Nigerian stocks fell the most in more than five months and bond yields rose after Africa’s biggest oil producer delayed last weekend’s presidential and parliamentary election at the last minute.
The one-week postponement, just a few hours before voting was scheduled to start on Saturday morning, rattled investors and led to accusations from both President Muhammadu Buhari’s party and the opposition, led by Atiku Abubakar, of skulduggery against one another.
Nigeria’s stock benchmark dropped 2.5 percent by 1.30 p.m. in Lagos, the commercial capital, the most among major indexes globally and its biggest fall since Sept. 12. Dangote Cement Plc, owned by billionaire Aliko Dangote and the largest company on the bourse, lost 3.6 percent. Yields on the government’s $1.5 billion Eurobond maturing in November 2027 rose 7 basis points to 7.19 percent. Nigerian assets had rallied since the end of January on the expectation of a smooth election.
“It’s sent a very negative signal,” Ayodeji Ebo, managing director at Afrinvest West Africa Ltd. in Lagos, said by phone. “Some investors are trying to reduce their positions.”
The Independent National Electoral Commission’s delay marked the third consecutive time that Nigeria has postponed a nationwide vote. A week before the 2015 ballot, it was moved back by more than a month. Buhari went on to win and become the first opposition candidate to take power in Africa’s biggest oil producer.
As well as pushing back the presidential and parliamentary vote to Feb. 23, INEC delayed governorship elections for a week until March 9.
The chairman of Buhari’s All Progressives Congress, Adams Oshiomhole, said INEC had colluded with the Abubakar’s People’s Democratic Party over the delay.
The election body “is working with anti-democratic forces,” he told reporters in Abuja, the capital, at a press conference. “INEC’s leadership knew they were going to postpone and shared this information with the People’s Democratic Party not to waste their money, while telling us everything was well.”
An INEC spokesman, Rotimi Oyekanmi, denied any party had been informed in advance.
Former general Buhari, 76, said at the same press conference that he didn’t know about the delay in advance and that INEC had to explain its “incompetence.”
Logistical Problems
Abubakar, a 72-year-old businessman and ex-vice president, said there was a plot by the government to rig the election by stifling voter turnout in areas where he needs big majorities to win.
An INEC spokesman didn’t immediately respond to the comments by Buhari and Oshiomhole. But its chairman, Mahmood Yakubu, said Sunday the delay was because of logistical problems and had nothing to do with political interference or security concerns.
Election officials and members of the national youth corps were left stranded across the country. Many Nigerians had traveled to their hometowns to vote and won’t be able to afford a trip for a second weekend running.
“I can’t stay here till next Saturday just to vote and I can’t return here again next week just to vote,” Onyeka Ikoro, a 45-year-old electronics dealer who traveled from Lagos to his hometown of Ohafia in Abia State. “Atiku and Obi will lose my vote. It doesn’t make me happy but what can I do?”
Nigerian assets may recover later in the week if investors think the delay won’t be repeated or lead to violence, according to Aderonke Akinsola, an analyst at Chapel Hill Denham, an investment bank in Lagos.
“The personal costs will be high,” Andrew Alli, former chief executive officer of Lagos-based African Finance Corp., said in an emailed response to questions. “But as long as it doesn’t portend some major election dispute after the voting, I don’t think the ultimate effect will be that major.”
By Solape Renner, Emele Onu, and Paul Wallace
With assistance by Tope Alake
Bloomberg
Monday, February 18, 2019
Friday, February 15, 2019
Video - Why aren't more women in politics in Nigeria?
Nigeria is Africa’s largest democracy but has one of the lowest percentages of female political representation on the continent. Women make up less than 6 percent of the country’s parliament, according to the International Parliamentary Union, and no Nigerian woman has ever been elected president, vice president or governor.
Women aspiring to become politicians often encounter a lack of support from a society that is conservative and patriarchal. Some have even experienced gender-based election harassment and violence.
Out of more than 70 candidates, six women ran for president this year. The most well-known female candidate, Oby Ezekwesili - a former education minister and Bring Back Our Girls campaign co-founder - withdrew from the race last month to support an opposition coalition.
What should be done to increase women's participation in government, and to what extent is gender equality an issue in this year’s election? In this episode, we’ll learn about the experiences of Nigerian women trying to make it in politics and hear their views on the country’s upcoming election.
