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FBNQuest advises investors on Contrarian Investing

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The potential of technology to reduce human error – FBNQuest

Contrarian investing is an investment strategy that involves purchasing and selling in contrast to prevailing sentiments of the time.

This means an investor is buying assets when other market participants are selling.

FBNQuest Asset Management as such is encouraging investors to consider contrarian investing by taking advantage of the FBN Nigeria Eurobond (USD) Fund.

Having a contrarian view does not necessarily mean having a negative view of the overall stock market, or believing it is overvalued.

A contrarian simply seeks opportunities to buy or sell specific investments when the majority of investors appear to be doing the opposite.

Looking back, market sells-offs or dips have been caused by the great depression, the technology boom and the 2008 financial crisis to mention a few.

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We cannot deny the effects of COVID-19 to the world’s economy, as we see major markets trading at steep discounts and Central Banks/Governments responding through rate cuts and cash injections into their economies.

This situation presents an opportunity for investors to invest and diversify their portfolios. The latter is more important given the shock in crude oil prices, which has experienced a massive drop to the range of $26-$28 per barrel over the past month.

The FBN Nigeria Eurobond has served as a veritable source of diversification of portfolios for investors, offering good value for investments made.

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Considering the need for investors to diversify their income stream and asset classes, the FBN Nigeria Eurobond Fund provides a viable option for contrarian investing and wealth creation.

Commenting on the Fund, Ike Onyia, Managing Director of FBNQuest Asset Management stated:

“At this time, the FBN Nigeria Eurobond (USD) Fund provides an opportunity for Nigerian investors to diversify their asset classeson their wealth-creation journey. This is especially as it remains accessible to all categories of investors, offering the lowest minimum investment requirement currently atUSD2, 500.”

He further added that the Fund was Nigeria’s first dollar-denominated public fund, and it invests in a broad range of US Dollar-denominated debt securities issued by the Federal Government of Nigeria (FGN), and highly rated Corporate and Financial Institutions.

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It is regulated by the Securities and Exchange Commission (SEC).

The Fund also provides flexibility and liquidity for expenses such as holidays, mortgages and university fees in foreign currency; and has a proven performance track record having delivered average returns of 34.4% from inception in January 2016 to February 2020.

The FBN Nigeria Eurobond Fund was the recipient of the Bond Fund of the year at the BusinessDay Banks & Other Financial Institution Awards (BAFI) awards, which took place in November 2019.

 

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Akeredolu urged to meet striking doctors as ex-Ondo NMA Chairman dies

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The Chairman of SKYE Hospital, Akure, Dr. Ikubese Thomas-Wilson, has urged Gov. Rotimi Akeredolu to urgently meet with the state chapter of the Nigerian Medical Association (NMA) in order to bring the striking doctors back to work.

Thomas-Wilson, in an open letter to the governor on Thursday in Akure, said that the call had become necessary, following the death of a senior doctor and other residents from COVID-19 complications in the state.

He said that the doctors, who had been on strike in the last three weeks, needed to return to their duty posts urgently in order to avert greater calamities.

In his letter, entitled ‘COVID-19: Help, Our Doctors Are Dying, Thomas-Wilson noted that the state had very few cases of confirmed COVID-19 until the lockdown was eased by the Federal Government.

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He said that the reopening, a few days ago, of places of worship, with people going about their daily activities with no regard for COVID-19 protocols, should be reviewed.

According to him, the state is not immune from the virus, adding that it has become expedient for the governor to call a stakeholders’ meeting urgently to review the current COVID-19 pandemic, as the current measures are obviously not working.

“As of today, Ondo state is gradually edging towards becoming the COVID-19 hotbed in Nigeria, because it came tops on the table, second only to Lagos.

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“Last week, we lost the Commissioner for Health, Dr. Wahab Adegbenro, to the ravaging pandemic.

“Just this morning (Thursday), we lost one of our senior medical doctors and former Ondo State Chairman of the Nigerian Medical Association, Dr. Matthew Adeyeri, to COVID-19.

“Several senior doctors, nurses, and laboratory scientists in the state are currently in isolation.

“The most unfortunate aspect of this development is that medical doctors in the employment of Ondo State government are currently on strike, as government hospitals are no longer attending to patients.

“Even the doctors at the hitherto very busy and critical Infectious Disease Hospital (IDH) have recently down tools.

