Nation
CBN Introduces N5 Rebate On Every $1 Remittance, Today
The Central Bank of Nigeria (CBN) has introduced a rebate of N5 for every $1 of fund remitted to Nigeria, through International Money Transfer Organisations in its new forex policy.
The Central Bank Governor, Godwin Emefiele, disclosed this, last Saturday, during a virtual event organised by Fidelity Bank at its inaugural webinar on the impact of the new forex policy on Diaspora investments.
Emefiele said that this new policy takes effect, today.
He said, “Furthermore, in an effort to reduce the cost burden of remitting funds to Nigeria by working Nigerians in the Diaspora, the Central Bank of Nigeria has introduced a rebate of N5 for every $1 of fund remitted to Nigeria, through IMTOs licensed by the Central Bank of Nigeria.
“This rebate will be provided to the bank accounts of beneficiaries, following receipt of remittance inflows.
“We believe this new measure will help to make the process of sending remittance through formal bank channels cheaper and more convenient for Nigerians in the Diaspora. This new policy is expected to take effect on the 8th of March, 2021.”
According to him, efforts at driving remittance inflows into Nigeria would yield positive results as it continued to ensure formal banking channels offer cheaper, faster, and more convenient ways for remitters to send funds to beneficiaries.
The CBN governor said that reducing the cost of sending remittances was a significant way to boost remittance inflows to Nigeria.
In general, he said, the new policy was expected to enlarge the scope and scale of foreign exchange inflows into the country with a view to stabilising the exchange rate and supporting accretion to external reserves.
More importantly, it would provide an opportunity for Nigerians living abroad to make investments in their home country, he noted.
Emefiele said, “Yet, the introduction of the new policy presented new challenges as operators and remittance service providers were initially unable to integrate with the commercial banks.
“The CBN continues to work assiduously to resolve the few intermittent interface challenges that are remaining.”
He said that it was brokering meetings between the IMTOs and banks in order to ensure that they have a smooth transition and the Diaspora community has a more convenient way to remit funds to Nigeria.
According to him, efforts at driving remittance inflows into Nigeria would yield positive results as it continued to ensure formal banking channels offer cheaper, faster and more convenient ways for remitters to send funds to beneficiaries.
He added, “Today, the World Bank data shows that Nigeria, with a total flow of $21billion, was the seventh largest recipient of remittances in 2019.
“This is behind India, China, and even Egypt. Though official remittance flows declined in 2020 due largely to the undermining impact of the Covid-19 pandemic, it maintained its dominance over FDI inflows.”
Emefiele had earlier disclosed that remittances improved from a weekly average of about $5million to over $30million per week through its forex initiatives.
The CBN governor said reducing the cost of sending remittances was a significant way to boost remittance inflows to Nigeria.
More importantly, it would provide an opportunity for Nigerians living abroad to make investments in their home country, he noted.
However, it has been argued that the ‘Naira-for-Dollar’ policy may increase the country’s foreign remittances to $34.89billion by 2023.
Forecast by PricewaterhouseCoopers, one of the big four accounting firms, had suggested that Nigeria’s remittance flows could reach $34.89billion by 2023 if the policies were right.
PwC, in the forecast, noted that the growth in remittances was subject to global economic forces, which could spur or hinder growth of remittance flows, growth in emigration, economic conditions of residing countries and poor economic fundamentals in the Nigerian economy.
The forecast revealed that as of 2017, the highest remittance came from the United States, followed by the United Kingdom, Cameroon, Italy, Ghana, Spain, Germany, Benin Republic, Ireland and Canada.
It added, “Several countries across the globe, including Nigeria, have developed plans towards attracting investment from their Diaspora community for national development. Essentially, the extent to which the Diaspora contributes to the developmental affairs of a country will be determined largely by trust.
“In summary, what is required is a coherent policy framework to harness remittances into generating capital for productive investments for the growth and development of small and micro-enterprises, which will in turn, create employment. In addition, remittances can be deployed toward philanthropic activities, which can serve as solutions for specific deficiencies in the local infrastructure such as schools, hospitals and roads.”
Nigeria’s Diaspora remittance in 2019 was put at $21billion by the World Bank.
Even though the forecast showed that the remittance would have risen to $27.66billion in 2020, experts believe the projection couldn’t have been met due to the impact of the Covid-19 pandemic.
