Nation

CBN Interest Rate Rises To 26.75%

Published

2 years ago

July 24, 2024

The Monetary Policy Committee of the Central Bank of Nigeria has increased the benchmark lending rate to 26.75 per cent.
The hike in the Monetary Policy Rate was disclosed by the Governor of the CBN, Olayemi Cardoso, at the end of the 296th MPC meeting in Abuja yesterday.
The MPC had maintained a hawkish stance to tame inflation since it resumed meeting this year and thus far, it has hiked rate by more than 500 points.
The rate was raised to 26.25 per cent in May.
However, with inflation moving to 34.19 per cent in June, according to the National Bureau of Statistics, the headline inflation increased by 0.24 per cent relative to the May 2024 headline inflation rate which was 33.95 per cent.
On a year-on-year basis, the headline inflation rate was 11.40 per cent points higher than that of June 2023 (22.79 per cent).
Also, on a month-on-month basis, the headline inflation rate in June 2024 was 2.31 per cent, which was 0.17 per cent higher than the rate recorded in May 2024 (2.14 per cent) meaning that the rate of increase in the average price level was higher in June than in May.
Repeatedly, the CBN governor has maintained that the MPC members were committed to price stability and were willing to keep tightening until inflation is tamed.
Multiple reports from investment houses had projected that the MPR would be hiked,
Cowry Asset Management, in its weekly report, projected a 25bps to 50bps hike in interest rates, while the Meristem report anticipates “a 100 basis point increase in the monetary policy rate to 27.25 per cent while likely keeping other parameters unchanged. Overall, we anticipate that the committee will prioritize inflation control and capital inflow sustainability, crucial for maintaining a stable exchange rate system, and accordingly, implement a rate hike to achieve these objectives.”

Nation

Rumuaholu Community Denies Land Grabbing Allegations, Accuses Obio/Akpor Chairman of Interference in Land Dispute

Published

6 days ago

June 12, 2026

The Tide

The Ekeanyanwu family of Rumuaholu Community in Obio/Akpor Local Government Area of Rivers State has strongly refuted allegations of land grabbing levelled against it, describing recent media reports as false, misleading, and deliberately fabricated.

The family made its position known during a press briefing held on Wednesday at the residence of Dr. Colonel Ogwumerum Eke in Rumuaholu. The briefing was attended by community leaders, stakeholders, and family representatives.

Speaking on behalf of the family, Dr. Eke dismissed claims attributed to the Chairman of Obio/Akpor Local Government Area, Hon. Gift Worlu, which allegedly labelled the family as land grabbers. He described the allegations as baseless, frivolous, and lacking any factual foundation.

According to Dr. Eke, the Ekeanyanwu family remains the legitimate owner of the parcel of land known as Ohia Agbada, comprising approximately 6,000 plots situated along the Obiri-Ikwerre Airport Road corridor. He further maintained that Victory Estate, located within the disputed area, belongs exclusively to the Ekeanyanwu family and not to the Rumuosi Community as claimed by the council chairman.

Dr. Eke stated that ownership of the land had been affirmed by the courts, citing Case No. CCC/22/2015 at the Choba Customary Court. He explained that while the suit was instituted against another family in Rumuaholu, the Rumuosi Community sought to be joined in the matter but their application was rejected by the court.

He further disclosed that the family currently holds 15 subsisting court judgments in its favour relating to the disputed land, including judgments from the Customary Court, High Court, and Court of Appeal.

The family spokesman alleged that the Obio/Akpor council chairman, in collaboration with the local Anti-Land Grabbing Committee, was attempting to undermine the court decisions and dispossess the family of its land through what he described as “backdoor means.”

Dr. Eke accused the chairman of assuming the role of an appellate authority over matters that had already been conclusively determined by competent courts.

Expressing concern over recent developments, he alleged that individuals acting under the influence of the council chairman had destroyed properties worth millions of naira within Victory Estate. He described the action as a direct affront to existing court judgments and the rule of law.

Displaying copies of court judgments during the briefing, Dr. Eke questioned the rationale behind branding judgment creditors as land grabbers, insisting that those challenging the court rulings were the real offenders.

He called on members of the public to disregard what he termed misleading radio announcements purportedly made by the council chairman and urged government institutions and security agencies to uphold the sanctity of court judgments.

Also speaking at the briefing, Elder Prince Ndaokani, Principal Oji Owhor of Rumuaholu Community, supported the Ekeanyanwu family’s claims. He maintained that the disputed land originally belonged to Dr. Eke’s late father, who, according to Ikwerre native customary law, acquired ownership through the clearing and development of the land.

However, the allegations were dismissed by the Chairman of the Obio/Akpor Anti-Land Grabbing Committee, Chief Alex Wali, who responded on behalf of the local government council.

Chief Wali declined to engage directly with the claims made by Dr. Eke, stating: “That man cannot be gifted with our valued response to his tirades. People like that should not be in public but should be rotting in jail for heinous crimes against humanity.”

