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

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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.

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NCSU Hails Tinubu’s Intervention in Rivers Crisis

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The Nigeria Civil Service Union (NCSU) has commended President Bola Ahmed Tinubu for his intervention in the political rift between Rivers State Governor, Sir Siminalayi Fubara, and the Minister of the Federal Capital Territory, Chief Nyesom Wike, describing the move as timely, strategic and crucial to restoring stability in the State.
The union also urged members of the Rivers State House of Assembly to reciprocate the President’s peace efforts by working harmoniously with Governor Fubara to promote good governance and political stability.
Speaking in an interview in Port Harcourt, the Rivers State Chairman of the NCSU, Comrade Chukwuka Richman Osumah, said President Tinubu’s intervention has demonstrated responsible national leadership and reaffirmed his role as a unifying figure.
According to Osumah, the President’s action followed a formal appeal by the union calling for federal intervention in the protracted political crisis, a response he said clearly showed Tinubu’s concern for peace and development in Rivers State.
“By intervening at this critical moment, Mr President has done what was long expected of him as the father of the nation. His action has laid to rest doubts and speculations about his commitment to restoring peace and political stability in Rivers State,” Osumah said.
He expressed satisfaction that the intervention had effectively halted impeachment threats against Governor Fubara and his deputy, Prof Ngozi Odu, noting that the development provides an opportunity for sober reflection and a renewed focus on governance.
Osumah said the resolution of the dispute would allow the governor to concentrate fully on delivering dividends of democracy and advancing development across the oil-rich State.
While acknowledging the political realities in Rivers State, the NCSU chairman said he had no objections to the recognition of Chief Wike as the political leader in the State, while Governor Fubara remains the constitutionally elected governor.
“The most important thing is peace. All parties must sheathe their swords and embrace reconciliation in the overall interest of Rivers people,” he said.
He appealed to lawmakers, particularly those aligned with Wike, to act in good faith by complying with the presidential directive to drop all impeachment plots and work collaboratively with the executive arm of government.
According to him, a harmonious relationship between the legislature and the executive would create opportunities for effective lawmaking, smooth execution of constituency projects and improved service delivery to citizens.
Osumah further advised the lawmakers to set aside emotions and sentiments and conduct themselves in line with democratic norms and legislative rules of engagement, warning that actions capable of destabilising governance would no longer be tolerated by the President.
He also noted that the President’s peace initiative has paved the way for lawmakers to fully relocate to the new Rivers State House of Assembly Complex, commending Governor Fubara for completing and equipping the facility to support effective legislative work.
Expressing optimism about the future, Osumah said Governor Fubara was disposed to reconciliation and would readily respond to genuine peace overtures from the lawmakers in the interest of the collective wellbeing of the State.

He concluded by thanking President Tinubu for once again demonstrating his commitment to Rivers State, urging all political actors to align with the presidential directive and prioritise stability, good governance and public service.

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Group Tasks Rivers Govt To Establish Foundation In Honour Of Onyeishi Etche, Oche ENB Opurum

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A sociocultural group in the Etche ethnic nationality of Rivers State, the ELGA Committee of Friends, has called on the Rivers State Government to establish a foundation in honour of His Eminence, Oche ENB Opurum, the Onyeishi Etche and the only surviving member of the founding fathers of Rivers State.
The call was made by the Mayor of the group, Eze Charles Nweke, during an exclusive interview in Port Harcourt. Nweke described Oche ENB Opurum as a symbol of sacrifice, resilience and commitment to the struggle that led to the creation of Rivers State, stressing that such historic contributions should not be allowed to fade into obscurity.
According to him, honouring Oche ENB Opurum would amount to honouring the collective sacrifices of the founding fathers of the state, while also serving as motivation to younger generations that selfless service to society is valued and remembered.
“To keep the memories of the founding fathers alive, the only surviving member needs to be properly honoured. That is why we are calling on the state government to set up a foundation in honour of Oche ENB Opurum,” Nweke said.
He added that beyond symbolic recognition, the government should also consider incentives and welfare support for families of the founding fathers of Rivers State, noting that some of them are currently living in difficult conditions.
Nweke warned that neglecting the families of those who fought for the state’s creation could discourage future generations from making similar sacrifices for society and the nation at large. He urged both government and non-governmental organisations to take practical steps to preserve the legacy of the state’s founders through institutional support, scholarships, and historical documentation.
Meanwhile, the ELGA Committee of Friends has commended the Chairman of Etche Local Government Area, Chief Chima Boniface Njoku, for what it described as proactive and people-oriented leadership. Nweke noted that Njoku is the first chairman since the creation of the council to embark on comprehensive assessment tours across communities in the local government area.
He said the tour reflects the chairman’s commitment to grassroots development, adding that communities across Etche are already feeling the impact of his administration, particularly in the ongoing grading and rehabilitation of roads across Etcheland.
The group also passed a vote of confidence on the Executive Chairman of Omuma Local Government Area, Hon. Uchechukwu Obasi, praising his developmental strides and governance style.
According to Nweke, the leadership of both council chairmen has brought pride to the Etche nation, assuring them of the continued support of the group as they work to deliver dividends of democracy to their people.

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Registrar Bags Award Of Honour Urges Students To Prioritise Academics

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The Registrar of Ignatius Ajuru University of Education (IAUE), Port Harcourt, Dr Ajie Chinonye, has charged Nigerian students, particularly those at the postgraduate level, to remain focused on academic excellence and eschew all forms of violence, cultism and social vices that undermine scholarship and societal development.
Dr. Ajie gave the charge while receiving an Award of Honour from the Rivers State Postgraduate Students Union, led by its President, Barrister Chidi Enyi, during a courtesy visit to him in his office.
He stressed that the primary purpose of studentship is the pursuit of knowledge, noting that academic excellence must be pursued with vigour and commitment. According to him, involvement in cultism, examination malpractice and other social vices poses serious danger not only to the university system but to society at large.
The Registrar reaffirmed that IAUE, under the leadership of the Vice Chancellor, Prof Okechuku Onuchuku, maintains zero tolerance for cultism, examination malpractice and all acts inimical to the smooth running of the institution.
Dr. Ajie further urged postgraduate students to see themselves as role models, saying they have a responsibility to lead by example for undergraduates and younger scholars to emulate.
“As postgraduate students, you are expected to prove yourselves as the best in character, conduct and academics. Society looks up to you to demonstrate excellence in all standards,” he said.
Drawing from his personal experience, Dr. Ajie disclosed that his background as a student unionist contributed significantly to his leadership journey, encouraging the students to leverage their positions to make positive impacts in society.
He also advised the Rivers State Postgraduate Students Union to strengthen collaboration with Deans of Graduate Studies across institutions in the state, noting that such partnerships would enhance effective administration and help the union achieve its objectives.
While commending the union for its unity and commitment to promoting students’ welfare and scholarship, the Registrar assured them of the university management’s continued support towards initiatives that advance academic growth and student wellbeing.
In his remarks, the President of the Rivers State Postgraduate Students Union, Barrister Chidi Enyi, said the award was conferred on Dr. Ajie in recognition of his outstanding track record, commitment to educational development and exemplary service to humanity.
He expressed appreciation to the Registrar for his support for postgraduate students and promotion of academic excellence, adding that the union was proud to identify and work with leaders who prioritize education and student welfare.

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