Business

Ahiamakara Demolition: N139m Compensation Tears PHALGA Community Apart … EFCC Quizes Factions

Published

8 years ago

April 18, 2018

The sum of N139million paid to Rebisi Central Age Group by the Rivers State Government as compensation for the demolition of Ahiamakara market at Waja area of Port Harcourt City Local Government Area of Rivers State is currently causing crisis among three groups in Rebisi Kingdom.
The Tide gathered that the two opposing camps in Rebisi Council of Chiefs and Elders are at loggerheads over the compensation sum of N139 million paid for the demolition of market shades being managed by a socio-cultural organisation, Rebisi Central Age Group.
The Tide source hinted that the N139 million is now a subject of investigation by the anti-graft agency, the Economic and Financial Crimes Commission (EFCC).
The sources further hinted that all the groups have been invited by the anti-graft agency for questioning.
Those invited include the leadership of Central Age Group and the other chiefs led by Chief Azubuike Nmerukini and Eze Uche Elikwu.
It was also learnt that the Rebisi Central Age Group headed by Elder Bennett Amadi as president general, Sunny Chuku as Secretary and Godspower Owhonda as treasure, respectively were petitioned by Rebisi Owhor Holders Council and Elders and Chiefs of Rebisi Kingdom in the Port Harcourt City Local Government Area.
The chiefs, in a petition by their counsel, U.G. Nwokocha alleged that the leadership of the age group and others tampered with the sum of N139 million paid as compensation by the state government for the acquisition of the said expanse of land and the payment was made through Zenith Bank into the account of Rebisi Central Age Group domiciled at First Bank of Nigeria PLC.
The petition urged the financial crimes agency to stop those concerned from the disbursement of the said sum of money, stressing that if not stopped, nothing would be left for the entire Rebisi Kingdom as they claimed that the demolished property was owned by the entire kingdom but managed by the Central Age Group.
It was also gathered that two weeks ago, the leadership of the Rebisi Central Age Group summoned a meeting of all Chairmen and secretaries of age groups affiliated to the Central Age Group and informed them that the President was made to sign an undertaking by the chiefs and elders headed by Nmerukini and Elikwu to return the sum of N69million to his group of chiefs and elders’ council.
According to the sources, this threat made the president general, to transfer the sum of N69 million from the coffers of the Central Age Group to the chiefs headed by Chief Nmerukini and Elikwu after the disbursement of N1.5million to each age group affiliated to the central age group.
It was on that note that the other group headed and a contender to the throne of Eze Apara Rebisi, Eze Victor Worluchem petitioned the Rebisi Central Age Group and other chiefs to return the said sum of N139 million to Rebisi kingdom.
Meanwhile, when contacted, the President General of Rebisi Central Age Group, Benneth Amadi confirmed that he was invited by the EFCC, last Thursday, and explanations were given as the area concerned was managed by the group.
Amadi regretted that the compensation had brought so much interest, but added that all along the Rebisi Central Age Group has been managing the stores and expanse of land which the money was paid for.
He argued that the expanse of land belongs to the Central Age Group, adding that the group has a judgment to that effect.
Nmerukini and Elikwu could not be reached for comment, but one of the chief whose counsel wrote the petition,Chief Cyprian Worenwu confirmed that they were all going to EFCC to sort out the issue.
He vowed that the alleged Eze Apara Rebisi Chief Victor Worlechem and his group of chiefs and elders would ensure that all legal means were exhausted to get the compensation to the owners.
‘’Our prayers is to the further sharing of the N139million and the N69million handed over to Eze Elikwu and Chief Nmerikini be retrieved immediately because the money was meant for all Rebisi indigenes and not a particular group.
When contacted, the Head, Public Affairs, Port Harcourt zone of the EFCC, Dele Oyewale confirmed that the commission was still investigating the matter, adding that those involved were also in the office of the commission for another round of interrogation, yesterday.
Oyewale said the commission would give those involved fair hearing while investigations are still on.

Business

NEM Insurance celebrates IWD 2026 with pledge to sustain support for women endeavour

Published

7 hours ago

March 16, 2026

The Tide

NEM Insurance Plc – the number one motor insurance provider in Nigeria, in a vibrant commemoration of the 2026 International Women’s Day (IWD), has reaffirmed its dedication to fostering an inclusive environment that empowers women to excel in their endeavours.

