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Aftermath Of US Election: What’s Next For Trump?

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The Trump Towers Istanbul, whose owner leases the rights to the Trump name for a sizable fee, in Istanbul. [File/The New York Times]

President Donald Trump’s tax records show signs of financial distress, he claims to have lost out on billions of dollars in income while in office and his eldest sons say the family business has forfeited dozens of potential deals across the globe.

Now, denied a second term by voters, Trump may seek to return to a once-lucrative career in television, this time with a decidedly political bent. His family business will also be free to make up for lost time by once again looking overseas, where hotels and golf clubs helped drive its growth before his election in 2016.

Eric Trump and a spokesperson for the Trump Organization did not respond Saturday to requests for comment on the business’s post-White-House plans. The president put out a statement disputing the outcome of the election, indicating that he did not believe he had lost.

After winning the presidency four years ago, Donald Trump declined to sell off his stake in the Trump Organization and instead adopted a plan that he said would eliminate conflicts of interest. Among other things, the Trump Organization pledged to forgo new deals outside the United States and hired an ethics adviser to screen certain domestic ventures.

Donald Trump

Democrats and others argued that the restrictions were half-measures at best, and indeed the approach did little to prevent the president from turning his resorts and hotels into a hub of favor seeking for lobbyists, donors and corporate chiefs, as The New York Times reported in October.

Still, the presidency took a toll on the privately owned family business, which has not closed a new hotel deal since Trump entered the White House. The company shelved a proposed chain of budget-friendly hotels last year, and Trump’s financial disclosure statements showed that his top cash-generating properties had largely gone sideways. Without offering evidence, Trump claimed last year that being president was “probably costing me from $3 to $5 billion.”

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The ban on new foreign deals probably dealt the biggest blow. Before the presidency, the company was eyeing a major expansion in China. It would even maintain a Chinese bank account and keep an inactive office in Shanghai during the presidency. It had also done exploratory work on new business partnerships in Colombia, Brazil and Turkey.

No longer constrained by its self-imposed ethics plan, the Trump Organization is now expected to seek hotel deals and other business, according to several people close to the company. Even so, there will be numerous obstacles to a rebound, including the coronavirus pandemic, law enforcement investigations into the company and a deeply divided view of Trump among the American public. Additionally, if Trump made another run for the White House in 2024, he might need to avoid new foreign entanglements that could provide ammunition for political rivals.

As Trump is poised to once again become a private citizen, here is the landscape for his family business.

Trump may begin selling his name again.

The fastest way for the Trump Organization to raise money is to flip the switch on its international deal machine, licensing the Trump name to real estate projects like hotels and residential towers.

When Trump entered the White House in 2017, Trump Organization executives said the company had left behind more than two dozen such branding deals, including in China, Israel and across South America. As Trump leaves office, he is popular in some countries, and his brand is widely recognized.

The branding deals are largely risk-free for the company because they do not require capital investments and generally make between $500,000 and $1 million a year, at least initially. The payments often decline after units in residential buildings are sold, unless the Trump Organization makes parallel agreements to manage the properties.

His company, however, still faces legal scrutiny.

While Congress may no longer be as focused on Trump’s business activities, prosecutors in New York will continue their investigations.

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The Manhattan district attorney’s office is investigating Trump and his company for an array of potential financial crimes and is seeking his tax returns. The New York state attorney general’s office is conducting a separate civil inquiry into suspicions that the company misstated its assets, possibly to reduce taxes or obtain loans.

The company has denied any wrongdoing, but it may be reluctant to provide the investigators with additional deals to scrutinize. Eric Trump, who runs the company with his brother Donald Jr., last year cited scrutiny from Democrats and the media as a major reason for suspending plans to open a new line of hotels.

The investigations could also lead to negative publicity as the company is looking to expand.

A new stream of business partners may emerge with Trump out of the spotlight.

