UPDATED: Buhari Resumes Work, Sends Letter To N/Assembly

President Muhammadu Buhari’s first day at work started out like any other day at Aso Rock, except that life returned to his wing of the Presidential Villa which hitherto had been deserted.
The President’s Wing of the Aso Rock maintained its deserted look, as mostly journalists who arrived early to observe the changes that would occur on the President’s resumption, were sighted. Only the ambulance which is part of the President’s convoy was seen parked at its spot.
A Presidency official told newsmen who were waiting for the President’s arrival that he would be working from home for now, as his office was undergoing renovation.
In response to the president’s return and resumption of duty, stocks at the Nigerian Stock Exchange struggled for traction at the start of trading week, as discussions centred around the direction of the economy, following the President’s return from medical vacation.
President Buhari yesterday delivered his first televised speech since returning home after the prolonged medical leave in the United Kingdom.
A statement signed and released by Femi Adesina, the president’s special adviser on media and publicity, disclosed that the President already signed and transmitted a letter to the National Assembly at about 11am Monday morning.
At noon, the President met and received briefing from the Acting President in his residence, where officials say he will be working from, for the next few days. The President also received the governor of Nasarawa State, who obviously went to welcome him.
Meanwhile, meetings continued as usual, at the Vice President’s wing, after Osinbajo met with the President. There have been concerns that activities would generally slow down when the President returns.
It is yet to be seen if more visitors will be allowed to see the President, as during his last return in March he had asked all those who wanted to visit him to keep away and advised them to rather stay at home and pray for him.
BusinessDay gathered that the President’s work schedule for the week has already been drawn. Within the week, the President will be receiving briefings from security chiefs. He will also be presiding over the Federal Executive Council on Wednesday. One event is said to be slated for each day this week.
It is not yet clear in the President will make bold to reshuffle his cabinet on his first day at the cabinet meeting but unconfirmed sources had said the President would upon return from London, rejig his cabinet to boot out non-performing ministers. Adesina had earlier told journalists that the President’s broadcast was one of the many steps he is expected to take in the days and weeks ahead.
According to him, for Nigerians, the President’s resumption means “the president they voted into office, who has been serving them and who was indisposed for some time and who came back on Saturday, is ready to continue with the work he has been doing.”
But concerns about the economy persist. The stock market, which hitherto was haven for profit-takers, shaved over N100billion in value terms, as more investors yesterday remained on the sell side on Customs Street. Research analysts at Lagos-based United Capital Plc expect investors to pay keen attention to events in the political and policy space, as the President resumes work.
“Given that several stocks are trading above their year-end target prices, we expect the performance of the equity market to be dictated by a tackle-trade between the bulls and bears,” the analysts added.
Equity research analysts at Vetiva Capital, dowsed investors’ tensions, saying that, “given Buhari’s tough stance on security, his speech would help assuage any worries over latent ethnic and security threats in the country.”
The NSE All Share Index (ASI) lost 0.91percent to close lower at 36,584.44 points, as against 36,920.56 points the preceding trading day. The market capitalisation of listed equities declined to N12.609trillion from preceding trading day level of N12.720trillion.
The interbank FX rate was stable at N305.70/$ while the dollar exchanged at N360 at theI&E FX Widow weaker than N359.98/$.
The month-to-date (MtD) return at the stock market lowered to 2.06percent while yeart-to-date (Ytd) return stood lower at 36.13percent from preceding day high of 37.38percent.
Large cap stocks such as Nestle Nigeria Plc, Dangote Cement Plc, Stanbic IBTC Holdings Plc, Lafarge Africa Plc, and Zenith Bank Plc led the basket of 16 stocks on offer against 26 that were on demand at the Nigerian bourse.
In the past four months, foreign equity buyers increased their stake in Nigerian stocks, as the nation’s economy outlook brightens, showing prospect of exiting recession amid improving FX liquidity.
The price of oil, which is Nigeria’s main source of dollar revenue, steadied in early trading on Monday, searching for a catalyst for direction, while OPEC holds a meeting of its Joint OPEC-Non-OPEC Technical Committee (JTC), which monitors the cartel and friends’ compliance with the output cuts. Brent was at $52.47.
“Nevertheless, with Vice President Yemi Osinbajo demonstrating a firm economic hand in his capacity as Acting President, attention will focus on how quickly President Buhari gets to grips with Nigeria’s economic challenges,” Vetiva research analysts noted.
FGN bond auction is scheduled to take place on Wednesday, with the Debt Management Office (DMO) offering N135billion and the expectation of N81.0billion worth of OMO maturity to hit the system.
“Market movement should be determined by liquidity dynamics and actions of the Apex bank,” according to Afrinvest Securities, in a recent note to investors.

Buhari signed a letter officially notifying the National Assembly of his return, the presidency’s official Twitter account said on Monday. It follows his return on Saturday after three months of medical leave in Britain. Buhari, who left on May 7, handed over power to his deputy, Yemi Osinbajo.

Source: http://www.businessdayonline.com/updated-buhari-resumes-work-sends-letter-nassembly/