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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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Fire outbreak at Lagos international airport terminal

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The Federal Airports Authority of Nigeria (FAAN) says a fire outbreak occurred at the terminal one of the Murtala Muhammed International Airport (MMIA), Lagos, on Monday.

FAAN, in a statement issued on the incident, said no casualty has been recorded so far, adding that its firefighting team is working to contain the situation.

“Our firefighting team is currently responding and working to contain the situation. No loss of life has been recorded,” the authority said.

The agency added that further updates would be provided as more information becomes available.

Details of the cause of the fire and the extent of damage were not immediately disclosed at the time of filing this report.

On April 25, 2024, flight operations at terminal one of the Murtala Muhammed International Airport (MMIA) in Lagos had been diverted by the FAAN to the D Wing following a fire outbreak at the facility.

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In March of the same year, FAAN said there was a minor wire spark in one of the units at MMIA.

The incident had reportedly led to travellers and workers being evacuated to a departure hall due to thick smoke billowing from a section of the facility.

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Awujale: Fusengbuwa ruling house begs Ogun govt to lift selection embargo

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Otunba Abdulateef Owoyemi, head of the Fusengbuwa Ruling House, has appealed to Governor Dapo Abiodun to lift the embargo on the Awujale selection process and allow the kingmakers to complete their assignment.

Owoyemi disclosed that the royal family, which is next in line to produce the new Awujale of Ijebu land, as well as sons and daughters of Ijebu land at home and in the diaspora, are unhappy, frustrated, and saddened by the indefinite suspension of the selection process by the state government.

Speaking against the backdrop of the suspension, the former National President of the Institute of Chartered Accountants of Nigeria (ICAN) commended Governor Abiodun for his support so far but urged him not to allow distractions to hinder the completion of the selection process as soon as possible.

He noted that he had been inundated daily with calls from within and outside the country from indigenes seeking updates on the emergence of a new Awujale.

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Owoyemi explained that the royal family appreciates the governor’s commitment but pleaded with him to allow the selection process to resume so that the kingmakers could carry out their responsibility of choosing the next Awujale.

“The royal family, and indeed every son and daughter of Ijebu land, will appreciate it if the governor can put all these distractions behind us,” Owoyemi said. “It has always been like this when people are contesting for a position. Ramadan has begun, and after it, we shall have our annual Ojude Oba during Eid-el-Kabir, a gathering of great religious and cultural significance.”

He added, “Everyone, both at home and in the diaspora, is waiting. Who will coordinate the preparation? The people are waiting for guidance. They want to have the new Awujale. We want this matter concluded as soon as possible.”
Owoyemi lamented that he receives calls daily from family members around the world seeking updates but has nothing to tell them. “We have also been appealing to the government, but we have received no response.”

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“These are men of integrity and character who will not sell the Awujale’s throne for anything. The family is not happy with what is happening, and we are pleading with the government to lift the suspension and allow us to conclude the process,” he added.

“By now, the government should have had enough time to review whatever concerns it observed and lift the suspension. The people are expectant; they want a new Awujale as soon as possible.

“They have waited long enough. I receive calls from America, the UK, and across the country. The family is worried and unhappy with how everything has been left hanging,” Owoyemi said.

“The governor has tried, but it is time to conclude the process. This process must be completed, and someone must emerge. This is the plea of the Fusengbuwa Ruling House. We sincerely beg the governor to allow the kingmakers to finish their job.”

Ninety-five aspirants—comprising 94 princes and one princess from the Fusengbuwa Ruling House—emerged during the nomination meeting of the ruling house held last month at Bisrod Hall, GRA, Ijebu Ode.

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The kingmakers, led by the Ogbeni Oja of Ijebu land, Dr. Sunny Kuku, were about to commence the selection process when the government halted it, citing the influx of petitions from security agencies and other stakeholders.

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FCT council election: EFCC arrests 20 for alleged vote buying, recovers N17m

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Operatives of the Economic and Financial Crimes Commission (EFCC) arrested 20 suspects for sundry electoral offences, including alleged vote buying during Saturday’s area council elections held across the Federal Capital Territory (FCT).

In a statement posted on its X handle on Sunday, EFCC said operatives also recovered more than N17 million from some of the suspects.

According to the statement, the suspects were arrested for various electoral offences, including vote buying and vote selling.

“One of the suspects was arrested with a sum of N13,500,000 (Thirteen Million, Five Hundred Thousand Naira) in a car parked beside a polling booth in the Kwali Local Government Area,” the statement reads.

“Two of the suspects were arrested in Abaji; nine in Gwagwalada; four in Kuje and the remaining four in Kwali.”

The EFCC added that the suspects would be charged to court upon conclusion of investigations.

The FCT council polls recorded low voter turnout and drew allegations of electoral malpractice from the African Democratic Congress (ADC), whose candidates lost across several areas of the territory.

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The All Progressives Congress (APC) secured a dominant victory in the elections by winning five out of six chairmanship positions. The Peoples Democratic Party (PDP) won in only Gwagwalada area council.

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