Rivers

Cashless Economy ‘ll Check Terrorism Financing – CBN

Published

13 years ago

March 20, 2012

The Central Bank of Nigeria (CBN), says cashless economy initiative proposed by the bank, to be in full implementation soon, has the capacity to track down all major movement of money including terrorism financing, bribery and all attempts to compromise financial transparency.

The Controller Port Harcourt branch of the apex bank, Mr. Ken Effa who stated this in an exclusive interview with the Tide in Port Harcourt Monday said, to grow the economy, there was every need to exploy more modern instrument of payment in the system.

“This new system is electronic means of payment which would not require cash to effect payment of goods and services”, Mr. Effa said.

Describing the system as one with a lot of benefits to individuals, financial institutions, government and companies, the CBN branch controller stressed that “with cashlight the fear of being robbed of large sum of money would not be there again because the robbers know also that you don’t carry cash”.

He further stated that with cashlight, transaction would be consummated faster as you do not need to pass through the apex bank to effect payment abroad in any international business transaction.

“It will also reduce cost of processing so much notes for CBN and for the commercial banks, it will reduce cash flow or movement of cash from one location to the other to effect customers needs.

Explaining further, the controller noted that the system which has become operational in Lagos was yet to pick up fully because defaulters of the requirement of not exceeding N150,000.00 per day have not began to suffer the penalty but expressed confidence that by the ending of March, defaulters would face the wrath of the law.

CBN, he said, is thinking of providing a large number of Point of Sale (POS) machines that would take care of the whole country, will equally check the syndrome of counterfeit and ‘Ghana Must Go’ which has bedevilled financial transaction and Nigerian economy.

He disagrees with the term “Cashless economy”, as being used, as according to him, the term implies that cash would not be in use, “the accurate term is cashlight not cashless”, he said.

According to him, cashlight economic system takes into cognisance, the fact that cash payment will still be allowed for small transactions and for the rural communities.

On the problem of poor power envisaged in the system, he disclosed that apart from the plan by the federal government to improve power sector, the UP system that would enable the machine to store up power would go a long way in checking the poor power supply situation in the country.

Chris Oluoh

Rivers

NSE Members Tasked On National Dev

Published

4 days ago

July 11, 2025

The Tide

Members of the Nigerian Society of Engineers, NSE, have been urged to work hard towards contributing to national development. This call was made at the recent induction of new members by the Port Harcourt branch of the Society. The induction ceremony was used to formally welcome new members and celebrate its elevated new fellows.

Speaking during the ceremony held a in Port Harcourt, the Branch Chairman, Engr. Idaeresoari Ateke Harriet, FNSE, called on members of the NSE to actively participate in the Society’s professional and technical activities in order to contribute meaningfully to national development. He congratulated the new inductees, describing their admission as a testament to their hard work and resilience.

Engr. Ateke also commended the new Fellows for their immense contributions to the engineering profession, reminding them that their elevation is a call to greater responsibility as mentors and role models.

The event featured a lecture by Engr. Prof. Steve Odi-Owei, FNSE, on “Opportunities and Challenges in Nigeria’s Blue Economy.” The Chairman noted that Nigeria’s maritime and aquatic resources remain largely untapped, adding that engineers have a crucial role to play in harnessing these resources for economic growth and environmental sustainability.

He thanked the first female President of NSE, Engr. Margaret Aina Oguntala, FNSE, other dignitaries, sponsors, and families of inductees for gracing the occasion.

Also, engineers, especially those in Rivers State have been advised to adhere strictly to the core ethics of the profession and to always uphold the professional ethics of the body.

This advice was given by an engineering expert, Basoene Benibo, in an interview with at the sidelines of the induction ceremony and Fellowship celebration of the Port Harcourt Branch of the Nigerian Society of Engineers.

Benibo stressed the need for young engineers in the state to learn and improve on their skills by tapping from the wealth of experience of older professionals in the field to enable them excel.

Benibo, who is a one-time Chairman of the Port Harcourt Chapter of the Nigerian Society of Engineers, also noted and hailed the efforts of the society in eliminating quackery in the engineering profession.

Some of the new fellows include Prof Jackson Akpa, Pereowei Jose’s and Telema Osima, while the inductees, Engr Mrs Lizzy Onwuso, Engr David Jonathan jnr and Worlu Emmanuel expressed joy in being found worthy to become full NSE members, believing that it would enable them have access to more knowledge, practice rightly and impact the society positively.

Rivers

VALVA Restates Commitment Education Advancement, Literacy In Nigeria

Published

4 days ago

July 11, 2025

The Tide

The President and Chairman of Council, Nigerian Library Association (NLA), Dr. Dominic Amenaghawon Omokaro, has expressed deep commitment to the advancement of education and literacy in Nigeria through the library system.

