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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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Nigerian, wife risk 50 years in US prison over alleged $500,000 fraud

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United States-based Nigerian, Opeyemi Olujobi, and his wife, Jennie Davidson, are facing up to 50 years in prison following their arrest over an alleged credit card fraud scheme in New York.

According to a statement by the United States Attorney for the Southern District of New York, Jay Clayton, that Olujobi and his wife were arrested in Poughkeepsie and are expected to appear before a U.S. Magistrate Judge in White Plains.

Clayton said that the duo allegedly used stolen identities to fraudulently access hundreds of credit card accounts and carried out unauthorised purchases amounting to over $500,000.

He noted that the defendants were part of a conspiracy that targeted numerous victims through identity theft and account takeovers.

According to the statement, the suspects allegedly used personal details such as Social Security numbers, dates of birth, phone numbers, and addresses to impersonate legitimate account holders.

“From at least May 2023 through October 2024, Olujobi, Davidson, and/or their co-conspirators contacted a publicly traded consumer financial services company and used other people’s names, Social Security numbers, dates of birth, phone numbers, and addresses to falsely identify themselves as the true accountholders of over 200 store credit card accounts.

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“After gaining access to the cardholders’ accounts, the perpetrators changed the address listed on the account to one of four addresses in Hopewell Junction, New York, including their residence, and also altered victims’ phone numbers to those controlled by members of the scheme,” Clayton stated.

The statement said the suspects then reported the cards as lost or stolen and requested replacements, which were delivered to addresses under their control.

The attorney said that once the suspects had the cards, they allegedly used them to purchase gift cards and other items across multiple retail outlets.

“After they obtained their victims’ credit cards, Olujobi, Davidson, and/or their co-conspirators used those cards at various retail locations to make around $575,000 in unauthorised purchases of gift cards and other merchandise.

“Video surveillance associated with many of these transactions shows Olujobi and Davidson using the stolen cards,” the statement added.

It further revealed that the suspects sometimes contacted the bank to request approval for declined transactions or to increase credit limits as needed.

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The attorney also alleged that Davidson laundered part of the proceeds through an online betting account before transferring the funds into her personal bank account.

The charge sheet accompanying the statement indicated that the suspects were charged with a four-count indictment bordering on conspiracy and fraud.

“Olujobi, 28, and Davidson, 29, are each charged with conspiracy to commit mail fraud, wire fraud, and bank fraud, which carries a maximum sentence of 30 years in prison, among other charges.

“Davidson is also charged with money laundering, which carries a maximum sentence of 20 years in prison.”

The statement, however, concluded that the charges were only allegations and that the defendants are presumed innocent until proven guilty in court.

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Good morning! Nigerian Newspapers Headlines: 2027: Suspense as S’Court delays PDP, ADC verdict

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1. The Supreme Court on Wednesday reserved judgment in the leadership tussles within the Peoples Democratic Party and the African Democratic Congress, heightening uncertainty over the internal stability of both parties ahead of the 2027 general elections.

A five-member panel of the apex court, led by Justice Mohammed Garba, fixed no date for judgment after hearing arguments from parties in separate appeals challenging the decisions of the lower courts on the disputes

2. The Presidency on Wednesday clarified that former Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, and former Minister of Housing and Urban Development, Ahmed Musa Dangiwa, voluntarily resigned from the Federal Executive Council (FEC), and were not sacked. In a statement, President Bola Tinubu’s media aide, Bayo Onanuga, said Edun tendered his resignation on health grounds.

3. Nigeria’s ambassador designate to Algeria, Mohammed Mahmud Lele, has died after a prolonged illness. Aged 50, Lele passed away in Ankara, Turkey, where he was receiving treatment. The Ministry of Foreign Affairs disclosed that Lele died in the early hours of April 19.

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4. President Bola Tinubu on Wednesday met with former President Goodluck Jonathan at the Presidential Villa, Abuja. The agenda of the meeting held behind closed doors was gathered to be part of a recurring pattern of consultations between the two leaders on West African political affairs and Nigeria’s continental engagements.


