BusinessDay 10 Apr 2018
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34 BUSINESS DAY<br />
C002D5556<br />
Tuesday <strong>10</strong> <strong>Apr</strong>il <strong>2018</strong><br />
NEWS<br />
Why Buhari dares Obasanjo, IBB, others to...<br />
Continued from page 4<br />
good for Nigerians and also good<br />
for APC.<br />
“With this declaration, political<br />
activities will commence immediately.<br />
As a leader of a coalition<br />
of political parties, we have now<br />
gotten emboldened and we will<br />
re-strategize. I will go ahead and<br />
call a meeting immediately with all<br />
the national chairman of political<br />
parties in our coalition so that we<br />
can assess and reassess President<br />
Buhari’s declaration and proffer<br />
solution on how to move ahead<br />
for 2019. It is good that the declaration<br />
happened on Monday and I<br />
can assure you that between now<br />
and Friday, a lot of alignment and<br />
realignments will commence.<br />
“Nigerians are the people to<br />
decide whether the type of government<br />
they have seen for over three<br />
years is what they want to continue<br />
with or they need a change,” he said.<br />
Obasanjo to respond<br />
Former President Olusegun<br />
Obasanjo will react to President<br />
Muhammadu Buhari’s declaration<br />
to contest for the 2019 Presidential<br />
election, a close confidant of the<br />
former president confirmed.<br />
Opara told <strong>BusinessDay</strong> that<br />
Obasanjo, who is implacably opposed<br />
to the government of President<br />
Buhari, is not in the country<br />
now but will surely issue a statement<br />
when he returns to the country<br />
soon.<br />
Opara said that Obasanjo is<br />
catalyst for the mass movements<br />
that have swept across the federation<br />
in the form of Coalition<br />
for Nigeria Movement (CNM), the<br />
Nigeria Intervention Movement<br />
(NIM) which is in grand coalition<br />
with about 35 political parties, civil<br />
society organisations, faith- based<br />
organisations among others, allegedly<br />
aimed at removing the<br />
Buhari government and forming<br />
a Government of National Unity.<br />
“We are going to commence<br />
meeting with Obasanjo to reinforce<br />
our strategy for 2019. Obasanjo is<br />
not in the country now but as soon<br />
as he comes back he will issue a<br />
statement that Nigerians will follow<br />
and take it from there,” he said.<br />
Obasanjo has inspired the Coalition<br />
for Nigeria Movement (CNM),<br />
which he launched to allegedly<br />
unseat President Buhari and the<br />
ruling All Progressives Congress<br />
(APC). Obasanjo is also mobilizing<br />
Nigerians against the return of the<br />
main opposition Peoples Democratic<br />
Party (PDP) to power. The<br />
former president has said that the<br />
two main parties have led Nigerians<br />
astray and don’t deserve to be given<br />
any further chance.<br />
Recall that Obasanjo issued a<br />
letter to President Buhari in January<br />
in which he severely criticized<br />
the president for failing to better<br />
the Nigerian economy and failing<br />
to provide security to the people<br />
following the incessant attacks by<br />
armed Fulani herdsmen.<br />
Obasanjo has since received the<br />
support of former generals who<br />
also denounced Buhari over his<br />
shortcomings.<br />
Declaration anchored on<br />
failure -NCP chair<br />
Meanwhile the National Chairman<br />
of the National Conscience<br />
Party (NCP), Tanko Yunusa, said<br />
Buhari’s declaration gives the people<br />
little to hope for following the<br />
pervasive hardship in the country.<br />
The NCP chair told Business-<br />
Day on Monday that the declaration<br />
is not news. “For us we already<br />
have in mind that he was going to<br />
run. He has<br />
the right to run and he is welcome<br />
to the game. We will put up<br />
our own team to run against him.<br />
“But it is clear that the president<br />
and the government itself have not<br />
lived up to expectations of Nigerians<br />
and the cry has been huge.<br />
Look at the issue of corruption,<br />
people have seen that it has been<br />
selective and the issue of economy<br />
which has been woeful,” he said.<br />
Leader of the Northern Elders<br />
Forum (NEF) Tanko Yakasai described<br />
the declaration as “no<br />
news” adding that “Nigerians had<br />
abandoned the All Progressive<br />
Congress (APC) long ago”<br />
The elder statesman who stated<br />
that the declaration did not take<br />
him by surprise, attributed his<br />
reaction to how the President’s<br />
supporters “had been behaving”.<br />
“His supporters did not seem to<br />
know that Nigerians have changed<br />
their mind about the APC”<br />
“My advice to Nigerians is that<br />
they should be more conscious<br />
about their future and the future<br />
of their children.”<br />
Former Minister of Special Duties,<br />
Tanimu Yakubu, while also<br />
