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Address Multiple Exchange Rate Regime, NESG Tells CBN
The Nigerian Economic Summit Group (NESG) is asking the Central Bank of Nigeria (CBN) to address the challenge of multiple exchange rate windows in order to improve the inflow of foreign investments and diaspora remittances.
The NESG disclosed this in a communiqué from a meeting of its board of directors held on July 26, 2022.
The group said international investors, being savvy and rational, would not put their money where there was a real risk to their ability to access and repatriate investment proceeds or when the functional currency was in a sporadic depreciation.
“Multiple foreign exchange (FX) markets with significant price differentials create room for speculation, round-tripping, cronyism, and outright graft – with an attendant adverse effect on the economy. There is no better time to harmonise the FX rates than now,” NESG counselled.
Apart from the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) mechanism where a dollar exchanges ay N420-N430, the parallel market window sells at above N650/$.
Nigeria is also hard hit by revenue shortfalls with revenue to GDP around seven per cent – among the lowest of the emerging markets.
NESG said that Nigeria must a decisive action to tackle the government’s revenue challenges which could not be divorced from leakages through the large-scale crude oil theft, difficult operating environment for businesses, and lack of innovation in tax collection/administration, among others.
“We strongly believe these leakages have continued unabated because of the absence of sanctions and ineffective tax systems.”
Nigeria’s debt reached N41.6trillion in the first quarter of 2022, with the country paying back creditors with 118per cent of revenue between January and April, 2022.
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The Founder and Senior Pastor of Liberty Hour Ministry, Port Harcourt, Apostle Chikadibia John Wodo, has expressed optimism that 2026 will usher in uncommon breakthroughs and good fortune for Nigeria, particularly in the areas of political, economic, and spiritual development, with Rivers State playing a key role.
Apostle Wodo made this declaration in his special New Year message, where he stated that individuals and forces standing as obstacles to the manifestation of God’s will in the new year would face bitter consequences. He cautioned that corrupt political leaders risk backlash from the very people they govern if they fail to change their ways.
The cleric warned against the escalation of political tension in Rivers State and called on residents and religious leaders to intensify prayers for lasting peace. He also urged Governor Siminalayi Fubara to remain resolute in leadership, reminding him to uphold his vows to God by continually seeking divine guidance in decision-making and governance amid evolving challenges.
Assessing the broader national situation, Apostle Wodo called on Nigerian leaders to repent and govern with a heightened sense of responsibility, noting that the cries and supplications of the masses have drawn divine attention. He further warned of alleged plots to disrupt a smooth democratic transition in 2027 and appealed for prayers to avert such an agenda.
According to him, Nigerians are yearning for genuine socio-economic transformation and freedom from political oppression. He challenged the Independent National Electoral Commission (INEC) to redeem its credibility by ensuring free, fair, and credible elections devoid of undue political interference.
The cleric also predicted that insecurity could worsen in the coming year and warned of the possible emergence of a strange ailment, stressing that Nigeria’s political challenges can only be resolved through equity, fairness, and justice, especially in the treatment of minorities, the vulnerable, and the disadvantaged.
Apostle Wodo further claimed that some clerics and General Overseers have compromised their faith and incurred divine displeasure, calling for sincere repentance to restore their relationship with God. He also advised early preparedness to mitigate natural disasters such as fire outbreaks and flooding, particularly in rural communities.
He concluded by urging Nigerians to remain prayerful, vigilant, and united as the nation navigates the opportunities and challenges of 2026.
The Ado Royal Family of Okrika has firmly disassociated itself from the alleged self-enthronement of Hon. Godknows Tam George as the Amanyanabo of Okrika and Clan Head, describing the action as unlawful, illegitimate, and a threat to the peace of the ancient kingdom.
The family, which described itself as the sole legitimate custodian of the history, traditions, and stool of the Amanyanabo of Okrika, stated that it has not installed any king and has not commenced the formal process for such installation.
This position was contained in a statement jointly signed by Prof. Sotonye Fyneface-Ogan (Ogan Ado Royal House), Alabo Engr. Henry Semenitari Abam (Abam Ado Royal House), and Alabo Prince Oriyeorikabo Fibika (Fibika Ado Royal House). The statement was presented to journalists on Friday at the Nigeria Union of Journalists (NUJ) Press Centre, Moscow Road, Port Harcourt.
