Nation

Lagos Assembly Approves Sanwo-Olu’s N85bn Special Bond Request

Published

5 years ago

June 23, 2021

The Lagos State House of Assembly has approved Gov. Babajide Sanwo-Olu’s request for N85 billion Special Dispensation Bond to finance capital projects in the state.
The Chairman, House Committee on Finance, Rotimi Olowo, disclosed the approval to the House of Assembly Correspondents yesterday in Lagos.
Olowo said the request from the governor had two aspects; the first was request for an approval for Bond Bridge Loan which would allow the state to access bond market as soon as possible.
He added that the second was a loan from a commercial bank at the interest rate of 9.25 per cent, which, he said, was very cheap.
Olowo said that the House speedily approved the governor’s request since it was for the implementation of infrastructure development in the state.
The Lagos lawmaker said that there could not be a better time than now for the state to go for the bond market which he called “Special Dispensation Bond.”
He explained that as at February this year, the Federal Government went to bond market at coupon rate of 12 per cent.
He noted that by June this year, it had increased to 13.5 per cent.
Olowo recalled that the state government had in 2016 and 2017 secured bonds for between 16.6 per cent and 17.25 per cent.
The lawmaker said that the opportunity the market provided at present was enough for the state to access the bond at a cheaper rate since the current bond of the state would mature in 2024.
He said: “When you look at our Consolidation Debt Service Account (CDSA), we have about N22 billion and we are talking N101.2 billion in the next two or three years.
“It will amount to a lot of pressure on our debt obligation, so what we thought it necessary to quickly access the bond market with the approval of the House so that we can get it at cheaper rate and it will be for 10-year with two years moratorium.
“What it means is that, in the next two years after securing the bond, we will not pay any money. We will not pay the interest and the capital, it will be like tax holiday. It will relieve the state of the burden of sourcing for money to pay the creditors.
“On the second aspect, if today we don’t access the commercial loan from one of the banks at a single digit rate of 9.25 per cent, we will be losing, because we will still have to pay the holders of the bond between now and the next months.
“That means we will have been able to save money worth an average of N1.5 billion in form of seeking fund to be able to make up to 2023,” Olowo said.
The lawmaker noted that if the state did not pay in the next three years, it means that it had gotten a saving of about N75 billion.

Nation

Philanthropist Task Philanthropist On less than in the society …Bags Distinguished Leadership Award

Published

2 days ago

December 22, 2025

The Tide

A philanthropist, Her Royal Majesty Ambassador Patricia Alakwe has called on public spirited individuals to support the less privileges in the society.

She said this shortly after being conferred with Distinguished Leadership Award by organizers of The Oyigbo Merit Award recently at Oyigbo in Rivers state.

Ambassador Patricia Alakwe who is the Ezenwanyi 1 of Igboland also stressed the need for the development of infrastructure in the area.

She pledged to continuos use of her resources to improve the lives of the less privileges in the society, adding that time has come for those blessed by God to reach out to the less privileges in the society.

The Ezenwanyi 1 of Igboland also stressed the need for the government to come to the aide of Oyigbo people through the development of infrastructural facilities.

Alakwe commended the organizers of The Oyigbo Merit Award for the honour done to her , assuring that she will not relent in doing her best for the good of the entire Oyigbo local government area.

It would recalled that Her Royal Majesty, Eze ambassador Patricia Alakwe, Ezenwayi 1 of igbo was a propagator of igbo culture and heritage.

A successful business woman and a philanthropist, Alakwe has touched the lives of thousands of less privilege persons across the state.

According to the organizers of the event,”Her Royal Majesty is a successful business woman and a philanthropist per excellence who has touched lives of many, especially the widows and less privileged.

They said even though She is based in Europe,her commitment to the development of igbo cultural heritage , and Manpower was second to none.

Earlier while presenting the award,founder Oyigbo Merit Award Mr Samuel Chikwe said the gesture was based on her dedication to the cause of the less privileges in the society.

Chikwe said the award was to encourage her to do more for the society.

