News
Bankers Committee Endorses Introduction of N5,000 Notes
The Bankers Committee yesterday endorsed the introduction of N5,000 note by the Central Bank of Nigeria (CBN), saying “it will reduce the cost of doing business’’.
Managing Director of the United Bank for Africa (UBA), Mr Philip Oduoza, made this known while briefing newsmen on the outcome of the committee’s meeting in Abuja.
“Logically, the N5,000 notes will reduce cost of doing business and the total amount spent in printing the currency is going to reduce by 10 times.
“The cost of printing a currency still remain the same, whether you are printing N50 note or N5,000 note.
“So, if we print N5,000 note and print one million of it and do the same with N100, you find out that you have less physical currency as far as the N5,000 is concerned.
“Therefore, the cost will reduce when you are printing a bigger denomination,’’ he said.
According to him, it will encourage service efficiency, assuring that the introduction of the bill would not bring about inflation in the country.
He noted that the new note would facilitate reduction in the lending rate by commercial banks.
“So many things are involved in the lending rate.
“For instance, if the cost of production, management and transaction of currency is reduced, automatically many charges will drop including the lending rate.”
Oduoza also assured that it would be difficult to fake the new currency, “as higher denominations pass through a lot more scrutiny”.
On the recent complaint by the EFCC that banks’ were not cooperating with it in accessing the accounts of those indicted in corruption cases, Oduoza pledged that the banks would continue to work with the commission to ensure service delivery.
According to him, a committee on financial literacy has been established to look at the issues and engage the EFCC to facilitate improvement in relations to enhance the commission’s work.
Also, Managing Director, Standard Chartered Bank, Mrs Bola Adesola, said that the new notes would only be issued to customers on request.
“Those who want the N5,000 note will get it, customers will still have the right to choose the denomination they want to use,’’ she said.
Adesola also noted that the apex bank had tried to maintain a stable inflation rate in spite of all odds.
CBN Director, Cooperate Communications, Mr Ugochukwu Okoroafor, said that the coins and notes would run side-by-side.
This, he said, would dispel the fears that the cost of commodities sold for N50 would automatically rise because N50 was converted to coins.
“Restructuring of the Naira will continue to be done in the best interest of the country and not to raise inflation and other issues as people are speculating,’’ he added.
Meanwhile, the National Chairman, Progressives Action Congress (PAC), Chief Charles Nwodo, said that the proposed introduction of N5,000 note by the Central Bank of Nigeria (CBN) was counter productive and would “throw the nation into inflation”.
Nwodo, who made the remark in an interview with newsmen in Abuja, said the controversy surrounding the proposed introduction of the N5, 000 note had become an argument between the poor and the rich.
He regretted that the upper class saw no reason why people should complain about the idea but the masses who would feel the pinch more carried the public opinion against it.
The chairman said government should realise that panic could influence inflation even though they believed that it was only monetary factors and market forces that could determine inflation.
“A mere rumour that subsidy will be removed raised the cost of fuel, especially at the black market by 3,000 per cent, and based on this, there is every tendency that business people will raise the prices of their goods.”
The chairman said that the proponent of N5, 000 note had gone far to inform the public that it was designed for the rich who could afford to carry huge amount of money.
He regretted that the statement contradicted the new programme of cashless economy of the Central Bank of Nigeria (CBN).
According to him, it is not the quality of the denomination that matters but the value of that currency to the economy.
“ A person with N1,000 note and a person with two pieces of N500 note operate on the same level of currency.
He said N5,000 note could not reduce the amount of money in the market but could only reduce the denomination.
He urged the Federal Government to improve on the productive capacity of the economy, as it remained the major antidote toward building a robust economy.
News
Hausa Community Debunks Saidu’s Appointment Report

The Hausa Community in Rivers State has dissociated itself from media reports credited to one MaiwadaAdamu that the Arewa Community in Rivers State has appointed Alhaji Musa Saidu as the acting SarkinHausawa, PortHarcourt, following the inability of the former SarkinHausawa, Alhaji Isa Madaki to carry out his functions.
MaidawaAdamu, who is also the spokesman of the Arewa Initiative for Peaceful Co-existence, had briefed journalists on the change, but in a swift reaction, the Office of Alhaji Isa Madaki, has come out to say that the only recognised body which has the powers to appoint the SarkinHausawa, PortHarcourt is the Council of SarkinHausawa in PortHarcourt headed by Alhaji Isa Madaki.
The statement also said Alhaji Hussani Isa Madaki is the only recognisedSarkinHausawa, Port Harcourt, adding that his appointment follows the proclamation and endorsement by the council members of SarkinHausawa, Port Harcourt, Rivers State.
The statement further called on the general public and all authorities concerned to give Alhaji Hussani Isa Madaki maximum co-operation and support,as he discharges his duties as SarkinHausawa, Port Harcourt.
News
Suspended Commissioner Denies Disruption Of Empowerment Programme