Speaking through his state Chairman Dr. Chidara Okachukwu Nyemezu, at the formal Launching/inauguration of the Vanguard for Library Visibility And Advocacy (VALVA) at Captain Elechi Amadi Polytechnic in Port Harcourt recently, Omokaro discribed the inauguration of the new body as a significant and passionate movement aimed at shining the spotlight on one of the underappreciated yet critical institution in Nigeria’s educational system and national development.

“We are gathered here not just to launch a group, but to launch a vision and ignite a movement to reinforce a mission to make libraries visible and valuable again for our people”, he said.

Dr. Omokaro stated that the birth of VALVA is based of the recognition that libraries, particularly school libraries, are the bedrock of promoting a reading and research culture that includes innovation and lifelong learning in the society, though the system is grossly underfunded and poorly equipped in many cases.

He recalled the theme of its first week under his watch, “Library System for National Development in 2022”, which he hinted was driven by the state chapters.

He explained that the inauguration of VALVA shows an important mission to promote the visibility and development with impact on schools and other libraries through strategic advocacy that will advance quality education and foster lifelong learning culture in Nigeria.

“The vision is clear to promote the visibility where every school and indeed every community will have access to a functional library managed by a professional Liberian”, he said.

Speaking with journalists at the sideline of the event, the founder of the VALVA, Dr. Juliet C. Akex-Nmec, stressed that no society can grow without a functional and effective library.

She urged government at all levels to ensure the establishment of effective and functional libraries across the country.

Dr. Alex-Nmec, who is also an Associate Professor of Library and Information Science, Rivers State University, called for the appointment of a Special Adviser on Library matters by the state government in order to assist the government on Library matters.

High point of the event was the formal inaugural of the new body and oath of offices to the new executive.

Akujobi Amadi

Rivers

Four Internet Fraudstars Get Different Jail Terms In PH

Published

4 days ago

July 11, 2025

The Tide

A Federal High Court sitting in Port Harcourt and presided by Justices P. I. Ajoku, P. I. Ayua and S. I. Mark has convicted and sentenced four middle aged men to various jail terms over their involvement in fraud.

They are Daniel Ebubechi Chinweobo, Timi Olamide Samuel, Chibueze Thaddeus Ugochukwu, and Emmanuel Linus, who may be dwellers on the Port Harcourt Correctional facility until their bail conditions are met.

Their prosecution is at the instance of the Port Harcourt Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on separate charges.

The charges, the Court noted, bordered on impersonation, Advance Fee Fraud, and Obtaining Money under false pretence.

The charge against Chinweobo reads: “That you, Daniel Ebubechi Chinweobo (a.k.a. Philip James) sometime in 2024, in Port Harcourt, within the jurisdiction of this Honourable Court, fraudulently obtained the sum of One Thousand Great Britain Pounds (£1,000 only), from Marinela Gabriela, a Caucasian American, when you represented yourself to be Philip James, a military man from California, serving in Syria, who pretended to be in a marital relationship with Marinela Gabriela, which pretext you knew to be false and thereby committed an offence contrary to Section 1 (1) (b) of the Advanced Fee Fraud and Other Fraud Related Offences Act, 2006 and punishable under Section 1 (3) of the same Act.”

That of Ugochukwu reads: “That you, Chibueze Thaddeus Ugochukwu, on or about the 14th day of May, 2025, at Alakhahia axis of Port Harcourt, within the jurisdiction of this Honourable Court, fraudulently obtained from one Grey the sum of Eight Hundred United States of America dollars ($800 only), under the false pretence that you are Amanda Pappers, a citizen of the United States of America which pretence you knew to be false and thereby committed an offence contrary to Section 1(1)(a) of the Advance Fee Fraud Related Offences Act 2006 and Punishable under Section 1(3) of the same Act.”

They all pleaded guilty to their charges, following which prosecution counsels, A. Chukwuegwu and G. C Ngborokwu, tendered incriminating documents in evidence against them and urged the courts to convict and sentence them accordingly.

The Defence counsels, G. N. Chukwu, Yemi Ogunleye, A. O. Secondus and Chigozie Umunnakwem, on their part, prayed the courts to temper justice with mercy on the ground that the defendants were first time offenders.

Justice Ajoku, however, convicted and sentenced Chinweobo and Linus to 30 months in Port Harcourt Correctional Centre, each or to pay N200,000 respectively.

Their sentences are to run concurrently and began from the date of their arrest.

Justice Ajua convicted and sentenced Ugochukwu to one year jail term or to pay 50,000 fine, while Justice Mark convicted and sentenced Samuel to two years in prison or to pay N900,000 fine.

In addition to their jail terms, they deposed to affidavit of good behaviour and forfeited a Techno mobile phone, a Samsung Galaxy phone, iPhone 13 Pro, iPhone X, iPhone 16 Pro, an iPad and Lexus ES 350, recovered from them at the scene of their arrest to the Federal Government.

The convicts’ journey to the correctional centre began with their arrest by the Commission, sometime in April, 2025, following credible intelligence that exposed their fraudulent internet activities in Port Harcourt.

King Onunwor