FINANCIAL VANGUARD Vanguard, MONDAY, APRIL 15, 2019 — 31 Stock market loses N528bn in three days— PUNCH, April 4, 2019. FOR more than seven months, I have refrained from writing about the Nigerian Loss, sorry, Stock Exchange, NSE, because it had been my experience for nearly thirty years that most Nigerian investors in the capital market are the closest human beings who can be classified as retarded. It is bad enough when millions of individuals presumed to be intelligent act against their own interests out of ignorance. It is absolutely astonishing when Nigerian investors, like human lemmings, all rush to their own economic destruction. Anybody who had money in the Stock Exchange since January 2018 needs to have his brain-box checked. The alarm was sounded three times last year warning people to stay out of the investment trap called NSE. Few listened. If enough Nigerians have adhered to the alert, the NSE would have started to undertake the necessary reforms needed to insulate shareholders from the terrors of Buharinomics. The end is not yet in sight for all those deciding to hang on to their shares – now more useless than tissue paper. WEMA Bank declared three kobo dividend after twelve years. The implications are so serious one wonders why all the shareholders don’t just attend the next annual general meeting just to throw the shares at the Board. At this rate, after allowing for inflation during the last twelve years and in the next dozen years, WEMA shareholders would have to wait at least two centuries to recover the original investment. If you call that investment, kindly let me have your definition of stupidity. The stock market represents all that is bad about the economy under Buhari. Generals need to be told to take care of the lives of others —Pelopidas, 403-364 BC. Greek General and statesman. What a Greek General, during the Hellenic Age, already taught the world almost 2500 years ago is totally lost on our General and President. He is certainly not taking care of the lives of Nigerians citizens; and that will result in dire consequences for the entire nation – especially those who provided his winning Buharinomics: The bad, the worse, and the ugly majority votes. Northerners are already the poorest, the least educated, worst housed and most deprived of essential social services. They will soon discover that we have not reached the bottom yet. Worse is coming under Buhari. Readers should make no mistake about it. Among the things that will eventually ruin Nigeria, and they include Boko Haram, herdsmen, bandits and kidnappers, Buharinomics now ranks very high. The entire world is now so concerned about the impending economic and social disasters which four more years of the APC government will unleash on Nigeria. We are already reaping the harvests of sorrow in many ways. Below is a review of the alarming reports about Nigeria trending on all media. It should not get worse. But, soon readers will find out about the ugly side of Buharinomics. Then, things will get worse. “Nigeria’s economy slipping.” That was the verdict of the World Bank which used a taxonomy to determine the performance of all African countries. The report provided us with data which should frighten the living daylights out of any right thinking Nigerian. It said “For instance ..median economic growth rate decelerated from 5.4 per cent per year in 1995-2008 to 1.2 per cent per year in 2015- 2018. Meanwhile, growth is projected to rise from 1.9 per cent in 2018 to 2.1 per cent in 2019…. to 2.2 per cent in 2020 and reach 2.4 in 2021.” With population growing at 3.2 per cent each year, it means the average Nigerian will get progressively poorer. When added to the tree years, 2015-2018, it means the country is expected to experience FINANCIAL VANGUARD ABUSINESSMAN, Cajetan Chike Muonagolu, has been ordered to be remanded in prison custody by Justice Saliu Saidu of the Federal High Court, Ikoyi, Lagos on a four count charge bothering on dealing in adulterated and substandard engine oil. The court admitted Muonagolu to bail in the sum of N50 million and two sureties in the like sum. One of the sureties must be a civil/public servant not less than Grade Level 15 in the employment of the Federal or Lagos State Government while the other must be the defendant's relation with landed property within the jurisdiction of the court. Other conditions include: That both sureties must deposit their passport photographs with the court while Muonagolu must deposit his international passport with the court registrar; The prosecution and the Court Registrar are to verify the sureties' address. Arguing the bail application, counsel to the 1st and 2nd defendant, Mike Ozekhome, SAN represented by six straight years of declining per capita income and increasing poverty. What can government do about it? Surprisingly, the global answer to that question is “Nothing”. The entire world does not believe that Buhari has the capacity to reverse our downward trend into extreme poverty. It is difficult to imagine any Nigerian economist who is Buhari is deficient in understanding economics; he cannot provide the leadership we need in reversing our downward trend into extreme poverty order of severity, were: Yemen, the Democratic Republic of the Congo, Afghanistan, Ethiopia, the Syrian Arab Republic, the Sudan, South Sudan and Northern Nigeria.” In other words, those who provided the winning margin for Buhari’s reelection went to the polls on empty stomachs; while the man for whom they voted had three meals. How on earth has the Nigerian General taken care of the lives of the multitude? Furthermore, what happened to all the rice the Ministry of Agriculture pronounced was being produced to make Nigeria self-sufficient in rice? Liars ought to have good memories— Algernon Sidney, 1622-1683. Vanguard Book Of Quotations, VBQ, p 127. From the lies about rice harvest we slide into the ugly aspect of Buharinomics. This is what will eventually give President Buhari the bad reputation he is desperate to avoid. Granted “all governments are run by liars and