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
HMSPR Oil, NCDMB, NIMASA, Stakeholders Praise Tamrose for Phenomenal Growth, Exemplary Local Content Capacity Building and Financial Fidelity …Pledge Increased Financial and Institutional Support for Indigenous Companies
The Honourable Minister of State for Petroleum Resources, Oil, Senator Heineken Lokpobiri, has renewed the Federal Government’s commitment to unlocking wider financial and institutional support for indigenous oil and gas service companies, citing the success of Tamrose Limited and the Nigerian Content Intervention Fund (NCI Fund) as a strong demonstration of what structured, accessible support can achieve.
Speaking at a landmark stakeholder event held at the Nigerian Content Development and Monitoring Board (NCDMB) Headquarters in Yenagoa, the Minister commended Tamrose Limited for its financial discipline and operational growth following the full repayment of its $10 million NCI Fund facility. He noted that the company’s progress underscores the importance of expanding support mechanisms to enable more Nigerian-owned companies to scale capacity and deepen their participation in the country’s offshore and marine logistics sector.
He said, “Over 70 companies have accessed the NCI Fund, yet only 21 have fully repaid their loans — and Tamrose is one of them. Their achievement reflects the very purpose for which the Fund was created: to strengthen local capacity and empower Nigerian service companies to compete at home and across Africa. Through this support, Tamrose has not only grown its operations but expanded beyond Nigeria’s shores, increasing its fleet from four vessels to fifteen, creating jobs for Nigerians, and setting a clear benchmark for operational excellence. As Minister and Chairman of NCDMB, our commitment is to continue fostering this kind of growth by ensuring that indigenous companies receive the support they need to scale, thrive, and deepen their contribution to the nation’s oil and gas sector.’’
Also speaking on behalf of the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, the General Manager, Corporate Communications & Zonal Coordination, Esueme Dan Kikile, described Tamrose as an example of the outcomes envisioned when indigenous firms apply discipline, capability, and innovation in their operations noting, “Today is not just a celebration of one company; it is a reaffirmation of what is achievable through the Nigerian Content framework. Tamrose has shown strong leadership, financial fidelity, and accountability. Their growth—from a small operator to a major marine logistics service provider—is proof that the NCI Fund is working. This is why we will continue to support more credible Nigerian companies to access this fund and expand their capacity.”
The event themed “Celebration of Growth and Impact” hosted by Tamrose in collaboration NCDMB, brought together senior government officials, leaders of international and indigenous oil companies, financial institutions, traditional rulers, and other strategic partners. Distinguished guests included Dr. Olasupo Olusi, Managing Director of the Bank of Industry; Dr. Dayo Mobereola, Director-General of NIMASA; Rear Admiral Gboribiogha John Jonah (Rtd), former Deputy Governor of Bayelsa State; and representatives of Keystone Bank, ExxonMobil, First E&P, and Oriental Energy.
In his remarks, Mr. Ambrose Ovbiebo, Executive Chairman of Tamrose Limited, expressed appreciation to the Ministry, NCDMB, and Bank of Industry for their support and reiterated the company’s commitment to strengthening indigenous capacity in offshore marine logistics. He said, ‘’We are gathered here today using Tamrose as a point of contact, a convergence and amplification of the voices of all Nigerian entrepreneurs in the oil and gas sector and beyond. We are here to say loudly that Nigeria can work, and that indigenous Nigerian companies can scale and dominate Africa and indeed the world — with the right government and institutional support. In 2019, Tamrose accessed and secured a US $10 million facility through the NCI Fund. That singular support from NCDMB turned out to become not just pivotal, but a foundational catalyst that has propelled and continues to accelerate our growth and evolution as a company. Since then, our operations have grown from four vessels to fifteen active units, comprising ten security patrol vessels and five platform supply vessels — all purpose-built and carefully selected, to safely deliver our hallmark excellent services of reliability and efficiency. ‘’
Over the years, Tamrose Limited has consistently demonstrated its commitment to indigenous capacity development, human capital growth, and community empowerment through a range of initiatives. Since accessing the NCI Fund in 2019, the company has expanded its fleet from four to fifteen vessels — achieving about 300% fleet growth and extending operations from Nigeria to Angola while proudly flying the Nigerian flag everywhere they go. Tamrose has created nearly 250 direct jobs, supported over 600 indirect family livelihoods across the maritime ecosystem, and trained more than 100 cadets under the Tamrose Cadetship Training Scheme to international seafaring standards. The company has also enhanced healthcare accessibility for its workforce, enrolling over 1,500 employees in HMOs, and significantly accelerated NCDMB’s goal of achieving 70% local content by 2027. Beyond business growth, these initiatives underscore Tamrose’s ongoing commitment to building a strong, skilled, and sustainable Nigerian maritime sector.
