Tag: President Goodluck Jonathan

  • Tottering on the brink

    Tottering on the brink

    President Goodluck Jonathan generates both excitement and puzzlement whenever he makes speeches. While inaugurating the national conference in Abuja last week, he was at his most robust best with this fallacious supposition: “In our history as a political entity, we have experienced highs and lows but have always forged ahead. To my mind, the fact that we have weathered all storms and continued with the mission of evolving a truly national identity signifies that we are going in the right direction.” But there is absolutely nothing in what we are doing or how we doing it that shows we are headed in what the president describes as the right direction. If we were headed in the right direction, why would we need a national conference to remake the country’s template? The speech was indeed full of many other false and homiletic suppositions and propositions, disjointed efforts to stir the people with tired and worn-out phrases, not to talk of many sweeping statements the president himself, by his antecedents, never embraced nor endorsed.

    Predictably, too, he all but ended his speech, which massaged the ego of the national conference delegates and listeners around the country, with the equally untrue and vexatious proposition: “We need a new mind and a new spirit of oneness and national unity. The time has come to stop seeing Nigeria as a country of many groups and regions. We have been divinely brought together under one roof. We must begin to see ourselves as one community. We are joined together by similar hopes and dreams as well as similar problems and challenges. What affects one part of the community affects the other.” Both in his past political campaigns and present disposition, including his unguarded and insistent deployment of religion as a tool of political mobilisation, Dr Jonathan evidently repudiates the ‘one community’ spirit he so facilely recommends. As proof that he and his speechwriters hardly read contemporary materials and analyses on grave national issues, he restates the false theology of attributing divine permanence to national borders, a deeply mendacious and ahistorical theology rebutted in this place several times and in many other write-ups elsewhere.

    What is clear is that Dr Jonathan and his national conference delegates repose an unrealistic confidence in the conference both as a sacrifice for our national slothfulness and indiscipline and as the ultimate panacea for the woes afflicting the body politic, woes almost entirely man-made. Apart from the fact that a significant number of the conferees had before now dedicated their lives and careers wholly to the subversion of the national interest and to nurturing and benefiting from the status quo, Dr Jonathan has himself deftly appointed many delegates – though he pretends to altruism – whom he is confident will either ingratiatingly rally behind his battle cry when the need arises or are too enfeebled by ideological stasis to challenge his frequent brainstorms. Given the flattering stipend voted for each delegate, and the fact that some of them even celebrated their appointments as delegates with newspaper advertisements, the doubts of sceptics are more likely to grow and be reinforced. For in the final analysis, we are more likely to get a highly compromised constitution, in the spirit dictated by Dr Jonathan, than tackle the real problems undermining the country.

    There is also the expectation that Dr Jonathan, conference delegates and many other Nigerians hope the conference will arrest the country’s dangerous march towards the precipice, in addition to providing a road map to peace, unity and prosperity. I am an advocate of sovereign national conference as a tool for formulating a framework for national coexistence and cohesion. But I have never imagined that even if that template was designed, peace and prosperity would inevitably be guaranteed. The 1999 constitution might have presumptuously claimed to be a people’s constitution, like all other constitutions before it, but that presumptuousness did not indicate that the constitution could not be redeemed by intelligent and altruistic leadership and citizenry through patriotic and substantial constitutional amendments. In his speech to the conference, Dr Jonathan makes the trite argument that a constitution is a living document needing periodic review and possible amendment. It is good that that elementary fact has dawned on him. That epiphany, it must be added, did not escape his predecessor, the highly animated but obtrusive Olusegun Obasanjo. Yet neither Dr Jonathan nor Chief Obasanjo made conscientious effort at the beginning of their presidencies to remedy the situation.

    For both Chief Obasanjo and Dr Jonathan, the fact is that they think constitutional review, mechanically done through legislative work or national conference, can replace the need to devise a philosophical framework upon which the country’s government must be anchored if it is not to experience persistent disruptions or atrophy. Had that philosophical framework been devised and applied, the passion to build a great nation, one that eschews the kind of injustice rife in the land and eliminate the massive alienation and politics of exclusion undermining the polity, would have seized the hearts and minds of Nigeria’s rulers. Historians recognise this philosophical framework in Rome under the first two Caesars, Britain in Pax Britannica, the United States in Pax American (and its discredited variant, the New American Century), and Stalin’s and to some extent Vladimir Putin’s Russia. It also existed under Tito’s Yugoslavia, France’s Gaullism, Hitler’s Germany (in a perverse way), and contradistinctively in Bismarck’s Germany and Charlemagne’s Holy Roman Empire, among others.

