Business
Okowa Charges ICAN To Propel Nation’s Economic Growth
Delta State Governor, Ifeanyi Okowa has charged the Institute of Chartered Accountants of Nigeria (ICAN) to explore new corridors of national planning to propel the nation’s economic growth.
Okowa gave the charge last Friday when the 56th President of ICAN, Dame Onome Adewuyi, led members of the executive on a courtesy visit to him at the Government House, Asaba.
He paid glowing tribute to accountants for their sterling contributions to the growth and development of the nation’s economy.
He, however, challenged them and other similar professionals to enunciate plans that could save the nation from its current economic challenges.
He underscored the need for the country to begin to plan for its ever increasing population. According to him, without proper planning, rising population will continue to retard the country’s economic development and national growth.
He regretted that successive administrations at the state and federal levels had virtually become fees and salary-paying establishments.
He said the development had left most states with no money for capital development.
“And it is capital development that truly runs the economy of states and the nation,’’ Okowa said.
“The budgets of the states and Federal Government are characterised by huge recurrent expenditure in terms of salary payment, overhead, repayment and servicing of debts.
“There has to be a mix between recurrent expenditure and capital expenditure.
“If we spend all our monies on recurrent expenditure without having a reasonable amount for capital expenditure, we will not be doing any good to the state and our nation.
“The impact is not only on the states. At the level of Federal Government, it’s quite a problem. “Today, we are almost living virtually on borrowing to be able to execute capital projects.
“It’s a problem all of us have to look into and it’s something ICAN can look into and offer your advice to both the federal government and states.
“The challenge is there but there must be a process to address it gradually because if we do not do so, we will be getting to a situation where we definitely embarrass ourselves as a nation.
“We hope that we don’t get to that point in the history of this nation,” the governor said.
He expressed concern that the country was “busy everyday planning our expenditure without planning the population of the nation.
“A nation that continues to plan for its expenditutre without planning its population is a nation that is not truly planning at all.
“It’s a big problem because we are in a nation today where our economy is dwindling.
“We are not expanding the economy the way we thought we should be able to do.
“Again, the economy is growing at a very low rate and the population of the nation is growing at a very high rate.
“There is no level of planning, no matter how intelligent that person is, that he can truly plan in such a space.
“I believe that it’s something that all of us who have the knowledge of planning must speak out to let this nation know that wherever we are at the moment, there is need to begin to look very closely inward.”
Earlier, Adewuyi commended the governor for the new paradigm he introduced into the leadership and governance of the state.
She described capacity-building as the primary mandate of ICAN.
She lauded the governor for his administration’s massive investment and transformation in the education sector.
“At ICAN, our mandate is to consistently act in public interest and we collaborate with stakeholders across all sectors, whether public or private, in the promotion of accountability, transparency and good governance.
“We believe that the national resources, if adequately managed and accounted for, are sufficient to guarantee decent lives and livelihood for the over 200 million Nigerians,” Adewuyi said.
She said that ICAN had concluded plans to establish a university in order to support stakeholders in the educational value-chain at bridging the gap in tertiary education in the country.
“We plan that the specialised university will commence with postgraduate courses in social and management science.
“It will open for admission by the next academic session in September,” she said.
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Fresh explosions have hit oil and gas pipelines in Odau Community, in Abua/Odual Local Government Area of Rivers State, triggering a major security and environmental crisis that has forced residents to abandon their homes.
The first incident occurred along the Kolo Creek – Rumuekpe crude oil pipelines, operated by Renaissance Africa Energy Company Limited.
This was followed by a gas pipeline explosion on the Ogboinbiri – Obirikom Gas Pipeline, operated by Oando Plc, in the same week.
In a statement by the Abua/Odual Council Chairman, Hon. Owolobi Michael Ofori said the blasts, suspected to be the handiwork of militants, have unleashed persistent gas leakage in the area, raising fears of fire outbreaks and toxic exposure as residents of Odau have largely deserted the community due to the dangerous situation.
According to him, some residents of the area have been hospitalised after inhaling the leaking gas, adding that the impact has spread to neighbouring communities, including Obedum, Emirikpoko, and Anyu in Abua/Odual LGA, as well as Oruma and Ibelebiri in Bayelsa State.
Hon. Ofori expressed deep concern over the plight of the affected residents and urged the operating companies to act swiftly.
The Council expressed its deepest sympathy to all affected persons and communities and remained gravely concerned about the safety, health, and welfare of residents whose lives and livelihoods have been disrupted by these incidents.
“We call on Renaissance Africa Energy Company Limited and Oando Plc to immediately deploy all necessary technical and emergency response resources to contain the fires, halt the gas leakage, secure the affected pipeline corridors, and mitigate further environmental and public health risks.” the Council Chairman Said.
The chairman also appealed to the two oil firms to provide immediate humanitarian assistance and relief materials to the displaced residents while work continues to restore normalcy.
The Council Chairman said he is working closely with security agencies and emergency responders to monitor the situation and coordinate necessary interventions.
