Business

Still In Projects’ Business: The NEW Example

Published

7 years ago

September 3, 2018

It was our Lord Jesus Christ who declared in Luke 9:62 that : “Anyone who puts a hand to the plow and then looks back is not fit for the Kingdom of God”. This is the guiding principle of Nigeria’s best performing governor , Nyesom Ezenwo Wike.
Despite the electioneering period, Rivers State Governor, Nyesom Ezenwo Wike has continued the funding and delivery of key projects in different parts of the state.
The governor remains committed to the completion of ongoing projects in the interest of the people of the state. In Rivers West and Rivers South-East Senatorial Districts, key projects are ongoing to improve the living condition of the people.
Speaking on projects delivery recently, Governor Wike said that his administration will never abandon any project because the revival of Rivers State is more important than any other consideration.
The governor said that the reason why he is in politics is to move the state forward and transform the lives of the people.
In Rivers West Senatorial District, Government Secondary School Okarki in Ahoada West Local Government Area flagged off for reconstruction by Governor Wike is progressing satisfactorily.
The people of the area are happy with the progress of work. They endorsed Governor Wike for a second term, stating that he needs time to continue with his projects delivery.
Chairman of Ahoada West Local Government Area, Honourable Hope Ikiriko, captures the importance of Governor Wike’s projects in the area.
He said: The governor has done two basic projects in Ahoada West Local Government Area. One in the educational sector and the other in basic infrastructure,which is a road project. Government Secondary School in Okarki is an old school that has been there since the 60s and subsequent administrations just watched the school, go down and decay. The school was no more, in fact we can’t even remember students who go there again, just one structure that was there but he came in and saw that the dreams of our founding fathers were eroded and he took it upon himself to bring the school back to life.
“So what we have there now is a complete high school facility, which has to do with laboratory, classrooms, administration blocks, hostels, dining , ICT and sports facilities. It has brought back the basic dream and vision of any government as it was before, if you go there now the project that started few months ago is nearing completion.
“The other one is the road project at Ojoko. The road was abandoned for so many years. Our governor now has come back, to reconstruct the road. If you go there now,it is a wonderful road. These two projects, I can say, if you carry out the need assessment in the area, you will realise that these are the two major things that the people need. That is why I give credit to our Governor for feeling the pains of the people. He does not just site projects here and there. He sites projects that impact on the people, like the secondary school, it has brought up several great men in Ahoada West Local Government Area.”
Also, Mr. Gift Ade from Okarki community thanked the Rivers State Governor for his investment in the reconstruction of the Government Secondary School, Okarki. He said that the community will repay him by voting massively for him in 2019.
Ade said: “We are voting him to power for him to continue his job. Previously, the place was not functioning. The building was not in good order. They are bringing back the secondary school to life. We pray that God should give him more grace so that he will continue doing our projects. He is trying for us, he even promised to do our road. We thank Governor Wike very much, we welcome him, by 2019,we will endorse him to continue”.
Harry Ogono, a native of Okarki, had this to say: “I was a civil servant before, a retired civil servant. We thank our Governor so much. We don’t know that he can do such a good thing for us, here in Okarki. This project will lift us up and give us a name.”
The intervention of Governor Wike in Asari-Toru LGA is legendary. The General Hospital, Buguma has been reconstructed. The project will be delivered in the coming weeks. The state government is ready to equip the health facility in line with the goal of the administration.
In addition, the Rivers State Governor is expanding the landscape of Asari-Toru Local Government Area through the sand-filling and land reclamation project at Abalama.
Chairman of Asari-Toru Local Government Area Chief Odiari Princewill, praised the Rivers State Governor for the two projects that have impacted the lives of the people.
He said: “His Excellency, Ezenwo Wike, the Governor of Rivers State, I say thank you for giving us something like this. This hospital has been neglected for long. For more than twenty years , nobody was coming here. Now everything has changed. The hospital is now alive”.
On the Abalama sand-filling project, Mr Ofori Brown said: “I am a bonifide member of Abalama, the Alabama of Kalabari land . Right here, where I am standing had been a mangrove, entirely covered with mangrove trees and water, but because Abalama is entirely for Peoples Democratic Party (PDP) and because our sons, Alabo George Kelly, Enemi Alabo George and the rest of us worked tirelessly with his Excellency, Mr Project, he promised us a project and today it is a living testimony because where I am standing, there is a beautiful sand-filled project ongoing and the Governor has also in his magnanimity done couple of projects in Asari-Toru Local Government Area, like the General Hospital particularly in Buguma.”
Also on the project in Abalama, Mrs Tamunotonye Iyalla said the people of Asari-Toru Local Government Area will remain grateful to the Rivers State Governor for the Abalama sand-filling project which has improved the economy of the area.
In Khana Local Government Area, the dualisation of the iconic Sakpenwa-Bori road started by the Wike administration is nearing completion and getting ready for commissioning.
It is the same story at the Zonal Hospital, Bori . This project abandoned by the failed Amaechi administration at less than 20 per cent completion is about to be completed. Work has reached 85per cent completion.
The governor has vowed to continue the execution of projects, irrespective of the political reality of the time. From day one till when the governor’s mandate will be revalidated in 2019, work will continue unabated.
Governor Wike came for projects delivery and he is still in this life changing business. No local government area has been excluded from the rollout of projects. This is a united Rivers State, where everyone is given a sense of belonging.
Nwakaudu is Special Assistant to Rivers State Governor on Electronic Media.

