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Fubara Empowers 3,066 MSMES With N4bn Soft Loan
Rivers State Governor, Sir Siminalayi Fubara, has formally launched the N4billion matching fund loan scheme that will stimulate business activities in the State while also creating wealth.
The launching, which took place at the Dr Obi Wali International Conference Centre in Port Harcourt last Friday, signaled the commencement of the disbursement of Rivers State Government/Bank of Industry (BOI) Limited N4billion marching fund loan scheme for nano, small and medium-scale businesses in the State.
Governor Fubara said the lack of access to credit had continued to aggravate financial exclusion and choked the prospects for individuals to realise their economic aspirations for a better life.
But with the scheme, which is a partnership between Rivers State Government and BOI, now launched, Governor Fubara emphasised that a surest path has been secured to achieve entrepreneurial success while serving as an enabler of economic prosperity in the State.
“Today, we are all here to witness the formal launch and distribution of cheques to 3,066 micro, small, and medium-scale enterprises and 100 companies in the State from all 23 local government areas, including businesses owned by non-indigenes valued at over N3.6billion only.
“We are satisfied with today’s outing and professionalism, believing even more strongly that the potential outcome will be greater to both BOI and the Government and good people of Rivers State.”
Governor Fubara explained that as a campaign blueprint, he promised, during his electioneering campaigns, to support entrepreneurial development and the growth of businesses through access to credit in the form of soft loans.
The Governor said, upon assumption of office, he noticed more closely how most businesses, especially those of small scale, struggled and either died or gasped in accessing credit that were only offered by banks at neck-breaking interest without success.
Governor Fubara pointed out that: “As a State, we cannot talk about economic growth without stimulating business activities to create wealth and jobs through policies and programmes that will engender greater public access to credit and financial inclusion.
“MSMEs are well-known as critical drivers of inclusive economic growth and development. By empowering our people to cultivate available economic opportunities, access to credit is a powerful tool for achieving financial security.
“We can only keep imaging the economic value that the over 3,000 MSMEs would add to the positive economic dynamics of Rivers State and the local government areas in terms of gross domestic product, increased tax returns, employment creation, income distribution and production of good and services.”
Governor Fubara made it clear that even if the loan appeared very liberal, it is not given as charity, and insisted that beneficiaries must pay back so that others can access it to fund their businesses.
The Governor, therefore, instructed the management of the Rivers State Microfinance Agency (RIMA) to monitor the progress of the beneficiaries in their businesses and ensure a 100 percent recovery of the loans to guarantee the sustainability of the programme.
Governor Fubara noted the gains of the symbiotic economic partnership between the State Government and BOI, and the transformed commitment to further strengthen and cultivate it for the benefit of the people of Rivers State.
In his address, the Managing Director/Chief Executive Officer of Bank of Industry (BOI) Limited, Dr Olasupo Olusi, represented by the Executive Director of Corporate Services and Commerical, Mr Usen Effiong, said they were particularly interested in ensuring that the collaboration is realised in steering socio-economic growth, creating jobs, checkmating social vices and growing the IGR of Rivers State.
“BOI remains committed and a strong pillar of development financing in Nigeria for over 60 years. Our remarkable record and total assets exceed N4trillion, which makes BOI the largest and most successful development finance institution in the nation.
“It will interest us to know that our total investment in Rivers State as at today stands at N55.65billion, which accounts for 55 percent of the total investment in the entire South-South. So, Rivers State alone is taking the chunk of our investment.
“We, as the Bank of Industry Limited, play a major role in supporting Nigerian enterprises by providing financial services, advisory services, and watch businesses grow from Nano to Micro to Small, Medium and getting to large enterprises.
“Our mandate is to create development impact which is in line with the economic blueprint of His Excellency, the Governor of Rivers State, and this cuts across various sectors ranging from agriculture, oil and gas, power and aviation, hospitality. This, we believe will crystalize industrialization and economic sustainability in Rivers State.”
Delivering his welcome address, the Managing Director and Chief Executive Officer of Rivers State Microfinance Agency (RIMA), Pastor Jonathan Tobin, said it was exciting that they were given the opportunity to contribute to achieving the dream project of Governor Fubara christened, “Touching Lives, Creating Wealth.”
