Obama Wants Nigeria to Spearhead Good Governance in Africa

US President, Barack Obama

United States President Barack Obama has called on Nigeria to help strengthen good governance in Africa.

Making the call while hosting President Goodluck Jonathan at the White House in Washington DC on Wednesday evening, the US President also congratulated the Nigerian leader on his inauguration for second term, and all Nigerians for the success of the April general elections.

A source at the meeting held behind closed doors told THISDAY that Obama said he hopes President Jonathan would use his new tenure "to diversify the Nigerian economy and strengthen democracy and good governance in Africa".

At the Wednesday parley, which was the second time Obama would be hosting Jonathan since he became Nigerian leader, the American President noted Nigeria's contributions to the fight against HIV/AIDS pandemic and specifically commended President Jonathan's remarks at the high-level meeting on HIV/AIDS covenend by the United Nations.

In his response, Jonathan was said to have conveyed Nigeria's appreciation to the US for the support provided before, during and after the April general elections.

"President Jonathan thanked US for supporting INEC and also showed Nigeria's appreciation for the various positive comments made by the United States on the outcome of our elections. He said that Nigeria is in a position to help strengtehn democracy on the continent and would not shy away from that responsibility", the source said.

Jonathan was also said to have noted the improved relations between the two countries, particularly the activities of the Nigeria-US Binational Commission, and called for a more vigorous implementation of its objectives.

THISDAY gathered that Jonathan also thanked President Obama for the donation of a US warship to the Nigerian Navy last month and said the ship, which had now been named NNS Thunder, would not only improve Nigeria's defence capabilities, but would also help ensure the security of the Gulf of Guinea.

Jonathan was accompanied to the White House by the Nigerian Ambassador to US, Prof Adebowale Adefuye, National Security Adviser, Gen. Owoeye Azazi, Director of National Intelligence Agency (NIA), Olaniyi Oladeji, Permanent Secretary, Foreign Affairs Ministry, Amb. Martin Uhomoibhi, and Principal Secretary to the President, Hassan Tukur.

On the US team were Assistant Secretary, Bureau of African Affairs, Amb. Johnnie Carson, and US Ambassador to Nigeria, Terence P. McCulley, among others.

