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Summon Ex-MDs, Mgt Staff …As World Bank Okays $2.1bn Loan For Nigeria

Published

8 years ago

June 29, 2018

Speaker of the House of Representatives, Hon Yakubu Dogara has said that the House would not relent until all allegations of misuse of N10.08trillion (about $30billion) by the Niger Delta Power Holding Company (NDPHC) are probed and unravelled.
This is just as the ad-hoc committee investigating the company led by Rep Darlington Nwokocha, yesterday, summoned all former managing directors, management staff of the company to appear before it and give account of their stewardship.
The speaker, who stated this at the opening of a public hearing by an ad-hoc committee of the House, on the alleged Constitutional Breaches, Impunity and other Infractions of the NDPHC, and the Need to Ensure Probity and Statutory Oversight Functions, said it was a great concern that about half of the funds were reportedly sourced through the Excess Crude Account, which belong to the nation’s three tiers of government.
“From the information made available to the National Assembly, the NDPHC Ltd. has since 2005 invested over $30billion, over half of which was sourced from the Excess Crude Account belonging to the three tiers of government, while the balance consists of funds from other investors.
“As a Limited Liability Company, the operations, management and accounting procedures of the Niger Delta Power Holding Company Limited is subject to the overriding provisions of the Laws of the Federal Republic of Nigeria in general, and the Companies and Allied Matters Act, (CAMA), in particular.
“However, the available information is that the company has failed to comply with very serious and important provisions of the law, such that the very essence of the company, and by extension the NIPP, is seriously threatened.
“Furthermore, the NDPHC does not submit its annual budget and project plans for appropriation by the National Assembly, while, as alleged, it also generates Internally Generated Revenues (IGR) in trillions of Naira, which cannot be determined because it is neither divulged nor paid into the coffers of the government, but rather expended by the company without Legislative approval or input from the other tiers of government.
“Most importantly, information available from the Corporate Affairs Commission (CAC) conveys very disturbing signals that the trillions of Naira purportedly invested into the NIPP by the federal, the 36 states and the 774 local governments have not been securitized as only N2billion is said to be registered as shares in the CAC for the three tiers of government”.
While tasking the committee to do a thorough job, the speaker stressed that “the House is committed to finding a lasting solution to the challenge in our power sector, which has adversely affected all efforts to transform our economy.
“In particular, we are concerned about making the NDPHC to work to fulfil its intended objectives as an important agency in our electricity industry”.
During the investigative hearing, members of the committee remanded to know how the company had operated with such impunity and financial infractions which the Managing Director, Chiedu Ugbo could not immediately provide answers for but rather pleaded for more time.
The committee demanded for all share certificates of the company and names of directors where it was by representative of Corporate Affairs Commission (CAC) that former Governor Emmanuel Uduaghan and Ago Fayose were the only governors that were directors of NPDHC.
To this end, a member of the committee, Rep Mark Gbilah moved that past MDs and management staff of the company should be summoned and the Chairman, Nwokocha ruled that they all should be summoned.
Earlier in his presentation, NDPHC Managing Director, Chinedu Ugbo, pledged to provide all the share certificates and resolutions taken at the Annual General Meeting (AGM) to the committee.
He disclosed that the exercises the company carried out so far were approved by the Nigeria’s Governors Forum (NGF).
Speaking earlier, Chairman of the Ad-hoc Committee, Darlington Nwokocha, explained that the National Assembly was constitutionally empowered to detect and prevent abuse, prevent illegal and unconstitutional conduct on the part of the government, its ministries, departments, agencies and corporations; protect the rights and liberty of citizens; hold government answerable for how tax payers’ money is spent and make government operations more transparent and increase public trust in the government.
Major stakeholders present at the hearing include: The Governors Forum, ALGON and CAC, OAGF.
The investigative hearing was adjourned sine die.
Meanwhile, months after top executives from the bank toured some projects in the country, the World Bank has announced the approval of $2.1bn loan for seven projects to be executed in Nigeria.
According to a statement released yesterday, the seven projects cover areas like nutrition, access to electricity, states’ fiscal transparency, polio eradication, women’s economic empowerment, public finance and national statistics and reducing vulnerability to soil erosion.
The statement said the loans were approved in Washington on Wednesday, with World Bank Country Director for Nigeria, Rachid Benmessaoud, quoted as saying, “The Federal Government of Nigeria’s Economic Recovery and Growth Plan identifies human capital investment, restoring growth, and building a competitive economy as its key pillars.
The projects approved by the International Development Association, the bank’s low-interest arm, are expected to support Nigeria’s economic growth plan.
The Bretton Woods institution disclosed that more than half of the loans coming the way of Nigeria would be used to fund power and climate change projects and boost fiscal transparency. It also approved a $7 million grant for nutrition.

