Civil Society Groups Defend Governor Sanwo-Olu against Attacks by Soldiers
Urge regular psychiatric evaluation for them
Following attacks on the Lagos State Governor, Mr. Babajide Sanwo-Olu, by some soldiers personnel and military officers, following the arrest of a soldier, who drove against traffic, a group of civil society organisations (CSOs)have asked military authorities to carry out regular psychiatric evaluation of their personnel.
The group in a statement condemned the "viral video of a yet to be identified soldier, which unfortunately was published in a national daily as well as on online platforms on the 4th of January 2024, where the soldier was seen defending his lawless colleague, who was arrested and his motorcycle confiscated by Governor Babajide Sanwo-Olu entourage for driving against traffic on the Lagos Badagry expressway on Tuesday 2nd January 2024."
Those who signed the statement are Razaq Olokoba, Campaign for Dignity in Governance; Nelson Ekunjunmi, Committee for the Protection of Peoples Mandate; Raji Rasheed Oyewunmi, Yoruba Citizens Action for Change; Alex Omotehinse, Centre for Human and on when interest rate cuts will begin, and how quickly they will happen.
In Africa, Nigeria's All-Share Index outperformed Johannesburg Stock Exchange All-Share that dropped by 3.13 per cent YtD, while Ghana Stock Exchange (GSE)Composite declined by 0.04 per cent YtD. Egypt's EGX 30 gained 1.83 per cent while TuninDex dipped by 2.25 per cent YtD.
In addition, Zimbabwe Stock Exchange All-Share Index ended the week positive, gaining 20.29 per cent YtD.
Meanwhile, the Nigerian equities market continued to thrive amid double-digit inflation rate, insecurity, among other challenges in Nigeria.
Before the 2023 general election, Fitch Solutions, in a report, had predicted victory for the candidate of the All Progressives Congress (APC), Bola Tinubu, leading to positive sentiment by investors on the stock market.
On his inauguration day, Tinubu had announced fuel subsidy removal and foreign exchange unification, as both policies trigged investors' confidence in some fundamental stocks.
Commenting on stock market performance in 2023, Chief Executive Officer, Wyoming Capital and
Socio-economic Rights; Ramat Abdul Razaq, Northern Youth Development Academy and Prince Wale Oladipupo, Epe Youth Forum.
According to them, they were compelled to respond to the comments of the soldier because of the high esteem that they hold the Nigeria Army as a disciplined and professional institution, whose image and integrity must not be allowed to be dragged into the mud by some mentally challenged personnel in need of psychiatric examination.
"It's a fact that we operate a constitutional democracy in which our society is governed by laws. It's also not in dispute that the Nigeria Army is a noble and distinguished law upholding institution charged by the constitution to defend the territorial integrity of our country against external aggression as well as the last line of defence against internal insurrection.
"We are all aware that there is a Lagos State traffic law 2012,which prohibits the riding of okada on the highway, to ride any automobile against traffic called one way, be it a vehicle or motorcycle amounts to a violation of the laws of the land
Partners, Mr. Tajudeen Olayinka, said that the market had been quite eventful and bullish.
Olayinka said, “We saw a market that picked its 2023 position way back in November 2022, when it was obvious that the three leading presidential candidates, namely: Bola Tinubu, Peter Obi and Atiku Abubakar that could succeed former President Muhammadu Buhari, were pro-market.
“And so, the build-up to 2023 that started in November 2022 was a demonstration of market confidence in a private sector-centric president.
“The inaugural speech of President Tinubu, with respect to fuel subsidy removal and exchange rate unification, eventually activated the market-wide pent-up confidence that had always been there but eluded the market ever since. This market-wide confidence remained throughout the year.”
On 2024 expectations, Olayinka predicted positive momentum for the Nigerian stock market.
He added, “And we can draw that from 2024 budget proposal of Tinubu, where total reliance has been placed on the use of private capital in funding some important developmental projects across the country. which is punishable by law.
