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European Investors Rate Rivers Best Economic Destination …As Wike Puts State On Frontburner In London …RSG Raises Alarm Over Plot To Stifle Economy

The management of The Financial Times of London and other leading European investors have rated Rivers State as Nigeria’s leading economic destination due to the programmes instituted by the state Governor, Chief Nyesom Wike.
Top member of the management of the World renowned economic and investment newspaper gave the indication yesterday. during a special investment programme organised for Rivers State by The Financial Times tagged: ‘Invest In Rivers State’ at its headquarters in London.
Speaking at the programme,Editor, Special Reports of Financial Times, Leyla Boulton said that Rivers State has become Nigeria’s leading economic destination due to the programmes initiated by Wike.
The Chief Executive Officer of Invest Africa and United Kingdom Business Council for Africa, Karen Taylor said that the government has redefined the economic advantage of Rivers State, making it attractive to the world.
Vice Chairman of Westminster Africa Business Group, Tim Johnsen noted that the presentation of Wike has highlighted key areas of investments to be explored by European investors.
In his remarks, Commercial Director of Financial Times in charge of Africa and Middle East, Mark Cowardine assured the Rivers State governor that the message of the investment potentials of Rivers State will promote economic growth in the state.
Senior Consultant at Control Risks, Imad Mesdoua, expressed satisfaction with the quality of information and opportunities that Wike has exposed to Europe on Rivers State.
Speaking at the occasion,the Rivers State Governor, Chief Nyesom Wike declared that his administration has implemented sound economic policies and programmes that have made the state the investment destination of Nigeria, adding that return on investment in the state is the highest in Nigeria.
Wike said: “The Government of Rivers State remains committed to making Rivers State the best place in Nigeria to live, work and do business through the implementation of sound policies and creating the enabling peaceful, secure and friendly environment for doing business in Rivers State. Investors are warmly welcomed, Rivers State awaits you”.
The governor assured intending investors that his administration has lined out incentives that have made the state investor friendly.
According to the Rivers State governor, the Rivers State Government under his leadership has provided visibility gap funding, minimum revenue guarantee, provision of land for development, provision of subsidies and reduction of/exemption from payment of taxes and levies.
“There is a stable, focused and progressive government that is committed to the state’s economic objectives, which is to build a strong, balanced and growing economy for Rivers State.
“The government has created the most business friendly environment for Rivers State with unprecedented investments in infrastructure, tax reforms and related economic incentives to reduce cost of doing business”, Wike explained on why European investors should invest in Rivers State.
Wike added: “We have given unprecedented attention to security of lives and property, Rivers State is now safe and secure for businesses and investors”.
The governor added that his administration has eliminated double taxation, instituted expeditious processing and grant of land documents, facilitation of investment processes and regulatory approvals.
Wike said that intending investors in oil and gas would benefit from the presence of the Oil and Gas Free Zone in the state, noting that the facility provides opportunities for the establishment of businesses across the oil and gas value chain.
The governor declared that the Rivers State Government has institutionalised laws, processes and policies to protect investments in the state.
He said: “Besides national laws, the Rivers State Government has also put in place appropriate legal framework to promote and protect investments in the state”.
Wike said as a gateway into the South-South and South-East zones, Rivers State also boasts of immense investment opportunities in the area of information and communication technology.
He added that there are remarkable investment opportunities in the areas of tourism and hospitality, pointing out that as the destination of choice for organisers of events, conferences and sporting events, Rivers State investment climate will reward any foreign investor.
The governor pointed out the successes recorded by establishing the innovative Port Harcourt Pleasure Park, which is now a regional centre of tourism, attracting several thousands of Nigerian and foreign visitors.
Wike informed the European investors that investment opportunities exist at the Greater Port Harcourt City Development Authority, where his administration has established framework for public-private partnerships, land subsidies and the development of infrastructure.
He also stated that there are investment opportunities in the area of manufacturing where investors can take advantage of the Trans-Amadi Industrial Estate.
The state chief executive added that public housing and property development remain another profitable outlet because of the population of the state.
The governor maintained that the availability of vast arable land and water makes Rivers State the national hub of agriculture and agro processing.
He said: “The state’s population, including the middle class is increasing in geo-metric proportions. Besides, the availability of a young educated, skilled and semi skilled population eager for employment offers abundant workforce and large emerging and relatively untapped market for consumer products and services.
Wike said that Rivers State possesses abundant natural resources, two existing seaports, an international airport and Nigeria’s second largest economy, waiting for credible international investors.
Wike was accompanied by Senator George Sekibo, Commissioner for Information and Communications, Barrister Emma Okah, Chairman of Greater Port Harcourt City Development Authority, Chief Ferdinand Anabraba, Commissioner for Sports, Boma Iyaye and former Deputy Speaker of the House of Representatives, Austin Opara.
