News
Why Rivers Issues N250bn Bond …Amaechi Wins Award
Rivers State Governor, Rt. Hon. Chibuike Rotimi Amaechi has again explained why his administration plans to issue bond at the capital market for funding major developmental projects.
A statement by the spokesman to the Rivers State Governor, Mr. David Iyofor stated that the bond would be tied to funding specific developmental projects.
The projects, he said, include the Greater Port Harcourt City, the Port Harcourt Monorail project, the new Rivers State University of Science and Technology Phase1, Monte@Rivers (an entertainment complex), the Port Harcourt Ring Road (that would connect the old city and Greater Port Harcourt) and a new M-10 Highway (a beltway that would link the Port Harcourt International Airport to the Onne Sea port).
Iyofor explained that such gigantic projects would need immediate and massive funds injection to complete them. Hence Rivers State plans to approach the capital market in October, 2011 to raise these funds.
He added that already the State House of Assembly has given the nod for the governor to obtain the bond as such projects cannot be accomplished by sheer reliance on Federal Allocation and Internally Generated Revenue that comes in trickles.
Explaining further the details of the bond, Rivers State Commissioner for Finance, Dr. Chamberlain Peterside said,”These long term capital projects that are capable of catalyzing the industrialization and transformation of Rivers State require massive financial investment that can only be obtained from the capital market.”
“The proposed size of the first tranche of the bond will be about 100 billion naira with five years tenure, whereas the total bond programme of 250 billion naira is envisaged over the next several months.” Peterside said.
Rivers State remains very buoyant financially with sizeable revenue accruing from both the Federation Account and IGR. The State has set a target of earning at least half of its total revenue from IGR over the next one to two years.
According to Peterside, “whilst energy prices remain relatively high on the world market in an atmosphere of somewhat low to moderate interest rate, Rivers State would benefit from a bond issue at this stage through leveraging its high income potential and favourable credit rating, coupled with a debt portfolio that is currently low at less than 30 billion naira.”
“The economic indicators of the State, including annual Gross Domestic Product of about 30 trillion naira compared to its debt stock are positive attributes that Rivers State can ride on to raise additional funds to finance its long term development agenda and fast track social and economic growth.” He said.
Peterside however noted that the State has moved further to institutionalize its efforts, giving no room for future administrations to violate loan covenants of bonds.
“To ensure that proceeds of bond are efficiently and prudently deployed for the benefit of generations yet unborn, the Government through the Ministry of Finance and other agencies is making conscious and relentless effort to modernize and automate Public Accounting System, strengthen the Debt Management Office and establish relevant institutions that can transparently monitor projects, while acting as checks and balances of fund utilization in the public sector.”
“With all this in place it is inconceivable that Rivers State will default on the bonds or allow any future administration to violate loan covenants of bonds, thereby laying the groundwork for predictability and continuity in the economic and financial planning process of the State.” he added.
Restating the Rivers State Governor’s commitment to continued infrastructure development for long term sustainable development, Iyofor explained the significance of the huge projects to the State and its people:
“The Greater Port Harcourt City Master Plan shows massive development cutting across over 8 Local Government Areas of the State covering an area of approximately 1900 square kilometers (40,000 hectares of land) with a projected population of about 2 million people. We have masterplans for roads, housing, power, water, waste water, storm water, and integrated waste management among others. We already have the new Stadium and Sports Complex built within the Greater Port Harcourt axis. The proposed M-10 Highway and the Central Spine road designed with interchanges would link the New city to the Old City in the space of 15 to 20 minutes.”
Meanwhile, Rivers State Governor Rt. Hon. Chibuike Rotimi Amaechi has been honoured with an award of excellence in governance by the Foundation Faith Church.
The award was presented to Governor Amaechi by the Arch Bishop of Foundation Faith Church, ArchBishop Sam Amaga, Saturday, during the dedication of the Church Cathedral in Port Harcourt.
ArchBishop Amaga eulogised Governor Amaechi’s government for embarking on policies and programmes that would bequeath a legacy for generations to come.