News

Cleric Predicts Breakthrough, Warns of Political and Security Challenges in 2026

Published

1 day ago

January 12, 2026

The Tide

The Founder and Senior Pastor of Liberty Hour Ministry, Port Harcourt, Apostle Chikadibia John Wodo, has expressed optimism that 2026 will usher in uncommon breakthroughs and good fortune for Nigeria, particularly in the areas of political, economic, and spiritual development, with Rivers State playing a key role.

Apostle Wodo made this declaration in his special New Year message, where he stated that individuals and forces standing as obstacles to the manifestation of God’s will in the new year would face bitter consequences. He cautioned that corrupt political leaders risk backlash from the very people they govern if they fail to change their ways.

The cleric warned against the escalation of political tension in Rivers State and called on residents and religious leaders to intensify prayers for lasting peace. He also urged Governor Siminalayi Fubara to remain resolute in leadership, reminding him to uphold his vows to God by continually seeking divine guidance in decision-making and governance amid evolving challenges.

Assessing the broader national situation, Apostle Wodo called on Nigerian leaders to repent and govern with a heightened sense of responsibility, noting that the cries and supplications of the masses have drawn divine attention. He further warned of alleged plots to disrupt a smooth democratic transition in 2027 and appealed for prayers to avert such an agenda.

According to him, Nigerians are yearning for genuine socio-economic transformation and freedom from political oppression. He challenged the Independent National Electoral Commission (INEC) to redeem its credibility by ensuring free, fair, and credible elections devoid of undue political interference.

The cleric also predicted that insecurity could worsen in the coming year and warned of the possible emergence of a strange ailment, stressing that Nigeria’s political challenges can only be resolved through equity, fairness, and justice, especially in the treatment of minorities, the vulnerable, and the disadvantaged.

Apostle Wodo further claimed that some clerics and General Overseers have compromised their faith and incurred divine displeasure, calling for sincere repentance to restore their relationship with God. He also advised early preparedness to mitigate natural disasters such as fire outbreaks and flooding, particularly in rural communities.

He concluded by urging Nigerians to remain prayerful, vigilant, and united as the nation navigates the opportunities and challenges of 2026.

News

Ado Royal Family Disowns Alleged Installation of Amanyanabo of Okrika

Published

1 day ago

January 12, 2026

The Tide

The Ado Royal Family of Okrika has firmly disassociated itself from the alleged self-enthronement of Hon. Godknows Tam George as the Amanyanabo of Okrika and Clan Head, describing the action as unlawful, illegitimate, and a threat to the peace of the ancient kingdom.

The family, which described itself as the sole legitimate custodian of the history, traditions, and stool of the Amanyanabo of Okrika, stated that it has not installed any king and has not commenced the formal process for such installation.

This position was contained in a statement jointly signed by Prof. Sotonye Fyneface-Ogan (Ogan Ado Royal House), Alabo Engr. Henry Semenitari Abam (Abam Ado Royal House), and Alabo Prince Oriyeorikabo Fibika (Fibika Ado Royal House). The statement was presented to journalists on Friday at the Nigeria Union of Journalists (NUJ) Press Centre, Moscow Road, Port Harcourt.

According to the statement, the purported action by Hon. Tam George amounts to “a blatant assault on the collective integrity of the Okrika people” and constitutes “a criminal act of impersonation with the potential to destabilize the peace and socio-political fabric of our ancient kingdom.”

The family stressed that Hon. Tam George was never presented as a candidate by the Ado Royal Family and did not undergo any of the mandatory rites, consultations, or confirmations required by Okrika customs.

