An EU observer, back right, watches Independent National Electoral Commission officials recording election results in Yola, Nigeria. AFP
An EU observer, back right, watches Independent National Electoral Commission officials recording election results in Yola, Nigeria. AFP
An EU observer, back right, watches Independent National Electoral Commission officials recording election results in Yola, Nigeria. AFP
An EU observer, back right, watches Independent National Electoral Commission officials recording election results in Yola, Nigeria. AFP

Nigerian elections marred by technical glitches


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Nigerians were still voting in a national election on Sunday in a few parts of the country where technical and other glitches prevented voting from taking place as scheduled the previous day.

Vote-counting was already under way in other areas after Saturday's presidential and parliamentary election.

The race to succeed President Muhammadu Buhari was expected to be the closest in the country's history, with candidates from two parties that have alternated in power since the end of army rule in 1999 facing an unusually a strong challenge from a minor party candidate popular among young voters.

A Reuters reporter saw people casting their votes at polling stations in Yenagoa city, in Nigeria's oil-producing south.

“The whole process is an absolute mess,” Preye Iti, a 60-year-old civil servant, said before voting in the city, where voting could not take place in some parts on Saturday because election officers and materials did not arrive on time.

“I waited from 8.30am to 6.30pm yesterday. Now I'm back here at 8.30 again.”

Besides Yenagoa, voting was also expected to continue in some parts of north-eastern Borno state on Sunday, where voting machines failed to work the previous day.

It was not clear exactly how many of the country's 93 million registered voters were unable to cast a ballot on Saturday.

Voting in many parts of the country of 200 million people went smoothly on Saturday, and while there were scattered incidents of violence and intimidation, it was not on the scale seen in previous elections.

The electoral commission said late on Saturday that official nationwide results could be expected from late on Sunday evening. The final election tally is expected within five days.

The main presidential contenders are former Lagos governor Bola Tinubu, 70, of the ruling All Progressives Congress, former vice president Atiku Abubakar, 76, of the main opposition Peoples Democratic Party, and former Anambra State governor Peter Obi, 61, of the smaller Labour Party.

Outgoing President Buhari, a retired army general who was also a military ruler in the 1980s, is stepping down after winning two previous elections and serving the maximum eight years permitted by the constitution.

Whoever wins will face a litany of crises in Nigeria, which is Africa's top oil producer and the continent's most populous nation.

The country is struggling with Islamist insurgencies in the north-east, an epidemic of kidnappings for ransom, conflict between herders and farmers, shortages of cash, fuel and power, and deep-rooted corruption and poverty.

COMPANY%20PROFILE
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Tank warfare

Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

MATCH INFO

Liverpool 2 (Van Dijk 18', 24')

Brighton 1 (Dunk 79')

Red card: Alisson (Liverpool)

Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag

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.”

Results
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INDIA'S%20TOP%20INFLUENCERS
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The specs

Engine: 4.0-litre V8

Power: 503hp at 6,000rpm

Torque: 685Nm at 2,000rpm

Transmission: 8-speed auto

Price: from Dh850,000

On sale: now

UAE currency: the story behind the money in your pockets
The specs: 2018 Nissan Altima


Price, base / as tested: Dh78,000 / Dh97,650

Engine: 2.5-litre in-line four-cylinder

Power: 182hp @ 6,000rpm

Torque: 244Nm @ 4,000rpm

Transmission: Continuously variable tranmission

Fuel consumption, combined: 7.6L / 100km

Updated: February 26, 2023, 1:17 PM