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Biden’s Victory Will Attract $700b to Nigeria, Other Emerging Markets, say Experts

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A win for former United States (U.S.) Vice President Democratic Party presidential candidate Joe Biden will attract $700 billion investments to Nigeria and other emerging markets, Renaissance Capital (RenCap) analysts have predicted.

RenCap Chief Economist Charles Robertson said a Biden victory will, in the long run, shift trillions of dollars to Nigeria and other emerging markets.

In a report to investors titled: “Biden’s victory, trillions into EM and lockdown” released on Thursday, Robertson explained that if that happens, many people will wonder why this election race was tight.

The expert at the global investment and research firm said he expects Biden to clinch victory this evening (London time) with Nevada due to give him six Electoral College votes after 5pm London time.

On the outlook for Nigeria and other emerging markets, he argued that U.S. President, Donald Trump’s possible defeat is good for emerging markets. He said global investors will start re-allocating cash to emerging markets in a big way.

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He disclosed that already, Blackrock’s head of fixed income, who is responsible for $2.6 trillion of that firm’s $7.8 trillion in assets (Africa’s Gross Domestic Product is $2 trillion to put this into perspective), said they will invest more in merging market.

“The stock of Africa’s Eurobonds only topped $100 billion in 2018, and even if it is only Blackrock’s actively managed part of the business more like $2 trillion in all asset classes (perhaps $700 billion in fixed income), that starts to shift to Emerging Markets this could be very helpful.

“Our base case is that Foreign Direct Investment will stop being a net positive for the US due to Trump’s defeat, and portfolio flows will also go to EM, and together, these will drive the $ gradually weaker in coming years,” he said.

Robertson said this becomes a self-reinforcing cycle of emerging market forex appreciation giving good returns to dollar investors, which in turn attracts more money to emerging market and in turn pushes emerging market forex stronger.

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He predicted: “Georgia is also looking like another Democrat victory (Biden is 23,000 votes behind with two per cent of the vote, about 100,000, still to be done and they have been flowing his way).

“This gives Biden 270 electoral college votes with Nevada, which is what he needs to win and 286 if he does get Georgia. With Pennsylvania votes counted yesterday – and Democrats expecting a big win from remaining mail-in votes, Biden might well end up with 309 Electoral College votes to 229 for Trump (who is likely to win North Carolina).”

Robertson explained that if that happens, many people will wonder why this election race was tight.

He explained that talk of recounts in Wisconsin have been dismissed by a former Republican governor Scott Walker as having no chance of changing the results – previous recounts have changed voting tallies by a max 300 votes but Biden is 20,000 ahead.

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Robertson said that even if challenges in any states get to Supreme Court, the suspicion was that Trump will find that his appointees do not owe him a personal favour to come down on this side.

“They will instead do what is institutionally correct. It would be surprising if there were so many successful challenges that Trump could keep the presidency. So, our base conclusion from May that Trump would lose because that’s what always happens to incumbents in a recession year, will come good,” he said.

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Good morning! Nigerian Newspapers Headlines: Onanuga: Obi fabricating stories to gain undue sympathy — Tinubu doesn’t have time for him

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1. Bayo Onanuga, special adviser to President Bola Tinubu on information and strategy, says Peter Obi’s claims that he may not be alive for the 2027 elections were designed to “attract undue sympathy”.

In an interview with Chude Jideonwo, Obi, presidential candidate of the Nigeria Democratic Congress (NDC)accused the federal government of deliberately frustrating his means of livelihood and targeting opposition figures.

2. The Nigerian Army yesterday graduated 2,989 newly trained recruits at its Recruit Training Depot, Amasiri-Edda, in Ebonyi State, to boost counter-terrorism and other internal security operations across the country. The passing-out parade marked the graduation of the pioneer set trained at the depot, and came 12 days after the Army graduated 8,000 newly trained soldiers from the Nigerian Army Depot in Osogbo, Osun State.

3. The Sultan of Sokoto and President-General of the Northern Traditional Rulers Council, Alhaji Sa’ad Abubakar II, on Wednesday, called on all northern stakeholders to close ranks against the scourge of banditry, terrorism and kidnapping, declaring that security is a collective responsibility. Speaking during the 19th Northern Traditional And Governors meeting in Kaduna, the Sultan said the region could only overcome insecurity through unity and collaboration.

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4. The operation was carried out by personnel of the Forward Operating Base (FOB), Bonny, following credible intelligence on illegal activities around Okpokiri Community within the base’s area of operations. Acting on the intelligence, the Anti-Crude Oil Theft Team uncovered suspicious dugout pits concealed within the creek environment, prompting a detailed ground assessment.


5. The purported Director-General, DG, of the controversial Presidential Foreign Investment Promotion Council, PFIPC, Prince Adeyemi Matthew has denied ever meeting Chief of Staff to President Bola Tinubu, Femi Gbajabiamila in person. He also denied any involvement in the scandalous N1.3b budgetary allocation to the fake agency, saying he was in police detention and knew nothing about it.

6. The Senate on Wednesday approved the 2026 budget proposal of the Nigerian Customs Service, endorsing a revenue target of N11.074tn and an expenditure estimate of N1.295tn for the 2026 fiscal year. The approval followed the consideration and adoption of the report of the Senate Committee on Customs, Excise and Tariffs during plenary.

