Thursday 11TH August 2016

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Hillary Clinton’s Emails Reveal Ties to Gilbert Chagoury Zacheaus Somorin with agency report Newly released emails from Hillary Clinton’s tenure as secretary of state have revealed that LebaneseNigerian billionaire Mr. Gilbert

Chagoury used his relationship with the Clinton Foundation set up by her husband former President Bill Clinton to seek for favours from the US State Department. Chagoury is a close friend of the former US president

and a top donor to the Clinton Foundation. He has appeared near the top of the Foundation’s donor list as a $1 million to $5 million contributor, according to foundation documents. He also pledged $1 billion to

the Clinton Global Initiative. According to a 2010 investigation by PBS Frontline, Chagoury was convicted in Switzerland in 2000 for laundering money from Nigeria, but agreed to a plea deal and repaid $66 million

to the Nigerian government. The revelation has raised questions about the nature of the State Department’s relationship with the Clinton Foundation, when she was secretary of state. CNN reported yesterday

that Judicial Watch, a conservative watchdog group, released 296 pages of emails from the Democratic presidential nominee, including 44 that Judicial Watch says Continued on page 6

Nigeria Qualifies for Next Round Despite Columbia Loss...

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Thursday 11 August, 2016 Vol 21. No 7776. Price: N250

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S’Africa Overtakes Nigeria as Africa’s Biggest Economy Obinna Chima with agency report In dollar terms, South Africa is once again the biggest economy on the African continent, a position it reclaimed from Nigeria.

This was attributed to the appreciation of the rand, South Africa’s currency, and the devaluation of the Nigerian naira following the introduction of a flexible foreign exchange regime. Using the Gross Domestic

Product (GDP) at the end of 2015 published by the International Monetary Fund, Bloomberg reported that the size of South Africa’s economy was $301 billion at the rand’s current exchange rate, while Nigeria’s GDP was put at $296

billion. Bloomberg noted that the rand has gained more than 16 per cent against the US currency since the start of 2016, while in contrast, Nigeria’s naira has lost more than a third of its value.

In afternoon trade yesterday, the rand firmed by more than a per cent against the dollar, to R13.29. Despite the switch, Nigeria and South Africa both face the risk of recession, having contracted in the first quarter

of the year, according to Bloomberg. Nigeria’s economy shrank by 0.4 per cent, while South Africa’s GDP contracted by 0.2 per cent. Continued on page 6

Supremacy Battle Between Presidency, N'Assembly Stalls Legislation on PIB Ghana beats Nigeria to passage of key oil industry law Inclusion of host community fund critical to ending N’Delta militancy Baru pledges to continue with Kachikwu’s reforms at NNPC

Omololu Ogunmade and Chineme Okafor in Abuja The needless struggle for supremacy led by the executive arm of government is the bane behind the current stalemate on the legislation and passage of Petroleum Industry Bill (PIB) by the National Assembly, THISDAY has learnt. The National Assembly recently commenced legislation on the bill but the move did not go down well with the executive, which saw it as an attempt by the National Assembly to take the shine off the presidency. Against this backdrop, the executive which failed to formally present a newly

drafted PIB to the National Assembly, has deployed moves to frustrate the legislature from considering the bill originated by the legislature. Instead, the executive ordered the Nigeria National Petroleum Corporation (NNPC) to prepare a new bill which has been in the works at the legal department of the state-run oil corporation for the past four months. Following the failure of the Seventh Senate to pass PIB and the attendant criticism that arose from this, the Eighth National Assembly declared its preparedness to pass the bill this time. Hence, it repeatedly appealed to the Continued on page 6

Oshiomhole, Ex-PDP Govs Clash over BALA USMAN MAKES THE ROUNDS River State Governor, Prof. Ben Ayade (left), and the Managing Director, Nigerian Ports Authority, Ms. Hadiza Bala Economy, Naira Devaluation… Page10 Cross Usman, when she paid a courtesy call on the governor after inspecting the facilities at the Calabar seaport… yesterday


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Thursday 11TH August 2016 by THISDAY Newspapers Ltd - Issuu