Simeon Nwakaudu

Business

FIRS Clarifies New Tax Laws, Debunks Levy Misconceptions

Published

3 days ago

December 5, 2025

The Tide

The Federal Inland Revenue Service has said that Nigeria’s newly enacted tax laws are designed to strengthen economic competitiveness, attract investments, and improve long-term fiscal stability.

The agency also clarified that the much-debated four per cent development levy on imported goods is not a new or additional tax burden, but a streamlined consolidation of several existing levies.

According a statement released Wednesday, one of the most misunderstood elements of the new tax framework is the four per cent development levy with the agency explaining that the levy replaces a range of fragmented charges — such as the Tertiary Education Tax, NITDA Levy, NASENI Levy and Police Trust Fund Levy — that businesses previously paid separately.

This consolidation, it said, reduces compliance costs, eliminates unpredictability and ends the era of multiple agency-driven levies. The law also exempts small businesses and non-resident companies, offering protection to firms most vulnerable to economic shocks.

Another major clarification relates to Free Trade Zones. Earlier commentary had suggested that the government was rolling back the incentives that have attracted export-oriented investors for decades. However, the reforms maintain the tax-exempt status of FTZ enterprises and introduce clearer guidelines to preserve the purpose of the zones.

“Under the new rules, FTZ companies can sell up to 25 per cent of their output into the domestic market without losing tax exemptions. A three-year transition period has also been provided to allow firms to adjust smoothly.

“Government officials say the reforms aim to curb abuses where companies used FTZ licences to evade domestic taxes while competing within the Nigerian market”, it said.

With the new measures, Nigeria aligns with global FTZ models in places like the UAE and Malaysia, where the zones function primarily as export hubs for logistics, manufacturing and technology.

The introduction of a 15 per cent minimum Effective Tax Rate for large multinational and domestic companies has also been met with public concern. But the FIRS notes that this policy aligns with a global tax agreement endorsed by over 140 countries under the OECD/G20 framework.

Without this adoption, Nigeria risked losing revenue to other countries through the “Top-Up Tax” mechanism, where the home country of a multinational collects the difference when a host country charges below 15 per cent. By localising the rule, Nigeria ensures that tax revenue from multinational operations remains within its borders.

Business

CBN Revises Cash Withdrawal Rules January 2026, Ends Special Authorisation

Published

3 days ago

December 5, 2025

The Tide

The Central Bank of Nigeria (CBN) has revised its cash withdrawal rules, discontinuing the special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly, with effect from January 2026.

In a circular released Tuesday, December 2, 2025, and signed by the Director, Financial Policy & Regulation Department, FIRS, Dr. Rita I. Sike, the apex bank explained that previous cash policies had been introduced over the years in response to evolving circumstances.

