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Sobowale On Business

Will the last investor on the NSE please put out the lights?

Nigerian Stock Exchange SEC)

WHEN in 2016 the forecast of a continuous decline in stock prices was made, a friend asked me when it will end and a recovery gets underway. The answers provided were simple. The bad news for investors, whether in the capital market or elsewhere, will continue as long as Nigeria has a Federal Government whose leaders don’t understand how modern economies work.

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Amcon

Getting somewhere at last with AMCON

WE must, therefore, not shrink from accusing our friends or praising our enemies, nor need we be afraid of praising or blaming the same people at different times since it is impossible that men who are engaged in public affairs should always be right and unlikely that they should always be in the wrong. We must, therefore, detach ourselves from the actors in our story and apply to them only such statements and judgments as their conduct deserves – Polybius, 200-118 BC.

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Amcon

Amcon should name chronic debtors now

The Asset Management Corporation of Nigeria, AMCON, which acquired about 13,800 non-performing loans from banks in 2010 eventually had N5trillion debt to recover from the debtors nationwide. Some notorious deadbeats are indebted to more than one bank. The N5 trillion involved is more than double the loans the Federal Government will be incurring this year to support the 2019 budget.

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Food scarcity, banned imports and the grim reaper

Nigeria has two armies. The first army, called “a nation within a nation”, is the one headed by General Buratai. The second army includes 190 million Fellow Nigerians; not in any uniform, but responding to the universal need for food. Just as the first army can be wiped out if the enemy cuts off their transport of food, the second army can also be demolished by mass starvation occasioned by acute food scarcity. Right now the two armies in Nigeria are endangered by inevitable very severe food shortage in the country this year.

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File photo: Poverty, hunger in the land

More reasons why Nigeria will not move 100m out of poverty in 10 yrs

Buhari made that statement during a visit by his self-centred fan club – Buhari Media Organisation, BMO. For those in that bandwagon, the President can do no wrong because they seldom can think of the consequences of his mistakes. The Nigerian 2019 Presidential elections ended in February. Buhari had four months to select his cabinet. Instead of doing that, he is giving the same excuse he gave in 2015 when he waited until October to appoint Ministers. Two sad repercussions of that delay were experienced predictably.

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Additional reasons Nigeria might not lift 100 million out of poverty

 Professor Pat Utomi in his recent book WHY NOT? Had written at length about how Banking Consolidation under Professor Charles (now Chukwumah) Soludo had ruined Nigeria’s banking sector for decades to come. Utomi had faulted what I later named Con-Soludo-tion (because it turned out to be a costly scam) largely on the grounds that imposing a “one size fits all” policy was not advisable. I totally agree with Pat because there is no fast growing economy in the world that has adopted that straight jacket approach to its banking sector.

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5 reasons Nigeria will remain poverty capital until 2023

POSSIBLY, several of the card carrying members of the All Progressives Congress, APC, present clapped lustily when the President made that statement. That is to be expected. Loyal politicians at campaign rallies are not expected to think critically about what their leaders say. Their role is to applaud anything pronounced. Other observers still in possession of their thinking caps could easily determine that the statement was totally empty for several reasons. Five reasons will be sufficient to illustrate the point.

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APC

No minimum wage yet: What will NLC do now?

MAY salaries and wages have been paid by the Federal and State governments without the minimum wage directive being put into effect. President Buhari and leaders of the Nigeria Labour Congress, NLC, as well as the erstwhile minister of labour, Ngige, who obviously did not know the limits of his authority, can now go and hide their faces in shame. I told them categorically that only a gross violation of the constitutional guarantee of separation of powers between the Federal and State government can induce governors to accept instructions from Buhari to start implementation with immediate effect.

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