ABUJA – Nigerian Senate President Bukola Saraki finally dumped the governing All Progressives Congress (APC), with elections only months away, making him the highest-profile personality to leave President Muhammadu Buhari’s party.
It is a move that may spark market volatility as the 2019 elections increasingly look to be a tight race.
“Typical of pre-election years, we are entering an era of distorted prices and increased fiscal spending which may drive headline inflation rate northwards. Also, the build-up to the 2019 election is looking like a tight contest that may spark market volatility,” said United Capital research analysts in a late note to clients yesterday.
Saraki made the announcement to leave the APC via his official Facebook page on Tuesday.
“I wish to inform Nigerians that, after extensive consultations, I have decided to take my leave of the All Progressives Congress (APC),” Saraki said.
The Senate president is Nigeria’s third highest-ranked politician after the president and his deputy, the Vice President.
This came less than a week after the APC lost its majority in the Senate after the defections of more than a dozen lawmakers to a swelling opposition coalition that’s seeking to unseat Buhari in February elections.
Saraki is not leaving the APC alone.
The governor of Kwara State, Abdulfatah Ahmed, simultaneously also announced his exit from the APC. This is not surprising because where Saraki goes, Kwara goes. But unlike Saraki, Ahmed not only announced his exit from the APC, but he also announced that he is moving to the People’s Democratic Party (PDP).
“Following due consultations with the people and in response to calls by major stakeholder groups in the state, Kwara State Governor, Alhaji Abdulfatah Ahmed today defected to the People’s Democratic Party (PDP), having realized that the All Progressive Congress (APC) can longer serve as a platform for achieving the aspirations and expectations of his people,” a statement from the governor’s media aide said.
Nigerian equity markets have sold off since an early February peak. The broad market index is down -3.2 percent this year, after surging by over 40 percent in 2017.
Johnson Chukwu, CEOof investment firm Cowry Assets Management told BusinessDay that political uncertainty will further affect the situation of the market.
“The government will not take economic decisions or reforms which might hurt people prior to election period even though they will be of benefit later on but rather focus more on political policy so as to not hinder their chances in the next election.”
In a statement personally signed by him afterwards, a copy of which was made available to BusinessDay, the Senate President enumerated his reasons for seeking another platform.
Recounting his ordeals in the APC, Saraki said that “governance principles had been deliberately violated and undermined.”
According to him, “The experience of my people and associates in the past three years is that they have suffered alienation and have been treated as outsiders in their own party. Thus, many have become disaffected and disenchanted.
“At the same time, opportunities to seek redress and correct these anomalies were deliberately blocked as a government-within-a-government had formed an impregnable wall and left in the cold, everyone else who was not recognised as ‘one of us’ This is why my people, like all self-respecting people would do, decided to seek accommodation elsewhere.”
Also, the National Publicity Secretary of APC, Bolaji Abdullahi also resigned his appointment and followed the Senate President to the People’s Democratic Party.
It would be recalled that two senators from the State, Shaaba Lafiagi from Kwara North and Rafiu Adebayo Ibrahim from Kwara South alongside all members of the House of Representatives from the state had defected to the opposition party.
Our correspondent who was at Saraki’s house in GRA where the Senate President met party chairmen across the sixteen local government areas of the state, local governments chairmen, stalwarts of the party and loyalists, reports that his supporters have started chanting PDP slogans.
Reacting to the development yesterday, Atiku Abubakar, a former vice president and presidential aspirant, said he offered Saraki “a right hand of fellowship”.
According to Atiku, “Senator Saraki’s ordeal at the hand of the All Progressives Congress is all too familiar to lovers of democracy in Nigeria and around the world. Leaving a party which maliciously prosecuted him and subjected him to the most degrading treatment, notwithstanding his status as the nation’s number three citizen, took courage, and I commend him.
“What the APC did to Senator Saraki is what they have also done to Nigeria as a nation. They have degraded our democracy and our economy.