Nation
HYPREP Probes Overhead Tank Collapse …Plans To Supply Water In 65 Ogoni Communities
The Hydrocarbon Pollution Remediation Project (HYPREP) has taken prompt steps to unravel the circumstances surrounding the collapse of the overhead tank of the Gwara Water Station recently commissioned by the Minister of Environment, Malam Balarabe Abbas Lawal in Ogoniland, Rivers State.
This is even as the Project has restated its determination and commitment to supplying quality potable water to 65 Ogoni communities before the end of the year.
HYPREP said while addressing journalists in Port Harcourt that it has commenced an investigation into the collapse of the overhead tank at the Gwara Water Station in Khana Local Government Area of Rivers State.
The high-level committee set up by the Project Coordinator, Prof Nenibarini Zabbey as an interim measure, is mandated to determine the immediate and remote causes of the incident.
The Vice Chairman of the committee, Barrister Gowon Ichibor while addressing newsmen said the committee has already swung into action, as it has visited the site of the incident to take stock and assess the situation.
Barrister Ichibor noted that the committee is firmly on top of the situation, as it is poised to carry out a painstaking investigation to unravel the immediate and remote causes of the unfortunate incident.
He further indicated that it is hasty and premature at this point, to pinpoint what might have caused the incident but promised to furnish the public with all necessary information in connection with the overhead tank collapse as soon as possible.
While assuring affected communities of HYPREP’s determination to restore the water facility as quickly as possible, he said the committee would tidy up its work in less than no time and promptly brief the press on its findings.
The committee did not, however, foreclose the possibility of recommending appropriate punitive measures and sanctions to be meted out to culprits at the end of its assignment, to prevent future occurrences.
Meanwhile, HYPREP’s Head of Communications, Dr Enuolare Mba-Nwigoh, who also lent his voice, described the incident as a temporary setback, as the Project would take appropriate and prompt actions to restore potable water supply to the affected Ogoni communities.
He also reaffirmed HYPREP’s commitment to upholding global best practices, standards and quality in the execution of projects, and sympathised with the affected communities over the unfortunate incident, saying, 16 water facilities have already been commissioned, which are effectively and satisfactorily serving over 40 Ogoni communities.
With the collapse of the overhead tank of the Gwara Water Station, he revealed that 40 Ogoni communities are currently enjoying potable water.
The head of communications further disclosed plans by HYPREP to provide potable water to 65 Ogoni communities before the end of the year.
While regretting the unfortunate incident, Dr Mba-Nwigoh urged Ogoni people and residents of Gwara community to remain calm, peaceful and law-abiding, and eschew all forms of speculations and rumour-mongering, as the Project is on top of its game to remedy the situation.
He reeled out the achievements and milestones so far recorded by HYPREP, saying, the Ogoni cleanup programme is very much on course.
It would be recalled that HYPREP had earlier in a statement said it was deeply disturbed by the collapse of the overhead tank at Gwara Water Station, stressing that the
Project Coordinator, Prof Nenibarini Zabbey, had set up a high-level committee to determine the immediate and remote
causes of the incident.
It further noted that the committee had already visited the site and begun a detailed investigation to establish whether the collapse resulted from structural failure or possible third-party interference.