“By his action for which he was apprehended by Mr. Governor, the lawless apprehended soldier was in breach of the law on two count: riding okada on the highway and riding against traffic.
"It's not in doubt that driving/ riding of automobile on the road against traffic, is not only a violation of the Lagos State traffic law, but is also a threat to the good health and lives of the driver/rider and the citizenry as well, many of whom have been sent to their early graves and limbs temporarily and permanently damaged by accidents that occur as a result of such violation of the law."
They lamented that, "Watching and listening to the comments of the soldier in the video, where he was challenging the chief security officer of Lagos State Governor Babajide Sanwo-Olu for performing his constitutional duty by apprehending a law breaker and questioning the rationale for the governor's action solely on the basis that the suspect is a soldier, leaves us in no doubt that the unidentified soldier must be suffering from mental health challenge.
“In a way, we are going to see more public companies get listed on the stock exchange for the purpose of raising new capital, while the existing listed companies will not be left behind in this development.
“So, I see a very bullish and active primary market in 2024, even though, there could be occasional moderation in price movement across the board, as investors take profit and engage in portfolio rebalancing. For the fact that the private sector will take the lead in navigating the economy out of its prolonged state of disequilibrium, we will see a better capital market in 2024.”
Managing Director, ARM Securities Limited, Rotimi Olubi, said 2023 tested the resilience of the Nigerian stock market against global agencies' downgrades (FTSE and MSCI) and macroeconomic challenges including persistent inflation, high-interest rates, and foreign exchange losses.
Olubi stated, “Despite all these, the Nigerian equities market proved to stand strong, hitting historic highs with the NGX All Share Index reaching an unprecedented 70,000 points and achieving an impressive 45.90 per cent YtD return, culminating at 74,773.77 basis points by year-end.
"Thus, we are compelled to demand that the Nigeria Army should embark on regular periodic psychiatric evaluation of its personnel of which the comments of the soldier in the viral video has exposed the
“The market's robust bullish trend began post the implementation of key policy reforms following the Tinubu administration's inauguration on May 29, 2023.
“These reforms, notably FX liberalisation and the removal of petrol subsidies, spurred investor optimism, resulting in substantial gains, particularly in the banking and oil and gas sectors.
“Furthermore, impressive earnings in the face of inflationary pressures and FX losses further boosted investor confidence, contributing to the remarkable market returns.”
Looking ahead in 2024, Olubi explained that the market's positive trajectory was anticipated to persist as investors position themselves favourably in dividend-paying stocks, anticipating the release of 2023FY earnings.
He expressed concern over potential removal of selected Nigerian securities from the MSCI Frontier Markets Indexes, which could trigger sell-offs and potentially dissuade foreign investors.
Olubi said, “Yet, given the relatively low foreign investor participation rate in 2023 (September 2023 YtD: 9.51per cent vs. September 2022 YtD: 16.30 per cent), the market impact might be limited. mental health deficiency of some of its personnel, which must be addressed with the utmost seriousness and attention it deserves.
"Our regard for the Nigeria Army remains unshaken and unquestionable,
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“Boosting confidence among foreign investors could be aided by the recent positive Fitch Ratings assessment, but persistent challenges like structural issues, the FX crisis, and inflationary pressures need addressing to attract increased foreign participation.
“Consequently, a substantial rise in foreign investor engagement in the Nigerian equities market seems unlikely in the near term.
“In 2024, focusing on stocks with robust fundamentals, particularly in the banking and oil and gas sectors, remains advisable. The factors driving gains in these sectors in 2023 are anticipated to continue influencing early 2024 performance.”
According to analysts at Cordros Research, in the near term, positioning for 2023FY earnings releases and accompanying dividends declarations will continue to support buying activities on the local bourse even, as institutional investors continue to search for clues on the direction of yields in the FI market.
“However, we advise investors to seek trading opportunities in only fundamentally justified stocks as the weak macro environment remains a significant headwind for corporate earnings.” because this character and some others like him in the Nigeria Army, do not in any way mirror the Nigerian Military which is a beacon of our unity and resilience as a people," the statement concluded.