FG Mulls Amnesty for Boko Haram Members

Vice President, Namadi Sambo


Worried by the growing insecurity in the North-east geo-political zone of the country as a result of the activities of members of the Islamic fundamentalist group, Boko Haram, the Federal Government Thursday perfected a two-prong approach to restore peace in the area.
The government’s template for peace contains what it calls “stick and carrot” approach as enunciated by President Goodluck Jonathan in New York on Wednesday. This involves an amnesty package for the group as well as strengthening security in the area to end the on-going blood-letting in the zone.
As a first step towards that, a security meeting, presided over by Vice-President Namadi Sambo to perfect the template for the amnesty was held Thursday at the Presidential Villa, Abuja.
The meeting was attended by the Chief of Defence Staff, Air Chief Marshal Oluseyi Petinrin; Chief of Army Staff, Lt-Gen. Azubuike Ihejirika; Chief of Air Staff, Air Marshal Mohammed Dikko Umar; and Borno State Commissioner of Police,  M. D Abubakar; while the Chief of Naval Staff and Inspector General of Police were represented.
Although details of the package are still subject to review, Borno State Governor Kashim Shettima, who was at Thursday’s meeting, said:  "For those that are ready to lay down their arms, the president was very emphatic yesterday (Wednesday) in New York when he said we were going to apply the carrot and stick approach. For those that are willing to lay down their arms, I believe the Federal Government and the state government will be very magnanimous. This is an agenda the state government has been championing since we came to power."
To set the ball rolling, THISDAY gathered that the government will reinvigorate its intelligence gathering method to be able to nip in the bud further incidence of bombings in the area.
“This is in tandem of the commitment of Jonathan on the matter to the international community in New York. He had promised to check the activities of the group,  so the security chiefs had to work ahead of time so that they would have a template on how to address the matter before the return of the president to the country,” a source told THISDAY.
The service chiefs, it was also gathered, decided to concentrate more on intelligence gathering before offering a chance to the group to surrender their arms and have pardon in the mode of the amnesty programme declared in the Niger Delta.
Shettima further confirmed that the parley centred on the Boko Haram threats and attacks and stated the readiness of the Federal Government to contain the group.
"Actually, we came to have discussions with the vice-president and other security chiefs on security challenges we are facing in Borno State. We had fruitful discussions  and we cross-coordinated our ideas on how to address those pending issues and the vice-president has pledged full Federal Government support towards nipping in the bud, once and for all, the Boko Haram insurrection in the North-east," he said.
He could however not say if more troops would be deployed but added that Boko Haram would soon be a thing of the past.
The governor insisted that the Boko Haram issue was a political problem but pointed out that it was still premature to be definite on certain decisions about the menace though he expects to open a line of dialogue with the group to enable them to establish their grievances before the government will know how to approach it.
"Let’s open the line of dialogue, know their grievances and see how we can address them but the line of dialogue is very much open. Boko Haram, I wish to reiterate, is a political problem and a political problem always needs a political solution.
“Meanwhile, we cannot talk to them from a position of weakness, we have to talk to them from a position of strength and the Federal Government has pledged all the support needed for us to restore peace and tranquillity to Borno State and for the state to restore its lost glory as the home of peace," he explained.
Shettima however did not respond to the allegation that he was politicising the Boko Haram issue as he would not want to legitimise the contemptuous position of his opponents, who he alleged easily launch into diatribe against him.
In a related development, abductors of the five corps members in Ikwerre Local Government area of Rivers State have demanded a ransom of N100 million.
It was learnt Thursday that the corps members, four females and one male, were kidnapped during their mandatory Community Development Services (CDS) in Omademe on Tuesday afternoon.
An official of NYSC in the council, who pleaded anonymity, disclosed that the kidnappers had contacted the families of their victims and made the outrageous demand. The official also said
the abductors contacted the inspector of the NYSC in the area, making similar demands as a condition for the release of the corps members.
“The kidnappers have called and they are asking for N100 million as ransom. They are saying that N20 million must be paid for each of the corps members.
“They were even telling us to pay the money without delay, that delay is dangerous. I do not understand the meaning of that language, but I pray that nothing should happen to the ‘corpers’,” the sourced said.
The state NYSC Coordinator, Mrs. Esther Chimele-Wogbo, however, denied any knowledge of such demand, saying she was yet to receive such information from any of her member of staff.
“I cannot confirm if they are asking for ransom because we are yet to establish contact with them,” the director explained.
She did not rule out the possibility that the kidnappers had contacted the families of their victims.
Spokesman of the state Police Command, Ben Ugwuegbulam, did not pick calls repeatedly put across to his telephone by THISDAY.

‘New CBN Directive’ll Salvage the Economy’

 CBN Governor, Sanusi Lamido Sanusi

Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi’s declaration, which put withdrawal limit at N150, 000 for bank customers, has been described as a step towards revamping the banking industry and by extension, the economy.

This was the unanimous viewpoint of expert stakeholders who spoke at a press conference, organised to herald the 11th International Exhibition tagged ‘Card, ATM and Mobile Expo Africa’ taking place in Lagos  next week.

The Chief Executive Officer, Intermark, a consulting firm and organiser of the exhibition, Mr. Adeyinka Adedigba; Head of Cards, Diamond Bank, Mr. Robert Giles; and the Chief Executive Officer of Secure ID, Mrs. Kofo Akinkugbe; all agreed that the CBN’s directive would help the public and banking institutions align with the global standard on card usage.

Speaking on what informed the exhibition, Adedigba said it would be an intensive forum to sensitise the public on the need to embrace the electronic payment system in the drive towards a cashless society. He also pointed out that the event was strategically organised to ensure public access to information as far as electronic payment was concerned.

Speaking further, he noted that the forum would go a long way in resolving issues associated with electronic payment as different international speakers would be on hand to grace the sessions.

Similarly, the Head of Cards, Diamond Bank, Mr. Robert Giles, while commenting on the initiative described the forthcoming event as a watershed .which may likely aid awareness on cards and electronic payments in Nigeria,  adding that it is a way of demystifying ATM Channels for the greater benefit of the public.

FAAN Earns N12bn from Multi-designation of Foreign Airlines

FAAN MD, Richard Aisuedeogun

The Federal Airports Authority of Nigeria (FAAN) has recorded about N12 billion from the multi-designation of foreign airlines to the four major airports in the country. The figure is about 70 per cent of the agency’s revenue.

Although domestic airlines complain that designating foreign airlines to different airports in the country hurt their business, FAAN is counting on foreign airlines’ operations for their revenue.

