Sauve and astute investment banker and Pastor, Ade Buraimo, sat with TheNewsGuru.com Publisher, Mideno Bayagbon, in a surprising rainy break over Lagos, and an insightful, reassuring, peep into the economic future of Nigeria, emerged.
ECONOMIC RECESSION ENDS IN 12 MONTHS
Ade Buraimo, Group Managing Director of AlphaMorgan Capital, one of Nigeria’s top investment banks, has predicted that going by current economic scenario today, Nigeria will be completely out of the recession which has held the nation in a vice grip in the last two years, within the next 12 months.
In an exclusive chat with TheNewsGuru.com, the former MD of Guaranty Trust Bank, Sierra Leone, said “with the agility of the president and the acting president, I am sure in the next 12 months the story will change, positively. ”
The Alpha Morgan Capital MD, however, noted that though we can predict the future, looking at certain economic indices, “we have to touch on what has happened: the economy has gone into recession, borrowing has been very difficult: the banks are not lending and inflation is very high, almost 17 percent. Treasury borrowing is almost at 22 percent. Notwithstanding, the new government is trying to put things together, though they lost six months when they started.”
WHY 12 MONTHS?
Asked to comment on the economic team in government predicting an end to recession in the near future, Mr Buraimo said, “they predicted that we will be out of the recession in 18 months, but I can assure you that with the speed at which they are going, the speed at which the economy is growing; the growing interest and confidence of investors: foreign investors are coming back gradually, and even the local investors are investing now, I am sure within the next 12 months the economy will be completely out of recession.
“The foreign investors are coming back and the interesting things is that we are not losing money. Gradually, as things are settling down, others will follow the few that came back two, three months back.”
FOREIGN DIRECT INVESTMENT TO TOP $10 BILLION BY DECEMBER
Sounding very optimistic, Mr Buraimo who was also managing director of GTHome before leaving to found Alpha Morgan Capital, enthused that by December, this year, foreign direct investment into the economy will have topped $10 billion.
With that he says, “the dollar to naira exchange rate will improve, unemployment will reduce, factories that are shut down, most of them will begin to come up; crime rate will automatically go down. Honestly, it’s going to be a major breakthrough for Nigeria.”
Asked how the economy can experience the breakthrough he predicts when the entire infrastructure architecture of the country is in a shambles, the highly decorated investment banker argues that “well, infrastructurally we are in trouble. But the truth is, with these inflows and the strategy by the government to raise some infrastructure bonds, and increase their cash flow from tax and taxation, I am sure they will fix most of the infrastructural issues. The roads will begin to get better as we progress. That will actually create employment in the construction industry because the construction sector employ a higher percentage of work force. By the time the federal government begins to pump money into infrastructure, the economy is bound to pick up.”
WEALTH IS SECURED ACROSS GENERATIONS
The Alpha Morgan MD, as one of the leading investment banking institutions, professionalism, our ability to meet obligations of investors as at when due, and the fact that we run this organisation as a structured environment, we don’t need to wait for anybody to take decision and the returns you expect from your investments, honestly Alpha Morgan is a place to invest your funds. Aside from that our slogan is very simple: we are securing wealth across generations. You are sure of your wealth; you are sure of your money. You can go to bed and sleep while we are working for you.”
A PASTOR IN INVESTMENT BANKING
Asked what a pastor is doing in financial re-engineering and investment, Mr Buraimo, who is a very senior pastor in the Redeemed Christian Church of God, RCCG, “The good thing about being a pastor or working for God in investment banking is that you put decency into what you are doing. You put God into what you are doing and your word is your bond and whatever you say you will deliver, you deliver it. With that honestly the investors can go home and sleep.”