Business
PHCCIMA Boss Hails Jonathan, Amaechi
The President of Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA), Engr. Vincent Furo, has described as a welcome development the emergence of President Goodluck Jonathan as the presidential flagbearer of the Peoples Democratic Party (PDP) in the 2011 polls.
According to him, the victory has served to reassure the international community while also restoring hope and faith in the unity and corporate existence of the country.
Furo made this assertion in a chat with newsmen at the Port Harcourt International Airport on his return from a recent trip to Abuja.
He explained that Nigerians couldn’t have wished for anything better and expressed hope that the success of the president in the primaries would prepare him to face and win the approval of Nigerian voters at the general elections. He noted that the outcome of the general elections in April would go a long way to determine how far Nigeria would fare in its developmental strides.
The PHCCIMA boss, who described Jonathan as a humane leader, observed that he has shown commitment in growing our democracy by working to perfect and strengthen the vehicles and institutions of our democratic enterprise, pointing out that he has started the process of surmounting the challenges of government by encouraging an organised private sector (OPS)-driven economy. He said the president recently interacted with members of OPS in the country and promised to continue to do everything possible to promote and provide an enabling environment for business to thrive, recalling also that he recently provided money to enable the textile and entertainment industries remain afloat as to provide more employment opportunities for the teeming populace, especially the youths.
On the 20th of January the National Association of Chambers of Commerce, Industries, Mines and Agriculture (NACCIMA) held a meeting in Lagos under the aegis of D8 as part of interactions that will further foster bilateral understanding between the government and the OPS, to open new business frontiers that will help move the country to yet another level.
The D8 meeting, according to the captain of industry, was centred on business development and the role of the various multinational companies operating in the country, it also provided an avenue to access how these companies relate with the various state chambers of commerce in the respective states especially as it concerns local content.
Outlining some of the achievements of President Jonathan, Engr. Furo particularly commended his strides in the Energy sector which he said brought about effective reduction in fuel scarcity during the Yuletide. He, however, advised that to sustain the momentum there is need for the president to consolidate on his good governance, entrench a complete power stability, embark on industrialisation, intensify his collaboration with the OPS, create job opportunities, stamp out corruption and indiscipline from the system to discourage Nigerians from ostentatious living among others in the country.
On Public Private Partnership, he stated that PPP has always been there for advancement but lamented successive governments’ failure to effectively and practically reap the benefits, urging government at all levels to begin to think towards taking advantage of such collaborations.
Speaking on the Rivers State governor, he said: “we have assessed Amaechi’s administration particularly on his developmental strides and we have given him a pass mark. Against this backdrop, we have decided to support him so as to enable him conclude the good work he started; the chamber and the members of OPS intend to meet with him to offer advice on how to improve on partnership and build a stronger economy for the state”.
The Nigerian Content Development and Monitoring Board (NCDMB), in partnership with a firm, Sweetcrude Ltd., has announced detailed selection criteria for the inaugural “Champions of Nigerian Content Awards”, designed to honor outstanding contributions to local content development in Nigeria’s oil and gas sector.
The Tide learnt that the event, scheduled to hold 21st May, 2025, at the NCDMB’S content tower headquarters in Yenagoa, capital of Bayelsa State, will recognize individuals and organizations that have demonstrated exceptional commitment to advancing Nigerian Content in 2024.
The Tide further gathered that the ceremony will coincide with the Nigerian Oil and Gas Opportunity Fair (NOGOF), which promises to spotlighting industry excellence and contributions to national economic transformation.
A statement by the Board’s Directorate of Corporate Communications and Zonal Coordination says the event has 12 Award Categories, which include, “Nigerian Content Icon of the Year”, “Nigerian Content Lifetime Achievement Award”, “Nigerian Content International Upstream Operator of the year”, and the “Nigerian Content Independent Upstream Operator of the year”.
Others are, “Nigerian Content Midstream Operator of the year”, “Nigerian Content Downstream Operator of the year”, “Nigerian Content International Service Company of the year”, Nigerian Content Indigenous Service Company of the year”, and the “Nigerian Content Innovator of the year”.
Also included are, “Nigerian Content Financial Services Provider of the year”, “Nigerian Content Media Organization of the year”, and “Women in Leadership Award for Promoting Gender Equality and Empowerment”.
According to the NCDMB, the criteria for oil and gas operators will include key and empirical benchmarks such as Production output for crude oil and gas volumes, Compliance with Nigerian Content Plans (NCPs) and Nigerian Content Compliance Certificates (NCCCs).
Other criteria are adherence to NOGICD Act reporting requirements, such as submission of Nigerian Content Performance Reports and Employment & Training Plans.
