Business
INEC Deploys 108 Staff For Imo Guber Poll, Today
No fewer than 108 staff of Independent Nationa Electoral Commission (INEC) from Enugu State will be deployed for the conduct of the Imo governorship supplementary election rescheduled to hold, today.
Mr Josiah Uwazuruonye, INEC Resident Electoral Commissioner (REC) in Enugu State told newsmen yesterday in Enugu that the directive came from INEC headquarters in Abuja.
Uwazuruonye said: “As a result of what happened in the country concerning youth corps members, most of them are no longer eager to continue as ad-hoc staff in respect of the election.
“Most of them still nurse the morbid fear that what happened in the North might also be extended to them in the East.
“INEC does not want to take chances in case we do not have full complement of corps members.
“We were given directive to deploy our competent staff to conduct the supplementary election in Imo State.’’
“If the situation arises where the corpers are not eager to participate, so INEC can as well make use of its staff.
“That is why staff from Enugu and other neighbouring states are being invited to report at Owerri for the exercise, if we do not have full complement of corps members to take part in the supplementary election.’’
The REC said that deployment of the staff to different local government areas in Imo rested solely on the INEC office in Owerri.
Uwazuruonye, however, enjoined INEC staff in Enugu State to live up to expectations and replicate a peaceful election just as they did in Enugu.
“We conducted a peaceful election in Enugu State. They should go and showcase that thing they did in Enugu,’’ he said.
Meanwhile, Peoples Democratic Party (PDP) Chairman in Imo State, Chief Eze Duruiheoma, said yesterday that the governorship position in the state was still open.
“The party is working hard to retain it,” Duruiheoma further said in an interview with newsmen in Owerri.
The chairman was speaking on the party’s level of preparedness for the May 6 supplementary governorship election in four local government areas and a ward in the state.
“The governorship position in Imo is still open and that is why all hands are on deck for PDP to win the seat,” Duruiheoma said.
He added that the party was fully prepared for the exercise, adding that the resolve by INEC to organise the supplementary election in the affected areas was at the behest of the party.
“The decision for a supplementary election was canvassed by PDP.
“We demanded for an election in local government areas where it did not take place and that is what democracy is all about.
“You cannot say that a local government like Ngor Okpuala with 70,000 registered voters does not have a say.
“So, we canvassed that election must be conducted in the area. Good a thing, the INEC listened to the voice of reason,” Duruiheoma said.
He said the party could not have been ill-prepared for the supplementary election when its members demanded for it.
He further explained that as a law-abiding party, PDP would accept the result of the governorship election, provided it satisfied the basic requirements of the Electoral Act.
“PDP is a law-abiding party, we believe in due process, we believe in legal process and the rule of law.
“So, if the outcome of the election satisfies all these beliefs of ours, we will happily accept the result,” Duruiheoma said.
He argued that PDP remained the most popular political party in the state, adding that it acquitted itself creditably in the presidential, national and state assembly elections in the state.
The chairman said that the party won the majority of seats allotted to the state in the National Assembly and won 15 seats out of the 27 House of Assembly seats in the results already declared by INEC.
Duruiheoma described as “unfortunate” the protest by some APGA supporters, who demanded the release of the governorship results, shortly after the Collation Officer, Prof. Enoch Akobundu, declared the election inconclusive.
“”The action was unfortunate and antithetical to democracy,” he said.
He said that it was wrong for anybody or group to pre-empt the result of an election that was yet to be concluded.
He described the violent protest and threat to the peace in Owerri, the state capital, by some youths, who threatened to burn down houses of some prominent politicians in the state as “unnecessary”.
“It is not necessary to resort to violence. Four years are not eternity.
“And, of course, we are all qualified to govern Imo but the person that will govern the state is already ordained by God,” he said.
He argued that even though “there are people we wished to be winners of the election, we should not elevate our wishes that it must come through.”
“If wishes were horses, beggars would ride,” Duruiheoma said.
He also took a swipe at “any leader that encourages that type of attitude,” saying that such a person “is doing a great disservice to the people of the state.
“Every candidate contested to win, you do not have to proclaim yourself a winner.
“This is very wrong,” he said, while appealing for calm and restraint by politicians ahead of the outstanding polls.
In a related development, INEC says it has put everything in place to ensure that the supplementary governorship and State House of Assembly elections in some parts of Imo today are free, fair and credible.