He maintained that nothing would prevent the council chairman from carrying out his constitutional responsibilities as the chief executive and chief security officer of the local government area.

According to him, the protection of lives and property remains a fundamental responsibility of government at all levels, and the council would continue to discharge its duties in that regard.

The dispute is the latest chapter in a long-running land ownership controversy in the area, with both sides maintaining opposing claims over the disputed property.

By Akujobi Amadi

Nation

Asarama Kingdom Condemns Gruesome Murder of A Commercial Vehicle Driver

Published

6 days ago

June 12, 2026

The Tide

The Asarama General Assembly in Andoni Local Government Area of Rivers State has condemned the gruesome murder of a commercial vehicle driver by some identified criminal elements in the community.

It would be recalled that on Thursday the 28th of May 2026, the kingdom was thrown into mourning, following the gruesome murder of a commercial vehicle driver by some criminal elements

The Assembly which said this at a media briefing in Port Harcourt also called for the establishment of a Mobile police and police anti cultism departments at the Asarama Police Division.

The Okangh Ama /Paramount Ruler of Asarama kingdom HRM king Appolus J Nteijaewaye who read the text for the briefing onbehalf of The Asarama General Assembly at the briefing said the community condemned in totality the gruesome incident.

He said the kingdom also extends its condolences to the bereaved family of the murdered driver, stressing that as a kingdom it would leave no stone unturned to ensure that such an incident never occur within it’s territorial space again.

The General Assembly also commended the prompt intervention of the Nigerian police Force which led to the arrest of some members of the criminal gang, adding that even though the crime was committed at Asarama, some of those allegedly involved were not indigenes of Asarama kingdom.

“As a kingdom we use the sober moment of this unfortunate incident to further commend the prompt reaction of the leadership and men of the Nigeria Police Force in Rivers state that led to their effective results aimed at eliminating criminality and deterring the evil ones in our society “

The Community also described the incident as a pointer to the level of vulnerability of not only Asarama kingdom but the entire society, against the background that the sanctity of life ought to be sacred and protected by individuals, groups, communities and governmental institutions”

Meanwhile ,The Asarama General Assembly has called for the establishment of a Mobile Police as well as police anti cultism departments at the Asarama Police Division

It said this has become necessary inview of the strategic location of the kingdom as a gateway to the rest of Andoni communities and Opobo -Nkoro Local Government Area.

“Owing to the peculiarity of our geographical location especially the amphibious nature of Asarama kingdom, intricately linked with its neighbouring inter ethnic Ogoni and Opobo -Nkoro Local Government Areas in general and intra Andoni communities in particular, the relevant authorities should urgently approved special mobile police force,Anti cultism and Marin units to be attached to the Asarama Divisional headquarters”

The kingdom also decried the continuous neglect of the Asarama police Division, since it’s establishment adding that the division up till date,does not have a single firearm as well as enough personnel

It said this situation has exposed the community to activities of criminal elements.

“The sordid state of the only security outfit that ought to police our territory and beyond now seems to complicate the delicate insecurity that we are already exposed to, first as a nation and second as a people inhabiting an intricate amphibious gateway kingdom

“Consequently we hereby cry to the appropriate authorities to urgently equip the Asarama Divisional Police headquarters with adequate men arms and ammunition “the Community said.

John Bibor

Nation

Rivers Commissioner Commends WAEC Conduct, Vows Sanctions for Malpractice

Published

2 weeks ago

June 2, 2026

The Tide

The Rivers State Commissioner for Education, Dr. Peters Nwagor, has commended the orderly conduct of the ongoing 2026 West African Senior School Certificate Examination in the state and urged schools to sustain the standard.

Dr. Nwagor gave the commendation on Tuesday during a monitoring tour of selected secondary schools in Port Harcourt and environs where the WAEC exam is ongoing.

The commissioner, who was accompanied by directors and monitors from the Ministry of Education, said he was impressed with the peaceful atmosphere at the centres visited.

“The students conducted themselves properly and wrote their papers under conducive conditions. Invigilators and supervisors also performed their duties professionally,” he stated.

Nwagor noted that the Rivers State Government had invested heavily to ensure the smooth and credible conduct of the examination across the state

He urged candidates to reciprocate government’s effort by shunning all forms of examination malpractice and focusing on their studies.

“Government has done so much to ensure successful examinations in our schools. Students should take advantage of it by remaining focused,” the commissioner said.

While no case of malpractice was recorded in the centres inspected, Dr. Nwagor warned that any principal, teacher, invigilator, or official caught aiding malpractice would face strict sanctions in line with regulations.

He also commended school administrators, teachers, WAEC officials, and security personnel for upholding the integrity of the process.

Centres visited included County Grammar School, Ikwerre/Etche; Government Comprehensive Secondary School, Borokiri; Government Secondary School, Borokiri; and Pabod Model Secondary School.