The event was attended by people from all walks of life.

Nation

RIVCHPP Enrols Over 140,000 Residents as Rivers Marks Universal Health Coverage Day

Published

2 days ago

December 22, 2025

The Tide

The Rivers State Contributory Health Protection Programme (RIVCHPP) has announced that over 140,000 persons living and doing business in Rivers State have so far enrolled in its health insurance scheme.

The disclosure was made by the Executive Secretary of RIVCHPP, Dr Vetty Agala, during the 2025 Universal Health Coverage (UHC) Day celebration, themed “Unaffordable Health Costs – We’re Sick of It!”. The event held at the Nigeria Medical Association (NMA) Hall along the East–West Road, Port Harcourt.

Dr Agala eulogised the Rivers State Governor, Sir Siminalayi Fubara, for providing an enabling environment that promotes access to affordable healthcare for residents of the state. She also expressed gratitude to the Commissioner for Health, Dr Adaeze Oreh, commending her leadership acumen, which she said has contributed significantly to the transformation of the state’s health sector.

Reiterating the vision of RIVCHPP, Dr Agala stated that the programme remains committed to ensuring affordable and accessible healthcare for every resident of Rivers State. She disclosed that over 120 healthcare providers have been engaged across the 23 local government areas of the state to drive the initiative, noting that the state government’s goal of leaving no one behind in healthcare delivery remains a critical task that must be accomplished.

According to her, RIVCHPP has recorded several milestones under her leadership, including the conferment of Universal Health Coverage Ambassador on the Wife of the Governor, Lady Valerie Fubara, and the designation of the Deputy Governor as Universal Health Coverage Advocate for Rivers State. Other achievements, she said, include the presentation of awards to deserving personalities and institutions, as well as sustained awareness campaigns on the benefits of the RIVCHPP to institutions, establishments and key stakeholders across the state.

Dr Agala called for stronger collaboration and support from individuals and organisations living and doing business in Rivers State, stressing that the annual token of ?15,000 is minimal compared to the benefits of having unhindered access to quality healthcare.

Earlier, the Commissioner for Health, Dr Adaeze Oreh, said the Rivers State Government is determined to ensure that every child has unhindered access to healthcare services. Represented by Dr Bright Ogbonnah, she applauded the efforts of the RIVCHPP Executive Secretary in implementing the health vision of Governor Fubara.

She noted that the governor’s health sector agenda is focused on improving the quality of life of the people of Rivers State through accessible and affordable healthcare services.

In his remarks, the Chairman of the occasion, Professor Dike Princewill, assured that stakeholders are ready to give the necessary support to RIVCHPP to ensure a sustainable and effective healthcare system in the state.

Highlights of the event included a street walk across parts of Port Harcourt, panel discussions, presentations by resource persons on the theme of the celebration, and free health-related outreach activities.

Nation

AELN Holds Annual Dinner, Awards,Investiture Ceremony In Style

Published

2 days ago

December 22, 2025

The Tide

The Association of Environmental Lawyers of Nigeria(AELN) has successfully held its 2025 annual dinner, awards and investiture ceremony, with a call on participants and Nigerians to work towards protecting the environment at all times.

The colourful ceremony, which took place at Lisborne La-Palm Royal Resort in Port Harcourt, attracted the crème de la crème of the society, with the Pro-Chancellor and Chairman of the Governing Council of Ignatius Ajuru University of Education, Chief Chinyere Igwe, leading the pack, as the chairman of the occasion.

Among those inducted and honoured with Fellow Green Advocate of Nigeria(FGAN) Awards included gospel music maestro, and the Prince of the Niger Delta, Mr Asu Ekiye; Chief Chinyere Igwe; a member of the House of Representatives, Hon Blessing Eddie Amadi; Hon Justice Mark Chuku; Justice C. K.Dappa-Addo; Engr(Dr) Kenechukwu Kingsley Nwangwu; Dr Andrew A.Igwe; and Dr Afiwere Bright Osamudiamen, among others.