The religious leader identified the focus in education, healthcare, security and power as areas that would improve the standard of living of the people of Rivers State and lauded him for not lacking in courage to take major decisions, emphasising that some of the policies enunciated by the present government would be appreciated after his tenure.
The General Overseer of Foundation Faith Church said the attention given to the education sector by the Governor Amaechi led administration would uplift the quality of education in the state.
ArchBishop Amaga noted that the benefits of education propelled his church to establish primary, secondary and university levels of education to cater for the educational needs of the society, in addition to fulfilling their spiritual requirements.
The clergyman, who narrated the story of the growth of his church which started with five members, said it has spread to all parts of Africa, Europe and Asia, adding that the vision of his missionary work was to evanglise the world.
Earlier in his speech, Governor Chibuike Rotimi Amaechi congratulated the church for completing the magnificent edifice as a place of worship, while reminding ArchBishop Amaga to bring the benefit of the growth of the church such as the university, to Rivers State where it started .
Governor Amaechi assured the church of his government’s preparedness to partner with them, particularly in its focus on education, disclosing that by September 2011, about 200 of the modern primary schools would be equipped and put to use.
The State Chief Executive, who expressed gratitude to God for putting him in the present position, noted that some of the projects embarked upon by his government like the free education and health was based on his humble background.
He explained that some of the policies of his administration may appear harsh but they were for the overall interest of Rivers people and solicited for the prayerful support of the church to his administration.
News
NDLEA Arrests Four Notorious Female Drug Dealers In Four States
The National Drug Law Enforcement Agency (NDLEA) has arrested four notorious female drug dealers in Edo, Imo, Kano, and Gombe states.
The Director of Media and Advocacy, NDLEA, Mr Femi Babafemi, made this known in a statement in Abuja, yesterday.
Giving a breakdown, Babafemi said that in Edo, an intense sweep of notorious drug hotspots within Benin City by NDLEA operatives on June 2 led to the arrest of four key traffickers, including three females.
“At Uyosa, Benin City, two female suspects were nabbed with a cocktail of illicit substances, including 176 grams of skunk, 65g of Loud, and 5 grams of Methamphetamine.
“Along Agbor road in Benin City, another female suspect, 21-year-old Anita Abraham, was apprehended with 95 grams of Scottish Loud and 329 grams of regular Loud.
“At Upper Mission, Benin City, a male suspect was arrested with a diverse cache of psychotropic substances consisting of Loud, Colorado, Swinol, and Methamphetamine.
“A swift operation by operatives in Kano State on Thursday, June 4, led to the arrest of a 19-year-old suspect, Saifullahi Lawan at the Kafi area of Madobi, with 40 blocks of skunk weighing a total of 38 kilograms,” NDLEA said.
In a related development, Babafemi said, operatives in Gombe state intercepted a 28-year-old suspect on June 1 near Dantiti Plaza in the Tumfure area of Gombe.
“The suspect was caught with 15,000 capsules of tramadol,” he said.
He said the War Against Drug Abuse (WADA) social advocacy activities by NDLEA Commands and formations equally continued across the country in the past week.
Reacting to the string of successful operations, the NDLEA Chairman, retired, Brig.-Gen. Buba Marwa commended the officers, men and women of the Imo, Edo, Kano, and Gombe commands for their resilience and vigilance.
Marwa also praised their counterparts in all the commands across the country for pursuing a fair balance between their drug supply reduction and drug demand reduction efforts.
He re-emphasised that the agency remains fully committed to dismantling drug supply chains and would continue to target traffickers regardless of age, gender, or concealment methods.
News
Navy Intercepts Over 135,000 Litres Of Stolen AGO In Rivers
The Nigerian Navy says its operatives under Operation Delta Sentinel have intercepted over 135,000 litres of suspected illegally refined Automotive Gas Oil (AGO) during separate operations in Rivers State waterways.
Director of Information, Navy Captain Abiodun Folorunsho, said the operations were carried out by personnel of the Nigerian Navy Ship (NNS) Pathfinder around the Onne and Abonema axis.
He said the seizures were made during routine patrols aimed at curbing crude oil theft and illegal fuel transportation across creeks in the state.
