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RSG, RHG Sign Deal For New Port City …As Fubara Upscales PH Decongestion Plan

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Rivers State Government has signed a Public-Private-Partnership framework agreement for the establishment of a New Port City to be delivered on a 1,000 hectares of land that will serve as nucleus of network of urban centres designed to decongest Port Harcourt and break the one-city jinx of the State.
The Memorandum of Understanding (MoU), signed at Government House in Port Harcourt yesterday, was between the Rivers State Government, under the supervision of the Greater Port Harcourt City Development Authority (GPHCDA) and Rainbow Heritage Group (RHG).
The Attorney-General and Commissioner for Justice, Dagogo Israel Iboroma, SAN, and Acting Director General of the Greater Port Harcourt City Development Authority, Dr Tonte Davies signed for the Rivers State Government, while the Group Managing Director (GMD), Mr Oliver Biedima, signed for the Rainbow Heritage Group.
Rivers State Governor, Sir Siminalayi Fubara, who was represented at the signing event by the Attorney-General and Commissioner for Justice, Dagogo Iboroma, SAN, said that over the years, the State has remained a one-city State, priding in the Port Harcourt City, even if its expansion has been poorly coordinated as it stretches into Obio/Akpor, Eleme and Oyigbo Local Government Areas.
Governor Fubara explained that the partnership deal between the Rivers State Government represented by the Greater Port Harcourt City Development Authority and Rainbow Heritage Group Limited will ensure achievement of one of the three new cities his administration has proposed to establish.
He said: “Today, we all are going to be witnesses to a great event that will birth a New Port City in Eleme Local Government Area. That city will sit on 1,000 hectares of land, and it will be a well-planned scheme with all the features of a modern city in place.
“And so, today, we are going to sign the Memorandum of Understanding (MoU), and I assure you that the vision of our Governor with the support of Rainbow Heritage Group Limited, and under the able leadership of the Greater Port Harcourt City Development Authority, we will see the birthing of that New Port City,” he said.
He noted that the bold initiative will help decongest the heavily populated city of Port Harcourt, and break the one-city jinx that Rivers State has been noted for all these years.
In his speech, the Acting Director General of Greater Port Harcourt City Development Authority (GPHCDA), Dr Tonte Davies, explained that the expected New Port City will be executed on a 1,000 hectares of land, and may be expandable.
Dr Davies said the engagement of Rainbow Heritage Group is evidence of the agency’s commitment to achieving the mandate given to them by Governor Fubara to create more cities in the State.
He stated: “His Excellency said it’s 1,000 hectares, but we are working towards having much more than that, because there are going to be other satellite connecting towns to this New Port City.
“It is called New Port City not because we want to just call it a New Port City, but because we look at that area as having the Onne Ports.
“Looking at the Greater Port Harcourt Master Plan, you will see we have three development notes: the Old City, the International Airport and the Onne Ports.
“The Old City is there already existing. The International Airport is where the Phase 1A of the Greater Port Harcourt City is, and now, we have moved towards the Onne Ports.
“And that is how the Greater Port Harcourt City will be pushed forward, just like Rainbow Heritage Group said, towards other connecting towns that will be created.”
Dr Davies assured that the development of the New Port City will bring about massive employment, before, during and even after construction works are concluded, bearing in mind that cities are not necessarily developed in one day.
He restated the commitment of the agency not to let this State down while also appreciating the massive support from Governor Fubara which will contribute immensely to eventual actualisation of the project.
“Just like His Excellency rightly said, Port Harcourt has been a one-city State, created on the same day with a state like Lagos, but with better potentials that can be compared with Lagos State. But we have foot-dragged on our development.
“We were glad when Rainbow Heritage Group came in, having seen their track record. It has been a long journey. We have done so much in the past months; sleepless nights, working together, to ensure that today, history is made.
“This development will bring about massive employment, before, during and even after construction. Cities are not developed in one day, we know, but for this, we assure you that we have a record time.”
In his remarks, the Group Managing Director (GMD), Rainbow Heritage Group (RHG), Mr Oliver Biedima, stated how, as a group, they had always wanted such partnerships with the Rivers State Government to create a new city that will transform the lives of residents in the State.
Mr Biedima said because of such long expected dream, the group, over the years, made researches on how to truly enhance the abundant potentials of Rivers State to achieve resourceful revitalisation.
He said: “So, the New Port City has been identified to be a strategic location. In fact, I can call it one robust strategic location we have in the region that combines the Blue Economy, Agriculture, Industry, Real Estate, and we can actually grow it as a major economic power-house in the West African sub-region.”
Mr Biedima emphasised: “All the necessary indicators, all the necessary features or parameters needed to build the city are all in place.
“The city is founded on strategic partnerships, and we believe that it will have the opportunity to be able to build enough opportunities for emergence of new jobs, new businesses, anchor industries, out-grower farmers and export.
“It has the potential to interconnect other states to be able to grow and revitalize our economy. So, we are pleased, as an organisation, to partner with the Rivers State Government to make this happen. We are committed, and we believe that it will be delivered on time and on target,” he added.