Speaking at the corporate headquarters in Lagos, the Chairman of NEM Insurance Plc, Tope Smart, stated that the company remains resolute in its mission to support women affairs, noting that their contributions are vital to the sustainability of the insurance industry.

Aligning with the global theme “Give To Gain,” Smart highlighted that the insurance provider views gender diversity not just as a corporate social responsibility, but as a core driver of innovation and high-level performance.

“Our commitment to female professionals at NEM Insurance is unwavering,” Smart declared. “We recognize that by ‘giving’ women the right tools, mentorship, and leadership platforms, the industry ‘gains’ unparalleled dedication and diverse perspectives that move the needle of progress.”

The multiple award winning underwriting company and one of the top three leading general insurance business companies in Nigeria, has remained focused in promoting and supporting women affairs.

Adding her voice to the celebration, the General Manager, Corporate Services, Mrs. Mojisola Teluwo, emphasized that the company’s gender-focused initiatives, such as the “She Means Business” contest, represent a practical approach to inspiring inclusion.

Mrs. Teluwo maintained that supporting women-led initiatives is a strategic investment in the fabric of society, rather than just a philanthropic gesture.

“At NEM Insurance, we believe that when a woman thrives, a family thrives, and the nation prospers,” Mrs. Teluwo stated. “The ‘She Means Business’ initiative is our way of moving beyond mere applause for women toward active, tangible support. We are proud to provide the financial catalyst needed for visionary women to turn their business aspirations into reality.”

To mark the occasion, the leadership outlined several key pillars of support:

Leadership Development: Targeted training programs to prepare more women for executive-level decision-making.

Inclusive Work Culture: Sustaining a workplace environment that balances professional growth with personal well-being.

Economic Catalyst: Providing grants and professional frameworks to help female entrepreneurs upscale their operations.

The event featured a series of internal sessions where female staff engaged in mentorship dialogues, focusing on career advancement within the evolving landscape of the Nigerian insurance sector and paint and Sip, which provided an opportunity for women to showcase their creativity.

Smart concluded by urging other industry stakeholders to prioritize the development of female talent, asserting that a more inclusive sector is a more prosperous one for all Nigerians.

Business

Nigeria: Profit-Taking Persists as NGX Dips Marginally by 0.2%

Published

7 hours ago

March 16, 2026

The Tide

Trading on the Nigerian Exchange (NGX) closed slightly lower on Wednesday as profit-taking in selected equities continued to weigh on the market, dragging key performance indicators into negative territory.

Market data showed that the benchmark All-Share Index (ASI) declined by 0.09 per cent to close at 195,898.53 points, compared with the previous session’s level, as investors booked profits in some large and mid-cap stocks.

Consequently, market capitalisation shed N107.57 billion, settling at N125.75 trillion. Despite the marginal decline, the market still maintained positive returns, with the month-to-date gain standing at 1.6 per cent, while the year-to-date return moderated to 25.89 per cent.

The downturn was largely driven by losses recorded in stocks such as Presco Plc and UAC of Nigeria Plc, both of which declined by 10 per cent, alongside Dangote Cement Plc, which slipped by 0.6 per cent.

Market breadth closed negative, reflecting bearish investor sentiment, as 40 stocks recorded losses compared with 29 gainers, translating to a market breadth ratio of 0.7 times.

Among the top gainers were NGX Group Plc and Premier Paints Plc, which appreciated by 10 per cent and 9.9 per cent respectively. Other notable gainers included Omatek Ventures Plc, Prestige Assurance Plc and HMC Allied Plc.

On the losers’ chart, Presco Plc and UAC of Nigeria Plc led the decline with 10 per cent losses each, followed by Morison Industries Plc, LivingTrust Mortgage Bank Plc and SCOA Nigeria Plc.

Sectoral performance was mixed, with the Industrial Goods index leading the gainers after advancing by 1.42 per cent, while the Banking index recorded a marginal gain of 0.04 per cent.

Conversely, the Commodities sector topped the laggards, declining by 1.30 per cent. The Insurance index fell by 0.44 per cent, the Consumer Goods index dipped by 0.43 per cent, while the Oil and Gas index edged down by 0.06 per cent.