Reacting, a former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said this latest move would encourage people to patronise government licensed money transfer operators as opposed to the agents that could not be easily monitored.
It would also ensure that more forex was remitted into the country, he noted.
A Professor of Economics at the Olabisi Onabanjo University, Sheriffdeen Tella, said, “It won’t have any major impact on Diaspora remittances.
“The first thing is that the amount (N5) is too small to attract those living abroad to start sending money home. Don’t forget that these people also have their plans.
“Secondly, it may not be able to save the naira from the current slide. The reason is that production is picking up now and most of production needs foreign inputs. So, people will spend dollars to do more imports. Also, we have not been able tackle illicit financial flows.”
Similarly, the Chairman of Foundation for Economic Research and Training, Prof Akpan Ekpo, said the new scheme introduced by the CBN was aimed at tackling dollar scarcity in the country by encouraging the inflow of the greenback.
Ekpo, a former director-general of the West African Institute for Financial and Economic Management, said, “I think it is just to encourage the inflow of dollars so that they can reduce the amount of naira needed to buy the dollar. Now, the naira has depreciated officially to 410/$1; it is about 480/$1 in the black market. That gap is still wide; so, the CBN is trying to narrow the gap.
“The only way we can boost forex supply is to diversify the economy – build a complex industrial economy where we earn forex outside of oil. That is the only way we can boost forex supply, not the way we are going.”
But he said while the impact of the CBN policy on the Nigerian economy would be marginal, it would not save the naira from sliding down further.
Ekpo explained, “That is the idea – to see whether they can stop the depreciation. Whether that will happen, I don’t think that will happen in the short term. The impact on the economy will be very marginal. The idea is that they want to bring in more dollars because if you stabilise the exchange rate, you will restore confidence in the economy and hopefully, if you restore confidence, you might encourage an inflow of foreign direct investment. That’s the whole idea.”
He said, “We don’t know (whether the new policy will increase Diaspora remittance); let’s see what happens before six months because the only way you can increase dollar supply is for the country to produce and export non-oil (commodities), not just crude oil only. If it’s crude oil alone, we are earning a lot of revenue from oil, but still we have a problem with the dollar.
“So, the only way is to be an economy that produces and exports non-oil to earn foreign currency, meaning that the economy has to be diversified to do that.”
An economist and Senior Lecturer, Lagos Business School, Dr Bongo Adi, applauded the policy, noting that it could leapfrog the economy.
He said this was part of the innovations and proactive incentives that was expected from the bank and cited India as an example of a country that leveraged Diaspora remittances to transform her economy and escape the poverty trap.
The Director-General, Lagos Chamber of Commerce and Industry, Dr Muda Yusuf, said the ‘CBN Naira 4 Dollar Scheme’ would increase the annual Diaspora remittance and save the naira from its current slide.
He, however, added that the apex bank should allow exporters free access to their export proceeds.
Also, a businessman, Mr Jimoh Ibrahim, described the policy as one that had the capacity to boost the value of naira against the dollar, given that there would be an increase in remittances from the Diaspora.
He however pointed out that there should be other ways of encouraging Nigerians abroad to remit forex, noting that the N5 incentive could only be significant when the volume is high.
Also, the Director-General, the Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture, Ambassador Ayo Olukanni, said the CBN must have taken the decision to harness the huge potential of foreign remittances.
He said if well implemented, the policy might boost foreign exchange and reduce the pressure on naira.
Nation
World Wetlands Day: HYPREP Blends Science, Tradition To Restore Ogoni Mangroves, Revive Livelihoods
The Hydrocarbon Pollution Remediation Project (HYPREP) has reaffirmed Nigeria’s commitment to wetlands protection and ecosystem restoration, highlighting significant progress in mangrove restoration and shoreline cleanup in Ogoniland, Rivers State.
In a statement issued by HYPREP to mark this year’s World Wetlands Day on Monday, February 2, 2026,and signed by the Project Coordinator, Prof Nenibarini Zabbey, the Project said its ongoing mangrove restoration programme in Ogoni is delivering tangible environmental and socio-economic benefits by combining modern science with indigenous traditional knowledge.
The World Wetlands Day 2026 is observed under the theme, “Wetlands And Traditional Knowledge: Celebrating Cultural Heritage.”