The Council Boss advised Residents of the Local Government Area to remain calm, cooperate with authorities, and adhere strictly to safety directives.
Ofori further called on the National Emergency Management Agency (NEMA), the National Oil Spill Detection and Response Agency (NOSDRA), the Rivers State Government, and other relevant bodies to intervene urgently to prevent loss of lives and environmental damage.
Hon. Ofori assured that the council remains committed to the protection and welfare of its people and will continue to engage all stakeholders to resolve the crisis.
Enoch Epelle
Fidelity Bank Plc has reaffirmed its commitment to youth empowerment, financial inclusion and entrepreneurship through a strategic partnership with the Youth Economic Intervention and De-radicalization Programme (YEIDEP), a Federal Government-backed initiative aimed at equipping young Nigerians with the skills, support and opportunities needed to build sustainable livelihoods.
Under the partnership, the bank will support the enrolment of students and young people into the YEIDEP programme, which is designed to tackle youth unemployment, promote enterprise development and expand economic participation among Nigeria’s growing youth population.
The next phase of the initiative is scheduled to end today at Nnamdi Azikiwe University, Awka, where the enrolment exercise for students and youths across the South-East that started since July 1st would be concluded at the university’s Convocation Arena.
The exercise is expected to reach more than 60,000 regular undergraduate students.
Speaking on the partnership, Fidelity Bank’s Divisional Head, Product Development, Osita Ede, said youth empowerment remains central to the bank’s vision of building a more inclusive and prosperous society.
He noted that Nigeria’s youths represent the country’s greatest asset and stressed that providing them with the right skills, opportunities and financial support is critical to unlocking their potential and driving national development.
According to Ede, the bank continues to provide young Nigerians with tools for success through its digital banking platforms, financial literacy initiatives, youth-focused products and strategic partnerships.
He added that Fidelity Bank recognises that limited access to funding, mentorship and business development support remains a major challenge for many aspiring entrepreneurs, and is committed to creating pathways that will help them overcome these barriers.
The bank said its support for YEIDEP aligns with its longstanding commitment to empowering Micro, Small and Medium Enterprises (MSMEs), which it described as key drivers of economic growth and job creation in Nigeria.
Interested students and youths have been encouraged to open Fidelity Bank accounts and register for the programme through the bank’s dedicated online portal.
Nkpemenyie Mcdominic, Lagos
The Nigerian Ports Authority (NPA) has launched a multi-agency task force to combat the resurgence of traffic gridlock choking the Lagos Port access roads, in a fresh push to restore seamless cargo evacuation and sustain recent gains in Port efficiency.
The intervention followed a stakeholders’ meeting convened by the Managing Director of NPA, Dr. Abubakar Dantsoho, on June 23rd, 2026, where security agencies, freight forwarders, truck operators and representatives of the Lagos State Government agreed on coordinated measures to eliminate the bottlenecks disrupting cargo movement.
At the meeting, stakeholders identified illegal extortion points, overlapping responsibilities among security agencies and other operational distortions as major factors responsible for the renewed congestion along the port corridor.
Speaking on the outcome of the meeting, the NPA’s General Manager, Corporate and Strategic Communications, Mr. Ikechukwu Onyemakara, said the Authority’s overriding priority is to guarantee the unhindered movement of cargo to and from the nation’s seaports.
According to him, the task force comprises the NPA, the Police, the National Association of Government Approved Freight Forwarders (NAGAFF), the Association of Nigerian Licensed Customs Agents (ANLCA), the Federal Road Safety Corps (FRSC), the Maritime Workers Union of Nigeria (MWUN), the Nigerian Association of Road Transport Owners (NARTO) and the Association of Maritime Truck Owners (AMATO).
“The responsibility of the task force is to monitor truck movement on the Port access roads on a regular basis, identify any disruption capable of causing gridlock and immediately resolve such challenges,” Onyemakara said.
He stressed that members of the task force would not establish checkpoints along the corridor but would maintain strategic presence at designated locations to ensure compliance without obstructing traffic.
To enhance rapid response, Onyemakara disclosed that the task force has created a dedicated WhatsApp platform through which members can instantly report infractions or emerging traffic issues for immediate intervention.
On the long-delayed renewal of the Electronic Truck Call-Up (ETO) system contract, the NPA spokesman said the Authority is reviewing the terms to ensure a more robust contractual framework before awarding a fresh agreement.
He explained that although the previous contract had expired, the ETO platform remains operational under the management of the Truck Transit Parks (TTP) pending completion of the procurement process.
He expressed confidence that the renewal would be concluded soon.
Reaffirming the Authority’s commitment to maintaining free-flowing Port access roads, Onyemakara said efficient logistics remain central to the NPA’s drive to improve Nigeria’s Port competitiveness and preserve its growing international reputation.
“We are more interested in the free flow of logistics into our ports than anyone else because it is in our own interest,” he said
Nkpemenyie Mcdominic, Lagos
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