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Foreign Exchange Traders Resume Business After Protest

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6 years ago

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Normalcy has returned to the foreign exchange market along the Hotel Presidential, Aba/Port Harcourt expressway, Port Harcourt, following the protest staged on Tuesday by the foreign exchange traders over the death of their colleague, Yusuf Lada.
Lada was allegedly killed by the personnel of the Rivers State Task force on Illegal Street Trading, Motor Parks and Mechanics.
Speaking to The Tide yesterday, the spokesman of the traders, Jubril Isa, said the road was blocked on Tuesday to protest against the alleged killing of their member by the personnel of the state task force.
He accused members of the task force of regularly extorting money from them.
He said, “we protested because of our Muslim brother, we can no longer allow members of the task force to be extorting money from us. Sometimes, they will come and arrest about 12 of our members and ask them to pay N120,000 each for their release.
“In about two weeks they will come again and arrest sometimes about 22 persons and ask them to pay N8,000 each to be released. Some of them may not have the money. The late man was whisked away and was brought back after 30 minutes and in about 15 minutes, he fainted and died.”
Reacting to the allegation, the chairman of the task force, Hon. Bright Amaewhule, explained that “the traders use the bus stop stand at Presidential Hotel as a restaurant, a kind of “mama put” to transact illegal trading business. The zonal team leader of that area went there and arrested some people, and took them to court. The policemen found out that the man was not in a stable condition, so they allowed him to go and cautioned him not to go back to the place again.
“Upon that police advice, they put him back in to vehicle and returned him where he was arrested; the man came down from the car and moved his way. Just about 15 minutes after disengagement with him, he slumped down and that led to his death. So there was no fracas, no fighting, no hijacking or dragging between my task force and the people.”
Meanwhile, the chairman, Arewa Consultative Forum, Rivers State Chapter, Musa Saidu, has demanded that the task force agent that allegedly masterminded the death of their colleague be brought to book, because the task force’s mandate, according to him, was to decongest the road in the state and not to take life.
He urged the law enforcement agent to act fast to ensure that the perpetrators of the act were prosecuted.
Saidu enjoined their members to remain calm and go about their lawful business and ensure that they operated within the ambit of the law of the land, while the police carry out their investigation into the matter.
Also, the spokesman of the Nigerian Supreme Council for Islamic Affairs, Salami Ibrahim, has also condemned the alleged killing of the forex trader, urging the police to investigate and arrest the masterminds of the man’s death.
A cross section of foreign exchange traders who spoke to our correspondent alleged that the task force men always made demands from them.
A trader, Abu Danladi, said, “we want to sit down with the Rivers State Government and talk; sometimes, the task force used to arrest 10, 15, 20 of our people at a stretch, and each will pay N120,000 for their release. Sometimes, they carried them to main office, sometimes on the main road.
“They search you and whatever they see in your pocket, they collect; both dollar or naira, they will seize it before you are released. Government should check the excesses of the task force before they create problem that may lead to so many things unforeseen.

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

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7 days ago

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May 18, 2026

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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.
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?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
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Rivers Workers Seek Scrapping Of Contributory Pension Scheme

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7 days ago

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May 18, 2026

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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
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FG Begins South-West Tour To Promote New Cooperative Bank

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2 weeks ago

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May 13, 2026

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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.
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