Over the past four years, Bobby R. Burchfield, a Washington lawyer, served as the Trump Organization’s ethics adviser, scrutinizing potential deals and business partners. The examinations made it difficult for some to pass muster, while others were scared off by the public attention.

That scrutiny will now fall away, opening a pipeline of new partners.

And with more than $300 million in debt coming due that the president has personally guaranteed, there may be some urgency for the Trump Organization to line up new deals. In addition, an adverse ruling in an audit battle with the IRS could cost him more than $100 million, The Times reported in September.

A polarized country and the pandemic could hamper a rebound.

Some of Trump’s most lucrative properties are in Democratic strongholds, like New York and Chicago, where he remains deeply unpopular. And his biggest revenue-generator, his Doral golf resort in Florida, has suffered from a drop-off in conference revenue as some big companies and organizations stayed away because of his divisiveness.

As president, Trump has tried to fill the gap, at least in part, through events booked at his properties by groups connected to him and Republican politics. The Trump International Hotel near the White House was often brimming with partisan allies.

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It is unclear if that patronage will continue, or if Trump’s detractors will return to his properties once he leaves office. Additionally, it has been a tough year for the hospitality industry because of the pandemic, and the headwinds have hit commercial real estate, too. Both are central to Trump’s business portfolio.

There may be another presidential act for Trump or his children.

Trump, as of late, has privately raised the idea of running again in 2024. And the possibility of another Trump presidential run could have a chilling effect on his business in the intervening years, at least in countries like China, where a thicket of ethical and legal conflicts could arise.

The president also may not be the last Trump to run for elected office.

Donald Trump Jr. and Ivanka Trump may hold future political aspirations, and that could curb some plans for growth. The risks are greatest on the international front, where potential for conflicts of interest abound.

Finally, there is Trump’s love for television.

During his time in the White House, Trump put his eldest sons in charge of his company along with a team of other executives. But even before that, he had receded somewhat from scouting deals, letting his children take the lead.

Donald Trump

Where and how Trump will reassert himself in the family business will be one of the intriguing questions surrounding his return to private life. A onetime reality TV star, he may instead return to television as a political pundit or in another role, those around him say.

There have been preliminary discussions about acquiring or starting a Trump-branded network, for example. His work on “The Apprentice,” tax records show, brought him new sources of cash and furthered a myth that would help propel him to the White House, The Times reported in September. Paid speeches and a book deal could also await him.

 

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Finance/Economy

Nasarawa Assembly Will Support  Dangote Refinery With Legal Backing, – Speaker Balarabe

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Nasarawa Speaker, Rt. Hon Ibrahim Balarabe Abdullahi
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Nasarawa Assembly Will Support  Dangote Refinery With Legal Backing, – Speaker Balarabe.

In a bid to industrialised the State and inline with cardinal principles of the present administration led by the Executive Governor, Alhaji Abdullahi A. Sule.

Rt. Hon Ibrahim Balarabe Abdullahi, the Speaker of the Nasarawa State House of Assembly, has assured that the House would give Dangote Sugar Refinery in the state all the necessary legislative backing and support to succeed.

The Speaker said the aimed was to enhance the economic and security status of the state considering the benefit of the Refinery in the overall development of the state and the country at large.

Balarabe Abdullahi gave the assurance when he led other Principal Officers of the House on an on-the- spot assessment to Dangote Sugar Refinery, Tunga, Awe Local Government Area of the State today Saturday.

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The speaker said that the visit was to see things for themselves and appreciated Alhaji Aliko Dangote, the President of Dangote Group for established the refinery in the state.

” We appreciate Alhaji Aliko Dangote for this project in our state as this project is a pride to Tunga, Nasarawa State, Nigeria and indeed Africa as a whole.

” The project will tackle unemployment thereby putting our unemployed youths and other people off the street.

” As it will also improve on the standard of living of the people of the state and Nigeria at large.

” Apart from the economic benefits, the project will also boost the security of the state as before now this place is a thick forest and hidden place where criminals will go out and perpetrate their criminal act, comes back and hide.

