Business

Stock Exchange, Four Banks Close Shop In Cote d’Ivoire

Published

15 years ago

February 21, 2011

The West African

Stock Exchange and four banks have suspended their operations in Cote d’Ivoire, following disagreements and security fears raised with the government of President Laurent Gbagbo.

Three international banks, Nigeria’s Access bank plc, the French subsidiary of BNP Paribas- BICICI and America’s Citi bank, announced their suspension of operations on Monday.

On Wednesday, the Standard Chattered Bank, established for corporate banking, was closed to customers and other business activities.

The West African central bank, BCEAO, which provides the financial backbone to eight francophone West African countries including Cote d’Ivoire, had earlier suspended its operations in Cote d’Ivoire in January.

The closure of the four international banks, the stock market and the central bank signals the gradual pulling of the curtain over economic activities in Cote d’Ivoire.

The Ivorian economy is already crawling from the battery of international sanctions targeted at the cocoa industry, which is the mainstay of the economy.

The international community had piled sanctions on the Ivorian economy, following President Laurent Gbagbo’s refusal to hand over power to Alassane Ouattara.

Ouattara was the declared winner of the presidential elections held in November 2010 by the Ivorian electoral commission and the UN operations in Cote d’Ivoire, but Gbagbo rejected the results.

The Tide West African correspondent, who went round the branches of the banks in the central business and administrative zone of Cote d’Ivoire reports that all the banks were closed for business.

The premises of the West African Stock market was also sealed, with a strong presence of Ivorian security guards.

A communiqué issued by the West African Stock exchange on Wednesday said it had to suspend operations because Gbagbo had “requisitioned” the office.

The communiqué said the Board of Trustees of the Stock Market met in Ouagadougou and decided to suspend the operation of the market in Abidjan, after reviewing the political situation.

The communiqué, signed by the Stock Exchange president, Yade Coulibaly, said “all market operators are to stop trading in the Abidjan market until further notice’’.

The statement on the susupension of operations by BICICI, posted on its website on Monday, said the bank had to close temporarily for security reasons.

“We regret to announce to you that BICICI temporarily suspended its activities from this day February 14, 2011.

“We are no longer able to ensure that our work is done in satisfactory legal and accounting conditions for our customers or ensure the physical security of our staff,’’ a statement signed by the bank’s Managing Director, Yao Kouassi, said.

According to a statement, the French bank said its operations had been hampered by many “legal and regulatory confusions’’ in Cote d’Ivoire.

A Staff of the Nigerian Access bank in Abidjan told newsmen that there was a “directive from Lagos that the bank in Cote d’Ivoire should be closed on Monday.

“We had to go home, but we are not sure when the bank will be re-opened,’’ the staff said.

The Ivorian Minister of Budget, Katinan Kone, said the closure of the banks contravened the legal agreements entered on the security of depositors’ funds.

“The BICICI and Citi bank violate the rights of investors by confiscating their deposits. The Laurent Gbagbo-led government cannot tolerate these acts of defiance,’’ he said.

Meanwhile, customers had a run on the West Africa regional bank, Ecobank and the subsidiary of the Societe Generale bank in Cote d’ Ivoire, SGBCI, on Wednesday.

“We had many customers, who came in to draw down their money and we met all their requirements,” a senior manager at the headquarters of Ecobank told newmen.

Okwuashi said that it was unfortunate that Nigerian port system lacked the requisite number of professionals to manage the system effectively.

The port technocrat stressed that the Inland Container Depots (ICDs) were initiated to alleviate port congestion and that port managers should understand the importance of the ICDs.

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

5 days ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

5 days ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

1 week ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.