Video - Nigeria's frustrated youth call for progress ahead of election
The youth vote is likely to play a major part in Nigeria's presidential and parliamentary elections on Saturday. Jobs are increasingly scarce and the cost of living is rising, leading to frustration among this younger generation. Al Jazeera's Haru Mutasa met young people in the capital Abuja, who are hoping for change.
Video - Importance of peace accord ahead of elections in Nigeria
Ahead of Nigeria's presidential election scheduled for Saturday 16th February, the two main candidates Muhammadu Buhari and Atiku Abubakar signed a peace accord on Wednesday. They both pledged to accept the result of the poll as announced by INEC, and to be ambassadors of peace in the country.
But just how important is the accord to Nigerians?
Thursday, February 14, 2019
The spread of fake news in Nigerian elections
The campaign to elect Nigeria's next president is drawing to a close with accusations flying over the abuse of social media to spread misleading information.
Both of the main political parties have told BBC Reality Check their rivals are involved in the spread of disinformation.
The incumbent president, Muhammadu Buhari, of the All Progressives Congress (APC), and his main rival, Atiku Abubakar, running for the People's Democratic Party (PDP), have both been the target of videos containing dubious or inaccurate information, being shared online.
Accusations flying in both directions
"There has been some efforts by the PDP campaign to push disinformation," says Tolu Ogunlesi, head of digital communications for President Buhari.
Both parties deny any knowledge of people inside the party spreading disinformation.
"The APC is predicated on propaganda - they have manipulated pictures and words," says Paul Ibe, a media adviser to Mr Abubakar.
The APC denies the accusations and attacks the PDP for spreading lies.
"Political parties support and encourage the dissemination of divisive 'fake news' on their behalf but have little control over its development and spread," according to Jonathan Fisher, who is overseeing a project looking at the role of WhatsApp in Nigeria's elections.
Written posts, photos and videos have been shared on social media platforms, publicly on Facebook and in private WhatsApp groups, spreading unsubstantiated rumours about the candidates.
One of the most prominent is that a double is standing in for President Buhari at public events, which he has repeatedly and firmly denied.
Here is a round-up from Reality Check of some of the false rumours and misleading information spread against the two men vying to become Nigeria's next president.
Missing Dapchi girl
One example of disinformation, which started to appear on social media a few days ago, has been about Leah Sharibu, a 15-year-old held captive for nearly a year by Islamist militants Boko Haram for refusing to convert to Islam.
More than 100 girls were kidnapped from the village of Dapchi, in northern Nigeria, and all but one have now been released.
The messages and posts, spread on WhatsApp and Facebook, claimed that Leah had died - and they quickly went viral.
An anonymous "family source" had confirmed the death of the girl, according to social media posts.
In response, a government minister called the story "absolute fake news" and Mr Ogunlesi, from Mr Buhari's campaign, says the story was used to deliberately target the government.
Free cash?
The accusation here is that opposition candidate Atiku Abubakar was behind a ploy to hand out cash and food boxes at a political rally.
This story was shared online by an aide to President Buhari, who posted a photo of boxes wrapped together with Nigerian currency notes in the northern state of Sokoto.
"Keep them in poverty, then give them handouts - Atiku in Sokoto yesterday," she wrote.
The Buhari campaign denies spreading any disinformation.
However, the photo is two years old and was taken at an event organised by the Kokun Foundation, which campaigns against hunger.
A media adviser for the Atiku campaign told BBC Reality Check: "Atiku will not give handouts to anybody."
Make Nigeria worse again?
Another widely shared video accuses Atiku Abubakar of brokering a deal with Boko Haram in exchange for land and oil.
The short video, viewed over 200,000 times, was shared from a Facebook page called "Make Nigeria Worse Again". But it has no details about where or when the Atiku campaign was supposed to have announced the plan.
The Atiku campaign team told BBC Reality Check that the deal did not exist - "there is nothing to that affect".
When Buhari voted 'against Nigeria'
And finally, we've turned up an inaccurate story doing the rounds online portraying Muhammadu Buhari as both unpatriotic and bestowing favours on a member of his own ethnic group when he was military head of state in the 1980s.