According to Zabbey, the theme aligns strongly with the Project’s restoration approach, which integrates scientific best practices with community-led stewardship rooted in local culture.
He disclosed that Phase One of HYPREP’s mangrove restoration programme has successfully restored about 560 hectares of oil-degraded mangrove ecosystem, while Phase One of the Ogoni shoreline cleanup has reached over 76 per cent completion. These efforts, he noted, are already yielding encouraging signs of biodiversity recovery across affected creeks and improving the livelihoods of host communities.
The Project Coordinator explained that the mangrove restoration initiative is science-based and involves large-scale planting of five native mangrove species, carefully designed to mimic the natural zonation of black, white and red mangroves found in Ogoni creeks, saying, the Project also adheres strictly to health, safety and environmental (HSE) standards to ensure sustainability, inclusiveness and alignment with international wetlands conservation principles.
Beyond planting, he said the project incorporates traditional ecological knowledge, recognising the cultural and economic importance of mangroves to the Ogoni people. This approach, he noted, has strengthened community ownership and enhanced long-term environmental stewardship.
Recent post-fish stock assessments in Bomu Creek, where mangrove restoration and shoreline cleanup are ongoing, show promising signs of ecological recovery.
According to him, HYPREP reported increased fisheries production, with fish species previously absent returning to the creek. “Local fisherfolk are now recording improved catches, while women and youths have resumed picking periwinkles, signalling a revival of traditional livelihoods,” he said.
He stressed that the mangrove restoration project goes beyond environmental remediation, describing it as a catalyst for ecosystem revitalisation, cultural renewal and social recovery. Healthy wetlands, HYPREP noted, contribute to safer shorelines, improved fisheries, enhanced carbon sequestration and renewed economic opportunities for communities.
He also highlighted HYPREP’s efforts to reintroduce the West African cockle into Ogoni creeks, a species deeply connected to the cultural identity and culinary heritage of the people.
Acknowledging the role of collaboration, the Project Coordinator commended community leaders and residents, civil society organisations and relevant government agencies for their collective contributions to on-the-ground progress, and called for sustained partnerships, policy support and responsible environmental stewardship to safeguard Nigeria’s wetlands.
The Ogoniland mangrove restoration programme, Zabbey concluded, stands as a practical demonstration of how degraded wetlands can be restored to deliver lasting environmental, economic and social benefits.
Nation
Bikers, Others Grace Burial Of Rivers Philanthropist
Bikers were among prominent dignitaries who recently attended the burial ceremony of late Mrs. Nimi Obata Grant Offor (née Lawson) in Omagwa Community in Ikwerre Local Government Area of Rivers State.
The burial service, held at the St. Martin’s Anglican Church field, attracted a large turnout of religious leaders, business executives, political figures, celebrities, bikers’ groups, traditional rulers and community members from different parts of Nigeria. Also present were the Bishop of the Anglican Province of the Niger Delta, Most Rev. Blessing Enyindah, and popular businessman and socialite, Obi Cubana, among other notable personalities.
The remains of Mrs Grant Offor, a respected professional, philanthropist and devout Christian, were laid to rest amid an elaborate and well-coordinated funeral ceremony that reflected her wide-reaching influence and the high regard in which she was held by family, associates and the larger community.
The ceremony drew public attention due to its unique logistics, as two helicopters were deployed. An air ambulance helicopter conveyed the casket to the church field, while another helicopter transported members of the deceased’s family from Abonnema to Omagwa Community.
Dignitaries and mourners gathered in large numbers to pay their final respects.
In an emotional tribute, High Chief Engr. Grant Offor, described his late wife as everything to him, stating that her passing had created a deep void in his life and in the lives of their children. He disclosed that he committed his time, resources and efforts in a bid to save her life, adding that if money or human effort alone could prevent death, she would still be alive.
Mrs. Nimi Obata Grant Offor was born on May 4, 1978, at the Ibiso Maternity Clinic, Port Harcourt, and passed away on November 15, 2025, after a prolonged illness that lasted nearly three years. She was born a twin and grew up in a family noted for service and leadership. Her father, the late Engr. Benoni Lawson, served as Managing Director of the Niger Delta Basin Development Authority (NDBDA), while her mother, Mrs. Irene Lawson, is a nurse.
