Niger Delta

Nwuche Sues GTB Over N300m Share Loss

Published

15 years ago

June 27, 2011

Former Deputy Speaker of the Federal House of Representatives, Prince Chibudom Nwuche, has sued Guaranty Trust Bank (GTB) in a High Court in Port Harcourt for damages resulting from losses of his equity shares totaling N300 million acquired in 2008, through WSTC Financial Services, the second defendant.

In suit number PHC/2026/2010, brought before Justice Boma Diepiri, the former Deputy Speaker is claiming the sum of N250 million as special and general damages, as a result of negligence and unprofessional manner the bank handled the transaction leading to collapse in claimants’ investment.

Prince Nwuche is also seeking the court to put a perpetual injunction on the bank from recovering any purported debts arising out of the margin facility.

A breakdown of claims by the Deputy Speaker shows that he is seeking N100 million for his equity contribution and N150 million for general damages.

According to Prince Nwuche’s counsel, George Stevenson, his client is seeking to mitigate his losses over an equity shares acquired from the court.

Barrister Stevenson told the court that his client was miffed by the selling of the shares in 2008 during stock crash without due consultation by the bank.

He argued that the 1st defendant had put its financial interest above that of the claimant as it failed to protect the interest of the claimant.

Worried with the bank’s action, Prince Nwuche told the court that he had written to them in 2008 but they went ahead to sell the shares in November 2008 despite his protest.

He claimed that the bank sold the shares at a net loss compelling him to liquidate the facility after his contribution has been eroded.

However, after the first mention of the case on Wednesday Justice Boma Diepiri adjourned the matter till 25th July for a pre-trial conference between the parties.

Niger Delta

Okpebholo Assures Corps Members Of Improved Welfare

Published

2 days ago

January 28, 2026

The Tide

Edo State Governor, Monday Okpebholo, has assured corps members deployed to the state of improved welfare and a supportive service year.

Okpebholo gave the assurance at the swearing-in ceremony of the 2026 Batch ‘A’ Stream I corps members last Friday at the National Youth Service Corps (NYSC) Permanent Orientation Camp in Okada.

The Governor also reaffirmed his administration’s commitment to youth empowerment, safety and entrepreneurship.

Represented by the Commissioner for Youth Affairs, Mrs. Charity Amayaenvbo, the Governor urged corps members to embrace innovation, community service and self-reliance rather than wait for white-collar jobs.

“Edo is committed to supporting youth empowerment, entrepreneurship and incentives that turn ideas into enterprises.

“Do not wait for jobs, create value. Wherever you are posted, serve your host community with humility, dedication and compassion.

“Have a positive footprint and let your service contribute to unity, productivity and progress,” he said.

Okpebholo assured the corps members that the state government was attentive to their welfare and had started addressing key concerns raised by the NYSC leadership.

“On behalf of the state government, I assure you of our support in terms of safety, an enabling environment and a rewarding service year.

“I listened carefully to the requests highlighted by the state coordinator, and I am glad to inform you that some of them have already been captured in the 2026 budget, which has been approved and signed into law,” he said.

The Governor noted that provisions for accommodation, meal subsidies, logistics and the construction of a multipurpose hall at the camp were included in the budget.

Earlier in her address, the Edo State Coordinator of the NYSC, Dr. Frances Ben-Ushie, described the ceremony as a reflection of the state government’s commitment to youth development and national integration.

Ben-Ushie said as of midnight on Thursday, a total of 1,235 prospective corps members, comprising 531 males and over 700 females, had been duly registered.

She congratulated the corps members on their enlistment into what she described as a “noble scheme,” urging them to embrace discipline, learning and active participation throughout the orientation course.

“The NYSC platform provides a unique avenue to meet people from diverse backgrounds, build lifelong friendships and create networks that can open doors to greater opportunities,” she said.

