Business
OBALGA Unveils Oil Mill Market Committe
The Chairman of Obio/Akpor Local Government Caretaker Committee, Hon Paddy Wali, has constituted a 7-man committee to oversee the collection of revenue at the Rumukurushi Market, popularly known as Oil Mill Market.
According to the chairman, who spoke to newsmen in Port Harcourt last Tuesday, this is sequel to a court order restraining executives and agents of the Rumukurushi Town Council from going to the market on Wednesdays, for the purpose of collecting revenue from traders in the market.
Wali disclosed that the committee headed by Jonathan Wali would now be in charge of collecting revenue at the market pending the termination of the court order.
He called on the Rumukurushi people to be law-abiding and go about their businesses in a lawful way.
“I want everybody to respect the court order that has been given out to them.
“I am sure that by this order the people involved will be very peaceful and coordinate themselves, since the thing has been handed over to the council to run”, he said.
The CTC boss further urged those concerned to stay clear, as the order of the court was still in force.
The Tide gathered that some protesters, mainly youths had protested against the decision of the immediate past CTC chairman, Hon Collins Onunwor, to take over the popular oil mill market from the community and imposing a town council chairman on the community.
But Onunwor, at the time, said the council had to intervene in the crisis rocking the Rumukurushi town council over the leadership of the market.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.