HYPREP, in a statement signed by its management, expressed concern over the incident and sympathised with the Gwara community, urging residents to remain calm as efforts are being made to restore the damaged facility and resume water supply to affected areas.
The Project assured that it remains committed to delivering quality projects that meet international standards, adding that internal and external quality control measures have been introduced, including the engagement of EcoProject as Project Consultant, supervision by the Monitoring and Evaluation Unit, and oversight by water supervisors.
It noted that aside from this isolated case, 16 water stations have been commissioned across Ogoniland, providing water to over 40 communities, with some facilities operating successfully for more than two years.
The Project added that sustainability plans have been put in place to ensure continuous water supply to communities. These include the formation of Water Consumers Associations (WCA), construction of solar farms for alternative power, and training of laboratory staff.
It also stated that one of the key features of the HYPREP water projects is the establishment of laboratories to ensure that water supplied to communities meets the World Health Organisation (WHO) standard.
HYPREP reaffirmed its commitment to quality service delivery and assured that all necessary steps are being taken to address the situation and prevent future occurrences.
The Project has also set up a technical sub-committee over the collapse of the overhead tank of the Gwara Water Station, to foster and promote accountability in the implementation of projects.
Nation
Tinubu Committed To Environmental Sustainability, Benefits To Ogoni–Minister
As the Ogoni cleanup programme being implemented by the Hydrocarbon Pollution Remediation Project(HYPREP) continues to record significant milestones across thematic areas, the Federal Government says such gestures further demonstrate President Bola Tinubu’s commitment under the Renewed Hope Agenda to environmental sustainability and ensuring the Project brings benefits to Ogoni people.
The Minister of Environment, Malam Balarabe Abbas Lawal, who made this assertion during the commissioning of the Bane and Gwara water schemes in Khana Local Government Area of Rivers State, in line with HYPREP’s mandate to provide potable water to Ogoniland, said the provision of potable water is a critical step towards improving public health, reducing waterborne diseases and enhancing the overall quality of life.
The latest commissioning brings the water stations to 16, providing access to potable water to 45 Ogoni communities , a development the Minister explains as part of President Tinubu’s commitment to peace ,environmental justice and socio-economic empowerment in Ogoniland, a beacon of hope for communities long affected by environmental degradation.
Lawal noted that the latest commissioning is restoring hope and dignity to the communities long deprived of this essential resource .
”The provision of potable water is a critical step towards improving public health, reducing waterborne diseases and enhancing the overall quality of life. It also signifies a renewed commitment to ensuring that the people of Ogoniland reap the full benefits of environmental remediation efforts.We
will continue to ensure that communities in Ogoniland have access to clean, safe and sustainable drinking water. With this initiative, we are not just commissioning infrastructure but restoring hope and dignity to the communities long deprived of this essential resource”, he said.
While commending the Project Coordinator of HYPREP, Prof Nenibarini Zabbey, development partners, stakeholders and traditional rulers, among others for their relentless commitment towards the actualisation of these projects, he urged communities to protect and take ownership of the projects, emphasising that their longevity and effectiveness depend on their collective efforts of maintaining and protecting them for posterity.
In his speech at the event, the Project Coordinator of HYPREP, Prof Nenibarini Zabbey maintained that the Project remains resolute in its resolve to ensure that it completes and delivers all projects initiated within the time frame for the use and benefit of Ogoni people in line with the directives of the Governing Council and under the leadership of the Minister of Environment, Malam Balarabe Abbas Lawal.
To achieve this, Zabbey explained that “We
continue to work closely with community leaders, youth and women, contractors and other stakeholders to ensure solutions are identified and implementation continues smoothly.
”We remain guided by the principle of partnership, dialogue, transparency and accountability, knowing that sustainable progress is best achieved through collaboration and mutual understanding. That is the hallmark of HYPREP,” he said.
