ABUJA, NIGERIA // Nigerians on Friday marked three years since the mass abduction of about 300 schoolgirls by Boko Haram extremists amid anger that government efforts to negotiate their freedom appeared to have stalled.
Campaigners rallied in the capital, Abuja, and commercial hub Lagos to urge president Muhammadu Buhari’s government to do more to free the nearly 200 schoolgirls who remain captive.
The president’s spokesman Garba Shehu said negotiations were continuing with outside assistance to secure the release of the 195 girls believed to be still held by Boko Haram.
“Talks are ongoing through other means with the help of some foreign entities to free more schoolgirls,” Mr Shehu said. “These talks are going on with the help of some countries. You can recall the 21 schoolgirls were freed with the help of the International Committee of the Red Cross and Swiss government officials who got involved in the negotiations. These two have not withdrawn their support in the negotiations. There are also other countries that are lending support to the negotiations by being involved in the talks.”
Boko Haram seized 276 students from the Government Girls Secondary School in Chibok on April 14, 2014. Fifty-seven managed to escape shortly afterward while three others were found or rescued by the military. Some had babies in captivity.
Nigeria in October announced the release of 21 of the Chibok schoolgirls after negotiations with the extremist group, and it said another group of 83 girls would be released “very soon”.
No one has been freed since then. The government this week said negotiations have “gone quite far” but face challenges. It refused to give details, citing security reasons.
The failure of Nigeria’s former government to free the girls sparked a global Bring Back Our Girls movement.
The US first lady at the time, Michelle Obama, was one of the of the most high-profile supporters to join the campaign and be photographed holding a placard. The government’s failure to bring back the Chibok girls was a factor in Mr Buhari’s 2015 election win over former president Goodluck Jonathan.
The schoolgirls from Chibok village are among thousands of people abducted by the Nigeria-based Boko Haram as it continues to threaten parts of the north-east and has spread into neighbouring countries.
The Chibok abduction is not even the largest. Nigerian officials refuse to acknowledge the abduction of more than 500 children from the north-eastern town of Damasak in November 2014, Human Rights Watch said last month.
Mr Buhari late last year announced that Boko Haram had been “crushed,” but it continues to carry out suicide bombings, often strapping explosives to young women. Children have been used to carry out 27 attacks in the first three months of this year, already nearing last year’s total of 30, the UN children’s agency said this week.
As the anniversary of the kidnappings approached on Thursday, the president said: “The government is in constant touch through negotiations, through local intelligence to secure the release of the remaining girls and other abducted persons unharmed. On this solemn occasion, my appeal is that we must not lose hope on the return of our remaining schoolgirls.”
On Wednesday, Nigerian security officials said they had thwarted plans by Boko Haram members to attack the embassies of the United States and Britain, along with “other western interests” in the capital.
One faction of Boko Haram is allied with ISIL.
Nigeria’s military in the past year has rescued thousands of Boko Haram captives while liberating towns and villages from the group’s control, but many have been detained as possible Boko Haram suspects.
Boko Haram’s seven-year Islamic uprising has killed more than 20,000 people and driven 2.6 million from their homes, with millions facing starvation because of the disruption in markets and agriculture.
* Associated Press
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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.”
