Saturday 18th June 2016

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Fitch: New Forex Policy Can Spur Growth, Harps on Implementation Emefiele meets private sector operators, calls for calm

Obinna Chima One of the leading global rating agencies, Fitch Ratings yesterday joined other institutions and agencies in endorsing the decision of the Central Bank of Nigeria (CBN) to end currency

peg, saying that the shift to a more flexible foreign-exchange regime could aid the country to adjust to lower oil prices and support growth. This is just as the CBN Governor, Godwin Emefiele reiterated that there was

no need for businesses and investors to panic over the new forex policy, saying it will help address the imbalance in the economy. Fitch in a statement stressed that implementation of the new forex policy may present chal-

Naira sustains appreciation, rises to N355/$1

lenges if not properly managed. The agency explained that establishing the new framework's credibility would be key to its effectiveness in attracting portfolio flows and Foreign Direct Investments (FDIs) to make up for lower oil export

receipts. Continuing, Fitch ratings stated that the CBN's previous policy of restricting access to the official FX market and supporting the naira, rather than risk the inflationary impact of devaluation, has been negative

for Nigeria's sovereign credit profile. It also pointed out that defending the naira has lowered reserves and increased external vulnerabilities, while a shortage Continued on page 6

Wrongful Dismissal: Appeal Court Okays N500m for Okereke-Onyiuke...Page 63 Saturday 18 June, 2016 Vol 21. No 7724 Price: N250

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EFCC Commences Probe of Alleged Infractions in NEITI’s Audit Report Chineme Okafor and Senator Iroegbu in Abuja The Economic and Financial Crimes Commission (EFCC) has started scrutinizing the 2013 audit report of financial and process flows into Nigeria’s

extractive industries prepared by the Nigeria Extractive Industries Transparency Initiative (NEITI) which alleged that billions of dollars was not remitted to the federation account. The EFCC according to a statement from NEITI in Abuja

yesterday, has in this regard set up a joint task force to study the report and identify areas where financial crimes had been committed against Nigeria by operators in her oil, gas and solid minerals industries. It stated in the statement

signed by NEITI’s Director of Communications, Orji Ogbonnanya Orji that the Chairman of the EFCC, Ibrahim Magu made the decision to investigate the content of the report after receiving copies of the reports from NEITI’s Executive Secre-

tary, Waziri Adio. Magu, it noted, explained that it was no longer acceptable for NEITI to publish reports and agencies, companies and individuals that have clearly committed financial crimes as disclosed by the reports left to

go without sanctions. “I have heard people say that NEITI has no teeth to bite, but today I assure you that by our renewed joint collaboration, the EFCC will provide NEITI with Continued on page 6

Senate Standing Rules: FG Files Charges against Saraki, Ekweremadu Former clerk, Maikasuwa also charged It's a curious development, says aide to senate president

Omololu Ogunmade in Abuja The Federal Government has filed charges at the Federal Capital Territory (FCT) High Court, Abuja, against the Senate President, Bukola Saraki, Deputy Senate President, Ike Ekweremadu, over the alleged forgery of the Senate Standing Rules, about a year after the submission of police report to the office of the Attorney General of the Federation by the Police. Others also charged to court in a move viewed by analysts as directly targeted at docking Saraki and Ekweremadu over the manner they emerged Senate president and deputy respectively, are the immediate past Clerk to the National Assembly, Abubakar Maikasuwa and the Deputy Clerk to the National Assembly, Benedict Efeturi. Conspicuously missing on the list of those charged are the President of the 7th Senate, Senator David Mark and former Majority Leader, Senator Victor Ndoma-Egba who had since defected to the ruling All Progressives Congress (APC). Continued on page 6

KLINT DA DRUNK

I Dance to Entertain People; I Misbehave to Make Money

SuperSaturday pg. 8-9

OJO MADUEKWE I Sold Akara to Assist My Mum Feed the Family

Plus pg. 17

REVIEWING THE CONSTITUTION

R-L: Senate President Bukola Saraki; Deputy Senate President, lke Ekweremadu and Deputy Speaker, Yusuf Lasun during a retreat by the senate committee on the review of the 1999 Constitution, tagged; Towards Ensuring Governance Accountability in Nigeria Federalism at Eko Hotel, Lagos ...yesterday

Boko Haram Kills24 Mouners in Madagali, as Troops Capture 3 More Kingpins...Page 10


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