. Qatar was listed as the “Biggest loser” down 19% this year despite the big recovery of crude price. The small nation’s economy has been under pressure following its spat with Saudi Arabia, Bahrain and the UAE.
The Nigerian stock market has so far this year recorded a 43% gain after the central bank made it easier to swap foreign currencies through the special window called the ‘Investors’ and Exporters’ FX Window’ created last April which also helped the country ease out of a short but painful recession, the report said.
The All-Share index is still miles below record highs set in early 2008 when oil, Nigeria’s main forex earner topped $100 per barrel. Crude oil Wednesday reached $67 a barrel, the highest since 2015.
Many analysts are optimistic that stocks in Nigeria could keep rising in 2018.
“If you look at where we stand today, the [Nigerian] market is still one of the cheapest markets on the planet,” said Zin Bekkali, founder and CEO of Silk Invest, according to the report.
The value of public companies on global stock markets grew by $12.4 trillion in 2017, according to S&P Dow Jones Indices, which included dividends in its calculation.
The Dow Jones Industrial average shot up by 25%, the S&P 500 surged by 20% and the tech-heavy Nasdaq index outshined them with all with a stunning 29% gain, the report added.
Emefiele has received several accolades for thinking out of the box and executing strategies during the recession that helped stabilize the naira, curbed the recession and started the process of diversifying the economy through the CBN’s Anchor Borrowers’ Programme, an Agro-based initiative that provided billions of naira in cheap funds to farmers to grow and process rice, millet, maize and beans amongst several others.
Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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I am writing to felicitate with Your Excellency, Atku Abubakar, GCON, former Vice-President of Nigeria (Zege Mule u Tiv & Wazirin Adamawa)
on the occasion of your 79th birthday anniversary.
I join your teeming admirers globally in celebrating you on this special day, an adorable Statesman and my Boss.
I recall with nostalgia, how countless generations have benefited from your generosity, wealth of experience and benevolence including being my key benefactor even as a young lawyer for my professional success.
Your Excellency, may your special day be filled with grandeur befitting your illustrious career.
I wish you continued success, prosperity, and an unending stream of accolades.
It takes a remarkable kind of fortitude to remain active in public life well into one’s golden years. Your dedication and patriotism remain truly exceptional.
May you enjoy a day of reflection on your many years of fruitful service to humanity. It is my prayer that God Almighty grants you many more healthy, fruitful, and fulfilling years ahead, and continues to endow you with wisdom, strength, and the grace to keep contributing to our nation-building.
Happy Birthday, Your Excellency.
Michael Kaase Aondoakaa SAN.
Former Attorney General of the Federation and Minister of Justice
TAU reaffirms commitment to globally competitive learning
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