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BIG STORY

Nigeria’s Bonds Record Huge Gains As Investors Predict Victory For Tinubu — Bloomberg Report

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Nigerian bonds recorded some of the best gains in emerging markets on Monday, Bloomberg is reporting.

The news agency said five of Nigeria’s dollar bonds ranked among the 10 best performers on Monday in a Bloomberg index of 71 emerging and frontier nations.

The country’s sovereign risk premium narrowed the most this year on Monday, according to JPMorgan Chase & Co. data.

The equity benchmark in Lagos rose to an eight-month high.

The development was attributed to expectations by investors that Bola Tinubu, candidate of the All Progressives Congress  (APC), who’s taken an early lead in the presidential election tally, would implement much-needed fiscal reforms.

“Markets seem to be increasingly pricing in a Tinubu win, given the expectations that he could push through reforms quicker than others,” Simon Quijano-Evans, chief economist at Gemcorp Capital Management, was quoted as saying.

“But it is difficult to see this holding if the election winner is unable to quickly turn around the macro story with visible reforms and personnel changes.”

Quijano-Evans also said some of the gains might have been driven by bargain hunters after Nigeria’s bonds tumbled in the run-up to the elections.

Bloomberg said Nigeria’s bond due 2047 rose 1.8 cents on the dollar to 68.8, cutting its yield by 33 basis points to 11.5 percent.

Meanwhile, securities maturing in 2029, 2030, 2032 and 2033 all rallied more than 2% in price.

The NGX 50 Index rose for a fourth day to the highest level since June 2022, with Stanbic IBTC Holdings Plc accounting for more than half of the gains.

JPMorgan gauge of sovereign-risk premium, meantime, narrowed 42 basis points to 723 – a reduction of 104 basis points in the past three days.

It said the measure had hovered above the 1,000 basis-point mark until November 3, the widely accepted threshold to indicate a debt-distressed nation.

On his part, Patrick Curran, a senior economist at Tellimer Ltd, said, “Tinubu, who we perceive as being the least market-friendly of the three main candidates, is currently in the driver’s seat, but it is still early days and the positive reaction in Nigerian credit could indicate that markets think Obi stands a fighting chance.”

“There is likely to be a positive macro policy shift at the margin no matter who wins the election.”

BIG STORY

BREAKING: Court Acquits Former Governor Fayose Of Money Laundering Charges, After 7 Years

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The Federal High Court in Lagos has cleared former Ekiti State Governor, Ayodele Fayose, of all money laundering accusations brought against him by the Economic and Financial Crimes Commission (EFCC).

Delivering its verdict, the court accepted a “no-case submission” from Fayose’s legal team, ruling that the EFCC failed to provide adequate evidence to continue with the case.

Fayose had been accused of multiple instances of fraud and money laundering allegedly carried out while he served as governor.

After several years of legal battles, the court found that the prosecution had not made a “prima facie case”, resulting in Fayose’s release and acquittal.

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BIG STORY

Buhari Was Uncomfortable With Politics, But He Believed In Rule Of Law — Amina Mohammed

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Amina Mohammed, the deputy secretary-general of the United Nations, said the late former President Muhammadu Buhari was not at ease with politics, but he put those feelings aside in order to focus on leadership.

Buhari passed away on Sunday in London and was buried in Daura, Katsina state, on Tuesday. He served as Nigeria’s president from 2015 to 2023.

Speaking in an interview with Channels TV, Mohammed, who was minister of environment under Buhari from 2015 to 2016, paid tribute to her former principal.

She recalled that Buhari had encouraged her to accept the position of deputy secretary-general at the UN when the offer came.

We were sitting in a meeting in Marrakesh at a climate meeting, and Ban Ki-moon came over and said, ‘We think that the new secretary-general is going to ask you to come and be his deputy,’ and I said, ‘No, it’s not possible; I’ve come home, and I’m serving’, she said.

And then, I had a discussion with him (Buhari) to say that I really needed his support and if they came to ask him, he shouldn’t say yes. He said, ‘Of course not. We need all our people back here in the team to serve Nigeria; we need the best’.

So, I felt very confident and left Marrakesh for India, which was my next trip. And in India, I got a call from the current secretary-general to ask if I could be his deputy secretary-general.

So, I said with a lot of confidence, ‘I can’t. I can’t leave the service that I have, and I’m committed to President Muhamad Buhari.’

So, he said, “will you allow me to speak to him? I said, ‘Of course, you can speak to him’.

I have to tell you, I was very confident that my president would say no. So, I left India, I went home, and they said the president was looking for me.

I went and sat in front of him, and he talked to me for a long time about service, and I just thought, ‘My God, I know where he’s going’.

And at the end of it, after explaining why these things mattered in terms of representing the country. He said, ‘But of course, the decision is yours’. And in my head, I just thought, ‘My goodness me, of course, the decision is not mine’.

In our culture, when a man of that status, one that you look to as a father, speaks to you, know that he wants the best, and so the only thing you can say is ‘Yes, sir’.

Buhari was uncomfortable with politics

When asked about what Buhari’s leadership left behind for Nigerians, Mohammed said he believed in sacrifice and doing what was right for the country.

I think first and foremost is that this is an officer and a gentleman who went through from a military role to a democracy. He dropped his uniform, and he embraced democracy, she said.

I don’t think he was always comfortable with politics, but what he did was try and try and try again.

He believed in the rule of law, and he believed in a system that even if it was imperfect, he would keep trying until he got to where he needed to get to. And it was God’s will that he would be the president at the time he was.

Mohammed urged Nigerians to understand that, as Buhari did, national progress takes time and consistency.

The struggle of Nigeria is what I think he leaves—is that you don’t give up on this country; it’s the only one you have, and it is not perfect, but it’s up to us to do that nation building, she said.

And he was sometimes very excited and looked to see the potential and pushed us, but he was also at times disappointed in our responses in terms of what we were going to do and whether we were ready to go that last mile.

And I think that what we have to think about is that he gave it his all. Whenever he was asked to serve, he served, and we have to think about that.

To serve is not an easy thing to do. It is a sacrifice—enormous sacrifice to his wife, to his children, to his family, and to his lifestyle, because remember, he was also not a person who was always out there.

He was very much one that kept his own council and a very small gathering of trusted friends and family.

Mohammed said Buhari embodied conviction and consistency, and throughout her time working with him, he never strayed from his principles. She encouraged Nigerians to live by those same values.

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BIG STORY

President Tinubu Bows Before Buhari’s Remains As He’s Laid To Rest In Daura [PHOTOS]

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President Bola Tinubu on Tuesday paid his final respects to former President Muhammadu Buhari by bowing before his remains during the funeral held in Daura, Katsina state.

The ceremony drew dignitaries and thousands of mourners who came to honour the late president.

In one of the images from the event, Tinubu, dressed in blue, is seen bowing before Buhari’s body, which was placed on a stretcher and covered with the Nigerian flag.

Below are photos from Buhari’s funeral.

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