However, with time, the need has arisen to streamline these provisions to reflect present-day realities.

The statement said the new set of cash-related policies is designed to reduce the cost of cash management, strengthen security, and curb money laundering risks associated with the economy’s heavy reliance on physical currency.

“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.

“With the effluxion of time, the need has arisen to streamline the provisions of these policies to reflect present-day realities,”

“Effective January 1, 2026, individuals will be allowed to withdraw up to N500,000 weekly across all channels, while corporate entities will be limited to N5 million”, it said.

According to the statement, withdrawals above these thresholds would attract excess withdrawal fees of three percent for individuals and five percent for corporates, with the charges shared between the CBN and the financial institutions.

Daily withdrawals from Automated Teller Machines (ATMs) would be capped at N100,000 per customer, subject to a maximum of N500,000 weekly stating that these transactions would count toward the cumulative weekly withdrawal limit.

The special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly has been discontinued.

The CBN also confirmed that all currency denominations may now be loaded in ATMs, while the over-the-counter encashment limit for third-party cheques remains at N100,000. Such withdrawals will also form part of the weekly withdrawal limit.

Deposit Money Banks are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.

They must also create separate accounts to warehouse processing charges collected on excess withdrawals.

Exemptions and superseding provisions
Revenue-generating accounts of federal, state, and local governments, along with accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks, are exempted from the new withdrawal limits and excess withdrawal fees.

However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been withdrawn.

The CBN clarified that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.

Business

Shippers Council Vows Commitment To Security At Nigerian Ports

Published

3 days ago

December 5, 2025

The Tide

The Nigerian Shippers Council (NSC)has restated its commitment towards ensuring security at Nigerian seaports.

Executive Secretary/Chief Executive Officer of the Council, Dr Pius Akuta, said this in Port Harcourt, while declaring open a one day workshop organized by the Nigerian Shippers Council in collaboration with the Nigerian police( Marin Division).

Theme for the workshop was ‘Facilitating Port Efficiency; The strategic Role of Maritime police “

Akuta who was represented by the Director, Regulatory Services, Nigerian Shippers Council, Mrs Margeret Ogbonnah, said the workshop was to seek areas of collaboration with security agencies at the Ports with a view to facilitating trade

Akuta said the theme of the workshop reflects the desire of the council and the Nigerian police to build capacity of police officers for better understanding and administration of their statutory roles in the Maritime environment.

He said Nigerian seaports has constantly been reputed as one of the Port with the longest cargo dwell in the world, adding,”This is so, because while it takes only six hours to clear a containerized cargo in Singapore Port, seven days in Lome Port, it takes an average of 21 days or more in Nigerian Ports” stressing that this situation which has affected the global perception index on Ease of Doing Business in Nigerian seaports must be addressed.

Akuta said NSC which is the economic regulator of the Ports has the responsibility of ensuring that efficiency is established in the Ports inorder to attract patronages.

“Pursuant to its regulatory mandate, the NSC has been collaborating with several agencies to ensure the facilitation of trade and ease of movement of cargo outside the Ports to avoid congestion”he said.

Also speaking the commissioner of police, Eastern Port Command, Port Harcourt, CP Tijani Fakai, said Maritime police has played some roles in facilitating Ports efficiency.

He listed some of the roles to include ensuring security and crime prevention at the Ports, checking of illegal fishing activities at the Ports, checking of human trafficking and drug smuggling and prevention of fire incident at the Ports.

Represented by ACP, Rufina Ukadike, the CP said police at the Ports have also helped in the decongestion and prevention of unauthorized Anchorage.

He commended the Nigerian Shippers Council for the workshop and assured of continuous collaboration.

Speaking on the dynamics of cargo handling, Deputy Controller of customs, Muhydeen Ayinla Ayoola, said the launching of electronic tracking system and dissolution of controller General Taskforce has helped to ensure efficiency at the Ports.

Ayoola who represented the custom Area Controller Port Harcourt 1 Area command, however raised concerned over rising national security threat , which according to him has affected efficiency at the Ports.

John Bibor