reacting, expressed happiness<br />
that the President is contesting the<br />
election.<br />
Yakubu, a chieftain of the Peoples<br />
Democratic Party, PDP, in a<br />
telephone chat with <strong>BusinessDay</strong><br />
in Abuja, said the party will be<br />
happy to square it up again with<br />
President Buhari.<br />
“We are happy because, it is going<br />
to be a rematch with President<br />
Buhari. It is the President that we<br />
want to defeat” adding that “we<br />
are happy that the APC is most<br />
likely to represent him for the 2019<br />
Presidential election”<br />
Yakubu said ”Nigerians are<br />
fully aware of the misrule, fragmentation<br />
and neglects” the All<br />
Progressive Congress had visited<br />
on Nigeria since the inception of<br />
the current administration.<br />
“We are not afraid of the APC<br />
and the President because they<br />
have created more division and<br />
insecurity among Nigerians than<br />
they inherited.”<br />
He added that the PDP is however<br />
working to conduct the most<br />
transparent, free and fair primaries<br />
that will produce their own<br />
candidate.<br />
“You know the PDP is the biggest<br />
party in Nigeria, we are working<br />
to produce our candidate<br />
through free, fair and transparent<br />
primaries,” he said.<br />
Pally Iriase, member of National<br />
Executive Council (NEC) of APC<br />
commended the Buhari’s decision<br />
to seek second term in office as<br />
Nigeria’s President.<br />
Iriase who doubles as Deputy<br />
Majority Whip in the House of<br />
Representatives, in a chat with<br />
<strong>BusinessDay</strong>, described Buhari<br />
as a focussed leader in the areas<br />
of anti-corruption crusade and<br />
infrastructural development.<br />
“One thing that is very clear about<br />
this President is that no matter what<br />
anybody will have against him, he is<br />
much focused and very passionate<br />
about repositioning Nigeria and his<br />
single fight against corruption is what<br />
Nigerians must commend.<br />
“Secondly within the limited resources<br />
available, he has been able<br />
to show that Nigeria can develop<br />
and work because not many are<br />
aware about the huge infrastructural<br />
L-R: Yoichi Sagara, general manager, Africa division, Toyota Motor Corporation, Japan; Shola Olayemi, representative<br />
of First Bank Nigeria plc; Michael Ade. Ojo, chairman, Toyota Nigeria Limited, and Henry Ojuoko, head, dealer<br />
development/special projects, Toyota Nigeria Limited, during the presentation of the Evergreen Customer Award<br />
to First Bank Nigeria plc, at the Toyota Awards 2017 in Lagos.<br />
Pic by Pius Okeosisi<br />
development that is ongoing all over<br />
the country, roads are receiving attention,<br />
the rail system is receiving<br />
attention, the airports are receiving,<br />
and even the power problem is receiving<br />
consistent attention.<br />
“This shows the serious mindedness<br />
of a President that want to<br />
turn things around for the betterment<br />
of Nigeria, he came in at a<br />
time when things have gotten so<br />
bad and he has since jettisoned the<br />
easy escape route of blame game<br />
and he has settled down to work.”<br />
Rekindles hope?<br />
Speaking shortly after the NEC<br />
meeting held in Abuja, Governor<br />
Abubakar Sani Bello of Niger State<br />
stressed that the decision by President<br />
Buhari to seek for re-election<br />
in 2019 has rekindled hope and<br />
reassured Nigerians that the restoration<br />
agenda, the war against<br />
corruption and enthronement of<br />
good governance for the country<br />
will sail safely to coast.<br />
The governor commended this<br />
decision shortly after President<br />
Buhari told the APC NEC of his intention<br />
to contest the presidential<br />
election next year in a statement<br />
signed by his Coordinator, Media<br />
and Publicity, Jide Orintunsin.<br />
The Governor noted that the<br />
President pronouncement has<br />
rekindled the hope of average<br />
Nigerians for a better tomorrow.<br />
“It was so heart-warming when<br />
the President today told members<br />
of the national executive committee<br />
(NEC) of our great party of his<br />
intention to seek for re-election.<br />
This is the brightest moment for<br />
our country.<br />
A moment that has rekindled<br />
the hope of our people, a moment<br />
that has reaffirmed that all the<br />
good works, the good initiatives<br />
of the President that saw us out of<br />
economic recession the country<br />
was plunged into by mismanagement<br />
of past administration will<br />
now be sustained to take us to the<br />
desired enviable position among<br />
the comity of nations.<br />
“By this pronouncement, President<br />
Muhammadu Buhari has exhibited<br />
high sense of a good leadership.<br />
He has shown that he listens to<br />
the yearnings of millions of Nigerians<br />
who called on him to continue the<br />