Inside source told THISDAY that an airline like British Airways, which operates from Abuja and Lagos airports, pay landing and parking fees at the two airports. It was gathered   that  its passengers also pay passenger service charge (PSC) to the agency.

It is the same with Air France that operates from Lagos and Port Harcourt and also Lufthansa which operates from Port Harcourt, Abuja and Lagos.

Many other airlines operate from Kano, Abuja and Lagos, a situation, which according to sources is a welcome development to FAAN as it would want more foreign airlines to operate from Nigeria to boost its revenue.

Reacting to the argument that multi-designation of airlines hurt the domestic air transport market, the source said that domestic airlines have not been proactive, adding that even those that carry out international operations are doing so because there is no national carrier.

The source pointed out that domestic carriers do not want to explore other routes; rather they only operate already established routes like Lagos, Abuja, Port Harcourt, Enugu, Kano and Calabar.

The source said that the airlines over compete on these routes and therefore make marginal profits, adding that there are other routes that could even offer more profits than the bigger airports.

The source insists that domestic airlines would not complain that foreign airlines are taking away their business if they were proactive in their routes development. He explained that this was because besides the four major airports that the international carriers operate in, there are others that could be highly profitable to the airlines.

“There are less busy routes that could be more profitable. An airline can deploy smaller aircraft from Uyo to Port Harcourt, Port Harcourt to Kano, Port Harcourt to Sokoto, Maiduguri to Yola and so on.”

The source noted that a lot of people go to Lagos to connect flights to their final destinations, like a traveller who wants to go to Uyo from Maiduguri would have to come to Lagos first and then connect Lagos to Uyo flight.

“Many people move from smaller airports to bigger airports but there are not always flights for these airports. One major airport should be developed in every region of the country so that flights could emanate from these airports to other airports in other parts of the country. Some airlines few years ago were good at operating into those smaller airports and bringing passengers to the big airports, but this did not continue.”

The source also said that if domestic passengers’ needs are met in terms of taking them to their destinations instead of travellers going to where they will get their airlines, the domestic operators will have enough passengers and not grumble about the operations of foreign airlines.

2011 Poll: INEC Confirms Voter Apathy, Says Only 35% Participated

Prof. Attahiru Jega, INEC Chairman

Independent National Electoral Commission (INEC) Thursday expressed concern at the level of voter apathy in last April’s  general election, saying the situation calls for serious concern.

The electoral body disclosed that only about 35 percent  of the 70 million voters participated in the election which it said is not good enough.

This is notwithstanding that the election produced the President, about 26 state Governors and hundreds of legislators for federal and state assemblies

According to figures released by the commission at a workshop in Abuja,  only about 35 per cent of the over 70 million registered voters participated in the elections.

Speaking  at the event Thursday, Chairman of the Commission, Prof. Attahiru Jega   who described the workshop as part of the commission’s effort “to extend the frontiers of citizenship and widen the scope of participation in elections and governance processes,” noted that the low participation of Nigerians in the polls is a clear indication of  political apathy in Nigeria.

 Jega who was represented by one of the National Commissioners in the commission and Chair of the Board of INEC’s Electoral Institute, Prof. Lai Olurode, noted; “There exists voter’s apathy in Nigeria and this is no longer contentious. Voters’ turnout in the just concluded general elections had provided a scientific and empirical evidence of the existence of voter’s apathy and non-challance of sections of the electorate  in elections.”

“The National Assembly elections, the Presidential election and the Gubernatorial and those of the State Assembly elections conducted in April showed that voters’ turnout hovered around 35%. This ugly scenario has implications for popular participation and governance.

“We, as a commission, are determined to enlarge participation in the election processes as a well cherished means of aggregating preferences. This is, because, an apathetic citizenry contribute to wastage of investments/committed to procuring sensitive election materials as well as money spent on voters’ education activities and election personnel remuneration.”

In the research report commissioned by INEC and undertaken by the Friedrich Ebert Stiftung Foundation, lack of transparent elections, election violence and politicians’ non-committal to their campaign promises were identified as major reasons for voters’ apathy in the country.

Task Force Freezes New Power Projects

 Nuhu Way, former Minister of State for Power

Determined to reduce the cost of the on-going reforms in the power sector, the Presidential Task Force on Power (PTFP) has suspended the award of new contracts, staff promotions, transfers and all actions that could increase the cost of business in the sector, THISDAY has learnt.