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” But now there is no hidden place for them here Again, ” he said.

Balarabe Abdullahi commended Gov. Abdullahi Sule for ensuring that the project is established in the state when he was the Managing Director of the Sugar refinery of Dangote Group.

” I also want to commend the host community, Tunga, Awe Local government for supporting the establishment of the refinery in their communities and I call for their continued support to enable the project succeed.

The speaker assured of its continued support to the activities of the  Dangote Group to succeed.

“We will protect the project and ensure that all pending lands and boundary demarcation issues are addressed peacefully,

“I also appreciate the corporate social responsibility projects of the company to the host community which cut across school and health projects,water and scholarship among others.He added.

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Responding, Alhaji Bello Abdullahi Dan-Musa, the General Manager, Government and Strategic Relations, Dangote Industries Ltd who took his time to briefed the Speaker on the company’s journey so far in the state appreciated the speaker and his entourage for the visit.

Abdullahi Damusa said that the visit would further boost the relationship between the House and Dangote refinery.

The general manager expressed the determination of Dangote  to continue to invest in Nigeria in order to tackle unemployment and uplift the standard of living of Nigerians.

Nasarawa Speaker, Rt. Hon Ibrahim Balarabe Abdullahi

Nasarawa Speaker, Rt. Hon Ibrahim Balarabe Abdullahi

It would be reported that the speaker and his entourage inspected equipment, centre pivot machine, pump station among other facilities and sites.

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Finance/Economy

Economy Diversification: Engineer Abdullahi Sule Seeks Partnership With Daily Trust Media LTD, To Address Negative Indices In The North.

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Nasarawa State Governor, Abdullahi A. Sule with Management of Daily Trust Media LTD
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Economy Diversification: Engineer Abdullahi Sule Seeks Partnership With Daily Trust Media LTD, To Address Negative Indices In The North.

Nasarawa State Governor, Engineer Abdullahi Sule, has sought for the partnership and collaboration of the Media Trust Limited, publishers of Daily Trust newspaper, towards achieving the economic diversification thrust of the country, particularly the Northern region.

Engineer Sule made his case while playing host to the management of the Daily Trust newspaper, led by its Acting Chief Executive Officer (CEO), Malam Nura Daura, on a courtesy at the Government House, on Wednesday.

Meets Speaker, Nasarawa State house Of Assembly, Rt. Hon. Chief Ibrahim Balarabe Abdullahi

The Governor equally sought the partnership of the flagship northern newspaper, towards addressing the negative indices associated with education in the region.

According to the Governor, there is every need to diversify the economy of Nigeria, particularly that of the North because the country’s reliance on oil and gas is but for a matter of time.

“The future of Nigeria may not necessarily be in the oil and gas sector. I am an oil and gas person. I am an engineer who worked most of my career in the US oil and gas and I know that for Nigeria to continue to rely on oil and gas, is only a matter of time. It will come to an end,” Engineer Sule stated.

Engineer Sule reemphasized that the future of Nigeria and the North, is going to be in minerals and agriculture.

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The Governor said therefore there is the need to collaborate with the Daily Trust towards achieving economic diversification of the North, especially that there is no state in the region that does not have one form of solid minerals or the other.

On the fallen standards of education of the North, Engineer Sule said he was always baffled when attending either the National Economic Council (NEC) or the Nigerian Governor’s Forum (NGF), for the North to always come bottom of every indices or parameters in education, with the Southern states always top.

“Every time we sit there among the governors, whether at NEC or NGF to discuss about education, you will see that the first five or seven states, none will be from the North. You will see that last seven, eight states will be all northern states. And every time I sit there, it affects me emotionally,” he said.

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While noting that he is a member of two important committees of the Northern Governors Forum (NGF) namely Committee on Economic Diversification of the North and that of Reviving the Economy of the region, Engineer Sule urged the Daily Trust to partner with the NGF, towards achieving these and many other laudable goals.