5. The Supreme Court on Wednesday reserved judgment in the appeals and cross-appeals arising from the crisis in the Peoples Democratic Party (PDP), after hearing all parties. The case has already reshaped the party’s leadership, with earlier court decisions nullifying its Ibadan convention and upholding the suspension of key officials.


6. Cross River State government says it has identified and isolated 10 persons who interacted with the Chinese national who reimported COVID-19 into Nigeria. Speaking with Daily Trust, the state epidemiologist, Dr Inyang Ekpenyong, said they were identified during contact tracing carried out by health officials.

7. Six defendants on Wednesday pleaded not guilty to a 13-count charge bordering on alleged terrorism and coup plotting before the Federal High Court in Abuja. The defendants were arraigned in suit number FHC/ABJ/CR/206/2026, with the prosecution led by the Attorney-General of the Federation, Lateef Fagbemi (SAN), alongside the Director of Public Prosecutions, Rotimi Oyedepo (SAN).

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8. The Minister of Power, Chief Adebayo Adelabu, has formally tendered his resignation in his bid to pursue his governorship ambition in Oyo state. The letter put to rest the speculation surrounding his ambition which was after by missing the March 31st initial deadline given by President Bola Tinubu for political appointees seeking elective positions to resign their appointments.


9. The Federal Government has announced plans to waive debts owed by domestic airlines to aviation agencies as part of measures to cushion the impact of the ongoing Jet A1 fuel crisis. Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed this during a high-level meeting in Abuja on Wednesday, convened to address the astronomical rise in the cost of Jet A1 fuel.

10. A High Court sitting in Calabar has sentenced a 46-year-old man, Imeh Sunday, to life imprisonment for raping his daughter. The prosecution of the case was led by the Basic Rights Counsel Initiative, a non-governmental organisation focused on protecting the rights of children and vulnerable persons

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Troops rescue kidnapped Benue bus passengers

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Troops of Operation Whirl Stroke (OPWS) have rescued the 13 passengers abducted from a Benue Links commercial bus along the Makurdi–Otukpo road.

According to Zagazola Makama, a counter-insurgency publication focused on the Lake Chad region, the victims were among 17 passengers kidnapped last Wednesday while travelling from Makurdi to Otukpo in Benue.

Three of the victims had earlier escaped from captivity.

Zagazola quoted security sources as saying the rescue mission was achieved on Sunday during a sustained search-and-rescue operation in a forest in Okete ward, Ohimini LGA of the state.

Some students travelling for the 2026 unified tertiary matriculation examination (UTME) were reportedly part of the abducted victims.

“Security sources further clarified that the perpetrators were local criminal elements in Benue  and not Fulani bandits as initially speculated in some quarters. The attack was however, hastily attributed to external groups without proper verification,” the publication said.

Those rescued include Hycent Oko (56), Elaiguli Joshua (25), Orili Raphael (29), Sunday Augustine (18), Emmanuel Elaicha (21), Gbile Nguyor Daniel (18), Ukacha Tersoo (18), Nyikwagh Aoridakator (22), Iornav Ngukuhan (18), Nyikwagh Benjamin (18), Buker Agatha (19), Paul Wende (29) and Akor Jessica (19).

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“The operation was carried out professionally, leading to the safe recovery of 13 victims. Preliminary findings indicate that the perpetrators are criminal elements from within the state and not external armed groups as widely speculated,” the publication quoted security sources as saying.

Zagazola added that the victims were immediately evacuated to the General Hospital in Otukpo, where they are currently receiving medical attention, noting that some of them sustained varying degrees of injuries during their captivity.

“Further checks revealed that eight of the rescued passengers were students en route to sit for the Joint Admissions and Matriculation Board (JAMB) examinations at the time they were abducted, a development that underscores the disruptive impact of criminal activities on education and civil life,” the publication said.

However, both the Benue state police command and JAMB have denied that any of the abducted passengers were UTME candidates.

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