Business
No Cashless Payments At PH Fair – Survey
One month after the
implementation of the Central Bank of Nigeria’s cashless policy in Rivers State, transactions at the 9th Port Harcourt trade fair in Isaac Boro Park have not been affected by the policy.
The Tide’s survey at the trade fair venue over the weekend, revealed that customers were paying cash for all their purchases, as there were no Automate Teller Machines (ATM) and Point of Sales (POS) services to aid the cashless policy compliant for customers.
Speaking in a chat with The Tide, the sales representative of Vitafoam, Mr Clement A. Ese, said that there was nothing like cashless policy in the trade fair as many people did not even know what it meant.
Ese said it was difficult for anyone to talk about cashless policy when there were no ATM and POS services around, stating that one cannot even find any bank within the trade fair venue “except Enterprise Bank that is there to look for customers”.
He noted that in developed countries, “when you introduce something, you educate the people about it. Cashless is meant for the literate population and we have not seen serious sensitisation on the policy”.
The sales representative also noted that people have developed hatred for the use of ATM because of withdrawal notifications even when the machines have not paid the customers.
A civil servant, Mr Iyenemi Briggs who was at the trade fair to buy things expressed disappointment over the issue of carrying cash around to pay for goods when those transactions would have been cashless.
“The disadvantages of carrying much cash around is serious. There is no cashless policy here and I wonder why.”
“The banks are not here, showing that the banks are sabotaging the policy”, he said, wondering why Africans find it difficult to adjust to change.
He, however, called on the media to do more publicity in the area of educating, entertaining and informing the people about the operations of the policy.
Mrs Ato Aseku, who deals on kitchen utensils said the sales have been very poor and that there are few customers, adding that, “it is when you see customers, you talk about cash or cashless”.
She said that nobody has come to ask of POS and that nobody is using POS in the entire trade fair.
The Director of Ben Zacky Limited, dealers of Generators and Cookers, Mr Ben Zacky, told our correspondent that no customer has even asked of the POS, adding that most people do not know what is cashless.
He noted that the cashless policy even affected their business as people have limited amount of money they can withdraw in a day.
Zacky said that this year’s trade fair has not picked up till now, adding that companies are yet to recover the cost of their stands.
The Director of Madu’s Global Ventures, Chief Chijioke Nwokedi, blamed Port Harcourt Chamber of Commerce, for what he called the low turnout in the trade, adding that the increase in price for the stands are responsible for the empty stands here and there.
He noted the need for the chamber to apologise to companies in order to bring them back to the fair, as he rated the organisation poor.
On the cashless policy implementation, he said, “there is no cashless policy here, no POS, ATM and even if anybody pays one with cheque, I will cash it before releasing the goods to the customer.
The Minister of State for Industry, Trade and Investment, John Enoh said this at the 8th annual induction and conference of the Chartered Institute of Project Managers of Nigeria (CIPMN).
He explained that abandoned projects continue to lock up public funds that could have been used for infrastructure development, industrial growth, job creation and essential social services.
Represented by the ministry’s Permanent Secretary, Chris Osa Isokpunwu, he said the impact goes beyond financial losses, as incomplete projects affect communities and limit access to important public services
He cited examples of that remain unopened, schools that cannot accommodate students, roads that fail to connect communities and electricity projects that have not delivered their intended benefits.
The Registrar-General and Chief Executive Officer of CIPMN, Henry Ifeanyi Mbadiwe, also identified poor project management as a major challenge affecting development in Nigeria.
He revealed that the institute had developed a project management curriculum for Nigerian universities, which has received approval from the National Universities Commission (NUC). The programme is expected to enable universities to offer project management as a bachelor’s degree.
Mbadiwe further referenced findings by the Presidential Projects Assessment Committee, which identified 11,886 ongoing federal capital projects in 2011, with an estimated financial commitment of ?7.78 trillion.
He noted that inadequate planning, supervision, accountability and implementation were among the factors contributing to the abandonment of projects across the country.
The minister called for stronger project management structures across ministries, departments and agencies to improve planning, monitoring and evaluation.