The Board’s statement added that similar criteria will apply to financial institutions, media organizations, and individuals, ensuring a transparent and merit-based selection process.
“Winners for the Nigerian Content Icon of the Year, Innovator of the Year, and Women in Leadership Award will also be selected based on measurable performance indicators.
“The Advisory Committee of Industry Titans will Oversee the process to uphold the prestige of awards. The Committee consist of distinguished experts set up to oversee nominations and validate winners”, the NCDMB said.
Members of the committee, according to the Board, include: Pioneer Executive Secretary of the NCDMB, Dr. Ernest Nwapa; Secretary-General, African Petroleum Producers Organization, Dr. Omar Farouk; and former Zonal Operations Controller, DPR, Mr. Woke Akinyosoye.
The Statement quoted the Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe, as emphasizing that the awards aim to becoming the oil and gas sector’s equivalent of the Oscars, celebrating genuine impact rather than mere participation.
“This recognition is reserved for those who have gone beyond compliance to drive tangible growth in Nigerian Content.
“With a focus on credibility, compliance, and measurable impact, the Champions of Nigerian Content Awards is poised to set a new standard for excellence in Nigeria’s energy sector”, the NCDMB Executive Scribe said.
By: Ariwera Ibibo-Howells, Yenagoa
Nigeria’s apex Banking institution, Central Bank of Nigeria (CBN), has declared that Federal Government’s debt servicing increased to N696billion in January 2025.
The CBN’s recently published Economic Report revealed a precarious fiscal position, which worsened in January 2025 as debt servicing obligations exceeded total retained revenue by a wide margin.
According to the report, the Federal Government’s debt servicing obligations for the month stood at N696.27bn, while total retained revenue amounted to only N483.47bn, indicating that debt service alone consumed about 144 per cent of all government earnings.
This development highlights the growing debt burden and dwindling fiscal space facing Africa’s largest economy.
According to the report, despite slight improvements in some revenue categories, the retained earnings were grossly inadequate to cover obligatory debt repayments, exposing the government’s continued reliance on borrowing to meet basic obligations.
The report further revealed that retained revenue in January 2025 only recorded a marginal 0.89 per cent increase when compared with the N479.21bn generated in the corresponding month of 2024.
”FGN retained revenue declined in the review period, owing largely to lower receipts from Federal Government Independent Revenue and FGN’s share of exchange gain.
“At N0.48tn, provisional FGN retained revenue was 69.19 and 70.40 per cent below the levels recorded in the preceding period and monthly target, respectively”, it revealed.
While this points to stagnation rather than growth, the marginal rise was wiped out by the overwhelming debt service obligations.
The retained revenue components showed that the Federation Account contributed N167.69bn, while the VAT Pool Account delivered N90.73bn.
By: Corlins Walter
The Federal Government has announced plans to commence the payment of the outstanding N35,000 wage award arrears owed workers in the Federal Civil Service.
A statement issued by the Office of the Accountant-General of the Federation (AGF), which was signed by the Director of Press and Public Relations, Bawa Mokwa, said the outstanding arrears will be paid in instalments, with workers set to receive N35,000 per month for five months.
It clarified that the first tranche of the wage award arrears would be released immediately after the April salary payment.
“The wage award arrears was not paid with the April 2025 salary; it will come immediately after the salary is paid”, the statement read.
The Federal Government had earlier disbursed wage awards to federal workers for five months as part of efforts to cushion the impact of economic reforms. However, five months’ arrears remained unpaid.
The AGF office further reiterated the government’s commitment to fully implementing all policies and agreements relating to staff remuneration and welfare, noting that such efforts were geared towards enhancing productivity and operational efficiency across ministries, departments, and agencies.
The N35,000 wage award was introduced in 2023 as a palliative measure to support workers following the removal of the petrol subsidy and other economic adjustments.
In January this year, the Federal Government assured workers that it would clear the arrears of the N35,000 wage award, just as it also said the government had resumed the payment of the wage award.
The government also reiterated its commitment to addressing issues in the National Minimum Wage agreement reached with the Organised Labour in 2023.
The Minister of Labour and Employment, Nkeiruka Onyejeocha, had disclosed the government’s commitment towards implementing agreements with trade unions during separate meetings with the leadership of the Trade Union Congress and Congress of University Academics, in Abuja.
The Nigeria Labour Congress had criticised the Federal Government over the delay in the payment of the minimum wage for certain workers in the federal civil service.
Also, the Federal Government had earlier blamed the delay in payment on the prolonged approval of the 2025 budget.
By: Corlins Walter
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