    The point is that there is a crushing and suffocating absence of knowledge-based leadership. Most Nigerian leaders have either been ordinary men or, if active and passionate, nothing more than practical men. They are not philosophical because they are unable to be. That philosophic state of being comes from the inside and is based on the depth of knowledge and understanding one has acquired. Constitution reviews do not teach, and cannot imbue, that essential quality of a knowledge-based or philosophical leadership. Recall, for instance, the drafting of post-war Japanese constitution, how Gen Douglas MacArthur all but framed it, though it was fleshed out by the technocratic expertise of men like Shigeru Yoshida. That constitution has philosophical underpinnings that have made it to endure. Recall also that the framing of France’s Fifth Republic constitution and its military doctrine, especially the now discarded Force de Frappe nuclear policy, were essentially the work of Gen Charles de Gaulle. Italy’s constitution did not have the benefit of that Gaullist touch, making its constitution often inadequate in addressing the country’s contemporary needs.

    Dr Jonathan has transferred the responsibility for the making of a new constitution, as it were, to his national conference. Understandably, he has no original ideas to contribute, because his knowledge of history and politics, like Chief Obasanjo’s, is severely limited, if not obfuscated and jaundiced. Indeed, whatever the conference comes up with is unlikely to arrest the drift towards chaos, for the problems are so fundamental that this conference, not to talk of the Jonathan government itself, is hopelessly incapable of inspiring the structured and disciplined approach to national political renewal. Consider, for instance, the fact that Dr Jonathan has not ensured a legal basis for the conference. Worse, he has left the outcome of the conference open-ended, unsure whether it should be validated with a referendum or be a part of the National Assembly’s constitutional amendment process. Would this not create extreme dissonance in the system, and given the intellectual conceit and volubility of some of the conferees, would the stage not be set for a major political clash possibly ending in the deliberate or accidental extension of the electoral timetable?

    A national conference may be underway and a new constitution in the works, but the country is proceeding blithely towards catastrophe with its troubles over kerosene subsidy rip-off, fuel subsidy financial abracadabra, rape epidemic, political violence, religious conflicts, pension heists, and Boko Haram insurgency, among others. There is no plan or deep thinking to fashion a way out of these symptoms of grave and precipitous societal decline. Indeed, we are in far worse trouble than we think. It is, therefore, urgent that we come to the realisation of the limits of Jonathan’s conference, and appreciate why we need to compel this government to do what is intelligently necessary in the few months it has left. Above all, there is a far more urgent need to vote a thinking government into office, or we perish.

  • Celebrating centenary without Lokoja

    The present government of President Goodluck Jonathan’s decision to celebrate the one hundred years of amalgamation of both southern and northern parts of this country has been received by many a Nigerian with mixed feelings, hence the fragile foundation the country is now facing.

    Although the life of any nation to attain such period of years of existence called for celebration by any government and its people, the committee set up to organise the said centenary celebration has done a lot towards giving the country a befitting celebration, that would be remembered for a very long time to come in the anal of this country’s history.

    But the committee has failed to bring in some areas that played a significant role in the amalgamation of this country.

    The case of in point is Lokoja the headquarters of Kogi State which was neglected by the centenary celebration committee in ensuring the town played a greater role in the celebration.

    The people of Lokoja were not aware of any centenary celebration taking place, what we saw is just the beautification of some historical monuments by the state government. The state-owned radio station dished out some jingles to enlighten the populace, but how many people do listen to the radio station to have firsthand knowledge of what is happening?

    Lokoja town being the first state capital of Nigeria, where Lord Lugard settled and administered the country, it’s the same Lokoja, the confluence town, that led to the idea of unification of this country.

    Lokoja was opportune to play greater role of witnessing the lowering of Royal Niger Company and the hoisting of the Union Jack flag.

     

    Bala Nayashi

    Lokoja, Kogi State.

     

  • Jonathan’s campaigns

    Jonathan’s campaigns

    In last few weeks President Goodluck Jonathan, PDP National Chairman, Ahmadu Muazu and a whole armada of ruling party bigwigs have been crisscrossing the country holding political rallies to welcome defectors from other parties, and lay down the marker for what is shaping to be a bruising general election in 2015.