While Barrister Kibuebu Joseph Francis; Mr Chima Williams; Barrister Peterson Osiobe; Dr(Mrs) Glory Peterside; Barrister Henry N. Amadi; His Worship Epelle Emmanuel Sonny(Esq); His Worship Chinagorom Mgbamoka(Esq); and Barrister Atoma Ngozika Aina, were honoured with Chartered Green Advocate of Nigeria(CGAN) Awards, Mr Ebini Abraham Tamuno; Barrister Iniobong Udo Uko; Fatima Zahara’U Shehu; Mercy Sandra Hirse Damian; Enukpere Abraham Amodu; Mr Innocent Offili; Mr Abiye Anthony Abo; and Mr Enakireru Eric Omo; among others were inducted as Members Green Advocate of Nigeria(MGAN).

Those inducted as Associate Green Advocate of Nigeria(AGAN) awardees included Mr Promise Billion Aguma; Esosa Gift Wilfred; Iwobo Ifeoma; Amarachi Ruth Nwabueze; Amadi Ugochukwu Chike; and Mr Noble Uzochukwu Anozie; among others.

The event equally featured a debate competition between members of the Environment Club in the University of Port Harcourt and the Rivers State University, and also the launching of the association’s Environmental Project Trust Fund, with the awardees promising to handsomely support the project.

Guest Speaker at the occasion and Director of ICT, Rivers State University, Prof Sunny Orike, did justice to the dinner lecture, titled, “Sustainable Horizons: The Role of Artificial Intelligence In Environmental Protection”, with the participants coming to the inevitable conclusion that Artificial Intelligence would never take over the work of human beings, despite the overwhelming positive strides it is making in the rapidly evolving world.

The lecturer, however, explored the environmental costs and negative impacts of AI, highlighting its high energy consumption with the attendant emission of high volume of carbon dioxide into the atmosphere.

Prof Orike noted that the use of AI in the United States of America, for instance, is different from its use in Nigeria and other developing countries.

The National President of the association, Prof Samuel C. Dike, said in his welcome address that the ceremony was not just a celebration but a testament to commitment, excellence, and a shared vision for a greener, safer, and more sustainable Nigeria.

He further explained that the gathering was designed to appreciate and celebrate exceptional individuals who have demonstrated unwavering dedication to environmental advocacy, development, and progressive environmental governance, saying, their contributions continue to shape national conversations, influence responsible policies and inspire a new generation of environmental defenders.

He revealed that the inductees were thoroughly trained as “they submitted themselves to our rigorous training as Associate,Member, Chartered and Fellow Green Advocates of Nigeria.”

He said the association is today proud and confident to invest them with various categories of honours and titles, because they have been tried, tested, and proven worthy, having scaled through “our intensive sessions and scintillating lectures delivered by highly respected environmental experts, stressing that the inductees have been empowered to add AGAN, MGAN, CGAN and FGAN titles as suffix to their names.

He said the inductees were joining a distinguished community committed to advancing environmental law, policy and advocacy, and, therefore, urged Nigerians to renew their collective resolve to protect the environment, deepen their advocacy, and contribute meaningfully to the country’s sustainable development.

In his goodwill message, the Chairman of the Advisory Board of the association, Chief Joe-Kyari Gadzama(SAN), said the topic of the dinner lecture, “Sustainable Horizons: The Role of Artificial Intelligence In Environmental Protection,” captures the spirit of the rapidly evolving world, one where technological advancement and environmental stewardship must work hand in hand.

According to him, Artificial Intelligence presents unprecedented opportunities to strengthen regulation, enhance compliance, improve monitoring, and empower decision-making across all sectors that impact the environment.

Chief Gadzama noted that as an association at the forefront of environmental governance, AELN’s commitment to exploring this intersection could not be more timely or more essential, and commended the AELN’s leadership for sustaining the annual tradition of reflection, recognition and professional enrichment.

“Let us continue to champion a Nigeria where environmental protection is not merely a legal obligation but a shared national priority powered by knowledge, technology, and visionary leadership,” he pleaded.