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C’River Nets N2bn From Investment Promotion

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13 years ago

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Over $2billion is said to have been injected into the Cross River State economy in the last one year as foreign direct investment ((FDI)  through its One–Stop-Investment Centre (OSIC) in the last couple of years.
Within the period, the State has also attracted some multi-national companies like Wilmar International, a Singaporean firm with an investment portfolio of N64.180billion that are invested into palm plantations and has cultivated over 50 thousand hectares of commercial palm plantation in Akamkpa and Biase Local Government Areas of the state.
Others include General Electric (GE) which will invest over N160.45billion in the next five years in the  into manufacturing, of gas turbine/heavy duty equipment, Essar Infrastructure Africa Ltd with an investment portfolio of N96.27billion and Are into 660MW Power plant located in Odukpani  Local Government area of the state.
The Special Adviser to Governor Liyel Imoke on Investment Promotion Mr. Gerald Ada, told Journalists at Earnest Etim Bassey Press Centre Friday that in 2007, the government established an Investment Promotion Bureau as a One –Stop Investment Centre to ease bureaucratic processes for both domestic and foreign direct investment.
He said since then, there had been a noticeable increase in FDI, thus consolidating the state’s position as a destination for business as well as leisure.
According to the Special Adviser, his department has also within the period wooed in Project Master Nig Ltd with an investment portfolio of  N9billion directed to the manufacturing of steel fabrication within Calabar Municipality and presently under construction.
He said designed work will be completed in August this year by Artee Group /Spar who are investing N6billion in a mega shopping mall in Calabar-South Local Government Area of the state to complement Tinapa Business Resort.
Ada said GE had finished discussion with the relevant stakeholders to establish intensive programmes in the Cross River State University of Technology (CRUTEC) and College of Education to train students in special skills to meet the requirement in the oil and gas industry through its Corporate Social Responsibility (CSR) Programmes.
The Ccmmissioner maintained that construction work would also commence in July this year for an Integrated pipe mill manufacturing by Brentex Petroleum Services Limited who are investing N28billion into the state economy, while Lionsteel West Africa are investing  N24.06billion or $150 million into the state economy for  steel fabrication which is expected to create over 2000 jobs.
Similarly, Premier Feeds Nig Ltd is investing N3.2billion or $20million in animal feeds production in Calabar municipality  and is expected to create 500 jobs for indigenous citizens of the state and its environ, while OCIC is also into cement production  and is expected to create over 2000 jobs and Unicem expansion project is expected to gulp N4billion.
Ada further stated that Hazcon /Chevron who are into fabrication had applied for 100hecter of fabrication yard and the department has issued an allocation letter for N3.2billion and many other investors who have visited the state for various business  transactions.

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

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6 days ago

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May 18, 2026

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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.
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?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
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Rivers Workers Seek Scrapping Of Contributory Pension Scheme

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6 days ago

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May 18, 2026

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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
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FG Begins South-West Tour To Promote New Cooperative Bank

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2 weeks ago

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May 13, 2026

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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.
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