Activity level on the exchange weakened as investors traded a total of 671.27 million shares valued at N26.13 billion in 58,792 deals.

This represents a decline of 8.61 per cent in volume, 5.18 per cent in value and 9.31 per cent in the number of transactions compared with the previous trading session.

Wema Bank Plc emerged as the most actively traded stock by volume and value, accounting for 106.36 million shares worth N2.75 billion.

Analysts said the cautious mood in the market reflects continued portfolio rebalancing by investors following the strong rally recorded earlier in the year.

They noted that trading may remain mixed in the near term as investors react to corporate earnings releases and macroeconomic development.

Business

Wema Bank Admits 10 Startups into Hackaholics 2026

Published

7 hours ago

March 16, 2026

The Tide

Wema Bank has admitted 10 Nigerian startups into the 2026 edition of its Hackaholics Accelerator Programme as part of efforts to strengthen innovation, entrepreneurship, and sustainable business growth in the country.

The 10 cohort selected startups for the 2026 edition such as; Farmslate, Ploy, Stocmed, Feest , Varsityscape, MamaAlert, Sane, Cyclex, Kieva and Loocomo were drawn from the top performing finalists of Hackaholics 6.0.

The Hackaholics Accelerator, a selective growth programme under the bank’s Hackaholics platform, is designed to help promising startups reinforce their business foundations while preparing them for scalable growth and investment readiness.

Wema Bank said the programme represents a strategic expansion of its support for innovators, moving beyond ideation and competition to hands-on startup development after six years of driving innovation through the Hackaholics initiative.

According to Wema bank, the accelerator provides founders with structured mentorship, industry guidance and access to networks required to transform innovative ideas into viable and scalable businesses.

Speaking at the programme, Managing Director and Chief Executive Officer of Wema Bank, Mr. Moruf Oseni, said the accelerator demonstrates the bank’s commitment to supporting founders beyond the early stages of innovation.

He noted that Hackaholics has evolved from a competition into a platform that showcases Nigeria’s entrepreneurial potential and technological creativity. Where he explain that the second edition of the accelerator focuses on helping founders transition from ideation to building sustainable business capable of long trem projects .

“Over the past six years, Hackaholics has grown into more than a competition; it has become a platform that reveals the depth of innovation and entrepreneurial potential that exists across Nigeria,”Oseni said.

Oseni stressed that the startups selected are representing some of the most promising solutions emerging from the Hackaholics ecosystem, and the back remain committed to helping them refine their business models, strengthen their operational foundations, and scale their impact.

Also speaking at the program , Wema Bank’s Chief Transformation Officer,Mr. Babatunde Mumuni, said the accelerator would guide founders through a structured process aimed at strengthening their operations and positioning them for sustainable growth.

As part of the programme, startups founders will participate in intensive training sessions facilitated by industry experts across key areas of business growth. Facilitators include Wema Bank executives such as Chief Transformation Officer, Babatunde Mumuni; Head of Strategy and Investor Relations, Femi Akinfolarin; Head of Data Transformation, Olamide Jolaoso; and Team Lead, Corporate Social Investment, Oluwatoyin Adetunji. While External facilitators include Managing Director of Impact Hub Lagos, Idowu Akinde; Managing Director of B4B Partners, Napa Onwusa; startup advisor and scout, Onaopemipo Dara; Google for Startups mentor, Rosemond Phil-Othihiwa; Head of Growth at Africhange, Tega Ogigirigi; and startup advisor and mentor, Ademola Adewuyi.

The Hackaholics Accelerator is also supported by Wema Bank’s broader innovation ecosystem, including IDEAx Labs, the bank’s innovation and venture platform, and its corporate venture programme focused on enabling startup growth through partnerships, infrastructure and access to capital.

Since its launch in 2019, Hackaholics has grown into one of Nigeria’s leading youth innovation platforms, attracting more than 15,000 applicants and supporting hundreds of digital solutions across multiple sectors.

Through the initiative, Wema Bank said it has disbursed more than $400,000 in funding to young innovators and startup founders nationwide.

Previous participants such as Feegor, Myitura and Bunce have emerged from earlier editions of the programme, highlighting the accelerator’s focus on nurturing growth-ready companies. Meanwhile the 2026 edition builds on this progress by supporting startups as they transition from innovation to sustainable business growth.