    They were in Sokoto to welcome former Governor Attahiru Bafarawa. In Owerri they celebrated the return to PDP ranks of the likes of ex-Governor Achike Udenwa, Senator Chris Anyanwu and others. The train has since visited Kwara where Jonathan made pointed remarks about the Saraki dynasty. Yesterday, they rolled into Minna for another of such rallies.

    Interestingly, Minna is the home turf of a one-time member of the rebel G-7 governors, Babangida Aliyu. He is the same man who regaled us with tales about the existence of a one-term pact between Northern leaders and the president.

    Speaking a few days before the rally he not only said Jonathan would not make a 2015 declaration in Minna, but also that the president wasn’t actually campaigning.

    Really? Given the speed with which Aliyu repented of his G-7 ‘rebelliousness’ it is not surprising that he would say anything in defence of his new cause. During these rallies Jonathan does not discuss Keynesian economics: he talks pure, undiluted politics. We don’t need anyone to tell us that the president is bending the rules and campaigning even before the race has been flagged off. Thankfully, he has the police on his side.

  • Stop running after church leaders, cleric tells Jonathan

    The minister- in- charge of the Episcopal Church of Zion, Abuja branch, Rev. Babatunde Oguntimehin, has told President Goodluck Jonathan to stop chasing shadows by running after pastors and traditional rulers in his drive to win the 2015 presidential election.

    Speaking at the end of the delegates’ conference of the church in Abuja penultimate weekend, Oguntimehin advised Jonathan to concentrate on the masses and God, if he is interested in re-election.

    He kicked against some of the church leaders the president has been running after, saying many of them have been rejected by God.

    Many of them, Oguntimehin added, have compromised and are living in past glories.

    According to him: “There are still genuine pastors and prophets in the country. They are hardly heard because they are not political and populist in their messages.

    “The president should identify them and meet them to sit him down for genuine counselling. The president needs to hear from God if he wants to succeed this time.”

    Oguntimehin added: “God made President Jonathan’s election possible in 2011, not the pastors and the traditional rulers he is romancing.

    “The masses of this country are suffering. Their cries have gone up unto God. The wrath of God is now dangling on the heads of the evil and wicked functionaries of this government.’’

    He lamented that corruption had never been this worse in the country, stressing that “crude oil is being freely stolen in Niger Delta as if there is no government in place to the extent that the nation’s revenue generation has drastically reduced which has led to poor budget implementation.’’

  • Support Jonathan, cleric tells ex-leaders

    The general overseer of Finger of God Ministry Lagos, Bishop Abiola Peller, has appealed to former Heads of State to collaborate with President Goodluck Jonathan in the campaign against Boko Haram insurgents in the northeast.

    He lamented that every effort to contain the insurgency has been sabotaged by political gladiators.

    Peller spoke in his office last week.

    The cleric urged the retired generals to cast their minds back to their struggles during the civil war and save the northeast from violence.

    Lending his voice to the upcoming national conference, Peller declared the exercise would benefit the nation with proper arrangements.

    He cautioned religious leaders to be very careful of what they do and say.

    Peller also called on the national body of Christian Association of Nigeria (CAN) to emulate its south east chapter by banning political rallies in the church.

  • Boko Haram: Archbishop suggests fasting and prayer

    The President, Integrity and Faithful Ministers World Network, Archbishop Friday Nwator, has advised President Goodluck Jonathan to declare a nationwide fasting and prayer over the incessant terrorist attacks by the Islamic sect, Boko Haram, in the northeast.

    He said the only solution to the insecurity challenge in the north is allowing God to do the battles.

    Nwator, who was among the clergymen that led the Niger Delta ex- militants to embrace the federal government’s Amnesty Programme, said the sect would be demobilised with just a 3-day nationwide fasting and prayer.

    Speaking in Port-Harcourt, Nwator said terrorist groups like Boko Haram need God’s mighty fire to come to their knees.

    According to him: “The issue of Boko Haram insurgency should not look like an unsolvable issue, every matter has a solution.

    “If all the peaceful and forceful avenues applied cannot work, I have the best solution to it.

    “That solution is simple. Let’s invite the Almighty God for three days in a nationwide fasting and prayer. We don’t need money to do it. All we need is Jonathan’s approval.”

     

  • Award for Adenuga

    Chairman, Globacom Limited, Dr. Mike Adenuga Jr, has been conferred with the Centenary Award by President Goodluck Jonathan and the Federal Government for his outstanding entrepreneurship and immense contributions to the growth of Nigeria’s economy.