“Bukola Saraki is a product of the Peoples Democratic Party, under whose banner he became a Presidential Adviser, Governor and Senator. The PDP’s ideology and political philosophy is conducive to Senator Saraki’s political leaning.”
“I therefore, not only welcome Senator Saraki’s resignation from the APC, I also urge him to go one step further and join the only party capable of enshrining genuine democracy in Nigeria as well as lasting economic progress. I urge Senator Saraki to join our great party, the People’s Democratic Party,” he further said.
Yinka Odumakin, publicity of secretary of pan-Yoruba cultural group, Afenifere, said that Saraki’s defection was expected considering that he has had a running battle with the party since he assumed office.
“His defection is natural and expected; he has been fighting several battles and won in courts in the last three years. In his state, the APC has dissolved the party executive, if he supported the party now what would happen to him after the election next year.
“I really don’t think he should resign as the Senate President, whoever occupy the leadership of the House depended on the party that has the majority and for now it is the PDP that has the majority,” Odumakin said.
With Saraki’s defection, APC is now effectively the minority party in the Senate. PDP will have 56 Senators to the APC’s 49. But things may even get worse for the APC going forward. In the House of Representatives, more reps are expected to defect from the ruling party after 37 of them defected last week. Rumours have it that the Speaker of the House of Representatives, Yakubu Dogara is one of those who is also likely to announce his exit from the APC.
Meanwhile the Deputy Senate President Ike Ekweremadu is currently being grilled by operatives of the Economic and Financial Crimes Commission (EFCC) over some assets allegedly linked to him.
Ekweremadu, the most senior Peoples Democratic Party (PDP) elected official in the present administration, was said to have appeared at the headquarters of the anti-graft agency in Abuja on Tuesday around 10am for interrogation.
Sources say this may not be unconnected with some assets linked to him in the United States of America, United Kingdom and United Arab Emirates.
“Typical of pre-election years, we are entering an era of distorted prices and increased fiscal spending which may drive headline inflation rate northwards. Also, the build-up to the 2019 election is looking like a tight contest that may spark market volatility,” said United Capital research analysts in a late note to clients yesterday.
Saraki made the announcement to leave the APC via his official Facebook page on Tuesday.
“I wish to inform Nigerians that, after extensive consultations, I have decided to take my leave of the All Progressives Congress (APC),” Saraki said.
The Senate president is Nigeria’s third highest-ranked politician after the president and his deputy, the Vice President.
This came less than a week after the APC lost its majority in the Senate after the defections of more than a dozen lawmakers to a swelling opposition coalition that’s seeking to unseat Buhari in February elections.
Saraki is not leaving the APC alone.
The governor of Kwara State, Abdulfatah Ahmed, simultaneously also announced his exit from the APC. This is not surprising because where Saraki goes, Kwara goes. But unlike Saraki, Ahmed not only announced his exit from the APC, but he also announced that he is moving to the People’s Democratic Party (PDP).
“Following due consultations with the people and in response to calls by major stakeholder groups in the state, Kwara State Governor, Alhaji Abdulfatah Ahmed today defected to the People’s Democratic Party (PDP), having realized that the All Progressive Congress (APC) can longer serve as a platform for achieving the aspirations and expectations of his people,” a statement from the governor’s media aide said.
Nigerian equity markets have sold off since an early February peak. The broad market index is down -3.2 percent this year, after surging by over 40 percent in 2017.
Johnson Chukwu, CEOof investment firm Cowry Assets Management told BusinessDay that political uncertainty will further affect the situation of the market.
“The government will not take economic decisions or reforms which might hurt people prior to election period even though they will be of benefit later on but rather focus more on political policy so as to not hinder their chances in the next election.”
In a statement personally signed by him afterwards, a copy of which was made available to BusinessDay, the Senate President enumerated his reasons for seeking another platform.
Recounting his ordeals in the APC, Saraki said that “governance principles had been deliberately violated and undermined.”