It was however learnt that the task force has approved the regularisation of the casual staff of the Power Holding Company of Nigeria (PHCN) to fill up what it called “critical vacancies” in the industry.

But such regularisation, according to the task force, should be communicated to the Bureau of Public Enterprises (BPE) so that the associated costs could be captured in BPE’s calculations for the valuation of the assets of the ailing power utility giant.

In a letter with reference number PTFP/PHCN/005/ Vol. 1/59 addressed to the Managing Director of PHCN, Mr Hussein Labo, and obtained by THISDAY, the Chairman of PTPF, Professor Bart Nnaji, said the measure was part of the mandate of the task force to ensure financial discipline and efficient management principles in the implementation of the reform process.

“Some of the actions to be guarded against during the period include award of new salaries; promotions; staff transfers; award of postponable contracts and commencement of new projects that may not add visible value to the business of electric power supply in the country. Generally, any action that may unduly increase the cost of business and by extension, the cost of the reform programme should be avoided,” he said.

Nnaji however directed that based on the decision agreed on at the meeting of the stakeholders at the PTPF Conference Room on April 27, 2011, the management of PHCN should regularise the employment of casual staff to fill up critical positions in the sector.

The issue of non-regularisation of about 5,000 work force had pitted electricity workers under the aegis of the National Union of Electricity Employees (NUEE) and the Senior Staff Association of Electricity and Allied Companies (SSAEAC) against the Federal Government.

On the current status of the task force, Nnaji told THISDAY on telephone Thursday that PTPF was still working and had not been dissolved by President Goodluck Jonathan.

“The president didn’t say that the task force has been dissolved; he didn’t make such pronouncement,” he said.

Defending the position of the task force, one of its members told THISDAY that there was no point awarding new contracts on assets that had been slated for sale, as this could affect the market value of the assets.

“When you ask investors to submit bids for an asset, you don’t award new contracts on the asset as this could increase its cost. This is the standard practice in the bid process,” he said.

A top official of PHCN also told the newspaper that casualization of the workforce was not a PHCN policy but a temporary arrangement necessitated by the embargo placed by the past military administrations on recruitment in the public sector for 15 years.

“What we have had over those years had been ad hoc, unsynchronised and uncoordinated efforts at getting our jobs done. You know the nature of our industry; it is not an industry that can wait for one day or for a period of time for you to energise. For instance, if you build a sub-station today and you energise it, you must put an operator there immediately. So, for such reasons, an industry like ours – the power sector, cannot wait,” he said.

He disclosed that the defunct National Electric Power Authority (NEPA) first embarked on the recruitment of casual staff in 1992/1993, when it wanted to carry out a nationwide enumeration of its customers.

“It was supposed to be effective within a period of time and those recruited specifically for that purpose discharged. A lot of youth corps members were brought in at that time to do the job, but somehow, they were kept on; they were recycled and sent from one location to the other. Today, much more to our discomfort, many of them are still in the system as casual workers,” he said.

PDP Moves to Zone National Secretary Position to S’West

Haliru Muhammed, PDP Acting National Chairman

By Chuks Okocha in Abuja

The Peoples Democratic Party (PDP) is moving fast to ensure that the election of Hon. Aminu Tambuwal and Hon. Emeka Ihedioha as Speaker and Deputy Speaker of the House of Representatives respectively does not affect the zoning formula in the party. 

The office of the national secretary of the party, originally zoned to the South-south, may now go to the South-west geo-political zone.

It is however confirmed that the office of the national chairman of the party remains zoned to the North-east despite the clamour by South-west chieftains of the party that they should be compensated with the office of the national chairman.

According to a top source in the National Working Committee (NWC), though PDP was still consulting with the various organs of the party to take a final decision on the violation of the zoning arrangement, the decision to re-zone the office of the national secretary of the party to the South-west is meant to assuage the zone that what happened on the floor of the House of Representatives was beyond the control of the PDP.

“By the agreement reached at the expanded national caucus of our great party, the office of the national secretary currently occupied by North-central was zoned to the South-south zone, but with the recent development, it is wise to re-zone it to the South-west.

“This is the position being contemplated for now. This is because the party is proactive and reacting to the mood of the nation. The speaker and his deputy have apologised and the Acting National Chairman, Dr. Mohammed Harilu Bello, on behalf of the party, has accepted their apology and the president while in the United States said that the South-west and the North-east would be compensated.

