Page 57




•Beneficiaries of the mortgage finance loan facilitated by Amuwo Odofin Local Government, Comrade Ayodele Adewale, council boss (second right)

• Left to Right: Chairman Kosofe Local Government, Hon.Babatunde Afolabi Sofola, State Logistics coordinator, Abuja, Mr Salihu Idris State Team Leader, Lagos, Mrs Bisi Tugbo, Logistics Adviser PATHS 2, Kano, Pharm. Kabir Yusuf, during the presentation of drugs in Lagos. PHOTO: MUYIWA HASSAN

Nigeria lost trillions to terror attacks in 2012 T

HE country may have lost over a quarter of its Gross Domestic Product estimated at trillions of naira to the Boko Haram insurgency in the last one year, experts have said. Speaking at separate interviews with The Nation, the experts noted that while it was difficult to quantify in real cost terms the collateral damage brought upon the economy by the activities of the sect, but they all agreed that the uprising in the north may have left the economy in the red. In the view of Professor Sherifdeen Tella, of the Department of Economics, Olabisi Onabanjo University, AgoIwoye, Ogun State, the nation’s agricultural base is the first casualty of the Boko Haram insurgency. “The activities of the sect has affected production greatly, especially agriculture. You know the country depends on the north for pro-

Stories by Ibrahim Apekhade Yusuf

duce and foodstuffs such as rice, sorghum, millets, onions and what have you. That alone is something. Besides, many of the companies down there are closing shops by the day. So, we can say this has affected the economy considerably. Nigeria has become paralysed so to speak,” he said. On what may be the conservative estimate of the losses, the don said: “I can say categorically that the more than a quarter of the country’s GDP may have being lost to the insurgency in the last one year. Though we underestimate the production in the informal sector, especially what comes from the north. Since this whole thing started, what we mayhave lost is in trillions. But for this year alone, I can safely sayon the average what we have lost will translate to over N500billion.” Echoing similar sentiments, Chief Timothy

Adesiyan, National President, Nigeria Shareholders Solidarity Association (NSSA) said: “It has affected the operations of the various companies in the country. Many of them have not just closed down, some can’t take their products to the affected parts of the country. The manufacturing, extractive sectors, the capital market, are all affected one way or the other. People have become economically handicapped as a result of the ac-


From Bukola Afolabi

in Lagos showed some problems in the implementation. For instance, people complained there were no enough POS and ATM machines which we also noticed. The problem of awareness was also there as some people said they were not well informed about the policy,” he said. He continues, ‘So before we introduce it to other states, we want to correct the problems. There are some states that do not have enough banks and ATM machines like Lag0s and provisions have to be made for the policy to work in those

the turnover and average it among the affected companies, you will be estimating loss in trillions. So the cost of the insurgency in real economic terms is very enormous.” Adesiyan’s counterpart at the National Coordinator, Independent Shareholders of Nigeria (ISAN), Sir Sunny Nwosu, said it was not just a not just a sectoral thing as virtually all sectors of the economy are counting the

losses. “Most of the producing companies that are quoted in the stock market and many others don’t have access to distribute their goods up north. So naturally their turnover and profitability will be adversely affected. Whatever profits the affected companies will post will be based squarely on what they are able to generate down south excluding their operations up north.”

FBN offers investment opportunities


AMILY reunion and exchange of gifts are the widespread features of the Christmas celebration as most people spend the bulk of their income in buying gifts for their friends and families. However, FBN Capital Limited is offering a bouquet of investment opportunities to workers and other form of investors this season, especially

Cashless policy: CBN suspends nationwide implementation indefinitely HE proposed plan by the CBN to introduce the cashless policy to other states of the federation in 2013 has suffered a major setback following the decision of the apex bank to suspend the plan indefinitely. Speaking exclusively to Nation, the spokesperson of CBN, Ugo Okorafor said the decision to suspend the plan was made to afford CBN the opportunity to correct all the anomalies noticed in the Lagos implementation of the policy. “ For now, the CBN has suspended the plan to introduce the policy to other states next year. The test run we did

tivities of Boko Haram across the country.” Expatiating, he said, “For instance, the Unilever, Nestle, Conoil, Mobil, and all the other companies operating over the north have shut down their depots. Some of them have even moved their staff out of the place. So this has not only affected the turnover of the affected companies but negatively impacted on the economy as a whole. When you consider

places. It will also afford the banks to upgrade their systems for effective operation of the policy. So when we are convinced those things have been put in place, it will be extended to other states.” He, however, said the policy will continue to operate in Lagos.

to enable them invest so as to be able to meet the financial responsibilities that await them in 2013. FBN Capital, the investment banking and asset management business of First Bank, was formed from the consolidation of four existing subsidiaries of the Bank: FBN Capital, FBN Securities, First Trustees and First Funds. Its target market include high net worth individuals, executive directors, managing directors, top business men and women, private and public institutions, non-governmental organisations, small and medium enterprises, start-up companies, enterprises, small businesses, individuals across a diverse income strata, corporations, ministries, public parastatals, oil and gas companies, telecommunication companies

and co-operatives and foundations of oil and gas companies. The FBN Money Market Fund (MM) is an investment vehicle which pools investment in a wide range of very liquid short term funds with tremendous investment benefits to individual investors. The fund enhances returns to its holders or investors by investing in low risk instruments like treasury bills, bank deposits, bankers’ acceptances and commercial papers. The primary objective of the Fund is to achieve a high level of income obtainable from investments in short term securities that is consistent with prudent investment management, the preservation of capital and maintenance of liquidity. “The FBN Capital asset management team has the experience, depth and diversity

First Bank, Zenith, GTB win CBN award


OR outstanding performance in the outgoing year, some banks have earned the Central Bank of Nigeria (CBN) reward in Port Harcourt Clearing Area, Rivers State. Speaking at the award ceremony, the Branch Con-

troller, CBN, Mr. Kenneth Effa, enjoined the banks to contain its paths of fruitful collaboration and support in the interest of the economy. The CBN Port Harcourt Clearing Area, Effa stressed, has witnessed a lot of anxieties and expectations this

year in the banking industry. The highpoint of the event was the presentation of the awards to the banks. The first position went to First Bank of Nigeria, Zenith Bank was 2nd while the 3rd position went to GT Bank Plc.

to actively manage a broad and diversified portfolio of investments. The Fund offers investors exposure to short term and liquid money market instruments. Yields on investments will provide portfolio diversification as well as the ability to gain exposure to different sectors of the economy,” the bank revealed. FBN Capital also manages the FBN Fixed Income Fund, which is one of a series of funds launched to satisfy the demand for new and varied investment products by the investing public. It also provides full time, high quality professional management services by pooling the resources of many for investment in long tenured debt instruments such as federal government, state government and corporate bonds. The fund aims to achieve attractive long term returns by investing in a diversified portfolio of these instruments. For as little as N50,000 and additional top ups of N10,000, you can start an investment plan that looks to protect your capital as well as give you good returns on your investment.

The Nation December 30, 2012  

The Nation December 30, 2012

The Nation December 30, 2012  

The Nation December 30, 2012