The new Supervisory Resident Electoral Commissioner (REC) in the State, Mr Aniedi Ikoiwak, gave the assurance in Owerri on Wednesday.
Ikoiwak addressed a meeting with representatives of the participating parties, security agencies and other stakeholders.
It will be recalled that INEC ordered the supplementary polls in four local government areas and a ward in Imo because the April 26 elections in the state were inconclusive.
“We are here to conduct elections in Ohaji/Egbema, Oguta, Mbaitoli and Ngor Okpala local government areas as well as Orji Ward in Owerri North Local Government area and we have set upon ourselves to do just that.
“It is not our duty to elect who should govern the state or represent the people; it is the duty of the Imo electorate to do that”, he said.
Ikoiwak said that to ensure a level playing field for all the parties, the commission had drafted four new RECs, national commissioners, electoral officers, collation officers and Returning officers to organise the elections.
He appealed to the candidates to caution their supporters against violence during the exercise, adding, “INEC alone cannot make the election credible; we need the support of everyone to succeed.”
He noted that some youths lost their lives in the course of the general elections, saying that such people paid the supreme sacrifice for the sustenance of democracy in the country.
“Their death is enough for us to agree that there will be no more bloodshed during elections,” he said.
The supervisory REC told the parties that materials for the elections would arrive in the state yesterday and that their representatives would be invited to inspect them.
He restated that the parties were allowed to be represented by only one agent in a polling unit during the elections.
INEC Chairman, Prof. Attahiru Jega, also gave the assurance that the today’s rescheduled polls would be free, fair and credible.
Jega, represented by a National Commissioner in INEC, Mr Ishmael Igbani, said the commission attached importance to the supplementary election in Imo.
The Commissioner of Police in charge of election in the state, Mr Tambori Mohammed, said security agencies were fully prepared to ensure security before, during and after the elections.
Mohammed warned that any person caught violating the electoral laws would be arrested and prosecuted, no matter how highly placed.
Heads of security agencies, party chieftains, APGA governorship candidate, Owelle Rochas Okorocha and PDP Chairman in the state, Mr Eze Duruiheoma (SAN) attended the meeting.
Business
Wigwe’s Luxury Yacht Goes For N8.74 Billion After Legal Proceedings
The daughter of late Nigerian banking executive, Herbert Wigwe has sold her father’s luxury yacht for $6.5 million which is the equivalent of N8.74 Billion following legal proceedings involving her, Otutochi Wigwe, and the company holding the vessel, Grosvenor Marine Ventures Limited.
This was contained in an online report obtained by The Tide Source in Port Harcourt recently.
The Source further clarified that $6. 5 Million dollars or N8.74 Billion was the asking price as at March this year but was unable to prove, if the said amount was exactly what the vessel went for.
The yacht, known as Chitochi, is a 2016 Custom Line 108 superyacht measuring approximately 33 metres (108 feet) in length. The transaction was handled by international yacht brokerage firm IYC, with its sales and charter consultant, Mark Elliott, overseeing the sale.
The disposal of the high-value vessel followed legal steps taken to address the corporate status of Grosvenor Marine Ventures Ltd., the company through which the yacht was held.
Otutochi Wigwe reportedly approached a court in the British Virgin Islands (BVI) to secure the restoration of the company to the corporate register, a move that enabled the necessary legal steps towards the sale of the vessel.
The proceedings were central to resolving the corporate issues affecting the company and facilitating the transaction, underscoring the legal complexities that may arise when valuable assets are held through corporate entities in foreign jurisdictions.
The sale is also significant in the context of estate administration, as luxury yachts require substantial financial commitments to maintain, even when they are no longer actively used by their owners or beneficiaries.
Such vessels typically attract considerable expenses, including crew salaries, insurance premiums, berthing charges, routine servicing and other maintenance costs, making their continued ownership a major financial responsibility.
Beyond the recurring expenses, luxury yachts are depreciating assets that may lose value over time. Their disposal can therefore form part of a strategy to preserve estate value, reduce liabilities and convert an expensive asset into liquid funds.
Wigwe, who was the former Group Chief Executive Officer of Access Holdings, died on February 9, 2024, in a helicopter crash in California, United States, alongside his wife, Chizoba; their son, Chizi; and former Nigerian Exchange Group chairman, Abimbola Ogunbanjo.