The Suspended Rivers State Commissioner for health, Dr Adaeze Chidinma Oreh, has described as baseless allegations in some quarters that she was responsible for the purported disruption of the Nigerian First Lady’s empowerment program in Port Harcourt.
Dr Oreh, who said this in a statement personally signed by her and a copy made available to newsmen in Port Harcourt also described the allegation as a product of the sick imagination of rumour mongers
According to Dr Oreh, “they are nothing more than a feeble and mischievous attempt to tarnish my reputation and sow discord”
In her words,”the allegations levelled against me, Dr. Adaeze Oreh, regarding the supposed disruption of the First Lady’s empowerment programme on Friday 2nd May, 2025, are entirely unfounded, completely false, and a product of the sick imagination of rumour mongers and conflict entrepreneurs.
“They are nothing more than a feeble and mischievous attempt to tarnish my reputation and sow discord.”
The suspended commissioner challenged those behind the allegation, especially the Concerned Rivers Youth Organisation to show proof of its assertion adding “It is essential to base criticisms on facts rather than speculation or puerile political agendas.
“I challenge the “Concerned Rivers Youth Organisation” (assuming such a body really exists) to provide tangible proof to support their assertions.
“It is essential to base criticisms on facts rather than speculation or puerile political agendas.
“I have neither sponsored nor will sponsor any activities aimed at embarrassing or disrupting the activities of the administration appointed by His Excellency President Bola Ahmed Tinubu GCFR to oversee the affairs of Rivers State following his declaration of a state of emergency on Tuesday, 18th March, 2025, and have rather spent the time of my suspension from office focused on other endeavours and my doctoral studies.
“I reaffirm my commitment to working tirelessly for the progress and development of Rivers State.
“Furthermore, I believe that it is crucial for all stakeholders to promote a culture of truth, integrity, and respect in public discourse.
“Unsubstantiated wild claims undermine trust and hinder constructive engagement, and this is not what the state needs at this difficult and delicate time.
“I urge everyone to focus on issues that unite us and foster a positive, solution-driven dialogue for the betterment of our State, and urge everyone to work together to build a brighter future for Rivers State, grounded in truth, transparency, and collective effort,”she said.
By: John Bibor
News
HYPREP Solicits Regulators, Asset Owners’ Support

The Hydrocarbon Pollution Remediation Project (HYPREP) has called on key regulators, asset owners and other stakeholders to continue to support the agency toward the goal of remediating the Ogoni environment and restoring the livelihoods of the people and building structures for peace.
The Project Coordinator of HYPREP, Prof Nenibarini Zabbey, who made the call during the Project’s first quarter meeting with regulators, asset owners and stakeholders in Port Harcourt, urged the stakeholders to remain resolute in supporting HYPREP’s work.
“We particularly expect each regulatory agency and asset owner to deepen their involvement and continue to provide strategic support to the project”, he said, stressing that the quarterly meeting platform remains instrumental in providing a structural avenue for regulators, asset owners, and implementation partners to offer feedback to HYPREP on project performance and deliberate on ideas that move the project forward, as well as strengthen collaboration, deepen synergy and reinforce collective responsibility.
Zabbey disclosed that the socio-economic study of Ogoni has started, as HYPREP has contacted the International Agency for Research on Cancer of the World Health Organisation(WHO) to commence in the next quarter a three-year human health biomonitoring in Ogoniland.
He noted that work on several fronts of the cleanup project is progressing steadily, adding that as key project partners, the insights and shared experience of the regulators and asset owners have always enriched HYPREP’s operations.
He said the policy thrust of HYPREP for 2025 is clear, as the Project is intensifying efforts to complete within stated timelines, the various ongoing projects, including remediation works and mangrove restoration, potable water facilities, the Centre of Excellence for Environmental Restoration, the Ogoni Power Project, Ogoni Specialist Hospital, and Buan Cottage Hospital, among others.
Zabbey, however, announced that HYPREP would commence new set of shoreline cleanup, mangrove restoration and livelihood projects, to sustain the momentum of implementing the Ogoni cleanup, adding that the agency would also conduct detailed site characterisation of the high-risk complex sites, leading to remediation works at the sites.
He noted that HYPREP’s collaboration with Rivers State Ministries of Health, Power and Environment, and civil society organisations remains vital, stressing that the technical and administrative support of all relevant government agencies and funding partners is indispensable in helping HYPREP overcome operational bottlenecks, especially those encountered in interfacing with host communities.
He further indicated that “the people of Ogoni and the nation are looking to us with hope and expectation, and expect tangible results from the remediation initiative”, assuring the participants that the Project Coordination Office is committed to delivering positive results.
“We must, therefore, continue to work with diligence, transparency, and a renewed sense of purpose”, he declared, saying, “ the completion and commissioning of projects this year must reflect not only our technical ability but also our collective commitment to environmental sustainability and sustainable development in Ogoni.”
During the interactive session, the Project Coordinator briefed the participants on the progress made so far by HYPREP to conclude the distribution of starter packs to the 5,000 Ogoni trainees, and called on contractors who had already collected huge chunk of money for the project, to deliver without further delay.
In all, the regulators, asset owners and stakeholders commended HYPREP for the good works it is doing, and urged it to do more.
The National Oil Spill Detection and Response Agency(NOSDRA) was represented at the event by Deputy Director, Oil Field Assessment, Dr Abam Komommo Omini, while Dr Vincent Nwachukwu, Director of Medical Services, represented the Rivers State Ministry of Health.
The Rivers State Ministries of Water Resources, Power and Environment were represented by Dr Bealo Brownson; Engr K. J. Osele; and Mr James Ordu respectively, while the Society for Women and Youth Affairs (SWAYA); and the Stakeholder Democracy Network(SDN); among other civil society organisations were also at the event.
By: Donatus Ebi
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