Friday 24th June 2016

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Fitch Downgrades Nigeria to ‘B+’, with Stable Outlook FX market reporting revised as naira rises again to N281.67/$1 Obinna Chima Fitch Ratings has downgraded Nigeria’s long-term foreign currency Issuer Default Rating (IDR) to ‘B+’ from ‘BB-’ as

well as the country’s long-term local currency IDR to ‘BB-’ from ‘BB’. But the global rating agency, in a statement yesterday, assigned a stable outlook to

the country. The issuers rating on Nigeria’s senior unsecured foreign-currency bonds was also downgraded to ‘B+’ from ‘BB-’. Nigeria’s Country Ceiling

was also revised downwards to ‘B+’ from ‘BB-’ and its ShortTerm Foreign-Currency IDR affirmed at ‘B’. The agency, with dual head offices in New York and

London, pointed out that the downgrade of Nigeria’s IDRs, among others, was because its fiscal and external vulnerability had worsened due to a sharp fall in oil revenue and fiscal

and monetary adjustments that were slow to take shape and insufficient to mitigate the impact of low global oil Continued on page 9

Revealed: 10 Lawmakers on US Trip were Interrogated by State Dept over Sex Scandal...

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Friday 24 June, 2016 Vol 21. No 7729. Price: N250

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FG, Senate Face-off Deepens Divisions Among APC Senators Unity Forum backs Buhari, Like Mind Senators challenge them to test his popularity AGF shuns invitation by Judiciary C’ttee, says he acted on IG’s recommendation Tobi Soniyi and Omololu Ogunmade in Abuja The cold war among senators on the platform of the All

Progressives Congress (APC) resurfaced yesterday, when the two factions of APC caucus in the Senate disagreed on the recent actions taken by

the Muhammadu Buhari administration, especially the decision to prosecute Senate President Bukola Saraki and his deputy Ike Ekweremadu

over allegations of forgery of the Senate rules. A press conference spearheaded by members of Unity Forum with the intent

to condemn the withdrawal of support for President Buhari by their Peoples Democratic Party (PDP) counterparts and reiterate their backing for the

president, was boycotted by Senators of Like Mind. Only 16 of the 58 APC Continued on page 8

Nigerian Army to Investigate Allegation of Coup d’Etat Plot

Senator Iroegbu in Abuja The Nigerian Army has said that it will launch an investigation into those behind the report that the military was planning to overthrow the civilian administration of President Muhammadu Buhari. Reacting strongly to a story attributed to Niger Delta militants on the alleged plot by the military to overthrow the administration, the Nigerian Army said yesterday that “its attention has been drawn to another campaign of calumny and distraction by a faceless criminal gang of economic saboteurs that hide under the aegis of Joint Niger Delta Liberation Force (JNDLF) alleging that some officers of the Nigerian Army approached them for support to overthrow our duly elected present

democratic government”. The army spokesman, Continued on page 8

TOP GAINERS NGN NGN % GSK 1.86 20.07 10.2 CHAMPBREW 0.45 4.89 10.1 TRANSCORP 0.17 1.94 9.6 TOTAL 15.00 195.00 8.3 DANGCEM 9.71 203.96 5.0 TOP LOSERS NGN NGN % NPFMFB 0.06 1.17 4.8 CAP PLC 1.44 34.68 3.9 DEAPCAP 0.02 0.50 3.8 THOMSWYATT 0.02 0.56 3.4 SKYEBANK 0.03 1.10 2.6 HPE Nestle Nig Plc ₦N855.00 Volume: 450.524 million shares Value: N5.707 billion Deals: 6,360 As at yesterday 23/06/16 See details on Page 44

Soldiers, Policemen in Gun Battle over Rice for IDPs… Page 10

Vice-President Yemi Osinbajo (centre), being welcomed by the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside (left), and the Minister of Transportation, Mr. Rotimi Amaechi (right), to the launch of the Standard Operating Procedures and Port Service Support Portal, held in Abuja… yesterday godwin omoigui


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