This would be potentially damaging to Mr Buhari's attempt to appeal to all Nigerians, not just those from his own region.
The story relates to Mr Buhari's failure to support the election of a Nigerian candidate for the post of secretary general of the Organisation of African Unity, the precursor of the African Union (AU).
Instead, the story goes, he supported a non-Nigerian from the neighbouring country of Niger - where a member of his own Fulani ethnic group was a candidate for the job.
This story has been repeatedly and emphatically rejected by the president's spokesman, Garba Shehu.
BBC
Both of the main political parties have told BBC Reality Check their rivals are involved in the spread of disinformation.
The incumbent president, Muhammadu Buhari, of the All Progressives Congress (APC), and his main rival, Atiku Abubakar, running for the People's Democratic Party (PDP), have both been the target of videos containing dubious or inaccurate information, being shared online.
Accusations flying in both directions
"There has been some efforts by the PDP campaign to push disinformation," says Tolu Ogunlesi, head of digital communications for President Buhari.
Both parties deny any knowledge of people inside the party spreading disinformation.
"The APC is predicated on propaganda - they have manipulated pictures and words," says Paul Ibe, a media adviser to Mr Abubakar.
The APC denies the accusations and attacks the PDP for spreading lies.
"Political parties support and encourage the dissemination of divisive 'fake news' on their behalf but have little control over its development and spread," according to Jonathan Fisher, who is overseeing a project looking at the role of WhatsApp in Nigeria's elections.
Written posts, photos and videos have been shared on social media platforms, publicly on Facebook and in private WhatsApp groups, spreading unsubstantiated rumours about the candidates.
One of the most prominent is that a double is standing in for President Buhari at public events, which he has repeatedly and firmly denied.
Here is a round-up from Reality Check of some of the false rumours and misleading information spread against the two men vying to become Nigeria's next president.
Missing Dapchi girl
One example of disinformation, which started to appear on social media a few days ago, has been about Leah Sharibu, a 15-year-old held captive for nearly a year by Islamist militants Boko Haram for refusing to convert to Islam.
More than 100 girls were kidnapped from the village of Dapchi, in northern Nigeria, and all but one have now been released.
The messages and posts, spread on WhatsApp and Facebook, claimed that Leah had died - and they quickly went viral.
An anonymous "family source" had confirmed the death of the girl, according to social media posts.
In response, a government minister called the story "absolute fake news" and Mr Ogunlesi, from Mr Buhari's campaign, says the story was used to deliberately target the government.
Free cash?
The accusation here is that opposition candidate Atiku Abubakar was behind a ploy to hand out cash and food boxes at a political rally.
This story was shared online by an aide to President Buhari, who posted a photo of boxes wrapped together with Nigerian currency notes in the northern state of Sokoto.
"Keep them in poverty, then give them handouts - Atiku in Sokoto yesterday," she wrote.
The Buhari campaign denies spreading any disinformation.
However, the photo is two years old and was taken at an event organised by the Kokun Foundation, which campaigns against hunger.
A media adviser for the Atiku campaign told BBC Reality Check: "Atiku will not give handouts to anybody."
Make Nigeria worse again?
Another widely shared video accuses Atiku Abubakar of brokering a deal with Boko Haram in exchange for land and oil.
The short video, viewed over 200,000 times, was shared from a Facebook page called "Make Nigeria Worse Again". But it has no details about where or when the Atiku campaign was supposed to have announced the plan.
The Atiku campaign team told BBC Reality Check that the deal did not exist - "there is nothing to that affect".
When Buhari voted 'against Nigeria'
And finally, we've turned up an inaccurate story doing the rounds online portraying Muhammadu Buhari as both unpatriotic and bestowing favours on a member of his own ethnic group when he was military head of state in the 1980s.
This would be potentially damaging to Mr Buhari's attempt to appeal to all Nigerians, not just those from his own region.
The story relates to Mr Buhari's failure to support the election of a Nigerian candidate for the post of secretary general of the Organisation of African Unity, the precursor of the African Union (AU).
Instead, the story goes, he supported a non-Nigerian from the neighbouring country of Niger - where a member of his own Fulani ethnic group was a candidate for the job.
This story has been repeatedly and emphatically rejected by the president's spokesman, Garba Shehu.
BBC
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