Pastor Tobin stated that the timing of the launching of the scheme is auspicious because it was coming when the operating capital of most businesses have been eroded.
He explained that there are grave inflation rate and fluctuation of the foreign exchange regime, which have posed unbearable challenges to most micro businesses.
Pastor Tobin said the interest rate for loan collected under the scheme is single digit, which is 7.5 percent per annum, and reckons as the lowest in the country.
“Today, Your Excellency, we have four categories of borrowers. Those who are borrowing from N1,000 to N1,000.000. Those who are borrowing from above N1,000.000 to N50,000,000 are treated by our partners, Bank of Industry.
“If you are borrowing from N100,000 to N450,000, all you need to provide is just your passport photograph, the passport photograph of your guarantor, your NIN, and local government identification.
“For those who are borrowing from N500,000 to N1,000,000, all they need to provide is two passport photographs, their NIN, their means of identification, BVN, a guarantor with a cheque leaf. These categories of borrowers are treated in RIMA,” he added.
Pastor Tobin said further: “Those who are borrowing from above N1,000,000 to N10,000,000 will be treated in Bank of Industry. All they need is just a proof of registration of their businesses, two guarantors, a valid identification card, and a simple business plan.
”For those who are borrowing N10,000,000 to N50,000,000, all they need is a Corporate Affairs Commission Registration, two years’ audited financial record, a Certificate of Occupancy, BVN, tax clearance of the company and or the directors.
”Your Excellency, as at today, we have brought on board 3,066 beneficiaries, and they all are requesting for N1.632billion. Interestingly, women borrowers account for 58 percent while the men borrowers account for 42 percent.”
He urged Rivers people interested in forging a good and sustainable business path to approach the agency for support yo enable them contribute to the economic revival and growth of the State.
Highlight of the event was the official launch of the loan scheme and presentation of cheques to some successful beneficiaries from across the 23 LGAs and some small business owners by the State Governor, Sir Siminalayi Fubara.
News
Zabbey Emerges Social Impact Man Of The Year 2025 Reaffirms Commitment To Ogoni Transformation
The Project Coordinator of the Hydrocarbon Pollution Remediation Project (HYPREP), Prof. Nenibarini Zabbey, has been named Social Impact Man of the Year 2025 by Daily Independent Newspapers.
The award was presented at the Independent Awards 2025 Silver Jubilee Edition held at Eko Hotels and Suites, Lagos, as part of activities marking the organisation’s 25th anniversary of editorial excellence.
Managing Director and Editor-in-Chief of Independent Newspapers, Steve Omanufeme, said the award recognises individuals who have demonstrated exceptional leadership and transformative impact in their respective fields. He explained that recipients emerged through a rigorous process involving public voting, editorial board scrutiny, and assessment by a panel of judges.
Omanufeme noted that Zabbey’s selection reflects his outstanding contributions to environmental restoration and community development in Ogoniland through the Ogoni cleanup project.
With over two decades of experience spanning research, advocacy, capacity development, and administration, Zabbey has, within three years of leading HYPREP, implemented people-focused initiatives aimed at improving livelihoods and restoring degraded ecosystems.
Under his leadership, the project has reportedly created more than 7,000 direct jobs and facilitated the training of thousands of youths and women in high-demand skills, including mechatronics, cybersecurity, commercial diving, underwater welding, and data analytics.
HYPREP has also trained over 5,000 beneficiaries across 21 vocational skill areas, providing start-up kits to support entrepreneurship and economic empowerment.
In the area of environmental sustainability, the agency has established 31 environmental clubs in secondary schools and trained 2,500 youths with International Maritime Organization (IMO) certification to support shoreline cleanup and mangrove restoration efforts.
The project has recorded significant ecological milestones, including the cleanup of over 1,000 hectares of shoreline and restoration of 560 hectares of mangroves. This progress contributed to the designation of Ogoni mangrove wetlands as a Ramsar Site of international importance.
Beyond environmental remediation, HYPREP has expanded its social intervention programmes to include educational grants and scholarships for over 1,000 students, support for small and medium-scale enterprises, and skills training for persons living with special needs.
