In 2014, $1 =160
1n 2022 $1= 607
If not for Buhari and his incomprehensible indefensible incompetence, Nigeria should be some where faraway from where we are right now.
Thanks to Peter Obi, who invested where others were busy enriching their pockets, Anambra STILL has a DIVIDEND paying equity stake of IB courtesy. The value is not static, but the shares are, which means it is subject to appreciate, ceteris paribus, given the right policies that can influence the market and its value. ) would be worth approximately $14m (even higher as I have rounded it by N5 more to 160) today at that same exchange rate with a N2.24b that is more than 10% stronger in value.
It is a LONG-TERM INVESTMENT. Which means it is a financial security that pays dividends and can be liquidated for its value or more WHEN the price is right. This is what sovereign funds do, this is how they invest….the stock market is even shitty right now and major stocks are down now thanks to the other Bubi twin president Biden and his shitty policies inciting inflation & a global recession. Which means SWF with equities in their portfolio are experiencing that volatility in value. The Saudi Sovereign Wealth fund has stocks form Disney, Marriot, Pfizer, Bank of America, Netflix….. as financial securities in its portfolio to name a few. Disney is hovering around $94 and near a 52 weeks low from a high of approx $158. Tesla like Meta has lost significant value in their share price in a 52weeks range. Netflix has lost nearly 300% in value of its share price (about $600 to $157) this year. Their stakes are still intact. Because they are LONG TERM INVESTMENTS!!!!!! Sovereign & Sub-sovereign Wealth Funds are investors not traders or speculators.
However, Nothing!! Absolutely nothing has changed significantly with that investment by Anambra state under the leadership of Peter Obi except the convertible CURRENCY N value of the equity in $. The price per share, may not have even have changed much, but the currency conversion from N to $ has. There’s a depreciation in the value of N currency by over 350% almost 400% But the INVESTMENT is still intact and paying dividends to the state.
This can not be said for this stealing taking borrowing printing incompetent government under the most destructive party in the history of Nigeria APC, that has depleted ALL reserves…Foreign Reserves, ECA, even the NSWF hasn’t seen greater days in 7years..with a debt servicing profile of the budget at 100% and oil production capacity cut in half from over 2m BPD to about 1m BPD (with about 90% theft of this)…Think about this fnckery and the dire implications at hand! Peter Obi left about $500m in diversified investments(both local & foreign) nearly 30% of it in bonds. It is because of these securities, Obiano could build an international airport. Show me just 2 if at all you find one other doing this and has done this. 2!!!! Buhari depleted the Excess Crude account from over $2b to less than $35m. THINK!!!!
The drop in value of Peter Obi’s investment in IB is an indictment of the regressiveness of the Buhari admistration exposing the utter destruction of the economy. Inflation at approximately 18%, the Naira depreciated, DESTROYED as far as I am concerned by over 350%.
I am tired of arguing & explaining things to nitwits arrogant in their ignorance, every political season reveals how poorly or outright unintelligent the majority of the electorate are and how even worse, many you think have sense because they have degrees & exposure, are soooooo way overrated and economic illiterates. However, what is worse is the media aiding and abetting spreading propaganda fit for numpties. This is how they posted unsubstantiated unjustifiable outrightly bogus news not just insinuating, but outrightly stating Anambra money was used to invest in a SOLID personal business structure that was way existing with a better credit score than Anambra state before Peter Obi became governor.
Truth is a lot of you are just dim. DAFT really! WICKED even.
Where others steal & squander, Peter Obi INVESTED & SAVED! This is what Sovereign Wealth Funds of serious countries do…ALL that Buhari met he DEPLETED with NOTHING to show for it, but astronomical debts incurring 100% of our budget to service.
In word, in deeds. In results.
GO & VERIFY!!!
Written by Ms. Uri Jones,