Nigeria needs fresh strategy on terror


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The abduction of more than 200 Nigerian schoolgirls more than a month ago has led to the approval of a much-needed regional plan of action to combat Boko Haram militants. In a rare show of unity, the leaders of Nigeria, Cameroon, Niger, Chad and Benin pledged cooperation, including joint border patrols and sharing intelligence, to find the girls.

This would certainly help clear the doubts of average Nigerians, who launched the #BringBackOurGirls campaign on Twitter in frustration over the apparent lack of concern of Goodluck Jonathan’s government. But the scale of terrorism is large.

That's evident from Mr Jonathan's admission last year that Boko Haram members and sympathisers had infiltrated every level of his government and military, including the cabinet. As The National reported yesterday, recently soldiers have said that some in the army fight alongside the militants, complicating the rescue operation. This explains why the larger aim of this campaign should be to alter Nigeria's response to militancy. Even though Boko Haram is in the news at the moment, it is not the first militant group to have emerged in Nigeria, nor will it be the last. That's because the environment in the country is congenial for militancy to thrive.

Despite being endowed with natural resources and being the continent’s biggest economy, life for most Nigerians lags behind many other African states in economic and social development. As a result, more than half of the population survive on less than a dollar per day. Social injustice, marginalisation and corruption lead to popular frustration, prompting many people to support or join militant organisations such as Boko Haram.

What fuels an insurgency is is economic deprivation and a lack of opportunity in society. These factors are more evident in rural areas, where development is minimal and poverty rampant. A good way for the government to dissuade villagers from supporting militants is to win their hearts and minds through social and infrastructure development in areas where Boko Haram has flourished.

A good starting point could be funding and protection for schools where girls can be educated. The crucial question is whether the country can sustain such a mode of operation.

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Starring: Vidya Balan, Sanya Malhotra

Director: Anu Menon

Rating: Three out of five stars

COMPANY%20PROFILE
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Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
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Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

COMPANY PROFILE
Name: Akeed

Based: Muscat

Launch year: 2018

Number of employees: 40

Sector: Online food delivery

Funding: Raised $3.2m since inception 

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

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  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
The specs: 2017 Lotus Evora Sport 410

Price, base / as tested Dh395,000 / Dh420,000

Engine 3.5L V6

Transmission Six-speed manual

Power 410hp @ 7,000rpm

Torque 420Nm @ 3,500rpm

Fuel economy, combined 9.7L / 100km

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