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
Rivers DPOs Receive Awards For Outstanding Performance In Crime Prevention …As Students, Media Group Honour CSP Worgu, CSP Yusuf
Two Divisional Police Officers (DPOs) in Rivers State have been honoured by separate groups for their contributions to security, crime prevention and improved community-police relations in their respective areas of responsibility.
The beneficiaries are the DPO of Afam Police Division, CSP Endurance Worgu and his counterpart at Oyigbo Police Division, CSP Bello Yusuf.
CSP Worgu was honoured by a group of students under the aegis of Rivers State Graduate Students Associations for what they described as his commitment and outstanding performance in the discharge of his duties.
The students, led by Chidi John Enyie, Esq. said CSP Worgu was selected based on his track record and status as one of the longest-serving young DPOs of Rivers State origin.
According to the group, CSP Worgu has made significant contributions to the protection of lives and property in the area since assuming office following the #EndSARS period.
The students said they were particularly impressed by the improvement in community-police relations under his leadership, noting that professionalism had remained a key feature of his service.
Enyie represented by Comrade Briggs Soku, said the students community was pleased to identify with a Rivers indigene who had distinguished himself in the police force.
He said the students considered it necessary to encourage and celebrate CSP Worgu because of his achievements as a young Rivers man excelling in a profession that many people from the state were often reluctant to join.
Receiving the award at his office in Afam, CSP Worgu expressed gratitude to God and the students for finding him worthy of the honour.
The DPO said the recognition had boosted his morale and encouraged him to sustain his efforts towards maintaining peace and security in the area.
He said he least expected the honour, particularly because it came from the students, adding that the recognition would further motivate him to serve the people better.
CSP Worgu assured residents of Afam that the police would sustain the existing peace in the area.
He appealed to members of the public to support the police by providing credible and timely information, stressing that useful information from residents would make the job of security personnel easier.
Meanwhile, the Ikwerre/Etche Media Association has also honoured the DPO of Oyigbo Police Division, CSP Bello Yusuf, for his efforts in tackling criminal activities in the area.
The media group presented the award following the swift tracking and arrest of five suspected kidnappers who had allegedly terrorised residents of the Kom-Kom axis and other parts of Oyigbo.
The group commended CSP Bello for what it described as his determined efforts to restore confidence and security in the affected communities, particularly Kom-Kom and Obeama.
According to the group, the arrest of the suspects demonstrated the DPO’s commitment to tackling criminality and safeguarding residents.
The media association said residents had received the development with relief, noting that the police action had sent a strong message to criminal elements operating in the area.
Responding, CSP Yusuf appreciated the group for the recognition and reaffirmed that there would be no room for criminality in Oyigbo.
He also commended the media for its role in disseminating credible information to the public, saying the media had remained supportive of the police in the fight against crime.
CSP Yusuf warned criminal elements operating in Oyigbo to leave the area or be prepared to face the full weight of the law.
He assured residents that the police would continue to pursue criminals and work to dismantle their hideouts, regardless of where they might be operating.
News
College Of Bishops Endorses Tinubu, APC Candidates For 2027 Polls
The 5000 Achievers Christian Forum and Colleges of Bishops, Archbishops and Apostles, a Christian interdenominational organisation, has endorsed President Bola Ahmed Tinubu and all candidates of the All Progressives Congress (APC) in Rivers State for the 2027 general elections.
International President of the forum, Archbishop Lucky Aroh, disclosed this during the ordination and consecration of three new Bishops, as well as an award ceremony held in Port Harcourt.
Aroh said the performance of the APC-led Federal Government had endeared the party to the organisation, prompting the forum to declare its support for President Tinubu and other APC candidates in Rivers State.
He said the forum would support all APC candidates in the state during the 2027 elections and urged Nigerians to vote for the party.
Aroh, who is also the General Overseer of Caring Peoples Church, Port Harcourt, charged the newly consecrated Bishops to see their new positions as a great responsibility and dedicate themselves to the advancement of the kingdom of God.
He cautioned them against conduct capable of bringing their offices into disrepute, stressing that their activities would be closely watched by members of the public.