The Rivers State Government says there are sinister moves by enemies of the government to stifle the economy of the state through orchestrated media-sponsored propaganda.
The Permanent Secretary, Rivers State Ministry of Information and Communications, Pastor Paulinus Nsirim stated this while speaking as chairman during a media chat by the management of Showers Group of Schools at Grace Plaza, Woji Road in Port Harcourt, yesterday.
Nsirim opined that the intention of the purveyors of the scheme was to blackmail the state government and cripple economic activities with insecurity-sponsored propaganda in the media, adding that the state was safe more than any other state in the country.
According to him, the state is the hub of oil and gas production which sustains the country, lamenting that due to the media-induced propaganda, some of the operators were moving out of the state.
He urged the media to change the narrative by telling the world and the society the proper situation of things in the state with a view to informing the public about prevailing peace and security and the aboundant business opportunities in the state.
“A lot of businesses in the state are moving to the West due to the media propaganda.
“As journalists, we must help to change the narrative. If you go to Onne and other places, you will see that there is nothing happening”, he stressed.
The permanent secretary averred that those living and doing business in the state owe it as a duty to support the state government in its effort to better the economy by painting the true picture of the state.
“If you live in the state and do business here, you owe it a duty to protect the economy of the state. In fact, the Nigeria Union of Journalists (NUJ) and the media must rise above this sentiment, and help tell the true story of Rivers State”, he added.
Nsirim, however, said there was the need to support those who were providing qualitative education in the state so as to encourage them to succeed in their business of human development.
Earlier in her speech, the Chief Executive Officer, Showers Group of Schools, Mrs Ekama Emilia Akpan said the essence of the media chat was to build good relationship with the media as well as showcase some achievements recorded by the school.
Ekama said the passion of using the youth to capture the society was the reason why she chose education as the only way to achieve the target, adding that the school has commenced A-Level programmes for Nigerian students aimed at affording them opportunity to gain direct admission into tertiary institutions abroad.
She also disclosed that her students have made outstanding performances in their academic careers within and outside the shores of the country.
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INEC To Unveil New Party Registration Portal As Applications Hit 129

The Independent National Electoral Commission (INEC) has announced that it has now received a total of 129 applications from associations seeking registration as political parties.
The update was provided during the commission’s regular weekly meeting held in Abuja, yesterday.
According to a statement signed by the National Commissioner and Chairman of the Information and Voter Education Committee, Sam Olumekun, seven new applications were submitted within the past week, adding to the previous number.
“At its regular weekly meeting held today, Thursday 10th July 2025, the commission received a further update on additional requests from associations seeking registration as political parties.
“Since last week, seven more applications have been received, bringing the total number so far to 129. All the requests are being processed,” the commission stated.
The commission revealed the introduction of a new digital platform for political party registration. The platform is part of the Party Financial Reporting and Auditing System and aims to streamline the registration process.
Olumekun disclosed that final testing of the portal would be completed within the next week.
“INEC also plans to release comprehensive guidelines to help associations file their applications using the new system.
“Unlike the manual method used in previous registration, the Commission is introducing a political party registration portal, which is a module in our Party Financial Reporting and Auditing System.
“This will make the process faster and seamless. In the next week, the commission will conclude the final testing of the portal before deployment.
“Thereafter, the next step for associations that meet the requirements to proceed to the application stage will be announced. The commission will also issue guidelines to facilitate the filing of applications using the PFRAS,” the statement added.
In the meantime, the list of new associations that have submitted applications has been made available to the public on INEC’s website and other official platforms.
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Tinubu Signs Four Tax Reform Bills Into Law …Says Nigeria Open For Business

President Bola Tinubu yesterday signed into law four tax reform bills aimed at transforming Nigeria’s fiscal and revenue framework.
The four bills include: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
They were passed by the National Assembly after months of consultations with various interest groups and stakeholders.
The ceremony took place at the Presidential Villa, yesterday.
The ceremony was witnessed by the leadership of the National Assembly and some legislators, governors, ministers, and aides of the President.
The presidency had earlier stated that the laws would transform tax administration in the country, increase revenue generation, improve the business environment, and give a boost to domestic and foreign investments.
“When the new tax laws become operational, they are expected to significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments,” Special Adviser to the President on Media, Bayo Onanuga said on Wednesday.
Before the signing of the four bills, President Tinubu had earlier yesterday, said the tax reform bills will reset Nigeria’s economic trajectory and simplify its complex fiscal landscape.
Announcing the development via his official X handle, yesterday, the President declared, “In a few hours, I will sign four landmark tax reform bills into law, ushering in a bold new era of economic governance in our country.”