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7. The Economic and Financial Crimes Commission on Wednesday arraigned the immediate past Managing Director of the Port Harcourt Refining Company Limited, Ahmed Dikko, before the Federal High Court in Abuja, over an alleged N1.32bn money laundering scheme linked to the rehabilitation of the state-owned refinery. Dikko was docked before Justice Inyang Ekwo on a 12-count charge marked FHC/ABJ/CR/360/2026 alongside Masterpiece Projects & Investment Limited


8. Operatives of the Bayelsa State Police Command have arrested a 68-year-old man and his son for allegedly being in unlawful possession of four single-barrel guns along the Igbogene–Tombia Expressway in Yenagoa. This was disclosed in a statement issued and signed by Police Public Relations Officer DSP Musa Mohammed on Wednesday.

9. President Bola Tinubu has welcomed former Sokoto State governorship candidate, Sa’idu Umar Ubandoma, back to the All Progressives Congress, describing his return as a positive development for the party. Ubandoma was received by the President at the Presidential Villa in Abuja on Tuesday night after being presented by the APC leader in Sokoto State, Senator Aliyu Wamakko, following his recent defection to the ruling party.

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10. Lagos State House of Assembly on Wednesday endorsed the establishment of state police, urging nationwide constitutional reforms to strengthen Nigeria’s security architecture. Lawmakers also called on the 36 State Houses of Assembly to expedite consideration and approval of the Constitution Alteration Bill on state policing.

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Ex-Ondo finance commissioner, Akinterinwa celebrates Adefiranye on emergence as APC candidate

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Former Commissioner For Finance In Ondo State, Wale Akinterinwa has congratulated Honourable Festus Adefiranye on his emergence as the House of Representatives candidate for Ile Oluji/Okegbo and Odigbo Federal Constituency in the 2027 General Election on the platform of All Progressives Congress, APC.

Adefiranye is the incumbent Member, House of Representatives, representing Ile Oluji/Okegbo and Odigbo and has recently emerged victorious in the keenly contested party primaries.

Describing his victory “as a confirmation of the huge confidence reposed in him by his constituents on account of his charismatic leadership and sterling performance in office”, the former Commissioner thanked the people of the federal constituency for standing by the Okeigbo-born politician.

A statement personally signed by Akinterinwa, challenged Adefiranye not to relent in his characteristic quality representation, people oriented services and regular engagement with his constituents in order to justify the renewal of his mandate.

Expressing deep delight and utmost satisfaction, Akinterinwa wrote: ” the victory of Honourable Festus Adefiranye represents the triumph of people’s will over personal prejudice, it symbolises the triumph of democracy over tyranny and it confirms the superiority of substance over emptiness…I celebrate you, my brother and associate. Your victory has vindicated us and set the records straight”

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He, therefore, tasked party members and leaders of Ile Oluji/Okegbo and Odigbo Federal Constituency to mobilise massively ahead of the 2027 elections and vote for President Bola Tinubu and all APC candidates in Ondo State.

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Alleged N8bn CCTV contract fraud: ICPC arraigns el-Rufai, Jimi Lawal, others on amended charges

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned former governor of Kaduna state, Nasir el-Rufai, and six others on an 11-count amended charge bordering on alleged corruption, money laundering and related offences.

The six other defendants are Jimi Lawal, a former aide of el-Rufai; Singularity Network Security Limited; Solar Life Nigeria Limited; Knowledge Investment Nigeria Limited; Intercellular Nigeria Limited; and Noble Coast Resources Limited.

In a statement on the website of ICPC, Bashir el-Rufai, an elder brother of the former governor, who is currently at large, is also mentioned in one of the counts.

The defendants were arraigned before Hauwa’u Buhari, a judge at the federal high court in Kaduna.

In the amended charge sheet, ICPC alleged that the former Kaduna governor “unlawfully approved the award of a contract for the procurement, survey planning, final design and installation of a Closed-Circuit Television (CCTV) surveillance system in Kaduna Metropolis in the reviewed sum of ₦8,682,574,054.94 to Singularity Network Security Limited, contrary to public procurement laws, a company alleged to lack the requisite experience and qualifications”.

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The anti-graft agency also alleged that they “knowingly received or took possession of funds amounting to over ₦2 billion through various transactions involving Singularity Network Security Limited, Solar Life Nigeria Limited, Knowledge Investment Nigeria Limited, Intercellular Nigeria Limited and Noble Coast Resources Limited between 2017 and 2022”.

El-Rufai and Lawal pleaded not guilty to the charges.

The case was adjourned to July 1, 2026 for ruling on the bail application.

El-Rufai served as Kaduna governor from 2015 and 2023.

Lawal was a senior adviser to the former governor and a counsellor at the Kaduna Economic Development Council from 2019 to 2023.

He also served as el-Rufai’s special adviser during his first term.

El-Rufai is currently being prosecuted on multiple charges in different courts by the ICPC and the Department of State Services (DSS).

The ICPC had previously arraigned the former governor at the federal high court in Kaduna and Kaduna high court on separate charges bordering on alleged corruption and money laundering.

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The DSS is also prosecuting the former governor on five counts over allegations that he unlawfully intercepted telephone conversations linked to Nuhu Ribadu, the national security adviser.

At the federal high court in Kaduna, Rilwani Aikawa, the judge, granted bail in the sum of N200 million to the former governor.

At the Kaduna high court, Darius Khobo, the trial judge, denied the bail application of el-Rufai.

At the federal high court in Abuja, Joyce Abdulmalik, the judge, granted el-Rufai bail in the sum of N100 million with one surety in like sum.

The judge had ruled that the surety must reside in either Maitama or Asokoro districts of Abuja and must deposit the original certificate of occupancy (C of O) of a landed property with the court registry.

Criticisms have trailed the bail conditions imposed on the former governor with critics arguing that they are stringent.

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