Infrastructure and healthcare development have also featured prominently, with ongoing projects such as the Ogoni Specialist Hospital, a Cottage Hospital, the Ogoni Power Project, and the Centre of Excellence for Environmental Restoration. The agency has further strengthened emergency healthcare delivery by donating five ambulances to medical facilities in the region.
Additionally, potable water has been provided to more than 40 communities, alongside the construction of wind-powered water systems in underserved areas.
Speaking on the award, Zabbey described it as a validation of HYPREP’s integrated approach to environmental restoration, healthcare improvement, and economic empowerment.
“We remain committed to delivering a cleanup that not only restores the environment but also improves livelihoods in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu,” he said.
HYPREP, in a statement, expressed appreciation to the management of Independent Newspapers for the recognition, the Federal Ministry of Environment for its oversight role, and the Ogoni communities for their continued support and collaboration.
The agency was established by the Federal Government of Nigeria to implement the recommendations of the United Nations Environment Programme (UNEP) report on Ogoniland and restore areas impacted by oil pollution.
By: Donatus Ebi
News
Supreme Court Awards N2m Cost Against Cassidy Ikegbidi, Others For Violating Court Orders
The Supreme Court of Nigeria has awarded a total cost of ¦ 2 million against High Chief Cassidy Ikegbidi and other appellants in the protracted Eze Igbu Akoh II chieftaincy dispute, citing abuse of judicial process and disobedience of subsisting court orders, in a ruling that underscores growing judicial intolerance for procedural delays in long-running traditional leadership cases.
The decision, delivered on March 16, 2026, in Abuja by a five-man panel of the apex court led by Justice Mohammed Lawal Garba, arose from a series of applications filed by High Chief Cassidy O. W. Ikegbidi and others against HRH Eze Godspower Okorobia Okpagi and seven others, in a dispute over the rightful occupant of the Eze Igbu Akoh II stool in Igbu Akoh Kingdom of Ekpeye ethnic nationality in Ahoada East Local Government Area of Rivers State.
Court proceedings revealed that the appellants had filed multiple motions before the Supreme Court, including an application seeking injunctive relief and another seeking leave to amend a ground of appeal. However, both applications were later withdrawn by the appellants after the respondents had already filed responses and appeared in court on several occasions.
Although counsel to the respondents did not oppose the withdrawal of the applications, they strongly urged the court to award costs, arguing that the appellants’ conduct had led to unnecessary delays and avoidable legal expenses. The respondents maintained that the repeated filing and subsequent withdrawal of applications amounted to a deliberate attempt to frustrate the judicial process.
In its ruling, the Supreme Court struck out the withdrawn applications but took a firm stance on the conduct of the appellants, holding that their actions constituted an abuse of court process. The court further noted that the appellants had acted in violation of subsisting injunctive orders earlier issued by the High Court and upheld by the Court of Appeal, a development that weighed heavily in its decision to impose sanctions.
Consequently, the apex court awarded a lump sum cost of ¦ 2 million against the appellants in favour of the 1st to 5th respondents as a punitive and deterrent measure, reinforcing the principle that litigants must approach the court with sincerity and respect for existing judicial orders.
The ruling, however, is strictly procedural and does not resolve the substantive issue of who is the rightful Eze Igbu Akoh II. Rather, it deals only with interlocutory applications that were brought before the court and subsequently withdrawn, leaving the core dispute to be decided at a later date.
The chieftaincy tussle, which has lingered for years, can be traced back to a judgment delivered on March 14, 2018, by the High Court sitting in Ahoada, presided over by Justice T.S. Oji, which reportedly ruled in favour of Eze Godspower Okorobia Okpagi. Dissatisfied with the outcome, the opposing parties pursued appeals, leading to a prolonged legal battle that moved through the Court of Appeal in Port Harcourt and eventually to the Supreme Court.
While Eze Okpagi has consistently maintained that he is the only duly elected candidate for the Eze Igbu Akoh II stool, according to the customs and traditions of the Ekpeye ethnic nationality, as well as based on favourable court rulings, High Chief Cassidy Ikegbidi has continued to lay claim to the stool, a situation that has deepened tensions and prolonged uncertainty within the kingdom.
