Business

Experts Laud FG Over Stance On Naira

Published

10 years ago

March 7, 2016

R-L: Rivers State Governor, Chief Nyesom Ezenwo Wike, Commissioner for Health, Dr Theophilus Odagme, Chief Goddy Nwikpo and Dr Ikedife Uba of the Integrated Medical Industries, IMI, during the governor’s inspection visit to the company in Port Harcourt on Friday.

Some capital market
operators have commended the Federal Government for resisting the pressure to devalue the official rate of the naira.
They told newsmen in Lagos that rather than devalue the naira, government should address the wide margin of the exchange rate in the official and black market.
The market operators made the suggestion against the backdrop of recent calls for devaluation of the naira.
While the official naira exchange rate has remained stable at N197.50 to the dollar at the CBN, it once depreciated to as low as N390 to the dollar at the black market.
It is currently within the band of N320 and N330 to the dollar at the black market.
Capital market operators said that the government’s stance against devaluation of the naira had reduced activities of speculators at the market, especially the portfolio investors.
The operators said that whatever negative effects of the government’s position in the market would only be in the short-term, while the market would stabilise in the long-run.
The Managing Director, Trust Yield Securities Ltd., Lagos Alhaji Rasheed Yusuuf, said that government’s decision had reduced foreign investors’ participation in the market and curtailed speculative buying.
Yusuuf said the capital market lost huge amounts of money in 2015 due to massive sell off by foreign investors and some rich individuals leading to drastic drop in the price of equities.
“The market is gradually stabilising because portfolio investors are not investing the way they used to do in the past.
“The kind of foreign investors we need now are the ones that can help us to develop our infrastructure, not speculators that will offload at anytime”.
Yusuuf said the government and regulators needed to reorganise the capital market to have more local investors that would support local industries to achieve economic growth.
He attributed the nation’s economic challenges to wrong policies in the past, stressing that Nigerians should embrace locally made goods to create employment.
A former President of Chartered Institute of Bankers of Nigeria (CIBN), Mr Okechukwu Unegbu, said that government’s stance not to devalue the naira had affected the amount of foreign funds in the market.
Unegbu said that foreign investors had developed ‘wait and see’ attitude due to currency risks and external pressure to devalue the naira.
He said that the market fundamentals were still very strong, adding that investment in the capital market should be for long-term and not for speculative activities.
Unegbu urged the Central Bank of Nigeria (CBN) to pursue the right policies and desist from any policy somersault.
He also advised the apex bank to consult widely before pronouncement on any policy.
the Managing Director, APT Securities and Funds Ltd., Lagos, Mallam Garba Kurfi,observed that daily transactions in the market had dropped due to government’s stance on devaluation.
Kurfi, however, advised that government should address the wide gap between naira exchange rates at the black and official markets to encourage foreign participation.
He said that foreign investors would continue to shun our market if government failed to devalue or create an alternate foreign exchange window for them to play in the market.
Kurfi also suggested to government to compel the Pension Fund Administrators (PFAs) to invest more in the capital market to bridge the gap created by the exit of foreign investors.
The National Coordinator, Independent Shareholders of Nigeria (ISAN), Mr Sunny Nwosu, described devaluation call as “Western conspiracy”.
“We run a mono-product economy because we don’t have anything to export to enjoy foreign exchange gain; devaluation of naira will not favour us,” Nwosu said.
Nwosu urged the government not to succumb to devaluation pressure, rather government should look at ways to encourage local participation.
He said that government should be more serious on the issue of diversification of the economy and that the nation’s agriculture potential should be harnessed to boost revenue generation.

Business

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

Published

1 day ago

May 18, 2026

The Tide

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.

?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

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

1 day ago

May 18, 2026

The Tide

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

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

7 days ago

May 13, 2026

The Tide

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.