good work he started since 2015.<br />
“He would have dashed the<br />
hope of teeming Nigerians, especially<br />
the younger ones who are<br />
looking up to him, if he has turned<br />
down this call to serve.<br />
“The onus is now on all good<br />
and well-meaning Nigerians to rally<br />
round our President and ensure that<br />
the reactionary forces of the opposition<br />
and agents of doom are not<br />
allowed to dash the much cherish<br />
hope we all have in the new emerging<br />
Nigeria by doing the needful<br />
during the next general election.<br />
“We cannot afford to go back to<br />
the dark days of extravagance and<br />
impunity. President Muhammadu<br />
Buhari has changed the game, he<br />
has brought sanity to governance,<br />
the war against insurgency is nearing<br />
logical conclusion and our<br />
economy is improving. Posterity<br />
will not forgive us as a people if we<br />
allow this golden opportunity to<br />
slip off our hands, the President<br />
has declared, we have to do the<br />
needful as a people by supporting<br />
him,” Governor Sani Bello advised.<br />
What it means for markets<br />
Despite exiting Nigeria from<br />
its worst recession in decades<br />
and gradual stabilization of the<br />
naira, the decision by 75 years<br />
old former dictatorship ruler<br />
and current President Muhammad<br />
Buhari to run for second<br />
term still may not restore confidence<br />
in Nigeria’s economy as<br />
Africa largest economy continues<br />
to struggle to find its path<br />
to greatness.<br />
Four analysts surveyed by <strong>BusinessDay</strong><br />
were not surprised by the<br />
president’s decision to contest for<br />
a second term however they differ<br />
on expectations for the market.<br />
“Everything pointed to the fact<br />
that he wanted it so there is nothing<br />
new; however his decision<br />
doesn’t affect the stock market and<br />
FX market in any form,” Bismarck<br />
Rewane, CEO of economics consulting<br />
firm Financial Derivatives<br />
Limited said.<br />
“What the market will be looking<br />
out for is what the other opponents<br />
are bringing to the table,”<br />
Rewane added.<br />
Ayodeji Ebo, managing director<br />
and CEO of Afrinvest Securities<br />
Limited was also not surprised<br />
however and said certainty is very<br />
pivotal in an investment decision,<br />
so the President’s decision<br />
to run will provide some form of<br />
confidence to investors giving the<br />
assurance there will be continuity<br />
of policies if he emerges the winner.<br />
“It is positive news for manufacturers<br />
and the real sector market in<br />
terms of FX stability and Increasingd<br />
the domestic production of<br />
goods and services,” Ebo said.<br />
“Generally, for the economy its<br />
positive news although a lot still<br />
has to be done in terms of infrastructure<br />
funding and FX stability.”<br />
Dolapo Ashiru, CEO at Lagosbased<br />
Mega capital financial services<br />
said the market has been<br />
expecting that President Buhari will<br />
come out and contest so the announcement<br />
was really not an issue.<br />
“In-fact the major reaction that<br />
we would have seen in the market<br />
is if the opposite had happens, because<br />
the market already expects<br />
a re-run from him as no Nigerian<br />
president has ever declared not to<br />
run for the second time,” Ashiru<br />
said by Phone.<br />
After becoming the first opposition<br />
candidate to win power in<br />
Nigeria at the ballot box, the Buhari<br />
led-government has been faced by<br />
several market uncertainties such<br />
as Boko Haram Islamist insurgency<br />
and inconsistent international<br />
crude oil price from which Nigeria<br />
generates a bulk of its revenue<br />
from.<br />
“Governance is likely going to<br />
be a casualty, though; the longsuffering<br />
<strong>2018</strong> budget and a recent $1<br />
billion approval for the military,<br />
could become pawns in the political<br />
games to follow,” Rafiq Raji,<br />
Chief Economist at Macroafricaintel<br />
told <strong>BusinessDay</strong>.<br />
The Nigerian economy has<br />
been hammered by a lengthy collapse<br />
in oil prices that began in<br />
mid-2014, and snowballed into a<br />
two-decade low of $28 per barrel<br />
in January 2016.<br />
The pain inflicted by militant attacks<br />
in the Niger-delta, which sent<br />
production levels to near decadelows<br />
of 1.2 million barrels a day,<br />
dealt an even steeper blow on the<br />
oil-dependent economy.<br />
These factors, alongside the<br />
75-year old Nigerian president<br />
attitude on holding the naira rate<br />
unchanged despite reduced dollar<br />
inflows y, tipped the economy into<br />
recession and triggered acute dollar<br />
shortages that stifled the non-oil<br />
sector, as the latter contracted 0.2<br />
percent to record is worst performance<br />
since 1984.<br />
•Continues online at www.businessdayonline.com