City Crime
Crypto Boom Creates New Financial Stability Problems – IMF
The International Monetary Fund (IMF) has said that the steady increase and global boom of crypto currency is posing new problems for financial stability across the globe.
The global financial institution in a blog post at the weekend said that the crypto ecosystem allows for quick and easy payments, innovative financial services, and inclusive access to the unbanked.
The IMF said that the total market value of all the crypto assets had grown by 10-folds ($2tn) since 2020, with the ecosystem flourishing, and replete with exchanges, wallets, miners, and stablecoin issuers, but that many of these entities lacked strong operational, governance and risk practices.
The monetary body said, “Crypto exchanges, for instance, have faced significant disruptions during periods of market turbulence.
“There are also several high-profile cases of hacking-related thefts of customer funds and so far, these incidents have not had a significant impact on financial stability.
“However, as crypto assets become more mainstream, their importance in terms of potential implications for the wider economy is set to increase.
“Consumer protection risks remain substantial, given limited or inadequate disclosure and oversight. For example, more than 16,000 tokens have been listed in various exchanges and around 9,000 exist today, while the rest have disappeared in some forms.
“Many of them have no volumes or the developers have walked away from the project. Some were likely created solely for speculation purposes or even outright fraud. The (pseudo) anonymity of crypto assets also creates data gaps for regulators and can open unwanted doors for money laundering, as well as terrorist financing,” it stated.
According to the world financial institution, crypto adoption is being driven by emerging markets and developing economies, with residents in these countries increasing their trading volumes in crypto exchanges in 2021.
”Looking ahead, widespread and rapid adoption can pose significant challenges by reinforcing dollarization forces in the economy or in this case cryptoization, where residents start using crypto assets instead of the local currency.
“Cryptoization can reduce the ability of central banks to effectively implement monetary policy. It could also create financial stability risks, for example, through funding and solvency risks arising from currency mismatches, as well as amplify the importance of some of the previously mentioned risks to consumer protection and financial integrity.
“Threats to fiscal policy could also intensify, given the potential for crypto assets to facilitate tax evasion. And seigniorage (the profits accruing from the right to issue currency) may also decline. Increased demand for crypto assets could also facilitate capital outflows that impact the foreign exchange market.” the IMF explained.
The Find, however, urged global regulators and supervisors to start monitoring developments in the crypto ecosystem and the risks they create by tackling data gaps.
It added that the use of crypto in emerging economies was as a result of weak central bank credibility, vulnerable banking systems, inefficiencies in payment systems and limited access to financial services.
By: Corlins Walter
City Crime
Fanfare, Pageantry As Ohiauga Community Honours 31 Eminent Personalities with Maiden Leadership Awards
Ohiauga Community in Igburu Clan, Ogba/Egbema/Ndoni Local Government Area of Rivers State, on Saturday, December 27, 2025, witnessed an unprecedented spectacle of celebrations, fanfare and cultural splendour as it honoured 31 distinguished personalities for their outstanding leadership qualities, selfless service and immense contributions to the growth and development of the community.
The historic event, which took place at the Ohiauga Community Town Hall, marked the maiden edition of the Ohiauga Leadership Awards and saw 27 illustrious sons and daughters of the community, alongside four non-indigenes, decorated with various honours in recognition of their unwavering commitment to the socio-economic, political and infrastructural advancement of the area.
From the early hours of the day, the once serene and seemingly sleepy community was transformed into a beehive of activities. The atmosphere was electrified with excitement as the sound of music echoed from different corners of the community. Everywhere was colourful, lively and festive, as men, women, youths and children, young and old, trooped out in large numbers, beautifully adorned in elegant traditional and modern attires.
The favourable weather further added glamour and grace to the occasion, enhancing the beauty and splendour of the event, as the people, stakeholders and visitors savoured every moment of the celebration.
Adding royal splendour to the colourful ceremony was the presence of the Eze of Igburu Clan, Eze Igburu IV of Igburu Land, His Majesty Eze Kenneth Nwabochi, who arrived at the venue in full royal regalia, accompanied by his retinue of chiefs, elders and other palace officials. His presence was a clear testament to the significance of the occasion and underscored the unity and collective resolve of the people to celebrate excellence and service.
One after the other, the award recipients stepped forward amid thunderous applause, cheers and admiration from the audience. These were men and women whose years of dedication, sacrifice and contributions have helped place Ohiauga Community on the map in terms of political relevance, socio-economic growth and self-help-driven development.
Indeed, Ohiauga Community today boasts of notable achievements credited largely to community-based initiatives, including a relatively good road network, stable and uninterrupted electricity supply powered through solar infrastructure, and other basic amenities that have improved the quality of life of its people. The honoured individuals, it was observed, have played significant roles in achieving these milestones, leaving their unmistakable footprints on the community’s development journey.
By honouring them, the community made it clear that the awards were not meant to signal retirement from service, but rather to encourage the recipients to intensify their efforts and continue to give back to their fatherland. Community leaders noted that although progress has been recorded, Ohiauga still faces serious developmental challenges that require sustained commitment and collective action.
Prominent among these challenges is the absence of a functional healthcare facility. The only cottage hospital project in the community, allegedly initiated by Total Energies Limited several years ago, was said to have been abandoned, leaving residents without adequate medical care. The community strongly appealed to the Rivers State Government to intervene and revive the project in the interest of the people.