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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally

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President Bola Tinubu yesterday celebrated the Nigerian Exchange Group’s breakthrough into the N100tn market capitalisation threshold, saying Nigeria has moved from an ignored frontier market to a compelling investment destination.

Tinubu, in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga, urged Nigerians to increase their investments in the domestic economy, expressing confidence that 2026 would deliver stronger returns as ongoing reforms take firmer root.

He noted that the NGX closed 2025 with a 51.19 per cent return, outperforming global indices such as the S&P 500 and FTSE 100, as well as several BRICS+ emerging markets, after recording 37.65 per cent in 2024.

“With the Nigerian Exchange crossing the historic N100tn market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation,” Tinubu said.

He attributed the stellar performance to Nigerian companies proving they can deliver strong investment returns across all sectors, from blue-chip industrials localising supply chains to banks demonstrating technological innovation.

The President added, “Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group. Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered.”

Tinubu disclosed that more indigenous energy firms, technology companies, telecoms operators and infrastructure firms are preparing to list on the exchange, a move he said would deepen market capitalisation and broaden economic participation.

He also cited what he described as a sustained decline in inflation over eight months—from 34.8 per cent in December 2024 to 14.45 per cent in November 2025—projecting that the rate would fall below 10 per cent before the end of 2026.

“Indeed, inflation is likely to fall below 10 per cent before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians,” he said.

The President attributed the trend to monetary tightening, elimination of Ways and Means financing, and agricultural investments, which he said helped stabilise the naira and ease post-reform pressures.

Nigeria’s current account surplus reached $16bn in 2024, with the Central Bank projecting $18.81bn in 2026, reflecting a trade pattern shift toward exporting more and importing less locally-producible goods.

Non-oil exports jumped 48 per cent to N9.2tn by the third quarter of 2025, with African exports nearly doubling to N4.9tn. Manufacturing exports grew 67 per cent year-on-year in the second quarter.

Foreign reserves have crossed $45bn and are expected to breach $50 billion in the first quarter, giving the CBN ammunition to maintain currency stability and end the volatility that previously fuelled speculation, according to the President.

Tinubu also highlighted infrastructure expansion in rail networks, arterial roads, port revitalisation, and the Lagos-Calabar and Sokoto-Badagry superhighways, alongside improvements in healthcare facilities that are reducing medical tourism costs, and increased university research grants funded through the Nigeria Education Loan Fund.

“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund, and universities are receiving increased research grants,” he said.

He described nation-building as a process requiring hard work, sacrifices, and citizen focus, pledging to continue working to build an egalitarian, transparent, and high-growth economy catalysed by historic tax and fiscal reforms that came into full implementation from January 1.

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RSG Kicks Off Armed Forces Remembrance Day ‘Morrow  …Restates Commitment Towards Veterans’ Welfare

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The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.

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?The Secretary to the Rivers State Government, Dr. Benibo Anabraba, in a statement by ?Head, Information and Public Relations Unit, SSG’s ?Office, ?Juliana Masi, stated this during the Central Planning meeting of the 2026 Armed Forces Remembrance Day in Port Harcourt, yesterday.

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?Anabraba thanked the Committee for their contributions to the success of the Emblem Appeal Fund Ceremony recently held in the State and called on them to double their efforts so that the State can record resounding success in the remaining activities.

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?According to him, the remembrance day events will begin with Jumaàt Prayers on Friday, 9th January at the Rivers State Central Mosque, Port Harcourt Township, while a Humanitarian Outreach/Family and Community Day will be hosted on Saturday, 10th January, by the wife of the governor, Lady Valerie Siminalayi Fubara, for widows and veterans.

?”On Sunday, 11th January, an Interdenominational Church Thanksgiving Service will hold at St. Cyprian Anglican Church, Port Harcourt Township while the Grand-finale Wreath- Laying Ceremony will hold on Thursday, 15th January at the Isaac Boro Park Cenotaph,  Port Harcourt”, he said.

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?The SSG noted that one of the highlights of the events is the laying of wreaths by Governor Siminalayi Fubara and Heads of the Security Agencies.

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Fubara Redeploys Green As Commissioner For Justice

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The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.

Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.

This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.

According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.

The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.

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