Nation
Economist Commends CBN On Financial Report …Says It Will Boost Investors’ Confidence
A financial economist, Prof. Uche Uwaleke, has commended the Central Bank of Nigeria (CBN) for publishing the financial reports of the bank after seven years.
Uwaleke, who is a professor of Capital Market at the Nasarawa State University, Keffi, gave the commendation in an interview with The Tide’s source on Saturday in Lagos.
He said the act would boost the confidence of investors in the Nigerian economy, adding, “it has brought to the fore the true picture of the country’s external reserves being managed by the CBN”.
According to him, it is development shows that it beyond speculation and that much of the reserves are encumbered by securities lending and derivatives contracts entered into by the CBN.
“Much as these contracts are legitimate, the resulting obligations from them put to question the justification for entering into these contracts in the first place and whether adequate safeguards were put in place at the time of entering into these contracts.
“Securities lending is the process of loaning securities to another party which effectively transfers ownership to the other party expected to provide collateral for them.
“In this instance both JP Morgan and Goldman Sachs were said to have provided cash in return,” he said.
This, he said, implied that the current liquid external reserves of about 33 billion dollars did not reflect the true liquidity position of reserves as a significant proportion had been tied down by these contracts.
Uwaleke said, “little wonder the CBN’s ability to intervene in the foreign exchange market has been hampered”.
The expert said as a result of the disclosure, that the current volatility in the foreign exchange market might linger for quite sometime, except the reserves witness substantial accretion from crude oil sales proceeds.
CBN in its recently released Consolidated Financial Statements for 2016 to 2022, posted on its website, showed the bank in 2022 owed JP Morgan, Goldman Sachs, among other liabilities.
The document CBN showed that it owed JP Morgan N3.2 trillion or 7 billion dollars and Goldman Sachs N0.23 trillion or 500 million dollars, while N3.1 trillion or 6.3 billion dollars is owed as foreign currency forwards.
The statement also showed that the CBN generated revenue of N2.87 trillion up from N1.96 trillion in 2022.
It showed that the bank recorded N103.85 billion profit during the period, up from the N75 billion posted in 2021.
Furthermore, the accounts showed that CBN reserves comprised of Time deposits and Money Placements of N4.68 trillion.
It also showed other foreign securities of N5.88 trillion, current accounts with foreign banks N3.34 trillion domiciliary accounts of N294.8 billion, sundry currencies and traveler’s cheques of N199.8 billion and the N578.6 billion Gold Bullion which is 16kg.
Additional analysis based on currencies, showed that reserves had convertible currencies in United States dollars worth N12.45 billion.
Also, N1.6 trillion worth of Chinese Renminbu; N134.5 billion worth of British pound; N75 billion worth of Euro; N33 billion worth of Japanese Yen and N66bn worth of other currencies.
Nation
RSU, Otonti Nduka Foundation Holds Centenary Conference, Unveil Book on Values in Nigeria
Rivers State University and the Otonti Nduka Foundation for Values Education jointly hosted a two-day National Conference on 8 and 9 May 2026 to examine the state of values in Nigeria.
The two days conference held at Rivers State University convocation arena brought together academics, policymakers, legal experts and education leaders under the theme _“Trends and Challenges in Upholding Values in Nigeria.”_
The gathering focused on policy gaps, curriculum reform, and the role of ethics in public service and education.
The event opened on Friday with remarks from Vice Chancellor Prof. Chief Isaac Zeb-Obipi, who stressed the need to address declining moral and civic values across Nigeria’s education and public sectors. A book of abstracts for the plenary sessions was also presented to participants.
Key speakers included former Attorney General Chief Dr Kanu Agabi, SAN; NERDC Executive Secretary Prof. Shehu Salisu; Prof. Hauwa Imam, FNAE, of the University of Abuja; former Rivers SUBEB Chairman Ven Dr Fyneface Akah, ; former NIMASA DG Dr Hon. Dakuku Adol-Peterside; and RSU Director of ICT Prof. Sunny Orike.
Discussions centered on integrating values education into schools, tertiary institutions and public institutions, alongside the impact of technology on moral development among young Nigerians. Panel and plenary sessions produced practical recommendations for curriculum and policy reform.
On Saturday, the foundation marked its centenary with the unveiling of the book _Otonti Nduka in History_, launched by Chief Engr. Grant Offor, FNSE. The Nigerian Academy of Education held a ceremonial procession led by its President Prof. Olu Jegede and the Ikwerre Professors Forum.
In a communiqué, participants called for stronger collaboration between government, civil society and academia to mainstream values education nationwide. They recommended reviewing teacher training curricula and expanding digital platforms to promote ethical civic engagement, with the foundation pledging to share the outcomes with education authorities for implementation.