She attended Port Harcourt Primary School and International Secondary School (ISS) before proceeding to the University of Science and Technology (UST), Port Harcourt, and later the University of Port Harcourt, Choba, where she studied Accountancy and graduated with honours. She was widely known during her academic years for her discipline, focus and reserved lifestyle.
After completing her National Youth Service Corps (NYSC) programme, Mrs. Grant Offor began her professional career in the banking sector, including service with the defunct All States Trust Bank, and later worked in other professional capacities. She earned a reputation for integrity, diligence and ethical conduct.
She was married to Engr. Grant Offor for over 20 years, a union blessed with three children. As a wife and mother, she was described as deeply devoted to her family, instilling values of faith, patience, kindness and discipline. Her home was known among close associates as one built on prayer, love and godly counsel.
A committed Christian, Mrs. Grant Offor was known for her strong faith and love for gospel music, particularly songs of healing and deliverance. Even while receiving specialist medical care in the United Kingdom, she reportedly remained steadfast in her belief, trusting in God until her final moments.
Adding to the show of solidarity, the President of the Rivers State Chapter of the Pantas Female Bikers Group, Mr. White Timano, disclosed that High Chief Engr. Grant Offor is a major sponsor of Uyo Micah’s Carnival, one of the group’s major events. He said bikers and supporters travelled from Rivers, Akwa Ibom, Bayelsa and Delta States to commiserate with the family and show support during the period of mourning.
Mr. Timano described death as inevitable and encouraged the family to remain strong, stressing that only God grants the grace required to endure such painful loss.
The church field was tastefully decorated, creating a solemn and dignified atmosphere. The burial ceremony featured hymns, live music, scriptural exhortations, eulogies and tributes celebrating the life and legacy of Mrs. Nimi Obata Grant Offor. Messages from notable personalities highlighted her contributions to family life, philanthropy, professional service and community development.
On behalf of the family, High Chief Engr. Grant Offor expressed appreciation to all who stood by them throughout the period of mourning, thanking guests for their prayers, presence and support.
The burial ceremony stood as a testament to the enduring legacy of Mrs. Nimi Obata Grant Offor, whose life of service, faith and quiet generosity left a lasting impact on many across Rivers State, the Niger Delta and beyond.
Nation
Security Guard Missing After Fence Demolition In PH
Asecurity guard has been reported missing following the demolition of a fence at a property located at No. 19D, Golf Course Layout, Old Government Residential Area (GRA), Port Harcourt, Rivers State.
The incident reportedly occurred late Sunday night at the disputed property said to be owned by Ozone Global.
Eyewitnesses revealed that a group of men, some of whom were dressed in what appeared to be naval uniforms, arrived at the premises on motorcycles and allegedly pulled down the fence surrounding the property.
During the incident, a security guard on duty, identified simply as Abubakar, was allegedly taken away by the group to an unknown destination.
A relative of the missing guard, Musa, said efforts to get immediate help, including alerting a nearby police point, proved abortive as the incident had already occurred before any intervention could be made.
“I escaped because I noticed them early, but my brother was taken away. Up till now, we don’t know where he is or how he is doing. We are appealing to the authorities to help locate him,” Musa said.
Meanwhile, one of the intermediaries involved in the land transaction, Mr. Chimezie Bright, alleged that the incident may be connected to an ongoing land dispute over the property.
Bright claimed that the land was purchased by Ozone Global from one late Mr Felix Orie and that documents from the Rivers State Ministry of Lands and Housing indicate that the land was allocated to Mr Orie.
He further alleged that another claimant to the land, Mr. Mac Oruche, had allegedly challenged the ownership and opposed development on the property, despite the matter being the subject of a court case.
According to Bright, tensions over the property had previously resulted in disagreements during attempts to fence the land.
“We carried out due diligence before the purchase, including verification at the Ministry of Lands. However, the dispute has persisted,” he said.
Bright expressed concern over the alleged involvement of uniformed personnel in a civil land dispute and called for a thorough investigation into the incident, particularly the whereabouts of the missing security guard.
As at the time of filing this report, Abubakar’s location had remained unknown.
Efforts to reach Mr. Mac Oruche for his reaction were unsuccessful, while the police are yet to issue an official statement on the incident.
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