Report: Uncertainties over General Election Constraining Businesses
Nume Ekeghe and Chris Uba
A new report by Guaranty Trust Bank Plc has predicted that the business environment will remain challenging this year due to uncertainties around the upcoming general election. As a result of this, the report titled, ‘Macroeconomic and
Banking Sector Themes 2019,’ said there would be slowdown in economic activities in the first half of the year. The report, which was obtained yesterday, projected that the anticipated election related uncertainties would also weigh on the banking industry, with banks exercising significant
restraint and due diligence on all cash transactions. “We expect the regulatory environment to be firm, but supportive and more conciliatory in 2019 – in view of the need to manage investor perceptions to supposedly harsh regulatory decisions and foster confidence in the economy,”
the bank said in the nine-page report. With regards to the 2019 budget, the report noted that given the recent fall in crude oil prices, and the noted challenges around the effectiveness of the government revenue machinery, “we are concerned about the downside risks to a higher
deficit.” In addition, it pointed out that with the recent commitment to Nigeria Labour Congress (NLC) by the federal government to implement the new minimum wage structure in 2019, there was a higher chance that government expenditure could rise above the projected level,
thus widening the deficit. Furthermore, it noted that the real Gross Domestic Product growth estimate of 3.01 per cent appears aggressive considering the marginal growth recorded in 2018. “The new OPEC deal will see Continued on page 9
PDP, CUPP Allege APC Plotting to Take over N’Assembly ...
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Monday 28 January, 2019 Vol 24. No 8685. Price: N250
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I Will Personally Handle Presidential Election Results Collation, Says Yakubu
To allow observers, media access to situation room Raises the alarm over looming violence
Iyobosa Uwugiaren and Adedayo Akinwale in Abuja As part of it efforts to ensure transparency and build confidence in the February
16 presidential election, the Chairman of the Independent National Electoral Commission (INEC), Professor Mahmood Yakubu, has vowed to solely man the result collation centre,
stressing that he will not share his constitutional responsibility as the chairman of the collation secretariat with anybody. The INEC boss was also said to have raised the alarm
over what he described as the increasing violence tendencies by politicians and youths who could be used by politicians to carry out nefarious activities, saying that the elections might
be disrupted if the security agencies refuse or fail to carry out their jobs, in line with INEC’s specifications. This is coming as the electoral body has also
decided to allow members of the accredited civil society groups, local/international election observers and the Continued on page 9
NJC Members Summon Emergency Meeting without Onnoghen, Muhammad Senate caucuses meet today ahead of emergency sitting NBA, judicial workers summon emergency meetings Third Force mobilises for mass action Deji Elumoye, Onyebuchi Ezigbo and Alex Enumah in Abuja The uproar occasioned by the suspension of the Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, and the appointment of Justice Ibrahim Muhammad as acting chief justice by President Muhammadu Buhari, is about to simmer as some members of the National Judicial Council have summoned a meeting of the body for this morning in Abuja. The meeting, which THISDAY learnt would exclude Onnoghen and Muhammad, is one of a couple of others by concerned groups looking for a way out of the looming constitutional crisis. Ahead of tomorrow’s reconvening of Senate plenary, the caucuses of both the All Progressives Congress (APC) and the Peoples Democratic Party (PDP) in the upper chamber of the National Assembly are billed to meet in Abuja today. Also meeting today is the Nigerian Bar Association (NBA), whose National Executive Committee (NEC) members have been asked to gather in Abuja. A member of NJC told The Cable yesterday that
neither Onnoghen, whose suspension has become a subject of controversy, nor Muhammad, the acting CJN, would be allowed to preside over the meeting. According to the rules guiding the conduct of NJC meetings, five or more members can summon a meeting subject to a request made to the chairman. Continued on page 8
TOP GAINERS NGN NGN % DIAMONDBANK 0.21 2.31 10 TOTAL 19.50 214.50 10 CAVERTON 0.21 2.33 9.9 FCMB 0.19 2.15 9.6 WEMABANK 0.06 0.70 9.3 TOP LOSERS NGN % CHIPLC 0.03 0.35 7.8 NPFMFB 0.12 1.46 7.5 PZ 0.55 11.30 4.6 UPDC 0.06 1.59 3.6 AXAMANSARD 0.05 1.95 2.5 HPE Nestle Nig Plc ₦1,450.00 Volume: 417.172 million shares Value: N3.144 billion Deals: 3,970 As at yesterday 23 /1/19 See details on Page 37
SETTING THE STAGE… L-R: Vice President Yemi Osinbajo; Kwara State APC gubernatorial candidate, Dr. Abdulrahman Abdulrazaq; President Muhammadu Buhari; Lagos State APC gubernatorial candidate, Mr. Babajide Sanwo-Olu; and his Ogun State counterpart, Prince Dapo Abiodun, during a dinner for the party’s governorship candidates at the Presidential Villa, Abuja...recently
ASUU Denies Receiving N163bn, Accuses FG of Spreading Falsehood over Strike
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