nothing they say should be believed” (I.F. Stone, VBQ); but, no previous government has assembled so many officers who cannot just tell the truth as this one. Just last week, the Chairman of the Rice Processors Association of Nigeria, RIPAN, told journalists that 20 million bags of rice were smuggled into Nigeria from January to March this year alone. Assuming the smugglers work every day, that volume of rice translates to 220,000 bags of rice entering Nigeria illegally daily. That revelation calls into question the figures publicised by the Federal Government regarding domestic production of rice. Second, if RIPAN knows so much, how come Nigeria’s Custom Services does not? There is only one obvious conclusion. We don’t know how much rice is available for consumption in Nigeria. But, from the UN report on hunger, it is clearly not enough. Certainly, millions are still serving. “Fish rots from the head.” The mother of all falsehoods regarding economic performance originates from the Office of the Vice President, Pastor Yemi Osinbajo. The Social Intervention Programme, SIP, which was billed as Buhari’s legacy project was tucked under the “Man of God” - undoubtedly to keep the sons of the Devil from laying their hands on the funds. Yet, after three full years of running the programme, Pastor Osinbajo has failed to render a full account of his stewardship with respect to SIP. Nigerians are treated to press releases, making spurious claims about achievements which cannot be verified. In the three years, while travelling to over twenty eight states in all the zones, I am yet to find a school providing FG food to kids. If you think I am the only one doubting Osinbajo then read this. Farmers question Osinbajo’s statistics on school feeding— Daily Trust, Saturday, April 6, 2019. The story partly said: “A few days ago, Vice President Yemi Osinbajo released huge statistics regarding the Federal Government’s school feeding programme…This translates to 2,376 cows every month..chickens..about 552,000 monthly 27 million eggs…With these huge figures..farmers association are wondering about the identities of the farmers FG is patronising.” Incidentally, I bought the paper in the state capital of a North Central State while seeking to conclude a deal on rice in a remote community. Schools there never got free Federal Government food. I rest my case. ECONOMY Bizman remanded in prison custody for suspected adulterated, substandard engine oil Goke Olagunlehin holding brief for D.A. Awosika supported by Heritage Omoyera and Umeizie Chukwudimma urged the Court to grant his client bail. The SON prosecution team of Babatunde Alajogun and Adeleke Olofindare opposed the bail application on the ground that the 1st defendant, Cajetan Chike Muonagolu committed another offence during the pendency of the case by: Breaking and removing the official seal of SON and evacuated 15, 000 cartons of suspected adulterated/substandard engine oil which SON put on hold; Assaulting and beating up SON officials in the course of their lawful duties. The court ordered counsel for the prosecution and defence to visit the warehouse to ascertain the breaking of the seal or otherwise. The matter was adjourned to May 20, 2019 for not an official of the FG who does not agree with the global view. A man, even if he is President, cannot give what he does not have. Buhari is deficient in understanding economics. He cannot provide the leadership we need in that regard. Nigeria, Seven Others Face Acute Hunger – UN — Daily Independent. The report on April 4, 2019 went as follows: “No fewer than 113 million people experienced high levels of food insecurity in the world’s most severe food crisis in 2018, the Global Report on Food Crisis has found….The worst food crises in 2018, in commencement of trial. The federal government had charged the defendants with four counts of production, possession, dealing in and distribution of substandard engine oil. The defendants had pleaded not guilty to the charges. In the charge, the defendants are accused of committing the offences at ASPAMDA Trade Fair Complex, Lagos Badagry Expressway Lagos State between December 12 and 13 2018. They were accused of being in possession of 15,000 cartons of adulterated Prime Plasma, Prime ATF and Stanley brand of engine oil which they present as being of quality. The prosecutor, Mr Adeleke Olofindare, said their offences contravene Section 3 (6) of the Miscellaneous Offences Act, CAP M17, Laws of the Federation of Nigeria 2004 and Section 26 of Standards Organisation of Nigeria Act, 2015. A part of the charge reads: "That you Cajetan Chike Muonagolu and Richbon Nigeria Limited of Plot 242, Oshodi Apapa Express Way, Odolowu Bus Stop, Lagos on or about 12/13 December 2019, while at ASPAMDA Trade Fair Complex, Lagos Badagry Expressway, Lagos State within the jurisdiction of this Honourable Court did indulge in dealing in adulterated/substandard engine oil to wit: 15,000 Cartons and 60,00 pieces of Prime Plasma, Prime ATF and Stanley brand of Engine oil which is not of quality, substance nature or efficacy which the seller represented it to be and thereby commit an offence punishable under Section 1 (18)(ii) of the Miscellaneous Offences Act, CAP M17, Laws of the Federation of Nigeria 2004. "That you Cajetan Chike Muonagolu and Richbon Nigeria Limited of Plot 242, Oshodi Apapa Express Way , Odolowu Bus Stop, Lagos on or about 12/13 December 2019, while at ASPAMDA Trade Fair Complex, Lagos Badagry Expressway, Lagos State within the jurisdiction of this Honourable Court did fail to comply with the Standards Organisation of Nigeria's Conformity Assessment Programe (MANCAP) to wit; dealing in and having in possession of: 15,000 Cartons of Prime Plasma, Prime ATF and Stanley brand of adulterated/substandard engine oil". It will be recalled that the Standards Organisation of Nigeria recently undertook a nationwide raid on suspected adulterated and substandard lubricants in response to a myriad of consumer complaints and failure of engines occasioned by suspected substandard engine oils.