“It is in this line of thought that the party will move for the re-zoning of the office of the national secretary to the South-west. We are also aware of some agitations by the South-west that they would prefer the office of the national chairman of the party to be zoned to them. But I can tell you that it is not politically expedient for the PDP to have both the president of the country who is the leader of the party and the national chairman coming from the South. So, the move at this moment is proactive to prevent further damage. Consultations are still on. The chairman of the PDP Board of Trustees is still in the South-west and held by the former President, Olusegun Obasanjo,” the source explained.

Meanwhile, a former national chairmanship aspirant of PDP, Chief Sunny Iroche from Abia State, has said the recent scenario that played out in the House of Representatives on the election of the speaker and deputy speaker, in defiance of the party’s zoning formula, implies that zoning is dead in the party.

In a statement, Iroche said: “The emergence of Hon. Tambuwal has put the final nail in the coffin of zoning.  I am an advocate of equity, good governance and for the emergence of the available best candidate for any political or economic office in the land, as long as the person is a Nigerian in good standing.”

According to Iroche, “It is not equitable to have the office of the speaker zoned to a political region with only five members in the House. This is against a zone like the South-east which overwhelmingly voted for the Peoples Democratic Party. It is gratifying that the South-east produced the Secretary to the Government of the Federation, but is this enough political compensation for the region that voted massively for the PDP? If you look at the composition of government today, you will see an inequitable distribution of office, vice-president, Senate president and speaker all from the old Northern bloc.”

He therefore advocated that the office of the national chairman of the party be thrown open.

Tambuwal Creates Five Committees

 

Aminu Tambuwal, House Speaker



Barely 24 hours after the House of Representatives elected a new speaker and deputy speaker, five special committees have been set up to guide the chamber in laying a solid foundation for the next four years.

The House has also adjourned for two weeks to give the management of the National Assembly enough time to prepare the offices and chamber facilities preparatory to full commencement of legislative activities. The Green Chamber will resume plenary on Tuesday, June 28, 2011.

Speaker of the House of Representatives, Hon. Aminu Tambuwal , announced these Tuesday after an executive session which lasted over two hours. Tambuwal said that the lawmakers at the close door session resolved to constitute a Rules Review Committee, a Selection Committee, a Welfare Committee, an Adhoc Committee on Media and Public Relations as well as an Adhoc Committee on the Review of the Code of Conduct of members of the House.

The Rules Review Committee, according to Tambuwal, will be made up of 12 members, while the Selection Committee will comprise of a member each from every state of the federation and the Federal Capital Territory .

Similarly, the Adhoc Committee on Media and Public Relations will be made up of seven members while the Welfare Committee will be made up of one member per state and the Federal Capital Territory.

However the composition of the Adhoc Committee on the Review of Code of Conduct was not stated.

Before dissolving into the executive session, the House had resolved to mandate the Clerk of the National Assembly to convey to the President, Commander- in- Chief of the Armed Forces of the Federal Republic of Nigeria, the Senate of the Federal Republic of Nigeria as well as the Secretary to the Government of the Federation “ that a quorum of the House has assembled” and that Hon. Aminu Tambuwal (Kebbe/Tambuwal Federal Constituency, Sokoto State has been elected Speaker of the House of Representatives and that Hon. Chukwuemeka Ihedioha (Aboh Mbaise/Ngor Okpala Federal Constituency, Imo State has been elected the Deputy Speaker of the House of Representatives.

Meanwhile all members of the National Assembly are Wednesday expected to participate in an interactive session with some selected agencies of government to brief the legislators on the roles of these agencies and their expectations of the legislature. The agencies include National Planning Commission; Revenue Mobilization, Allocation and Fiscal Commission; Budget Office of the Federation; Office of the Accountant General of the Federation and Office of the Auditor General of the Federation. Others include Code of Conduct Bureau; Independent Corrupt Practices and Other Related Offences; Economic and Financial Crimes Commission and Institute for Peace and Conflict Resolution.

Tension in Rescued Banks over Liquidation Threat

CBN Head Office, Abuja

Anxiety has continued to sweep through some of the Central Bank of Nigeria (CBN) rescued banks since the threat by the apex bank to liquidate any of the banks that fails to recapitalise by September 30.

THISDAY investigation in some of the banks showed that the workers who discussed the development in hushed tones, were becoming apprehensive over the security of their jobs.