“The Ado Royal Family has never presented him as a candidate, nor has he undergone any of the prerequisite rites, consultations, or confirmations. His actions are those of a lone interloper, operating in a vacuum of legitimacy,” the statement read.

It further emphasized that the stool of the Amanyanabo of Okrika and Clan Head is a sacred institution rooted in centuries-old traditions and spiritual heritage, not something to be claimed through academic qualifications, political ambition, or personal interest.

Speaking during the briefing, Prof. Sotonye Fyneface-Ogan reiterated that the process of crowning an Amanyanabo is clearly defined and has not yet begun.

“To crown a king, there is a process, and those processes have not taken place,” he said. “We are the chiefs; we are the ones that will be part of the selection. Honestly, we have not started the selection process; we have only begun discussions.”

He explained that during the proper selection process, chiefs supervise nominations from each constituent house, with each house expected to nominate two or three candidates—steps which, he noted, have not been carried out.

“I want to assure the public that none of the Ado family chiefs has given Hon. Tam George any sign of approval,” Prof. Fyneface-Ogan added.

Efforts to obtain the reaction of Hon. Godknows Tam George proved unsuccessful. Repeated attempts through phone calls, text messages, and WhatsApp messages were unsuccessful, as he did not respond as of the time of filing this report.

By: Tonye Orabere

News

PH Traders Laud RSG’s Fire Safety Sensitisation Campaign

Published

1 day ago

January 12, 2026

The Tide

Traders in Port Harcourt, Rivers State, have commended the Rivers State Government (RSG) for its ongoing fire emergency and safety sensitisation campaign across major markets in the state.

Speaking on behalf of traders at Nowa Market, Borikiri Old Port Harcourt Township, the market chairman, Mr. Innocent Chukwuma, praised Governor Sir Siminalayi Fubara for initiating the awareness programme in designated markets and public places.

Chukwuma described the exercise as timely and impactful, noting that it was the first time the Rivers State Government had carried out such a campaign in Nowa Market. According to him, the sensitisation would educate traders on fire emergencies and the necessary precautions to prevent outbreaks.

He urged traders to strictly apply the safety measures taught during the campaign, both during business hours and after closing their shops.

“I want to thank the Rivers State Governor, Sir Siminalayi Fubara, and the Ministry of Special Duties for coming to our aid, especially during this dry season,” Chukwuma said.

“This is the first time we are seeing government presence in our market in this manner. We lack words to thank our God-sent governor, particularly for providing us with fire extinguishers and other firefighting equipment.

“We will do exactly what we have been taught today to ensure there is no fire incident in our market. We will always switch off all electrical appliances before closing for the day,” he added.

Similarly, the Chairman of Mile 3 USTRE Modern Market, Mr. Gift Nkesi Benjamin, applauded the state government for the distribution of fire extinguishers and other fire safety equipment.

“We will adhere strictly to the safety guidelines and instructions given to us today to ensure there is no fire outbreak in our market,” Benjamin stated.

“On behalf of Mile 3 USTRE Modern Market, I sincerely thank the Rivers State Government and the Ministry of Special Duties for bringing this important campaign to our market.”

At Rumuwoji Market (popularly known as Mile 1 Market), the Chairman, Chief Hon. Godpower O. Wobo, also expressed gratitude to the state government for the sensitisation exercise. He assured that traders would comply fully with government directives to prevent future fire incidents.

Responding on behalf of Governor Siminalayi Fubara, the Permanent Secretary of the Ministry of Special Duties, Mr. Sokari D. P. George, thanked the traders for their cooperation and warm reception.

He emphasised that safety remains paramount, especially during the dry season, and urged traders to be cautious in their daily activities.

Mr. George disclosed that the theme of the 2025 fire safety campaign is “Controlled Fire Is a Friend, Uncontrolled Fire Is an Enemy.”

He cautioned against refuse and bush burning around buildings and warned traders not to store fuel in unauthorized places such as homes, offices, markets, or public buildings.

“Follow all fire safety guidelines and instructions,” he urged.

The permanent secretary also noted that Governor Fubara prefers a zero-fireworks approach during festive periods to ensure public safety, stressing that the government has invested heavily in markets and expects traders to take responsibility for protecting them.

By: Kiadum Edookor