Ben-Ushie also highlighted the contributions of the NYSC to the state’s development, noting that the scheme had consistently provided skilled manpower, promoted labour mobility and strengthened national unity.

She cited initiatives such as the Health Initiative for Rural Dwellers and the Skills Acquisition and Entrepreneurship Development programme as key interventions benefiting communities across the state.

The NYSC coordinator commended the state government for its support, including the provision of buses for corps members, and appealed for further intervention to address lingering operational challenges at the orientation camp.

She expressed confidence that resolving the issues would enhance the effectiveness of NYSC programmes in the state and thanked the Governor for prioritising the welfare, security and growth of corps members.

Niger Delta

PDP Declares Edo Airline’s Plan As Misplaced Priority

Published

2 days ago

January 28, 2026

The Tide

The Edo chapter of the Peoples Democratic Party (PDP) on Friday condemned the state government’s reported plan to establish a state-owned airline.

The party, in a statement by its Edo State Publicity Secretary, Mr. Dan Osa-Ogbegie, described the proposal as a misplaced priority and evidence of poor, disconnected governance.

The Tide’s source reports that the State Governor, Monday Okpebholo, unveiled the airline plan during a meeting with Aviation Minister, Mr. Festus Keyamo, in Abuja.

Osa-Ogbegie said the proposal showed a government out of touch with the pressing challenges confronting Edo State residents.

“At a time of decaying infrastructure and stalled projects, establishing an airline is unrealistic and profoundly insensitive”, he said.

He argued that airlines were capital-intensive and technically demanding, noting that similar state-owned ventures in Nigeria had largely failed.

According to him, Benin has become a shadow of what a modern state capital should be.

He decried poor roads, collapsed urban planning, neglected drainage systems and weak municipal services across the state capital.

“This is a crying shame for a city of Benin’s history, heritage and enormous potential”, he said.

Osa-Ogbegie said several inherited projects had stalled or deteriorated, eroding investor confidence and undermining economic growth.

He accused the governor of pursuing “white elephant projects that offer optics without substance.”

He also cited ongoing flyover projects in parts of Benin as examples of poor prioritisation.

Against this background, he described the airline proposal as diversionary and lacking economic sense.

“When roads are barely motorable and services overstretched, proposing an airline betrays an absence of judgment,” he said.

He urged the government to abandon the plan and focus on people-centred priorities that would improve living conditions and spur growth.

“Edo does not need an airline to fly above its problems. It needs a government ready to confront them on the ground,” he said.

He warned that failure to refocus would deepen perceptions of an administration lacking direction, competence and a coherent development agenda.

Niger Delta

Students Protest Non-indigene Appointment As Rector in C’River

Published

2 days ago

January 28, 2026

The Tide

Students of Federal Polytechnic, Ugep, Cross River State, have protested to the Governor’s Office in Calabar over an alleged plan to appoint a non-indigene as Rector for the institution.

Carrying placards with various inscriptions, the students demanded respect for catchment area policy, local content, and the appointment of an indigene of the state as Rector of the institution.

Speaking on behalf of the students in Calabar, Stephen Etem said the protest sought to alert the Federal and Cross River State Governments to an alleged deviation from the established rectorial selection process.

Etem said a Governing Council, chaired by Sen. Florence Ita-Giwa, was constituted by the Federal Government to conduct the Rector selection exercise.

“The screening, which began last year, reportedly produced a Cross River State indigene as highest scorer and recommended candidate.

“Information available to us suggests that the alleged recommended candidate’s name might be substituted at the Federal Ministry of Education.

“We urge the Federal Government to uphold the council’s recommendation because altering the process could threaten peace in the institution,” he noted.

Responding at the Government House, Mr. Goddie Akpama, the Special Adviser on Intelligence to the State Governor, Bassey Otu, appealed for calm, saying the Governor was away but would be briefed.

Akpama advised the students to submit written petitions through appropriate channels, avoid inflammatory language, and engage authorities to ensure stability and uninterrupted academic activities.