The education sector was also not spared. The Ohiauga Community Primary School, according to the community, is allegedly in good shape, with a conducive learning environment, but lacks enough classroom teachers, as there is only one government-employed classroom teacher. To fill the void, the community reportedly employed five additional teachers from its meagre resources and currently bears the responsibility of paying their salaries.
These realities, stakeholders explained, provided further justification for the decision to celebrate and honour individuals who have consistently demonstrated commitment to the welfare and development of the community.
Speaking at the ceremony, Chairman of the Organising Committee of the Ohiauga Maiden Leadership Awards, Pastor (Dr) David Chizor Nwaoburu, described the event as a strategic initiative aimed at fostering peace, unity and development, while recognising and rewarding excellence and service.
According to him, the award ceremony was designed to honour eminent personalities who have distinguished themselves in public and private life, and who have continued to make meaningful contributions to the growth of Ohiauga Community.
Dr Nwaoburu, who was himself among the award recipients, said the recognition was intended to motivate the honourees to do more for the community and not to rest on their achievements. He urged them to continue to serve the interests of the people wherever they find themselves and to remain ambassadors of peace and development.
He further reiterated the need for government intervention in the abandoned cottage hospital project and the posting of teachers to the primary school by the state government, stressing that community development in Ohiauga has largely been driven by self-help efforts.
Among those honoured at the event were Pastor (Dr) David Chizor Nwaoburu; former Bursar of Ignatius Ajuru University of Education, Dr Davis Ojima; the Registrar of the institution, Dr Chinonye A. Ajie; Dr Obi Chukwuma Ebenezer Jular; Elder Kemmer Mark Godwin; Dr Nwokoji Chukwuemeka; Mr Nduka Louis Odiegba; Dr (Chief) (Mrs) Ojima; Comrade Chimezie Igwela; Engr Gideon Eke; Chief (Prof) H. A. Ajie; Hon. Sule Igwela; and Dr Obi Nwaoburu.
Others included Prof. (Mrs) Jennifer Igwela; Dr Charity Ajie; Eric David Orukwo; the Paramount Ruler of Ohiauga Community, HRH Dr Amb. Bright Abali; Mr Chukwudi Lloyd Reuben; Comrade Wisdom Adieme; and the member representing ONELGA Constituency I in the Rivers State House of Assembly, Hon. Uchenna Nwabochi.
Also recognised were Comrade Kelvin London Oji; Pastor Smart Brass Maduagu; Chief (Hon.) K. O. Igwela; Harmony Igwela; Comrade Onyemaobi Igwela; and Late Elder Nwaba Maduagu, who received a posthumous award in recognition of his lifetime contributions to the community.
The four non-indigenes honoured for their dedicated services and goodwill towards the community were Hon. Marculey Ogolo; Hon. ThankGod Chibor; Comrade Kingsley Ogu; and Pastor G. Oreke, who was specially recognised as the only dedicated government classroom teacher at Ohiauga Community Primary School.
Reacting to the honour, the Registrar of Ignatius Ajuru University of Education, Dr Chinonye A. Ajie, described the award as a step in the right direction and a thoughtful gesture that encourages service and excellence. He called for harmonious relationships among all segments of the community and pledged his continued support towards education, job creation and collective development.
Former Bursar of the university, Dr Davis Ojima, also expressed gratitude to the community for recognising his contributions, assuring that he would remain committed to promoting peace, unity and sustainable development initiatives in Ohiauga.
Business mogul, Mr Nduka Louis Odiegba, said being honoured by one’s own community carries special significance, describing the recognition as the most cherished among the many awards he has received. He pledged to intensify his contributions to the welfare and development of the people, noting that “charity must begin at home.”
In his royal remarks, the Eze of Igburu Clan, His Majesty Eze Kenneth Nwabochi, emphasised the importance of peace, unity and the preservation of cultural values, describing the maiden Ohiauga Leadership Awards as a timely initiative aimed at strengthening communal bonds and fostering collective progress.
Giving the vote of thanks on behalf of the awardees, Mr Chukwudi Lloyd Reuben, thanked the community for finding them worthy of recognition, and commended the leadership and merit award committee for the excellent packaging of the programme. He urged the awardees to continue with their good work to the community, as the merit awards were a clarion call for more community development involvement and a wake up call for others to emulate the leadership qualities exhibited by the awardees.
Overall, the maiden Ohiauga Leadership Awards ceremony lived up to its billing, serving not only as a platform to celebrate excellence and service but also as a rallying point for renewed commitment to the development of the community, amid resounding jubilation, merriment and cultural pride.
By: Donatus Ebi
City Crime
RSG Ready For 2030 Digital Transformation
City Crime
Industry Braces For Glut And Investor Demands
-
Politics2 days agoPFN Rejects Call For INEC Chairman’s Removal Over Genocide Comments
-
Rivers2 days agoFasthire, PHCCIMA, CIPM Host CareerFest 2026 In PH
-
Sports2 days agoEnekwechi wins Orlen Cup in season opener
-
Sports2 days agoFalconets, Senegalese Lionesses arrive Ibadan for qualifier
-
Politics2 days agoHoodlums Disrupt LP-ADC Defection Event In Lagos
-
Sports2 days agoSimba open Nwabali talks
-
Niger Delta2 days agoStakeholders Task INC Aspirants On Dev … As ELECO Promises Transparent, Credible Polls
-
Niger Delta2 days agoTinubu, Jonathan, Diri Pay Last Respect To Ewhrudjakpo