The Governor assured the newspaper that his administration will continue to build on the already existing relationship between Nasarawa State and the Daily Trust.

Engineer Sule commended the progress made by the paper, lauding the decision of the owner-managers of the Daily Trust to step aside and to allow core professionals manage the affairs of the newspaper.

“I commend their courage, in withdrawing to the side line and allowing professionals to take over and manage it. I think that is what transition is all about, that’s what vision is all about,” he said.

The Governor particularly commended Media Trust Limited for seeking to reawaken the reading culture in children, recently threatened by the social media, through the publication of the Teen Trust, a newspaper targeted at children.

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Earlier, Acting CEO of the Daily Trust, Malam Nura Daura, said they were at the Government House to build on the already existing relationship between the Nasarawa State government and the newspaper.

While commending the Governor for his development initiatives, Malam Daura said, coming from the organized private sector, Engineer Sule is bound to leave lots of legacies by the time he leaves office.

“As a leader and a father, in the business of communication, there may be some things that we are doing which is not enough or there may be some things that you feel we can also draw a word of advice or counsel, we are here for that.

“Our ears are open and we will receive it from you, someone who has capacity to inform us,” he said.

The Daily Trust management sought further collaborations with the state government, particularly in patronizing its Teen Trust, a subscription based newspaper for children, aimed at inculcating reading culture in children.

Nasarawa State Governor, Abdullahi A. Sule with Management of Daily Trust Media LTD

Nasarawa State Governor, Abdullahi A. Sule with Management of Daily Trust Media LTD

The Daily Trust Acting CEO was accompanied on the visit by the Editor-in-chief of the newspaper, Naziru Mikailu, as well as the General Manager, Business Development, Mallam Ibrahim Shekarau.

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Finance/Economy

Again, GYB-CEDO-EBIGO Foundation Present Cheque Of 10million To Kogi Young Entrepreneurs As A Startup Grants

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Again, GYB-CEDO-EBIGO Foundation Present Cheque Of 10million To Kogi Young Entrepreneurs As A Startup Grants

As part of ongoing concerted efforts to reposition Kogi economy, the present administration through GYB-CEDO EBIGO Foundation has offered 10Million Grant to Entrepreneurs across the State to help build their businesses that will increase the revenue drive of the State.

Kogi central youths under the aiegis of CEDO 4 GYB2PYB has lauded Gov. Yahaya Bello for reaffirming his determination to represent the youths, and help enhance the unseen potentials in every possible means available to make sure they attain greater height in entrepreneurship.

The group in a statement made available to newsmen in Lokoja, the state capital the Zonal Coordinator in charge of Central, Hon. James Spreading Avaabe, noted that, the uttermost priority of Gov. Yahaya Bello led administration since inception is about the welfare of youths and governmental policies aiming at changing the narratives for better.

READ:  Economy Diversification: Engineer Abdullahi Sule Seeks Partnership With Daily Trust Media LTD, To Address Negative Indices In The North.

He commended the kind gesture calling on everyone to support the present administration to realized its plans for better and prosperous Kogi.

” We have had government but this particular one under the leadership of Gov. Yahaya Bello has unquenchable passion to see us, The youth succeed, this is the same government that has made several millionaires through establishment of policies with positive influence, there is no better way of rewarding this gesture but to support, pray and help this present government succeed beyond expectancy ”

Speaking further, The group commended the efforts of the state government for running a youth inclusive government, for overall benefits of the state.

L-R: Kogi Deputy Governor, Chief David Edward Onoja and Governor Yahaya Bello

L-R: Kogi Deputy Governor, Chief David Edward Onoja and Governor Yahaya Bello

Hon. Spreading assured the people, youths in particular to see the call of Nigerian youths for Gov. Bello to contest for president as divine and trust of ability and leadership traits seen in Gov. bello, he however calls for support, prayer for realization of this ambition, as it will bring about unprecedented developments.

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