Dignitaries present included Ogbakor Ikwerre Worldwide as Chief Host, Prof. Emeritus Chief T. Uzodimma Nwala, the Ikenga 1 of Mbaise and first philosophy student of Prof. Otonti Nduka, alongside scholars and community leaders.
Amadi Akujobi
Nation
Shell, MAN Back Rivers’ Drive for Expanded Gas Supply to Industries
The Shell Nigeria Gas Limited, in partnership with the Manufacturers Association of Nigeria, has reaffirmed support for efforts to expand gas distribution infrastructure in Rivers State as part of initiatives aimed at improving access to affordable, cleaner and more reliable energy for industries across the South-South region.
The commitment was highlighted during the SNG–MAN Business Forum held in Port Harcourt, where stakeholders from the industrial and public sectors examined the role of natural gas in driving industrialisation, boosting local production and strengthening energy security.
Speaking at the forum on behalf of the Managing Director of Shell Nigeria Gas Limited, the company’s Head of Gas Distribution, Mr. Chukwuka Amos Ejesi, described natural gas as a critical component of Nigeria’s energy mix and a key driver of sustainable industrial growth.
According to him, Nigeria’s gas development agenda has reached a stage where policy direction must be matched with practical implementation capable of addressing the energy challenges confronting manufacturers.
He noted that pipeline gas offers industries a cleaner, more dependable and cost-effective energy alternative capable of supporting uninterrupted operations, reducing emissions and improving production efficiency.
“Gas is the backbone of manufacturing, and we are encouraged by the growing recognition among stakeholders of the need for cleaner and more reliable energy solutions,” he said.
Ejesi stressed the need for sustained collaboration among energy providers, government institutions and industrial stakeholders to maximise the country’s gas resources for economic development.
He added that improved gas infrastructure would strengthen manufacturing value chains, enhance productivity and promote more competitive industrial operations across Rivers State and the wider South-South region.
Participants at the forum also emphasised the importance of expanding energy infrastructure as a pathway to unlocking industrial capacity, reducing operating costs and promoting sustainable industrial development.
Representing Governor Siminalayi Fubara, the Director-General of the Rivers State Investment Promotion Agency, Dr. Chamberlain Peterside, reaffirmed the state government’s commitment to partnering with private sector investors to revitalise industrial activities in the state.
He identified key projects targeted under the initiative to include the revival of the Ahoada Industrial Park, the New Port City project and the proposed Bonny Industrial Park, all aimed at stimulating economic growth and expanding industrial opportunities along the Bonny corridor.
According to the governor, the long-term vision is to position Rivers State as a leading manufacturing hub in Southern Nigeria through strategic public-private partnerships.
Governor Fubara also commended Shell Nigeria Gas and MAN for sustaining engagements geared towards improving industrial energy access, noting that gas infrastructure development remains central to the state’s economic recovery plans.
He further observed that the gas sector presents enormous opportunities for economic growth, especially as global energy systems continue to shift towards cleaner energy sources.
The governor called on stakeholders to work collectively towards developing a practical and sustainable gas framework capable of supporting the state’s industrial and energy development objectives.
Chairman of MAN, Rivers and Bayelsa Branch, Elder Vincent Okuku, described gas as indispensable to industrial operations, noting that many manufacturers continue to struggle with the high cost of alternative energy sources.
Similarly, President of the Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture, Dr. Chinyere Ngozi Nwoga, said the transition to natural gas had become increasingly necessary for businesses seeking stable and cost-efficient operations.
“Pipeline natural gas provides a more cost-effective and reliable source of energy for industries,” she stated.
Also speaking, former Chairman of MAN in Rivers and Bayelsa States, Mrs. Emilia Akpan, stressed the need to align energy infrastructure development with investment in human capacity.
She maintained that rebuilding the state’s economy would require not only reliable energy supply but also the development of technical skills needed to support long-term industrial growth.
By Kevin Nengia
Nation
City Boy Movement Hails Onyesoh’s APC Primary Win
The City Boy Movement in Etche Local Government Area of Rivers state has commended Senator Allwell Onyesoh on his victory in the APC primary election for Rivers East Senatorial District.
Chairman of the group in Etche, Dr. Fortune Uchenna Obi, spoke to journalists in Okehi Ward after participating in Monday’s direct primary. He described Onyesoh’s emergence as the party’s candidate for the 2027 senatorial election as a reflection of the people’s will.
Dr. Obi said the senator has performed well during his first term and deserves re-election. He also thanked FCT Minister Nyesom Wike, leader of the Renewed Hope Agenda and Rainbow Coalition in Rivers State, for supporting Onyesoh’s candidacy. According to him, Wike’s backing was instrumental to the senator’s nomination, clearance, and victory at the primary.
He further praised voters in Etche and across Rivers East for turning out in large numbers at ward centers and urged them to sustain the support to ensure Onyesoh’s success in the January 2027 general election.
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