He added that the Federal Ministry of Industry, Trade and Investment had introduced a 90-day implementation reporting cycle to strengthen transparency and monitor the progress of government programmes.
Ikenga said the company remained committed to Nigeria’s power sector and would continue investing in its operations despite the challenging business environment.
He spoke in Lagos at the third edition of the Shell Power Conference, themed “Powering Nigeria’s Progress: Turning Ambition and Action into Sustainable Impact”.
The Transcorp Power chief said the company would sustain electricity generation, invest in its facilities and deliver value to shareholders.
“Transcorp Power is a long-term player, not a short-term player. This year has been challenging, but what is important is getting power to schools, hospitals and businesses to power progress,” he said.
Ikenga said the company’s focus on operational efficiency and investment had strengthened its contribution to Nigeria’s electricity supply.
He disclosed that since acquiring the Ughelli Power Plant in Delta State in 2013, Transcorp Power had quadrupled its available generation capacity.
He also said the company became the first privatised power generation firm to receive a post-privatisation discharge certificate after fulfilling all its privatisation obligations.
The company’s unaudited results for the nine months ended September 30, 2026, showed a profit before tax of N83.1 billion, while its profit-before-tax margin rose to 31.2 per cent from 29.6 per cent recorded in the corresponding period of 2025.
Its total assets rose to 11.7 per cent amounting to N629.5 billion, while shareholders’ funds grew 8.9 per cent to N199.8 billion. Cash and cash equivalents also rose to N10.3 billion, supported by improved collections.
On the company’s contribution to grid stability, Ikenga said Transcorp Power’s black-start capability enabled it to restart operations without relying on electricity from the national grid.
He explained that the capability allowed the company to support power restoration following grid disturbances, helping to restore electricity supply to homes, businesses and industries.
Ikenga noted that Nigeria had an installed electricity generation capacity of about 13,000 megawatts, with an estimated potential of 50 gigawatts, adding that realising the potential would require effective coordination across the entire value chain.
“Everything in the value chain has to work,” he said.
He called for stronger collaboration among federal and state governments, regulators and private-sector operators, alongside increased private investment, to build a sustainable electricity market.
This was contained in a statement issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.
The statement said Oyedele pointed to “improved digital systems, including electronic invoicing, as a key driver behind a record of N33tn in government revenue collected between January and October 2026.”
The minister said the performance demonstrated the potential of technology to improve revenue administration, strengthen compliance and increase efficiency across government institutions.
Speaking on the theme, ‘Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,’ Oyedele warned that Nigeria risked losing substantial economic opportunities if it continued to depend heavily on foreign digital infrastructure.
Citing Nigerian Communications Commission figures, he disclosed that the country recorded more than 157 million active internet subscriptions as of May 2026.
He explained that these connections generated significant volumes of information through financial transactions, healthcare, education and taxation.
However, citing estimates from the Nigeria Data Protection Commission, Oyedele said as much as 90 per cent of the country’s data was hosted abroad.
According to him, the situation has implications for foreign exchange expenditure, employment opportunities, technological skills and Nigeria’s control over information generated by its citizens.
He compared the country’s reliance on foreign digital infrastructure with its historical dependence on imported refined petroleum products, warning against a situation where Nigerian data would be processed abroad and the resulting services sold back to domestic users.
The minister consequently advocated greater investment in local data infrastructure, technical expertise, cybersecurity and predictable regulations to enable Nigerian businesses to capture more value from the digital economy.
He clarified that digital sovereignty should not translate into technological isolation but should strengthen Nigeria’s capacity to participate competitively in international markets.
Addressing graduating students, Oyedele urged young Nigerians to become developers of technological solutions rather than remain primarily consumers of products created elsewhere.
He identified artificial intelligence as both a disruptive force and an opportunity for innovation, advising graduates to acquire relevant digital skills alongside critical thinking, creativity, sound judgement and integrity.
The minister also cautioned against irresponsible online behaviour, explaining that digital footprints increasingly influence employment prospects, commercial relationships and professional credibility.
Oyedele outlined five priorities for graduates, including continuous learning, value creation, integrity, responsible digital citizenship and active participation in national development.
“Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” he told the graduating students.
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