According to the statement, the purported action by Hon. Tam George amounts to “a blatant assault on the collective integrity of the Okrika people” and constitutes “a criminal act of impersonation with the potential to destabilize the peace and socio-political fabric of our ancient kingdom.”
The family stressed that Hon. Tam George was never presented as a candidate by the Ado Royal Family and did not undergo any of the mandatory rites, consultations, or confirmations required by Okrika customs.
“The Ado Royal Family has never presented him as a candidate, nor has he undergone any of the prerequisite rites, consultations, or confirmations. His actions are those of a lone interloper, operating in a vacuum of legitimacy,” the statement read.
It further emphasized that the stool of the Amanyanabo of Okrika and Clan Head is a sacred institution rooted in centuries-old traditions and spiritual heritage, not something to be claimed through academic qualifications, political ambition, or personal interest.
Speaking during the briefing, Prof. Sotonye Fyneface-Ogan reiterated that the process of crowning an Amanyanabo is clearly defined and has not yet begun.
“To crown a king, there is a process, and those processes have not taken place,” he said. “We are the chiefs; we are the ones that will be part of the selection. Honestly, we have not started the selection process; we have only begun discussions.”
He explained that during the proper selection process, chiefs supervise nominations from each constituent house, with each house expected to nominate two or three candidates—steps which, he noted, have not been carried out.
“I want to assure the public that none of the Ado family chiefs has given Hon. Tam George any sign of approval,” Prof. Fyneface-Ogan added.
Efforts to obtain the reaction of Hon. Godknows Tam George proved unsuccessful. Repeated attempts through phone calls, text messages, and WhatsApp messages were unsuccessful, as he did not respond as of the time of filing this report.
By: Tonye Orabere
Traders in Port Harcourt, Rivers State, have commended the Rivers State Government (RSG) for its ongoing fire emergency and safety sensitisation campaign across major markets in the state.
Speaking on behalf of traders at Nowa Market, Borikiri Old Port Harcourt Township, the market chairman, Mr. Innocent Chukwuma, praised Governor Sir Siminalayi Fubara for initiating the awareness programme in designated markets and public places.
Chukwuma described the exercise as timely and impactful, noting that it was the first time the Rivers State Government had carried out such a campaign in Nowa Market. According to him, the sensitisation would educate traders on fire emergencies and the necessary precautions to prevent outbreaks.
He urged traders to strictly apply the safety measures taught during the campaign, both during business hours and after closing their shops.
“I want to thank the Rivers State Governor, Sir Siminalayi Fubara, and the Ministry of Special Duties for coming to our aid, especially during this dry season,” Chukwuma said.
“This is the first time we are seeing government presence in our market in this manner. We lack words to thank our God-sent governor, particularly for providing us with fire extinguishers and other firefighting equipment.
“We will do exactly what we have been taught today to ensure there is no fire incident in our market. We will always switch off all electrical appliances before closing for the day,” he added.
Similarly, the Chairman of Mile 3 USTRE Modern Market, Mr. Gift Nkesi Benjamin, applauded the state government for the distribution of fire extinguishers and other fire safety equipment.
“We will adhere strictly to the safety guidelines and instructions given to us today to ensure there is no fire outbreak in our market,” Benjamin stated.
“On behalf of Mile 3 USTRE Modern Market, I sincerely thank the Rivers State Government and the Ministry of Special Duties for bringing this important campaign to our market.”
At Rumuwoji Market (popularly known as Mile 1 Market), the Chairman, Chief Hon. Godpower O. Wobo, also expressed gratitude to the state government for the sensitisation exercise. He assured that traders would comply fully with government directives to prevent future fire incidents.
Responding on behalf of Governor Siminalayi Fubara, the Permanent Secretary of the Ministry of Special Duties, Mr. Sokari D. P. George, thanked the traders for their cooperation and warm reception.
He emphasised that safety remains paramount, especially during the dry season, and urged traders to be cautious in their daily activities.
Mr. George disclosed that the theme of the 2025 fire safety campaign is “Controlled Fire Is a Friend, Uncontrolled Fire Is an Enemy.”
He cautioned against refuse and bush burning around buildings and warned traders not to store fuel in unauthorized places such as homes, offices, markets, or public buildings.
“Follow all fire safety guidelines and instructions,” he urged.
The permanent secretary also noted that Governor Fubara prefers a zero-fireworks approach during festive periods to ensure public safety, stressing that the government has invested heavily in markets and expects traders to take responsibility for protecting them.
By: Kiadum Edookor
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