Nigerian military at odds over identity of released hostages


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ABUJA // Nigeria’s top brass warned on Wednesday against premature declarations on 200 girls rescued from Boko Haram after the army said they were not the same girls kidnapped by the militants in the notorious incident in Chibok.

The military announced on Tuesday evening that it had rescued 200 girls and 93 women from the militants’ Sambisa Forest stronghold in the northeastern state of Borno.

Defence spokesman Chris Olukolade said the former hostages were being screened to determine their identities and said it was “not yet confirmed” if the Chibok schoolgirls were among them.

He said on Wednesday: “It’s not wise or safe to quickly declare that there are no Chibok girls among them. You never can say. One or two could be among them.

“For now, they are still being screened to ascertain their identities.”

Boko Haram kidnapped 276 girls from their school in Chibok, Borno state, on April 14 last year.

Fifty-seven escaped in the hours that followed but 219 have been held since then in an incident which provoked worldwide condemnation.

Any rescue would be welcomed not just in Nigeria, where supporters have maintained a daily vigil for their release in the capital, Abuja, and around the world.

But army spokesman Sani Usman dashed hopes of their liberation.

“Naturally the Chibok girls will come to people’s mind when they hear that 200 girls have been rescued from Boko Haram in Sambisa Forest.

“But from our preliminary investigations the rescued girls are not those abducted from Chibok in April last year.”

Mr Usman said the vast former colonial-era game reserve housed several Boko Haram camps and the military had so far destroyed only four.

Troops were working to establish the identities of the girls and women as well as when and where they were abducted, he said.

Some 2,000 women and girls have been kidnapped since the start of last year, according to Amnesty International.

“Our operation is ongoing and we hope to rescue all these girls and women, including the Chibok girls from Boko Haram, in due course,” Mr Usman said.

“But now we can state clearly that these girls are not Chibok girls.”

* Agence France-Presse

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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.”