According to him, “The experience of my people and associates in the past three years is that they have suffered alienation and have been treated as outsiders in their own party. Thus, many have become disaffected and disenchanted.
“At the same time, opportunities to seek redress and correct these anomalies were deliberately blocked as a government-within-a-government had formed an impregnable wall and left in the cold, everyone else who was not recognised as ‘one of us’ This is why my people, like all self-respecting people would do, decided to seek accommodation elsewhere.”
Also, the National Publicity Secretary of APC, Bolaji Abdullahi also resigned his appointment and followed the Senate President to the People’s Democratic Party.
It would be recalled that two senators from the State, Shaaba Lafiagi from Kwara North and Rafiu Adebayo Ibrahim from Kwara South alongside all members of the House of Representatives from the state had defected to the opposition party.
Our correspondent who was at Saraki’s house in GRA where the Senate President met party chairmen across the sixteen local government areas of the state, local governments chairmen, stalwarts of the party and loyalists, reports that his supporters have started chanting PDP slogans.
Reacting to the development yesterday, Atiku Abubakar, a former vice president and presidential aspirant, said he offered Saraki “a right hand of fellowship”.
According to Atiku, “Senator Saraki’s ordeal at the hand of the All Progressives Congress is all too familiar to lovers of democracy in Nigeria and around the world. Leaving a party which maliciously prosecuted him and subjected him to the most degrading treatment, notwithstanding his status as the nation’s number three citizen, took courage, and I commend him.
“What the APC did to Senator Saraki is what they have also done to Nigeria as a nation. They have degraded our democracy and our economy.
“Bukola Saraki is a product of the Peoples Democratic Party, under whose banner he became a Presidential Adviser, Governor and Senator. The PDP’s ideology and political philosophy is conducive to Senator Saraki’s political leaning.”
“I therefore, not only welcome Senator Saraki’s resignation from the APC, I also urge him to go one step further and join the only party capable of enshrining genuine democracy in Nigeria as well as lasting economic progress. I urge Senator Saraki to join our great party, the People’s Democratic Party,” he further said.
Yinka Odumakin, publicity of secretary of pan-Yoruba cultural group, Afenifere, said that Saraki’s defection was expected considering that he has had a running battle with the party since he assumed office.
“His defection is natural and expected; he has been fighting several battles and won in courts in the last three years. In his state, the APC has dissolved the party executive, if he supported the party now what would happen to him after the election next year.
“I really don’t think he should resign as the Senate President, whoever occupy the leadership of the House depended on the party that has the majority and for now it is the PDP that has the majority,” Odumakin said.
With Saraki’s defection, APC is now effectively the minority party in the Senate. PDP will have 56 Senators to the APC’s 49. But things may even get worse for the APC going forward. In the House of Representatives, more reps are expected to defect from the ruling party after 37 of them defected last week. Rumours have it that the Speaker of the House of Representatives, Yakubu Dogara is one of those who is also likely to announce his exit from the APC.
Meanwhile the Deputy Senate President Ike Ekweremadu is currently being grilled by operatives of the Economic and Financial Crimes Commission (EFCC) over some assets allegedly linked to him.
Ekweremadu, the most senior Peoples Democratic Party (PDP) elected official in the present administration, was said to have appeared at the headquarters of the anti-graft agency in Abuja on Tuesday around 10am for interrogation.
Sources say this may not be unconnected with some assets linked to him in the United States of America, United Kingdom and United Arab Emirates.
It was gathered that the Commission had earlier delivered a fresh invitation to Ekweremadu after a siege at his Apo Legislative Quarters, Abuja, failed to produce him.
The source added that some of the assets under probe are those said to have been omitted by the lawmaker in his assets declaration form.
As of the time of filing this report, Uche Anichukwu, Special Adviser (Media) to Deputy Presient of the Senate, could not be reached as his telephone line was switched off when our correspondent called him to confirm the story.
*Source: Businessday
