In the early hours of June 14, 2021, Alebiosu Adeleye was awoken by a loud boom.
Startled from sleep, the 32-year-old pushed open his bedroom window. That was when he saw the roaring wall of water rushing towards his town of Ayetoro.
Mr Adeleye rushed to his wife and two children, helping them jump out of the window as the storm grew more violent and water gushed through their rooms. They dove into the waves raging through their home and swam to safety.
Later in the morning, he found out his shop – where he ran a cyber cafe and printing business – had also been swept into the sea.
“I lost everything I had worked my life for that day. A whole building went under the sea and my shop, including everything in it, fell to the sea,” he told The National before stopping abruptly, as if trying to catch his breath.
It wasn’t the first time. And it wouldn’t be the last.
Not-so happy city
Founded in 1947 by Apostolic missionaries, Ayetoro is situated along the Atlantic coast in Ondo, south-west Nigeria. It grew a reputation for its communal life and advanced technology in fishing, transport and industry such as carpentry and furniture, shoe making, bakery and textiles.
However, the community, known locally as “Happy City”, has been ravaged by recurrent sea surges that have claimed more than 50 per cent of the land. The town is on the front line of the climate fight, seeing the impact of rising sea levels first-hand – more than 500 buildings and schools have been damaged in the past 20 years in what have now become annual sea incursions.
Left at the mercy of the ocean, the economy of the community continues to nosedive as business owners like Mr Adeleye bear the brunt.
Africa has contributed very little to climate-warming greenhouse gas emissions, but its residents are among the most vulnerable to the fallout.
Nigeria, the continent’s most populous nation, stretching from the southern fringe of the Sahara to the Gulf of Guinea, is particularly vulnerable to the effects of climate change, as the desert encroaches on its northern pastures, rainfall erodes farmland in its eastern Niger Delta and the Atlantic Ocean continues to consume its southern coast.
“It is disturbing. Because of the sea that keeps coming and sweeping everything away, we can no longer make plans for long-term purposes,” Mr Adeleye said.
“When you think of what could happen next and having to lose a whole building and businesses, and starting all over again. It takes time and it takes its own toll.”
Before the incursion, business was booming. Today, he runs a makeshift shop with money he saved for his studies. He barely makes enough to take care of himself.
“Sometimes, I made up to 10,000 naira ($21) daily, but now it has drastically reduced because people don’t have access to my office like before and the economy of the community has also been tremendously affected,” he says, looking out to sea.
“Some of our customers have moved and relocated for their safety.
“It is moving closer. And that is just within two years. Each time I come to work, I look at my office and I look at the sea; If another incursion should happen, I would be finished.”
The global economy could lose 10 per cent of its total value by 2050 due to climate change, according to research by the Swiss Re Institute.
Developing countries such as Nigeria will take the biggest hit as available data shows that climate change would reduce gross domestic product per capita by about 15 per cent by 2050 in countries across East and West Africa if measures are not taken.
“Communities and entrepreneurs facing the growing intensity of climate shocks that compound one after another end up losing their assets – tools, machinery, property – or selling them to get by,” says Clare Shakya, climate change director at the London-based International Institute for Environment and Development.
“It becomes harder to recover and restart productive economic activity. It can mean people, businesses and even governments get further and further into debt, with implications for the wider economy.”
She adds that affected communities need to be part of the conversation to move away from fossil fuels and improve the lives of those hit by climate change.
Murtala Abdullah, a climate security analyst, shares similar views. He believes the disruption of the economy of these coastal areas does not stay within the coastline.
“In coastal communities like Ayetoro, sea incursions lead to loss of land which means that locals cannot go fishing or lose their businesses, and that has an impact on poverty levels and productivity,” he says.
“This network affects the broader economy of the country in terms of reduction in income level, businesses shutting down or food insecurity. And in Nigeria, with linkage from other factors, it makes the situation bad.”
Debt cycle
In 2006, the community had about 30,000 residents, but the population has declined to about 5,000 as people move out of their ancestral homes in droves.
Two years ago, a sea surge swept away Joseph Francis's house, but the father-of-three picked himself up to build another from his small earnings as a carpenter.
In a similar incursion in April this year, both that building and his wife’s provision store fell into the sea. They have since moved to Ugbo Nla, a neighbouring upland town, to try to start a new life.
“The community moved us to another safer location, but we’re not safe when the sea came again last month,” Mr Francis says.
“I’m currently staying with my relatives in Ugbo Nla to start over again. The sea won’t stop taking from us. We had to leave.”
But like Mr Adeleye, there are those desperately clinging to their homes.
Maria Ajijo, 33, is one of those who is choosing to stay and fight the tide, despite dwindling custom for her business.
She owned a flourishing provision store along Broad Street, a popular one-way road that ran through the community, a go-to for residents until one Sunday morning in October 2021, when the Atlantic Ocean swept through the community and submerged the street – including Ms Ajijo's store.
“The destruction plunged me into a debt that I’m still paying. I couldn’t even afford to pay my kids' school fees at some point,” Ms Ajijo said, her voice breaking.
“I lost everything and starting all over again has been difficult. It has been hard.”
AUSTRALIA SQUAD
Tim Paine (captain), Sean Abbott, Pat Cummins, Cameron Green, Marcus Harris, Josh Hazlewood, Travis Head, Moises Henriques, Marnus Labuschagne, Nathan Lyon, Michael Neser, James Pattinson, Will Pucovski, Steve Smith, Mitchell Starc, Mitchell Swepson, Matthew Wade, David Warner
Checks continue
A High Court judge issued an interim order on Friday suspending a decision by Agriculture Minister Edwin Poots to direct a stop to Brexit agri-food checks at Northern Ireland ports.
Mr Justice Colton said he was making the temporary direction until a judicial review of the minister's unilateral action this week to order a halt to port checks that are required under the Northern Ireland Protocol.
Civil servants have yet to implement the instruction, pending legal clarity on their obligations, and checks are continuing.
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
Meydan race card
6.30pm: Maiden Dh 165,000 1,600m
7.05pm: Handicap Dh 185,000 2,000m
7.40pm: Maiden Dh 165,000 1,600m
8.15pm: Handicap Dh 190,000 1,400m
8.50pm: Handicap Dh 175,000 1,600m
9.25pm: Handicap Dh 175,000 1,200m
10pm: Handicap Dh 165,000 1,600m
MATCH INFO
Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')
Leeds United 2 (Cooper 41'; Dallas 73')
Man of the match: Scott McTominay (Manchester United)
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
England v South Africa Test series:
First Test: at Lord's, England won by 211 runs
Second Test: at Trent Bridge, South Africa won by 340 runs
Third Test: at The Oval, July 27-31
Fourth Test: at Old Trafford, August 4-8
Company%20profile
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The biog
Favourite food: Fish and seafood
Favourite hobby: Socialising with friends
Favourite quote: You only get out what you put in!
Favourite country to visit: Italy
Favourite film: Lock Stock and Two Smoking Barrels.
Family: We all have one!
The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now
The specs: 2018 Maxus T60
Price, base / as tested: Dh48,000
Engine: 2.4-litre four-cylinder
Power: 136hp @ 1,600rpm
Torque: 360Nm @ 1,600 rpm
Transmission: Five-speed manual
Fuel consumption, combined: 9.1L / 100km
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
Read more about the coronavirus
The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
WHAT%20MACRO%20FACTORS%20ARE%20IMPACTING%20META%20TECH%20MARKETS%3F
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UAE%20SQUAD
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Company%20profile
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Zayed Sustainability Prize
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
UAE currency: the story behind the money in your pockets
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)