He appealed to the people to continue to reinforce peace and understanding, using dialogue as a vital tool for resolving disputes, especially around project sites and within communities, noting that the concurrent implementation of over 100 projects across Ogoniland reflects the seriousness and dedication of HYPREP, a momentum that must be sustained through mutual trust and collaboration.
For the Project Coordinator, the event was an ideal opportunity to provide a project status update to Ogoni people, as he excitedly announced the milestone achievements recorded so far to include environmental remediation-94 percent completion in Phase 1 of mangrove restoration; shoreline at 67.1percent; Phase 2 land remediation at 36.55 percent; potable water-14 completed water facilities inaugurated, supplying potable water to 40 Ogoni communities, while the commissioning of the Bane and Gwara water facilities last Saturday increased the number of communities with access to clean and safe water to 45.
Other milestones are the Centre of Excellence for Environmental Restoration (CEER) at 92 percent complete and the processes of operationalising the Centre has begun with the just concluded colloquium, while the Ogoni Power Project is progressing steadily with wayleave compensation and construction works at Bodo and Wiiyaakara substations ongoing. The Ogoni Specialist Hospital is at 76.8 percent with 98.7 percent achieved in the Buan Cottage Hospital. The Ogoni public study being conducted by the World Health Organisation’s (WHO) International Agency for Research on Cancer (IARC); over 7,000 women and youths have benefited from various employment opportunities, while over 5,000 have been trained in multiple skills and provided start-up skits, among other programmes.
Zabbey further hinted of the commencement of some demand-driven skills areas this quarter, which include cybersecurity, full-stack development, mud logging, software development, GIS and commercial diving.
In their separate goodwill messages, the member representing Khana/Gokana Federal Constituency in the House of Representatives, Rt Hon Dumnamene Deekor; Chairman,Great Green Wall, Senator Magnus Ngei Abe; Chairman, Board of Trustees, Ogoni Trust Fund Incorporated, Hon Emmanuel Deeyah; Permanent Secretary, Rivers State Ministry of Water Resources and Rural Development, Mr Nwizug Gordon; representative of the Managing Director/Chief Executive Officer, Renaissance Africa Energy Company Limited and General Manager, Relations and Sustainable Development, Mr Igo Weli; former Secretary to Rivers State Government, Chief Kenneth Kobani; and former Rivers State Commissioner for Environment, Prof Roseline Konya; all commended the Minister of Environment and HYPREP for their commitment to the Ogoni cleanup programme.
Earlier, the Minister and his entourage had paid a courtesy call on Mene Bua Kenwigbara, King D.Y Barile, at his palace, where the former was conferred a chieftaincy title of Mene Anua Le Maa 1 of Ken-Khana Kingdom; and the Project Coordinator of HYPREP as Mene doo Letam 1 of Ken-Khana Kingdom.
Also decorated were the Chairman of Ogoni Trust Fund Incorporated, Hon Emmanuel Deeyah; and the Permanent Secretary, Federal Ministry of Environment, Mahmud Kambari.
Highpoints of the event were the formal commissioning of the Bane and Gwara water facilities by the Minister and the Managing Director/ Chief Executive Officer, Renaissance Africa Energy Company Limited, Engr Tony Attach,represented by Mr Igo Weli; the symbolic issuance of education support Items;and the visit to the Ken Saro-Wiwa Memorial Park for symbolic tree planting by the Minister; the Project Coordinator; BoT Chairman; Senator Abe; Igo Weli; Director General, NEASRA, Prof Innocent Barikor; and Zina Wiwa, the daughter of the legendary environmentalist; and the visit to the CEER.
In two years, the Minister of Environment, has visited Ogoniland five times to commission 16 water stations, supplying potable water to 45 Ogoni communities and ensuring that other projects get equal attention, a clear demonstration of his unflinching commitment to the accelerated implementation of the Ogoni cleanup programme in line with Priority 3, Deliverable 3 of President Bola Ahmed Tinubu’s Renewed Hope Agenda and driven under the visionary and passionate leadership of Prof Nenibarini Zabbey as Project Coordinator.
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