The immediate implication of the Supreme Court’s ruling is that the appellants have lost all pending interim reliefs, having withdrawn their applications, and now have no active motion before the apex court capable of altering the current legal position. More importantly, the injunctions granted by the High Court and affirmed by the Court of Appeal remain valid and binding, as they were neither set aside nor suspended by the Supreme Court.
This effectively places the respondents in a stronger position for now, as they continue to benefit from the subsisting judgments of the lower courts pending the final determination of the appeal. In contrast, the appellants must comply with the ¦ 2 million cost order and face a prolonged wait before the substantive issues in the case are heard.
Following the resolution of all pending applications, the Supreme Court adjourned the substantive appeal to March 19, 2029, a development that has generated mixed reactions among stakeholders, given the already lengthy duration of the dispute. The adjournment means that the final determination of the rightful occupant of the traditional stool will not be made for several more years, further extending a legal battle that has spanned nearly a decade.
Reacting to the ruling, Eze Godspower Okorobia Okpagi maintained that the decision reinforces the validity of earlier judgments in his favour, particularly as the Supreme Court declined to grant any relief that would have altered the status quo. He argued that the dismissal and withdrawal of the appellants’ applications confirm that the orders of the lower courts remain in full effect.
He further alleged that the appellants had taken steps inconsistent with those orders and accused them of employing delay tactics to prolong their hold on the situation, insisting that High Chief Ikegbidi should desist from parading himself as the Eze Igbu Akoh II pending the final determination of the appeal.
Legal observers note that chieftaincy disputes in Nigeria often become protracted due to their sensitive nature and the high cultural and political significance attached to traditional institutions, as well as the frequent filing of appeals and interlocutory applications that slow down the judicial process.
News
PETOOP Inaugurates State Executives In PH
A support group, Peter Obi Our President (PETOOP), has inaugurated its members and state executives from Rivers, Bayelsa and Cross River States in Port Harcourt, the Rivers State capital, with a renewed call to mobilise grassroots support ahead of the 2027 general elections.
The inauguration ceremony, held on Saturday, drew a large crowd of supporters and stakeholders from different walks of life, underscoring the growing political engagement around the group’s activities.
PETOOP said its core objective is to galvanise Nigerians across regions to support the presidential ambition of former Anambra State governor, Peter Obi, in the 2027 elections.
Chairman of the occasion, Dr. Okelechukwu Benjamin Okuolu, a former senatorial candidate for Rivers East under the Labour Party, described the group as a broad-based movement open to all Nigerians seeking good governance, stressing that it is not a political party.
Represented by Christian Ojukwu, Okuolu urged members to remain committed and make necessary sacrifices toward achieving credible leadership in the country. He expressed optimism about Obi’s chances in the next election cycle, citing what he described as the former governor’s leadership qualities.
Referring to the 2023 general elections, Okuolu encouraged members not to be discouraged by past challenges, but instead remain resolute and vigilant in future electoral processes.
He also commended the National Convener of PETOOP, Chief Magnus Oraka, for his mobilisation efforts aimed at fostering a better Nigeria.
In his remarks, Oraka called on members to remain courageous and steadfast, linking Nigeria’s economic challenges to what he described as leadership deficiencies.According to him, effective governance requires competence, foresight and experience in managing resources, urging Nigerians to prioritise these qualities in future leadership choices.
Also speaking, the Rivers State Coordinator of PETOOP, Mrs. Becky Napoleon, said the group represents a collective movement driven by conviction and a shared vision for national transformation.
She noted that the initiative is focused on inspiring action and generating practical solutions to the country’s challenges through unity and purposeful engagement.
“Our coming together is based on personal conviction and a shared belief in a better future for our country and generations to come,” she said, adding that meaningful transformation requires collective effort.
The Bayelsa State Coordinator, Mr. Ijaja Alabi, also addressed participants, aligning with the group’s message of unity and commitment to national development.
The event marks a significant step in PETOOP’s expansion efforts across the South-South region as it intensifies mobilisation activities ahead of the 2027 elections.
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