LAGOS // "Nigeria is not Animal Farm" read one placard brandished during days of furious fuel price protests by Nigerians which have combined with a violent Islamist insurgency to move Africa's top oil producer closer to what many fear may be a breaking point.
The same political vices of corrupt leadership and abuse of power which George Orwell skewered in his 1945 novella Animal Farm have corroded Nigeria's politics since independence from Britain in 1960. Angry popular backlash against these is fuelling the latest violence.
This anti-establishment fury brought Africa's second-largest economy to a standstill last week. Citizens from all walks of life have taken to the streets after President Goodluck Jonathan's government announced on January 1 it would scrap a petrol subsidy, more than doubling fuel prices.
Public rage has erupted at the same time that a spate of bombings and shootings by a shadowy Islamist sect is threatening to fracture the country's sensitive north-south, Muslim-Christian divide. This religious fault line has caused sectarian conflict claiming thousands of lives in the past.
Some are now asking whether this dynamic but troubled country of 160 million, carved by colonial rulers out of a jigsaw of ethnic and religious groups, can still hold together or risks plunging again into all-out conflict and even break up.
Many still remember the divisive 1967-1970 civil war over secessionist Biafra that killed more than a million people and caused mass starvation, dislocation and suffering.
"As the ripples of incessant bombings and massacres resonate ... fear, anger and hatred have been woven into the very fabric of the nation's life," Soni Daniel, the deputy editor of Nigerian daily Leadership wrote in an editorial on Saturday.
"Nigeria has never come as close to the brink of civil war."
The nationwide fuel protests have become an outlet for thousands to vent their grievances against what they see as a venal ruling political class and incompetent government, which is struggling to tackle an insurgency by the Boko Haram Islamist sect based in the largely Muslim north.
"The bottom line is we don't trust the government to do what they say anymore," said Remi Sonaiya, a student in Lagos, while protesters thrashed an effigy of Mr Jonathan across the face with leafy branches.
Unions launched strikes against the fuel subsidy removal and these are estimated to be costing the country US$600 million (Dh2.2 billon) a day. They have also threatened to shut down Nigeria's 2 million barrel-per-day oil industry, rattling global energy markets.
Jennifer Giroux, senior researcher for the Centre for Security Studies (CSS) at ETH Zurich University, said the fuel-prices issue is "a common rallying point ... A unifying issue that has had an immediate effect on the majority of Nigerians, most of whom are making $2 a day or less".
Attacks have continued during the fuel protests. Targeting of minority Christians triggered reprisals by Christians on Muslims in the south, even though the majority of the two communities have shown in the past they can live in peace.
Fears that violence could degenerate into something even bigger seem to be gaining some traction.
In a recent interview with the BBC, Nobel Prize-winning Nigerian author Wole Soyinka said the comparison with the traumatic Biafra war was "not unrealistic".
"We see the nation heading towards a civil war, we know that the (Biafra) civil war was preceded by serious killings by both sides of the regional divide, we've seen reprisals," he said. "It is going that way, we no longer can pretend it's not. When you get a situation where a bunch of people can go into a place of worship and open fire through the windows, you've reached a certain dismal watershed."
Some question whether Mr Jonathan, who as vice president first took power in May 2010 when his predecessor Umaru Yar'Adua died, has the capacity to lead Nigeria out of its multi-headed crisis.
They worry that his miscalculation of the public mood over the fuel subsidy removal, and his slow reaction to the escalating Boko Haram insurgency suggest he may struggle.
"There are serious questions about how in control the president is, with some really poor decision making. Is Goodluck Jonathan really able to provide visionary leadership?" asked Alex Vines, a senior fellow and Africa specialist at London think tank Chatham House.
"There seems to be just drift and indecisiveness."
Last year, Boko Haram attacks spread and hit the capital, Abuja, yet Mr Jonathan's reaction has often appeared low key. Some critics have faulted him for initially treating the insurgency as a purely security issue, rather than as something requiring a political settlement.
"He's eerily calm considering we could be weeks away from a major confrontation," said the Africa Confidential editor Patrick Smith. "The absolute failure ... to wheel on southerners and northerners at the same time to say this is a national crisis and we have to pull together, is striking."
The biggest fear, Mr Smith said, is that the army - whose upper ranks are all southern Christians, while junior officers and lower ranks are a mix of both from many geographical locations - could fracture if a section of it launches a mutiny.
There are already rumblings in the military, he said.
"The next big fault line is the army, and how well they stay together ... If it splits, that is this country's nightmare."
The%20specs
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RESULT
Arsenal 0 Chelsea 3
Chelsea: Willian (40'), Batshuayi (42', 49')
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The%20Specs%20
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Russia's Muslim Heartlands
Dominic Rubin, Oxford
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
match info
Athletic Bilbao 1 (Muniain 37')
Atletico Madrid 1 (Costa 39')
Man of the match Iker Muniain (Athletic Bilbao)
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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.”
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
57%20Seconds
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Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
UAE currency: the story behind the money in your pockets