His death was widely mourned across Nigeria’s banking and business communities, where he was recognised for his contributions to the financial services industry, entrepreneurship and philanthropy.
Wigwe’s passing left behind an estate whose administration involves the management of assets and other financial interests, a process that can require legal and financial decisions to protect the interests of the estate and its beneficiaries.
The sale of Chitochi highlights the challenges associated with managing high-value assets held through corporate structures, particularly where the relevant companies and legal proceedings fall under different jurisdictions.
The $6.5 million transaction brings the yacht’s ownership chapter to a close while illustrating how legal procedures, financial considerations and estate management can intersect in the administration of the assets of a prominent business figure.
‘’We determined to get all our equipments and machinery functioning as we progress. For now we’ve about 105 workers, comprising daily paid harvesters and regular staffs. But aside these 105 staffs we also employ daily slashers who for now are about 100.
“During peak periods, hopefully on or before January 2026 we hope to increase our work force for maximum production”, the firm’s management Stated.
King Onunwor
Business
Firm Mulls Crash Down On Vegetable Oil Price …Targets Revenue Boost, Job Creation
Ariwera Ibibo-Howells, Yenagoa
Business
Traders Decry Continuous Increase In Prices Of Foodstuffs
Some traders at the Rumuwoji Market popularly known as Mile 1 Market have decried the continuous increase in the prices of food stuffs and other items in the ember season.
This was made known by the traders when The Tide visited the market recently.
The traders revealed varying changes in the prices of foodstuffs, with some commodities recording higher increase than others .
A trader Mrs Charity Obinna, at the market, said the price of yam remained the same last week and this week compared to the prices from last month to this month, adding that only a difference of about N100 to N200 was seen.
Another trader, Chukwuebuka Livinus who deals on garri, reported that the prices of some food commodities had been changing frequently.
According to him, the price of a bag of garri increased from N45,000 last week to N58,000 this week, representing an increase of N13,000.
Livinus described the increase as scary and called on the government to do something about it, especially as we get closer to the festive period.
A trader that deals on vegetables, Mrs Joy reported that a significant increase in the prices of pepper rose from N20,000 last week to N40,000 this week.
Similarly, the price of a bag of melon (egusi) increased from N420,000 toN490,000 this week.
In a separate report, Mrs Charity Obinna said that foodstuffs were generally cheaper last month than this month, with price differences ranging from N150 to N200 for some items.
Meanwhile, Giff Okoro reported a decrease in the price of tomatoes. According to her, a quantity of tomatoes that cost N45,000 last month now sells for N25,000, indicating a reduction of N20,000.
Another trader, Usman Ibrahim said the cost of transporting goods from the communities to urban areas where they are sold is one of the major reasons for high cost of goods.
He said transport cost has doubled due to the cost of petroleum products in Nigeria, adding the whole cost is part of the goods because “entrepreneurs must cover their cost and make their gains .
Ibrahim called on the government to help farmers and traders even with little capitals to expand and sustain their business.
Another trader, Mrs Choice Promise a fish retailer said a cartoon which sold at #35,000 last week now sells at #50,000 .
Promise complained that there is no gain or profit because the price has drastically increase and most people cannot afford to buy fish again.
“Mr. President’s Renewed Hope Agenda recognizes that economic ambition requires dependable infrastructure,” Tegbe said.
He added that investments in electricity infrastructure would strengthen the foundations for business expansion, employment and economic growth.
The Kankia substations comprise two 60 MVA, 132/33 kilovolt (kV) facilities designed to strengthen the transmission network serving Katsina State and neighbouring areas.
Tegbe said the infrastructure would improve the network’s ability to distribute available electricity, supporting commercial activities and household welfare.
He also urged residents to protect the facilities against vandalism and other activities that could disrupt electricity infrastructure, asking them to report suspicious activities to TCN or security agencies.
Katsina State Governor, Dikko Umaru Radda, described the project as a significant investment in the state’s electricity infrastructure.
Radda stated that improved electricity supply could support industrial development, economic growth and public service delivery.
He further commended the President, the Federal Ministry of Power and TCN for completing the project.
It would be noted that the latest projects come amid a broader government’s drive to address bottlenecks in Nigeria’s electricity transmission network, which has constrained the amount of electricity that can be delivered to distribution companies and end users.
Wali Chioma, Obasi Chidinma & Amarachi Uche
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