“As Bishops, the eyes of the public are on your activities. You must therefore conduct yourselves in a manner worthy of your calling,” he said.
Also speaking, the International Coordinator of the forum, Bishop Saint Robinson, urged the newly consecrated Bishops to work diligently towards winning souls for the kingdom of God.
Robinson, who was the guest speaker at the event, stressed that the activities of Bishops must at all times be guided by godly principles.
He also called on members of the church to support and cooperate with the newly consecrated Bishops in the discharge of their responsibilities.
The Secretary of the College, Apostle Elizabeth Ayadi Abaye, said the organisation was established to advance the kingdom of God and promote spiritual development.
According to her, the forum has organised several crusades, conferences, prayer meetings, ordinations, consecrations, enthronements, empowerment programmes and other spiritual development activities across the country as part of efforts to win souls for Christ.
Abaye said the organisation has members across the world and disclosed that more programmes had been scheduled to promote the spiritual development and wellbeing of humanity.
The three Bishops consecrated at the ceremony were Prince Alban Chike, Testimony Omenihu Shedrach and Prince Ifemena.
Among those honoured at the event were the Chairman of the Community Development Committee (CDC), Abali Community, Port Harcourt City Local Government Area, Manuchimso Prince Lemmy Wopara, and Clifford Oko Jaja, Coordinator of the 5,000 House-to-House for President Tinubu.
By: John Bibor
News
Police Arrest Fake Soldier, Others For Armed Robbery, Kidnapping
The Rivers State Police Command has arrested a 49-year-old suspected fake soldier, Andrew Atausi, and several other suspects in connection with various criminal activities, including kidnapping, armed robbery, cultism, one-chance robbery and the alleged murder of police officers.
The State Commissioner of Police, CP Olugbenga Adepoju, disclosed this in Port Harcourt, recently during a press briefing at the Command Headquarters, where he said the arrests formed part of the operational achievements recorded by the Command between June and August 2026.
Adepoju said Atausi was arrested on August 10 by police operatives along Ada George, Port Harcourt, while dressed in military uniform and driving a Toyota Hilux painted in Army colours.
The Commissioner said investigation revealed that Atausi was not a member of the Armed Forces, adding that he was suspected to be a serial car snatcher, with three suspected stolen vehicles recovered from him.
He said the recovered vehicles included three Toyota Hilux vehicles without registration numbers and a Toyota Corona Premio with registration number BNY 380 ES, noting that the chassis and engine numbers of the vehicles had allegedly been tampered with.
Adepoju added that an axe and military accoutrements were also recovered from Atausi, as investigation continued into the circumstances surrounding the vehicles and other items recovered from him.
On the June 29 attack on police officers at Aluu Division, the Commissioner said three members of the gang allegedly responsible for the incident had been arrested by operatives of the Violent Crime Response Unit, VCRU-AKU.
The suspects, identified as Maduabuchi Emeka, 34, alleged gang leader; Doctor Chinedu Owhor, 42, and Kamachi Joe, 28, alleged armourer, reportedly led operatives to their hideout at Omagwa where two AK-47 rifles stolen during the attack were recovered.
Adepoju recalled that two police officers were killed during the Aluu attack, while others were wounded and one officer had his leg amputated, stressing that efforts were ongoing to apprehend the fourth suspect.
On kidnapping, the Commissioner said five members of a suspected kidnapping syndicate were arrested in Oyigbo Local Government Area, adding that they allegedly confessed to operations in Kom-Kom, Railway, Obeama and Afam communities.
He said two other suspects from the same network, Anele Ogbogu, 35, alleged to be the gang’s armourer, and Kenneth Eke, 38, were arrested on July 27, with one AK-47 rifle and one SMG rifle recovered.
The Commissioner further disclosed the arrest of suspects in connection with alleged firearm offences, armed robbery, cultism and one-chance robbery, with firearms, ammunition and other exhibits recovered during the operations.
Adepoju assured residents that the Command would sustain intelligence-led, proactive and community-oriented policing in collaboration with other security agencies, while urging members of the public to continue providing credible information that would assist the police in combating crime across Rivers State.
By; King Onunwor
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