Editorial
Actualising Rivers Microfinance Bank
The approval recently granted the Rivers State Microfinance Agency (RIMA) to float a Microfinance bank for the state opens a new vista of hope, not only for Small and Medium enterprises (SMEs) development but indeed all enterprising Rivers people.
With the Central Bank of Nigeria (CBN) approval, the State’s Microfinance bank is expected to come on stream in three months and end the agency’s dependency on other commercial banks to discharge its obligations to its publics.
Managing Director/Chief Executive Officer of RIMA, Mr. Innocent Iyalla Harry last week expressed the optimism that the new bank would, to a large extent, fill the void created by the fall of the Pan African Bank, once owned by the Rivers State government.
Also, the approval enables RIMA to transit from a micro credit lender to SME fund manager, which now entitles the agency’s beneficiaries to access up to N500,000 compared to the between N50,000 – N100,000 given under the micro credit scheme.
This is cheering. For one thing, it would encourage enterprising Rivers people to invest in viable enterprises with help from the bank and for another aid expansion of existing Small and Medium enterprises, for years, stifled by lack of credit facilities.
Coming at a time when States of the Federation are scrambling to access support grants from the Federal government, the CBN’s approval cannot come at a better time than now. RIMA is now properly suited to access and administer funds like the N2 billion aid for SMEs and N4 billion agricultural loan from the Federal government.
This means RIMA under the present State can now enjoy access to and administration of four different loans for Rivers business men and women. They include the traditional RIMA loan; the Microfinance bank loan, that for SMEs and the N4 billion Agric loan from the Federal government.
Apart from these, the new RIMA status should no doubt help create more jobs for Rivers men and women. We understand that the new bank plans to open branches in all 23 local government areas, all of which would require manpower to man.
At present, RIMA has so far created 7,255 jobs. This will no doubt increase with the agency’s new identity and expansion programme.
However, The Tide thinks that rather than embark on the opening of 23 branches at a go, the bank should pursue the expansion in a phased manner to avoid the often stifling funding challenges normally associated with the opening of new offices.
Also, the new RIMA Microfinance Bank must be professional in practice and avoid the same problems that led to the demise of the Pan African Bank. It must operate as a viable financial institution that helps develop enterprising entrepreneurs and avoid bad debts that often undermine sustainability.
The Tide is encouraged to learn that RIMA which accessed N1.4 billion under the first tenure of the MD/CEO, Mr. Iyalla, also generated N900 million in interests. This, indeed underscores its readiness to remain afloat as a viable financial institution.
To succeed as Microfinance bank therefore, RIMA must strive to replicate this feat by upholding international best practices, even as it moves to encourage indigenous investors. It must also adopt proactive steps towards investing in agriculture as one of the best alternatives to oil and gas.
In all these however, loans recovery must be given priority if the agency is to discharge its mandate to many more Rivers people. The alternative will be a steady fall of the institution as many others before it.
This is why The Tide is happy to learn that 80 per cent of the loans granted various beneficiaries have been recovered, with a drive towards recovering the remaining 20 per cent. That is the only way to reciprocate the CBN’s confidence in the Agency, and for which approval was given for the opening of Microfinance bank, for Rivers State.
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WPFD: Nigeria’s Defining Test
Nigeria stands at a critical juncture as the world marked World Press Freedom Day (WPFD) on May 3. This annual observance is a reminder that a free press is central to democratic life, good governance, and public accountability. For Nigeria, it is also a moment for sober reflection on how far the country has come and how far it still has to go in safeguarding the independence of its media.
World Press Freedom Day exists to highlight the fundamental importance of freedom of expression and to honour journalists who risk their lives in pursuit of truth. It underscores the idea that without a free press, societies cannot function transparently, nor can citizens make informed decisions. In countries like Nigeria, where democracy continues to evolve, the observance carries particular urgency.
This year’s theme, “Shaping a Future at Peace: Promoting Press Freedom for Human Rights, Development and Security”, places journalism at the heart of global stability. It emphasises that a peaceful society cannot be built on silence, fear, or manipulated information. Rather, it depends on the free flow of accurate, timely, and independent reporting.
At its core, the theme highlights the role of journalism in fostering accountability, dialogue, and trust. These are not abstract ideals. In Nigeria, where public confidence in institutions is often fragile, the media remains one of the few platforms through which citizens can question authority and demand transparency. When press freedom declines, so too does public trust.
Journalism serves as a foundation for peace, security, and economic recovery. Countries with robust media systems tend to attract greater investment, maintain stronger institutions, and resolve conflicts more effectively. Nigeria’s economic challenges, ranging from inflation to unemployment, require open scrutiny and informed debate, both of which depend on a free press.
However, the issue of information integrity has become increasingly complex in the digital age. Artificial Intelligence (AI) and online platforms have amplified the spread of misinformation and disinformation. In Nigeria, where internet penetration has grown rapidly, false narratives can travel faster than verified facts. This makes the role of credible journalism more vital than ever.
The challenge is not only technological but also ethical. AI-driven manipulation of information threatens to distort public discourse, influence elections, and deepen social divisions. In such an environment, professional journalism must act as a stabilising force, ensuring that truth prevails over sensationalism and propaganda.
Equally troubling is the safety of journalists. Across Nigeria, reporters face growing levels of online harassment, judicial intimidation, and physical threats. Self-censorship is becoming more common, as media practitioners weigh the risks of reporting sensitive issues. This trend undermines the very essence of journalism.
A particularly alarming incident involved a serving minister in the present administration, who openly threatened to shoot a journalist during a televised exchange. Such conduct, broadcast to the public, sends a dangerous signal that hostility towards the press is acceptable. It erodes the norms of democratic engagement and places journalists in harm’s way.
This year’s theme aligns closely with the United Nations Sustainable Development Goal (SDG)16, which promotes peace, justice, and strong institutions. Freedom of expression is a cornerstone of this goal. Without it, institutions weaken, corruption thrives, and justice becomes elusive. Nigeria’s commitment to SDG 16 must therefore include genuine protection for the media.
Historically, the Nigerian press has been a formidable force. From resisting colonial rule to challenging military dictatorships, our journalists have played a central role in shaping the nation’s political landscape. Today, however, that legacy appears to be under strain, as the media operates under what can best be described as a veneer of freedom.
Beneath this facade lies a troubling reality. Journalists are routinely harassed, detained, and prosecuted for performing their constitutional duties. Reports from media watchdogs indicate that dozens of Nigerian journalists face legal threats or arrest each year, often for exposing corruption or criticising those in power.
The Cybercrimes (Prohibition, Prevention, etc.) Act of 2015 has become a focal point of concern. Originally intended to combat cyber threats, it has increasingly been used to silence dissent. Sections 24 and 27(1)(b), in particular, have been invoked to target journalists, bloggers, and social commentators.
Although amendments introduced in February 2024 were meant to safeguard journalists, concerns persist. The law continues to be wielded in ways that stifle investigative reporting and restrict freedom of expression. Legal reforms must go beyond cosmetic changes to address the root causes of misuse.
To safeguard the future of journalism in Nigeria, decisive action is required. The Cybercrimes Act must be revisited to ensure it cannot be weaponised against the press. Law enforcement agencies must operate free from political influence, upholding the rule of law and protecting journalists’ rights. Civil society and international partners must also strengthen independent media through funding, training, and platforms for wider reach.
In this rapidly evolving world shaped by artificial intelligence and digital innovation, Nigeria faces a clear choice. It can either allow press freedom to erode under pressure, or it can champion a truly independent media landscape. The path it chooses will determine not only the future of journalism, but also the strength of its democracy and the peace it seeks to build.
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