South Africa Overtakes Nigeria in Cost of Borrowing Dike Onwuamaeze with agency report South Africans now pay more than Nigerians to borrow in local currency, Bloomberg said in a report. It reported that this is a sign of South Africa’s fiscal woes
because for the first time ever, the country is paying more to borrow in its local currency than Nigeria, rated four steps lower at Moody’s Investors Service. Yields on South African rand bonds have climbed more than a percentage point since the
beginning of June after the government boosted issuance to plug a fiscal deficit forecast to swell to more than 15 per cent of Gross Domestic Product (GDP) this year. Nigerian yields have dropped in tandem with most emerging-market peers,
benefiting from a wall of monetary stimulus and a risk-on mood as governments around the globe start easing COVID-19 restrictions, the report added. Average bond yield in the country stood at 8.1 per cent as of last Friday. The International Monetary
Fund (IMF) last month further revised downwards, growth in Sub-Saharan Africa (SSA) for 2020 from -1.6 per cent to -3.2 per cent due to the effect of lockdowns on economies in the region. It noted that oil producing countries such as Nigeria
and Angola in the continent have been badly hit by the pandemic and had revised Nigeria’s growth forecast for 2020 to -5.4 per cent, from -3.4 per cent. Also, South Africa recently Continued on page 9
NNPC Remits N219bn to FAAC in April... Page 8 Friday 10 July, 2020 Vol 25. No 9223. Price: N250
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Panel Quizzes Top EFCC Officials as Magu’s Interrogation Enters Fourth Day Demands files of cases, forfeited assets’ register, cash releases since 2015 My house not searched by anti-graft agency, says Abdusalami Abubakar Omololu Ogunmade in Abuja The presidential panel probing alleged corrupt practices against the acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, yesterday widened the scope of its investigation, quizzing the commission's Secretary, Mr. Olanipekun Olukoyede, and other directors of the commission.
The EFCC's top officials appeared before the Justice Ayo Salami-led panel investigating the 21-point allegation of financial impropriety and fund diversion levelled against Magu, whose interrogation entered the fourth day yesterday. THISDAY learnt that the panel summoned the top management officers from the Continued on page 9
Osinbajo Seeks to Clear Name, Petitions IG on Alleged N4bn Bribe Davidson Iriekpen Vice President Yemi Osinbajo has written the Inspector General of Police (IG), Mr. Mohammed Adamu, demanding an investigation into an allegation that he collected N4 billion in slush money from the Acting Chairman of the Economic and Financial Crimes Commission
(EFCC), Mr. Ibrahim Magu. The petition, dated July 8, 2020, is titled, ‘Criminal Defamation of the Vice President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo (SAN), GCON by Jackson Ude.’ The vice president said Ude was in the habit of publishing Continued on page 9
REPOSITIONING THE ECONOMY... Vice President Yemi Osinbajo during the virtual meeting of the National Economic Council in Abuja...yesterday
godwin omoigui
Ondo Deputy Gov: Assembly Asks CJ to Compose Probe Panel... Page 5