    Adenuga was bestowed with the prestigious award in the category of ‘Accomplished Contemporary Entrepreneurs’ over the weekend at the grand finale of the celebrations of the centenary anniversary organised to mark 100 years of the amalgamation of the Northern and Southern protectorates of Nigeria.

    The Federal Government described Adenuga as a distinguished entrepreneur and renowned employer of labour in Nigeria.

    Ninety nine other eminent Nigerians were honoured at the event in various categories ranging from “Contributors to the Making of Nigeria” to “Heroes of the Struggle for Nigeria’s Independence/Pioneer Political leaders”, “Pioneers in Professional Callings/Careers”, “Pioneers in Commerce and Industry”, “Promoters of Democracy in Nigeria”, “Heroes in Global Sports Competition”, “Accomplished Pioneer Public Servants”, “Accomplished Contemporary Entrepreneurs”, “Distinguished Academics”, “Internationally Acclaimed Artists, Literary Icons and Journalists”, “Outstanding Bravery and Public Spiritedness”, “Outstanding Promoters of Unity, Patriotism and National Development” and “Exemplary Service in the Promotion of Peace and Moral Excellence”.

  • Sham honours and centenary

    Sham honours and centenary

    In a lengthy but uninspiring speech last Wednesday to mark Nigeria’s centenary celebrations, President Goodluck Jonathan indulged one of his curious and often contradictory theological explanations for the country’s nationhood. According to him, “I have often expressed the conviction that our amalgamation was not a mistake. While our union may have been inspired by considerations external to our people; I have no doubt that we are destined by God Almighty to live together as one big nation, united in diversity.” It is an incredible claim to make, an unfounded and annoying political theology and falsehood. Historians will be aghast that in this modern era, when time and space no longer circumscribe knowledge, any leader could still make spurious and anti-intellectual claims about the dynamics of history.

    Had Dr Jonathan been president of the Soviet Union before its breakup in 1991, he would have sworn to the country’s destiny, attributed it to God, and threatened campaigners of separatism with death and destruction. Whoever wrote the speech for Dr Jonathan must suffer from an acute lack of rigour and understanding in the distasteful attempt to imbue Nigeria with an implacable and false messianic destiny. If God destined the existence of Czechoslovakia in 1918, who then destined its breakup in 1993? And when the country was a part of the Austro-Hungarian Empire, who destined the existence of that empire in 1867, the excision of Czechoslovakia from the empire in 1918, and the split of the Central European country into Czech and Slovakia?

    As far as theology goes, the Book of Daniel in Chapter 2 discusses the fearsome dynamics of world history through Nebuchadnezzar’s dream of the statue of four metals representing the morphing of major powers from one kingdom to another over centuries. Babylon fell, Medes and Persia also fell; so did Greece and Rome. Nigeria, which comprised many kingdoms and empires, was put together in 1914. Any historian of modest understanding knows it will not remain so forever. Borders will change, powers will change, indeed everything will change. Dr Jonathan quotes God casually without understanding Him or the forces of nature and history, as if God Himself is opposed to change.

    But beyond Dr Jonathan’s poor understanding of history and his sometimes superficial analysis of theological doctrines, there is also the matter of his poor grasp of general issues. When the idea of celebrating Nigeria’s centenary was first mooted, this column took the government to task, denouncing the effort as a poor misreading of Nigerian history and a lack of political consciousness. We may not be able to rewrite history, Palladium argued, but neither the selfish motive behind the amalgamation, which Dr Jonathan cursorily glossed over in his Wednesday address, nor the even crueller story of colonialism that led to appalling mistreatment of our peoples and distortion of our values and society deserved celebration.

    However, to demonstrate the irredeemable vacuity of the Jonathan presidency, its frivolity and waste, and its appalling lack of a sense of proportion, it produced a list of 100 people, living or dead, saint or sinner, tyrant and murderers on whom to confer centenary honours. And horror of all horrors, leading the list are our former overlords, the Queen of England, Lord Lugard and Lady Lugard; the first a representative of the thieving and conniving metropole; the second a highly contemptuous and quite cynical colonial master whose deplorable objectives ignored our pride and feelings; and the third, the idle consort of the field-based colonial master. On the occasion of Nigeria’s centenary, the largest black nation on earth deemed it appropriate to honour those who raped it. Such lack of a sense of history is nowhere to seek. Imagine the United States in 1876 honouring the British monarch of the day and, say, General Thomas Gage who commanded the colonial army in the American War of Independence.