Governor of the Central Bank of Nigeria (CBN) had informed THISDAY that liquidating the banks that fail to recapitalise before the deadline will be the last option. The apex bank had also said it will withdraw its interbank guarantee by September 30, if the banks fail to recapitalise.

Some workers of the affected banks, who spoke with THISDAY on conditions of anonymity, also disclosed that they have been receiving enquiries from customers on the position of the banks. The official argued that the pronouncement by the apex bank may trigger panic in the affected banks.

“Most of the customers are nervous about what would become of their funds in the bank if we fail to meet the September deadline,” a bank official, who pleaded anonymity, said.

The bailed-out banks include: Afribank Nigeria Plc, Bank PHB Plc, FinBank Plc, Intercontinental Bank Plc, Oceanic Bank International Plc, Spring Bank Plc and Union Bank of Nigeria Plc.

While Intercontinental Bank Plc has signed a Memorandum of Understanding (MoU) with Access Bank Plc, it was recently reported Afribank Plc had jettisoned the working agreement it signed with Vine Capital Limited.

But, the MoU signed between FinBank Plc and First City Monument Plc as well as that of Union Bank and Africa Capital Alliance are currently been challenged in court.

Responding to the development, Banking Analyst, Renaissance Capital, Mr. Adesoji Solanke, insisted that the liquidation option being considered by the apex bank will create economic, social and banking-specific issues for the banking industry as well the economy at large, despite the opportunities it presents for the clean banks.

Solanke added: “It throws up a multitude of issues, especially from the systemically important banks – job losses, infrastructure decay, reduced customer confidence in the sector etc., which are soft but real issues that would take time to bed down. Nevertheless, we believe the Nigerian banking system is stronger today post-CBN intervention, and clearly the sector is consolidating. The big are getting bigger, the small are going niche or setting themselves up for future acquisitions, while few may fall on the way side.”

THISDAY checks also showed that the fear over the continuous existence of the bank also affected the share performance of the banks on the Nigerian Stock Exchange (NSE) last week.

Imaging, Oceanic Bank which stood at N1.76 per share last Tuesday, have so far dropped significantly by 18 per cent in five trading sessions to N1.45 per share on Monday. Similarly, a price of N1.09 per share since May 17, slumped to N1.04 per share on Monday, due to panic by investors. Bank PHB also dropped 13 per cent to close at N1.01 per share on Monday, from N1.16 last week Tuesday.

Cleared Cheques Hit N1.9tn Value

 CBN Governor, Sanusi Lamido Sanusi

Following the ongoing reforms in the Nigerian payment system by the Central Bank of Nigeria (CBN), the total worth of cheques cleared by banks in the country rose by 8 per cent to N1.954 trillion in May.

The figure represented an increase by N145 billion compared with the N1.809 trillion recorded in the month of April, the Managing Director and Chief Executive Officer, Financial Derivatives Company Limited (FDC), Mr. Bismarck Rewane has said.

The CBN had said its priority is to reform Nigeria's payments system which presently remains largely cash-based. Part of this is the plan by the regulator to introduce mobile payment scheme in the country. The apex bank had also announced a policy that seeks to limit the daily cash withdrawal and lodgment in the country.

Rewane disclosed this in a report at his monthly economic news and views presented at the Lagos Business School (LBS), executive breakfast meeting tagged: “Nigeria’s Make or Break,” a copy of which was made to THISDAY Tuesday. He also revealed that the retail sector of the Nigerian economy enjoyed significant increase in cashless transactions which according to him also climbed from 9 per cent in 2010 to 12 per cent in the first quarter of this year.

The report also said that forex demand decreased by 10.5 per cent from $2.8 billion in April to $2.5 billion in May

“Total Baker Hughes oil rig count dropped from 14 in March to 13 in April. The retail sector has experienced an increase in walk in traffic and sales. This can be attributed to post election spending and optimism. Supermarket operators have grown product base to attract middle class as the industry enjoyed annual growth rate of 10 per cent. But the formal retail sector remains hugely untapped,” he added.

Commenting on the real estate sector, Rewane argued that price discovery mechanism remains faulty in the sector, adding that high brow properties in Ikoyi, Victoria Island and Lekki axis, are seriously experiencing high vacancy factor and decreasing values

According to the financial market experts, middle and low end properties are on the other hand, experiencing increased values and low vacancy factors experience