S&P Revises Nigeria's Outlook to B+ Negative, Foreign Trade Drops to N3.65tn Devaluation inevitable
Obinna Chima in Lagos and James Emejo in Abuja One of the biggest global rating agencies, Standards & Poor's (S&P) has revised Nigeria's sovereign credit outlook to negative, from the stable it was previously. Nigeria currently has
a B+ rating by the agency. It also emerged on the same day that the country’s total merchandise trade fell to N3.65 trillion in the fourth quarter of last year compared to N4.02 trillion in the previous quarter. In a note yesterday, S&P stated that Nigeria's foreign
exchange policy was creating dislocations in product and financial markets. It stated that the negative outlook it assigned to Nigeria reflected the possibility of downgrade in coming 12 months, "if there is deterioration of Nigeria's fiscal or external accounts."
Furthermore, it stated that the decline in oil prices had continued to hurt the Nigerian economy. It added: "Nigeria's monetary policy has also weakened the country's credit profile, in our view." The agency had last month
stated that the Central Bank of Nigeria (CBN) would have to devalue the naira at some stage, possibly by more than 15 per cent this year. S&P had however predicted that the currency adjustments were likely going to be gradual. Director of Sovereign Ratings
at Standard & Poor's, Ravi Bhatia, said: "Another devaluation is inevitable... they will have no option but to devalue." But the Central Bank has maintained that its decision not to undertake a further Continued on page 8
Supreme Court Orders Kalu to Face Money Laundering Charges ...Page 8 Saturday 19 March, 2016 Vol 21. No 7633 Price: N150
www.thisdaylive.com TR
UT H
& RE A S O
N
Saraki: Agabi Urges Court to Apply Same Standard Used in the Tinubu Trial Rotimi Jacobs: Tribunal discharged former Lagos State governor in error
Alex Enumah in Abuja At the resumed hearing of Senate President Bukola Saraki's trial at the Code of Conduct Tribunal (CCT) yesterday, his new counsel, Kanu Agabi SAN, urged the
tribunal to apply the condition precedent in the Tinubu trial to the Saraki case. Agabi, a former AttorneyGeneral and Minister of Justice, recalled the trial of former Lagos State Governor, Bola Ahmed Tinubu, who was set free by the
tribunal because of the failure of the CCB to fulfill necessary conditions before inviting him first to make statement on the alleged discrepancies before referring him for trial. He maintained that similar decision should have been
Justice Umar to deliver ruling on jurisdication
applicable to his client having set a precedent. Agabi also reffered to the case of ten former governors who had the opportunity of being invited to defend their asset declaration and were not referred to the tribunal after clarifying issues
associated with their declaration. He therefore prayed the tribunal to dismiss the charge for being incompetent and having been filed without observing the due process of the law. Responding, counsel to Federal Government, Rotimi Jacobs
(SAN), accused the defendant of engaging in abuse of court processes, claiming that what Saraki was asking for had been determined by various courts. He said the Ministry of Justice Continued on page 8
Why the Stakes Are So High in Today's Rivers Election Buratai: Military to investigate killing of personnel
Ahamefula Ogbu in Lagos, Tobi Soniyi in Abuja, Senator Iroegbu in Owerri and Ernest Chinwo in Port Harcourt As voters in Rivers State file out this morning in a re-run election to fill national and state assembly seats amidst violence, high tension and very tight security, the outcome is expected to have far-reaching political implications in Rivers State in particular and Nigeria in general. Already, pre-election violence has claimed several lives. But the combined team of security operatives put together for the poll has assured that today’s 'do-or-die' election triggered by desperation to win, which present an ominous signal with far-reaching implications would be free and fair. While Governor Nyesom Wike of the Peoples Democratic Party is aiming to consolidate on his political gains, he is also fighting a battle for survival as former governor and Minister of Transportation, Rotimi Chibuike Amaechi of the All Progressives Congress is fighting to supplant him and retain a foot hold in the state which had been taken
Over 200 killed in poll violence between 2015/2016
away from him. The calculation being that should APC’s Amaechi win majority in the state's House of Assembly, he may rally the members to initiate impeachment proceedings against Wike and ensure his removal from power. At the national level, the three Rivers Senatorial seats are up for grabs. The seats were won by the PDP in the last election but were annulled by the courts. Should APC win any of the senatorial seats, the configuration in the Senate would change as APC would ramp up more power while the PDP would lose strength. The calculus is that should APC win even one of the three senatorial seats, it would have whittled down the power and control of the Senate President, Bukola Saraki and make him more vulnerable. Though, he is of the APC, he rode on the back of the PDP Senators who gave him block vote to emerge senate president against the APC favoured candidate. If PDP maintains its former steam by winning all the seats as it previously did, it would be able to sustain its position L-R: Kogi State Governor, Yahaya Bello; Vice President Yemi Osinbajo and Benue State Governor, Samuel Ortom, arriving
GRIEVING WITH THE OCHOLIS...
Continued on page 8
for the funeral service of late Minister of State for Labour, James Ocholi; the wife, Blessing and son, Joshua which held at the Abocho village of Dekina Local Government Area of Kogi State …yesterday GODWIN OMOIGUI