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

FG Approves ?758bn Bonds To Clear Pension Backlogs, Says PenCom

Published

9 hours ago

November 3, 2025

The Tide

The Federal Government has approved ?758b in bonds to offset long-standing pension liabilities, including pension increases owed since 2007.

The Director-General, National Pension Commission, Omolola Oloworaran, disclosed this at a two-day Sensitisation Workshop on the workings of the Contributory Pension Scheme for Employees and Pensioners in the North-East, in partnership with the National Salaries, Incomes, and Wages Commission (NSIWC), and held in Yola, last Thursday.

Represented by the Commissioner for Administration in PenCom, Alhaji Bello Abubakar, Oloworaran described the approval as a bold step by President Bola Tinubu to bring relief to vulnerable pensioners and restore confidence in the pension system.

She said the workshop formed part of ongoing reforms to enhance awareness and deepen understanding of the CPS among retirees and other stakeholders.

According to her, other key interventions under the reforms included pension increases for over 241,000 retirees, representing 80 per cent of those under the programmed withdrawal arrangement.

“The increases raised monthly payments from ?12.15 billion to ?14.83 billion, effective from June 2025.

“The commission has also eliminated waiting time for pension payments, ensuring that, since July 2025, retirees now access their benefits immediately after retirement.

“The proposed reintroduction of gratuity for civil servants, with a framework developed to restore gratuity benefits for federal workers under CPS, in line with Section 4(4) of the Pension Reform Act (PRA) 2014,” she said.

The PenCom DG explained that the initiative was aimed at further enhancing post-retirement benefits and improving the welfare of pensioners.

Oloworaran stressed that the sensitisation workshop would help address misconceptions and build public confidence in the CPS while offering an opportunity for engagement, feedback, and trust-building with stakeholders.

Also speaking, the Chairman, National Salaries, Incomes and Wages Commission, Ekpo Nta, represented by the Deputy Director of Compensation, Chika Ochor, said the workshop would promote better understanding of the CPS and its benefits.

Nta insisted that pension provides financial security in old age, enabling retirees to maintain their standard of living, reduce poverty, and avoid dependence on families and government adding that the current administration had introduced far-reaching reforms in pension administration to ensure prompt and sustainable payment of retirees’ benefits.

In his remarks, the Director-General, National Orientation Agency (NOA), Lanre Issa-Onilu, commended PenCom and NSIWC for their collaboration in bridging knowledge gaps on the CPS and online enrolment processes.

He reaffirmed NOA’s commitment to promoting national values, policy awareness, security consciousness, and disaster preparedness.

Business

Banks Must Back Innovation, Not Just Big Corporates — Edun

Published

9 hours ago

November 3, 2025

The Tide

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on Nigerian banks to channel more credit to young innovators and small businesses, saying the era of concentrating lending on big corporates must give way to inclusive, innovation-driven financing.

Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.

Edun emphasised that while the reforms under President Bola Tinubu have begun to yield tangible progress since May 2023, inclusive growth remains critical to sustaining the recovery.

“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.

The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.

“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.

The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.

He commended the Central Bank of Nigeria (CBN) for maintaining monetary discipline under its current leadership, describing the tight policy stance as a necessary step to curb inflation, stabilise the financial system, and restore investor confidence.

Also speaking, Chairman of the Committee of Bank CEOs and Group Managing Director/Chief Executive Officer of United Bank for Africa (UBA) Plc, Oliver Alawuba, commended the CBN and the Federal Ministry of Finance for their coordinated policies that have eased pressure on the foreign exchange market and restored investor confidence.

“We thank the Minister of Finance and the CBN Governor. We have seen the difference. A year ago, customers were asking for dollars; today, we are asking them if they need any. Thanks to the efforts of the coordinated economic team,” Alawuba said.

He urged newly inducted Fellows and Senior Members of the Institute to champion digital transformation, strengthen trust, and promote collaboration within the banking industry.

Business

FG Seeks Fresh $1b World Bank loan To Boost Jobs, Investment

Published

9 hours ago

November 3, 2025

The Tide

The Federal Government has begun discussions with the World Bank for a new $1 billion loan under a programme designed to accelerate private investment, job creation, and economic diversification.

The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.

According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.

If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.

The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.

The loan would back reforms intended to expand access to credit and digital financial services, lower prices for households and firms, and boost productivity in key agricultural value chains.

“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.

The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.

To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.

The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.

Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.

Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.

The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.