Tinubu made a call to investors and citizens alike, saying, “Let the world know that Nigeria is open for business, and this time, everyone has a fair shot.”
He described the bills as not just technical adjustments but a direct intervention to ease burdens on struggling Nigerians.
“These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet,” Tinubu wrote.
According to the President, “They will unify our fragmented tax system, eliminate wasteful duplications, cut red tape, restore investor confidence, and entrench transparency and coordination at every level.”
He added that the long-standing burden of Nigeria’s tax structure had unfairly weighed down the vulnerable while enabling inefficiency.
The tax reforms, first introduced in October 2024, were part of Tinubu’s post-subsidy-removal recovery plan, aimed at expanding revenue without stifling productivity.
However, the bills faced turbulence at the National Assembly and amongst some state governors who rejected its passing in 2024.
At the NASS, the bills sparked heated debate, particularly around the revenue-sharing structure, which governors from the North opposed.
They warned that a shift toward derivation-based allocations, especially with VAT, could tilt fiscal balance in favour of southern states with stronger consumption bases.
After prolonged dialogue, the VAT rate remained at 7.5 per cent, and a new exemption was introduced to shield minimum wage earners from personal income tax.
By May 2025, the National Assembly passed the harmonised versions with broad support, driven in part by pressure from economic stakeholders and international observers who welcomed the clarity and efficiency the reforms promised.
In his tweet, Tinubu stressed that this is just the beginning of Nigeria’s tax evolution.
“We are laying the foundation for a tax regime that is fair, transparent, and fit for a modern, ambitious Nigeria.
“A tax regime that rewards enterprise, protects the vulnerable, and mobilises revenue without punishing productivity,” he stated.
He further acknowledged the contributions of the Presidential Fiscal Policy and Tax Reform Committee, the National Assembly, and Nigeria’s subnational governments.
The President added, “We are not just signing tax bills but rewriting the social contract.
“We are not there yet, but we are firmly on the road.”
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Senate Issues 10-Day Ultimatum As NNPCL Dodges ?210trn Audit Hearing

The Senate has issued a 10-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) over its failure to appear before the Senate Committee on Public Accounts probing alleged financial discrepancies amounting to over ?210 trillion in its audited reports from 2017 to 2023.
Despite being summoned, no officials or external auditors from NNPCL showed up yesterday.
However, representatives from the representatives of the Economic and Financial Crimes Commission, Independent Corrupt Practices and Other Related Offences Commission and Department of State Services were present.
Angered by the NNPCL’s absence, the committee, yesterday, issued a 10-day ultimatum, demanding the company’s top executives to appear before the panel by July 10 or face constitutional sanctions.
A letter from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25, was read at the session.
It cited an ongoing management retreat and requested a two-month extension to prepare necessary documents and responses.
The letter partly read, “Having carefully reviewed your request, we hereby request your kind consideration to reschedule the engagement for a period of two months from now to enable us to collate the requested information and documentation.
“Furthermore, members of the Board and the senior management team of NNPC Limited are currently out of the office for a retreat, which makes it difficult to attend the rescheduled session on Thursday, 26th June, 2025.
“While appreciating the opportunity provided and the importance of this engagement, we reassure you of our commitment to the success of this exercise. Please accept the assurances of our highest regards.”
But lawmakers rejected the request.
The Committee Chairman, Senator Aliyu Wadada, said NNPCL was not expected to submit documents, but rather provide verbal responses to 11 key questions previously sent.
“For an institution like NNPCL to ask for two months to respond to questions from its own audited records is unacceptable,” Wadada stated.
“If they fail to show up by July 10, we will invoke our constitutional powers. The Nigerian people deserve answers,” he warned.
Other lawmakers echoed similar frustrations.
Senator Abdul Ningi (Bauchi Central) insisted that NNPCL’s Group CEO, Bayo Ojulari, must personally lead the delegation at the next hearing.
The Tide reports that Ojulari took over from Mele Kyari on April 2, 2025.
Senator Onyekachi Nwebonyi (Ebonyi North) said the two-month request suggested the company had no answers, but the committee would still grant a fair hearing by reconvening on July 10.
Senator Victor Umeh (Anambra Central) warned the NNPCL against undermining the Senate, saying, “If they fail to appear again, Nigerians will know the Senate is not a toothless bulldog.”
Last week, the Senate panel grilled Segun and other top executives over what they described as “mind-boggling” irregularities in NNPCL’s financial statements.
The Senate flagged ?103 trillion in accrued expenses, including ?600 billion in retention fees, legal, and auditing costs—without supporting documentation.
Also questioned was another ?103 trillion listed under receivables. Just before the hearing, NNPCL submitted a revised report contradicting the previously published figures, raising more concerns.
The committee has demanded detailed answers to 11 specific queries and warned that failure to comply could trigger legislative consequences.
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