In one of the operations, naval personnel intercepted a fibre boat at the entrance of Owogono Creek in Ogu-Bolo Local Government Area carrying drums and jerrycans filled with suspected stolen AGO.
According to him, the occupants abandoned the boat and fled into nearby creeks, while the vessel and about 63,000 litres of product were recovered.
In another operation around Abonema in Akuku-Toru Local Government Area, patrol teams intercepted a wooden boat conveying about 72,000 litres of suspected illegally refined AGO concealed in sacks.
The Navy said the products were being transported through waterways for onward distribution before the operation disrupted the movement.
Folorunsho said the recoveries highlight the continued exploitation of creek networks by criminal elements for illegal petroleum product transportation.
He added that all recovered items were handled in line with established procedures on anti-crude oil theft operations.
The Navy reaffirmed its commitment to intelligence-driven operations aimed at dismantling illegal oil networks and protecting Nigeria’s maritime economic assets.
News
PERM SEC Tasks PUBLIC SERVANTS TO EMBRACE ACCOUNTABILITY
The Permanent Secretary of Rivers State Ministry of Information and Communications, Dr Honour Sirawoo mni, has charged public servants to embrace accountability and prudent management of public resources, stressing that government funds must be utilised responsibly.
Dr. Sirawoo made the assertion during the 41st anniversary of The Rivers State Television (RSTV), in Elelenwo.
He noted that public service demands commitment and sacrifice, urging workers to justify the opportunities entrusted to them through diligengence and productivity.
“All I try to do is to see that we have value for every kobo that we spend and value for our time.
“Government has a social responsibility to provide opportunities, but when you have one, you must guard it through hard work and ensure your presence is justified,” he stated.
The Permanent Secretary further appealed to workers to see themselves as ambassadors of their respective institutions, adding that government remains committed to creating employment opportunities and improving public service delivery.
Also speaking, former Acting Managing Director of the Niger Delta Development Commission (NDDC), Dr (Mrs.) Christiana Atako, praised the station’s professionalism and consistency despite operational challenges.
“We have never been disappointed. In spite of all the challenges RSTV had at that time, they never failed us. They carried our stories very well,” she said.
Dr Atako encouraged staff members to continually improve themselves through training, education and professional development in order to remain competitive in the evolving media industry.
Earlier, Acting General Manager of RSTV, Ambassador Paul Damgbor, described the anniversary celebration as an opportunity to reflect on the station’s journey of over four decades and appreciate those who have contributed to its development.
Pastor Damgbor said that the station had recorded remarkable improvements in recent months through the acquisition of digital cameras, computers as well as upgrades in audio and visual production facilities.
“We have seen great change. We were able to get new brand digital cameras and improve on our audio. We have also provided new computers for key departments, including News, Programmes and the Library,” Damgbor remarked.
He also unveiled a commemorative magazine chronicling the history and achievements of the station, describing it as a valuable reference material for preserving RSTV’s heritage.
The Acting General Manager, however, expressed concern over the theft of critical equipment from the station’s transformer, a development he said had forced the organisation to rely heavily on generator power supply.
The Senior Pastor of Gateway International Church, Pastor George Izunma, who gave a short charge during the event, urged media practitioners to uphold the ethics of journalism and remain committed to accuracy in reporting.
“You are pressmen. You are okay to doubt, but verify,” he advised, stressing the importance of credibility and responsibility in the profession.
He equally highlighted the need to “ask the help of God, sow a seed of help, and step into something as if you have help” stressing the need to move by faith for growth.
Some participants at the event also raised concerns about employment opportunities while commending RSTV’s growth and contributions to public enlightenment in Rivers State.
A major highlight of the celebration was the presentation of an award to the Rivers State Ministry of Information and Communications in recognition of its diligence and service to the people of the state. Dr Honour Sirawoo also received a special award for his contributions to the growth and development of RSTV.
Awards were equally presented to outstanding members of staff of RSTV for exemplary performance and their dedication to duty.
The event also featured the unveiling and launch of the RSTV commemorative magazine as well as a tour of the station’s newly built cafeteria and other facilities.
The celebration marked another milestone in the station’s 41-year history and reaffirmed its commitment to excellence in public broadcasting.
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