    It is depressing to live in these times, especially under the Jonathan presidency. The world laughs at us, ridicules us, and shakes their heads. I wonder what will be going on in the mind of the Queen of England herself, an intelligent woman who should naturally expect us to painfully endure the mocking vestiges of colonialism, such as the Commonwealth, rather than celebrate them, not to talk of conferring honours on their perpetrators. When did we decay intellectually to the point of producing a list of honorees that included our tormentors?

    Contained in the list are our own homegrown tyrants and tormentors, including the hedonistic Gen Sani Abachja, and a host of other truce breakers and constitution destroyers, people who ordinarily should be completely ostracised from civilised society and polite circles. Knowing that Nigerians will stare at them in disbelief, the government has offered the incredulous argument that Gen Abacha merited top honours because he did wonders with the economy at a time of great scarcity. The statistics of general economic improvements cannot be controverted, I admit. But the general also murdered, stole, schemed madly, needlessly and ferociously to feed his paranoia, and also destroyed values on a scale that beggars belief. Whatever good he did with the economy is more than counterbalanced and vitiated by the huge scale of his enduring malfeasances.

    Like all other honours Nigeria dishes out periodically, many of which have now become completely meaningless, the Jonathan presidency perfunctorily included in the list all past heads of state, three-quarters of whom undermined the constitution to seize power, and nearly all of whom recorded no meaningful industrial and political advancement for us to remember them by. Yet, Dr Jonathan last Friday even moaned that he found it arduous to pick the 100 honorees from a list of 500 candidates thrust under his nose. The 100 is disputed, let alone the 500. Much worse, the idea of a centenary itself could only have been conceived by usurpers with house negro mentality.

    Dr Jonathan’s pathetic list of course included eminent sons and daughters of Nigeria. Unfortunately for him, however, were they to be alive, they would have violently declined to be listed among so many villains, not to talk of being honoured by a government that is unenlightened, misdirected, autocratic and clearly unpatriotic. Would a Chinua Achebe who all his life spurned their honour, and a Fela Anikulapo Kuti who rebelled against the suffocating madness that afflicted and still afflicts the country have welcomed the wasteful and inappropriate centenary honours? Would a Gani Fawehinmi in his grave not curse any family member purporting to represent him in collecting the honours? And what of the paradox of this needless mafficking at a time of great national mourning and angst represented by the mass murder embarked upon by Boko Haram and aggravated by religious, ethnic and political bigots of all shapes and sizes?

    It is not lost on this columnist that scions of some famous families gladly and heedlessly accepted the honours. They are entitled to their imprudence. The sensible among us must, however, understand that those scions accepted the honours more as a consolation to themselves than to their illustrious forebears, and perhaps because they needed to nurture their political and economic interests at a time when ideological lines have become dangerously blurred. Their behaviour is in fact a reflection of how precariously those scions have stopped representing the values and principles their famous fathers and mothers stood for, and how far they have veered away from the struggles those patriarchs and matriarchs waged for a better society.

    I note, of course, that the Soyinkas and Achebes simply ignored the charlatans, and the Fawehinmis and Kutis viciously lampooned the freak show artists and political contortionists. Alive, they proved it was not worth dignifying the nonsensical celebration with even a rejection of the honours. And dead, they proved that their legatees not only inherited the genes of their departed patriarchs, but that they have also imbibed the values that shaped and ennobled their struggles over the decades. Nigerians must thank this defiant set for giving us hope that all is not lost, and that whether by gentle deliberateness or by brutal accident, perhaps even a mutation, this country will someday fall under the hypnosis and influence of sensible leaders and people.

    The Jonathan presidency is stubborn and imperious. Once their impressionable minds were set on that needless centenary distraction, there was nothing anyone could do to persuade them they were embarking on a foolish adventure. They have had their way, after voting taxpayers’ money to indulge themselves. They have refused to tell us how much they spent, and the National Assembly couldn’t be bothered. However, were our image as a people and our race as blacks not involved in that atrocious display of wealth and folly by this government, why, of course, it would not have mattered one bit whether they celebrated the transatlantic slave trade and conferred honours on the leading slave-holding and slave-torturing families of that era. For no matter how much you proved to this insensitive government that slave trade presaged the colonialism they now celebrate 100 years after and that colonialism in turn helped foster a racist ideology from which the continent still suffers, they are too hard of hearing to care.