“The doctors cited non-provision of personal protective equipment (PPE), non-payment of COVID-19 allowance, non-payment of the agreed minimum wage and non-provision of insurance for the frontline workers, among others,” he said.

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The medical practitioner also noted that the 12-bedded Infectious Disease Hospital in Akure had also been overstretched with several COVID-19 cases.

“Convening an urgent meeting with the leadership of the state chapter of the Nigerian Medical Association to resolve the knotty issues will avert even greater calamities ahead,” he said.

Thomas-Wilson commiserated with the families of his departed colleagues.

The Newsmen gathered that Adeyeri was reportedly taken to the Federal Medical Centre, Owo, on Wednesday after he was suspected to have contracted the virus.

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Hushpuppi not currently on our list of billionaires – Forbes

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American business magazine, Forbes, has said alleged international fraudster, Ramon Abbas aka Hushpuppi, was never on its list of World’s Billionaires.

Hushpuppi, who boasts of over 2.4 million followers on social media, was known to always flaunt his ostentatious lifestyle.

Huhspuppi boasts of many luxury cars including two Rolls Royce, a Maybach, a Bentley, a Ferarri, Mercedes G Wagon, and many more, some of which were seized when he was arrested by the Dubai Police in the United Arab Emirates last month before he was extradited to the US.

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The Nigerian, who is currently facing charges of conspiracy to commit money laundering, among others, in the United States, used strictly private jets for international travel where he videos himself consuming expensive champagne and food.

Some of the photos of his travels he posted on social media showed him reading copies of Forbes magazine.

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The magazine famous for listing richest people on earth including Jeff Bezos, Dangote, Bill Gates, amongst others, however, said in an article on Thursday that Hushpuppi was not on its list of World’s Billionaires.

“Forbes does not currently include Abbas on our list of the World’s Billionaires,” it said.

The magazine, which said richest people on earth are not immune to the coronavirus, said there were over 2,095 billionaires in the world worth over $8 trillion, but Abbas, who was accused of committing over N168 billion scam was not one of them.

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According to the Federal Bureau of Investigation, Abbas is alleged to have attempted to dupe an English Premier League football club of £100m (N48.4bn).

FBI said should Hushpuppi be convicted, he risks spending 20 years in jail.

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KDSG declares state of emergency in water, sanitation, hygiene

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The Kaduna State Government has declared a state of emergency on Water, Sanitation, and Hygiene (WASH) to enhance a healthy society.

Mr. Muyiwa Adekeye, Special Adviser to Gov. Nasiru El-Rufai on Media and Communication, said in a statement that the declaration was to enable the government to attain the national goal of Open Defecation Free (ODF) by 2025.

Adekeye stated that the state of emergency in the WASH sector would enable the state to build on the success of the Sanitation, Hygiene, and Water in Nigeria (SHAWN II) program.

According to him, significant progress is being recorded in ridding the state of open defecation.

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He added that Jaba Local Government Area had been validated by UNICEF as having attained ODF status.

“As of May 2020, at least 2,269 communities in the state have attained UNICEF ODF status.

“This was achieved through the implementation of relevant WASH projects and consistent sensitisation of communities,’’ he said.

Adekeye added that steps were being taken to achieve state-wide ODF status across the 23 local government areas.

“The state government places a priority on the provision of clean and safe water and promotion of basic hygiene.

“These are central to delivering quality health care and life expectancy, which are important human development indices.

“Also, water and sanitation are very critical in preventing killer diseases like cholera, Lassa fever, typhoid, as well as COVID-19.’’

The special adviser revealed that the state’s Rural Water Supply and Sanitation Agency (RUWASSA) rehabilitated 110 boreholes across the state in 2019, with funding from UNICEF.

“By May 2020, RUWASSA had rehabilitated another 216 boreholes in various communities across the state.

“In addition, local artisans were trained and provided with tool kits to assure future repairs of the boreholes, enhance community participation and ownership, as well as the sustainability of the installations,’’ Adekeye said.

He said that the state government would continue to invest in human and material resources, to eliminate open defecation.

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Adekeye commended UNICEF’s role in helping the state to achieve the ODF status, adding that the UN body had been a very supportive ally in that effort.

“Kaduna State looks forward to building on the gains of the SHAWN II program and attaining a vital sustainable development goal,’’ he said.

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