  • Museveni on homosexuals

    Both President Goodluck Jonathan and President Yoweri Museveni of Uganda are generally classed as homophobic. But while the former has tended to avoid being pinned down openly on the issue, which both countries’ parliaments have passed laws on, the latter has been eager to place himself dialectically on record. And, boy, was he articulate on CNN last week! It does not matter which side of the divide you are, as far as polemics go, Mr Museveni put his arguments together cogently, logically and fearlessly. I admire such people, who whether they are wrong or right always have the courage of their convictions. We already know where he stands, but could the much less intrepid and less eloquent Dr Jonathan please put himself on record verbally in the noisome controversy?

  • Share prices crash as investors dump equities

    Share prices crash as investors dump equities

    Equities slumped to their lowest prices at the weekend in a two-day losing streak that highlighted investors’ fears about the possible negative spillovers from the Thursday’s suspension of the Central Bank of Nigeria (CBN) Governor, Mallam Sanusi Lamido Sanusi, by President Goodluck Jonathan.

    Market considerations of most equities at the Nigerian Stock Exchange (NSE) crashed to their low on Friday. The two-day loss that started on Thursday wiped off earlier sustained gains between Monday and Wednesday and left the market with a negative week-on-week loss of 1.22 per cent, about N126 billion. The decline at the weekend brought equities to a three-month low, traced back to November 20, 2013.

    From the banking to manufacturing to downstream oil sectors, most leading equities slipped to their lowest prices this year at the weekend. Most banking stocks fell to their lowest market considerations. In spite of the announcement of its group managing director, Mr Godwin Emefiele, as the new CBN governor designate, Zenith Bank’s share price slipped to a low of N19.90 per share. Guaranty Trust Bank, the most capitalised banking stock, also declined to a low of N23.67 per share. FBN Holdings closed at a low of N11.99 while UBA slumped to N6.70.

    Share prices of multinationals, which usually feature largely in portfolios of foreign investors, highlighted the panic among foreign portfolio investors. Guinness Nigeria, Flour Mills of Nigeria, Nestle Nigeria, Unilever Nigeria and Lafarge Cement Wapco Nigeria hit the bottom at N168.90, N82.50, N1,100, N48 and N105.1 respectively.

    Other stocks that stooped to year-to-date low included Okomu Oil Palm, N38.40; UAC of Nigeria, N67.01; Dangote Sugar Refinery, N10.74; Honeywell Flour Mills, N3.50; Vitafoam Nigeria, N4.10; Access Bank, N7.91; Diamond Bank, N6.10; Wema Bank, 95 kobo; Mansard Insurance, N2.19; FCMB Group, N3.30; Evans Medical, N2.57; Ashaka Cement, N17.96 and MRS Oil and Gas, which closed at a year-to-date low of N54.44 per share.

    Besides, several stocks closed at the day’s lowest price, underlining the fears that the downtrend may persist in the days ahead. These included Dangote Cement, Julius Berger Nigeria, PZ Cussons Nigeria, Fidelity Bank, Skye Bank, Forte Oil, Conoil, Mobil Oil Nigeria, Total Nigeria, University Press and Nigeria Aviation Handling Company (Nahco).

    Some stocks however indicated possible rebound. Nigerian Breweries bounced back from the day’s low of N142.60 to close at N145 while Ecobank Transnational Incorporated (ETI) also recovered from the day’s low of N13.11 to close at N13.80.

    Between Thursday and Friday, investors lost N354 billion as sell pressures overwhelmed market’s demand capacity. Investors lost N167 billion at the weekend, in addition to N187 billion loss that greeted the news of the suspension on Thursday. Aggregate market value of all quoted equities dropped to a low of N12.301 trillion at the weekend as against its week’s opening value of N12.427 trillion. The benchmark index at the Nigerian Stock Exchange (NSE)-the All Share Index (ASI), indicated a daily average decline of 1.34 per cent at the weekend, bringing the decline since Thursday to 2.81 per cent. The ASI, which tracks the values of all quoted companies on the NSE and as such serves as country index for Nigeria, had declined by 1.47 per cent on Thursday. The ASI closed weekend at a low index point of 38,295.74 points as against its week’s opening index of 38,397.09 points.

    Prior to the suspension on Thursday, equities had built up strong bullish rally. Aggregate market value of all equities at the NSE had witnessed sustained rally between Monday and Wednesday. It opened the week at N12.427 trillion and built up successively to N12.528 trillion, N12.530 trillion and N12.655 trillion on Monday, Tuesday and Wednesday respectively. The ASI had also sustained steady rally prior to the reversal on Thursday. ASI opened at 38,767.29 points and built up to 38,964.75 points, 38,972.56 points and 39,397.09 points within the first three trading days.