Nation
CBN Introduces N5 Rebate On Every $1 Remittance, Today
The Central Bank of Nigeria (CBN) has introduced a rebate of N5 for every $1 of fund remitted to Nigeria, through International Money Transfer Organisations in its new forex policy.
The Central Bank Governor, Godwin Emefiele, disclosed this, last Saturday, during a virtual event organised by Fidelity Bank at its inaugural webinar on the impact of the new forex policy on Diaspora investments.
Emefiele said that this new policy takes effect, today.
He said, “Furthermore, in an effort to reduce the cost burden of remitting funds to Nigeria by working Nigerians in the Diaspora, the Central Bank of Nigeria has introduced a rebate of N5 for every $1 of fund remitted to Nigeria, through IMTOs licensed by the Central Bank of Nigeria.
“This rebate will be provided to the bank accounts of beneficiaries, following receipt of remittance inflows.
“We believe this new measure will help to make the process of sending remittance through formal bank channels cheaper and more convenient for Nigerians in the Diaspora. This new policy is expected to take effect on the 8th of March, 2021.”
According to him, efforts at driving remittance inflows into Nigeria would yield positive results as it continued to ensure formal banking channels offer cheaper, faster, and more convenient ways for remitters to send funds to beneficiaries.
The CBN governor said that reducing the cost of sending remittances was a significant way to boost remittance inflows to Nigeria.
In general, he said, the new policy was expected to enlarge the scope and scale of foreign exchange inflows into the country with a view to stabilising the exchange rate and supporting accretion to external reserves.
More importantly, it would provide an opportunity for Nigerians living abroad to make investments in their home country, he noted.
Emefiele said, “Yet, the introduction of the new policy presented new challenges as operators and remittance service providers were initially unable to integrate with the commercial banks.
“The CBN continues to work assiduously to resolve the few intermittent interface challenges that are remaining.”
He said that it was brokering meetings between the IMTOs and banks in order to ensure that they have a smooth transition and the Diaspora community has a more convenient way to remit funds to Nigeria.
According to him, efforts at driving remittance inflows into Nigeria would yield positive results as it continued to ensure formal banking channels offer cheaper, faster and more convenient ways for remitters to send funds to beneficiaries.
He added, “Today, the World Bank data shows that Nigeria, with a total flow of $21billion, was the seventh largest recipient of remittances in 2019.
“This is behind India, China, and even Egypt. Though official remittance flows declined in 2020 due largely to the undermining impact of the Covid-19 pandemic, it maintained its dominance over FDI inflows.”
Emefiele had earlier disclosed that remittances improved from a weekly average of about $5million to over $30million per week through its forex initiatives.
The CBN governor said reducing the cost of sending remittances was a significant way to boost remittance inflows to Nigeria.
More importantly, it would provide an opportunity for Nigerians living abroad to make investments in their home country, he noted.
However, it has been argued that the ‘Naira-for-Dollar’ policy may increase the country’s foreign remittances to $34.89billion by 2023.
Forecast by PricewaterhouseCoopers, one of the big four accounting firms, had suggested that Nigeria’s remittance flows could reach $34.89billion by 2023 if the policies were right.
PwC, in the forecast, noted that the growth in remittances was subject to global economic forces, which could spur or hinder growth of remittance flows, growth in emigration, economic conditions of residing countries and poor economic fundamentals in the Nigerian economy.
The forecast revealed that as of 2017, the highest remittance came from the United States, followed by the United Kingdom, Cameroon, Italy, Ghana, Spain, Germany, Benin Republic, Ireland and Canada.
It added, “Several countries across the globe, including Nigeria, have developed plans towards attracting investment from their Diaspora community for national development. Essentially, the extent to which the Diaspora contributes to the developmental affairs of a country will be determined largely by trust.
“In summary, what is required is a coherent policy framework to harness remittances into generating capital for productive investments for the growth and development of small and micro-enterprises, which will in turn, create employment. In addition, remittances can be deployed toward philanthropic activities, which can serve as solutions for specific deficiencies in the local infrastructure such as schools, hospitals and roads.”
Nigeria’s Diaspora remittance in 2019 was put at $21billion by the World Bank.
Even though the forecast showed that the remittance would have risen to $27.66billion in 2020, experts believe the projection couldn’t have been met due to the impact of the Covid-19 pandemic.
Reacting, a former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said this latest move would encourage people to patronise government licensed money transfer operators as opposed to the agents that could not be easily monitored.
It would also ensure that more forex was remitted into the country, he noted.
A Professor of Economics at the Olabisi Onabanjo University, Sheriffdeen Tella, said, “It won’t have any major impact on Diaspora remittances.
“The first thing is that the amount (N5) is too small to attract those living abroad to start sending money home. Don’t forget that these people also have their plans.
“Secondly, it may not be able to save the naira from the current slide. The reason is that production is picking up now and most of production needs foreign inputs. So, people will spend dollars to do more imports. Also, we have not been able tackle illicit financial flows.”
Similarly, the Chairman of Foundation for Economic Research and Training, Prof Akpan Ekpo, said the new scheme introduced by the CBN was aimed at tackling dollar scarcity in the country by encouraging the inflow of the greenback.
Ekpo, a former director-general of the West African Institute for Financial and Economic Management, said, “I think it is just to encourage the inflow of dollars so that they can reduce the amount of naira needed to buy the dollar. Now, the naira has depreciated officially to 410/$1; it is about 480/$1 in the black market. That gap is still wide; so, the CBN is trying to narrow the gap.
“The only way we can boost forex supply is to diversify the economy – build a complex industrial economy where we earn forex outside of oil. That is the only way we can boost forex supply, not the way we are going.”
But he said while the impact of the CBN policy on the Nigerian economy would be marginal, it would not save the naira from sliding down further.
Ekpo explained, “That is the idea – to see whether they can stop the depreciation. Whether that will happen, I don’t think that will happen in the short term. The impact on the economy will be very marginal. The idea is that they want to bring in more dollars because if you stabilise the exchange rate, you will restore confidence in the economy and hopefully, if you restore confidence, you might encourage an inflow of foreign direct investment. That’s the whole idea.”
He said, “We don’t know (whether the new policy will increase Diaspora remittance); let’s see what happens before six months because the only way you can increase dollar supply is for the country to produce and export non-oil (commodities), not just crude oil only. If it’s crude oil alone, we are earning a lot of revenue from oil, but still we have a problem with the dollar.
“So, the only way is to be an economy that produces and exports non-oil to earn foreign currency, meaning that the economy has to be diversified to do that.”
An economist and Senior Lecturer, Lagos Business School, Dr Bongo Adi, applauded the policy, noting that it could leapfrog the economy.
He said this was part of the innovations and proactive incentives that was expected from the bank and cited India as an example of a country that leveraged Diaspora remittances to transform her economy and escape the poverty trap.
The Director-General, Lagos Chamber of Commerce and Industry, Dr Muda Yusuf, said the ‘CBN Naira 4 Dollar Scheme’ would increase the annual Diaspora remittance and save the naira from its current slide.
He, however, added that the apex bank should allow exporters free access to their export proceeds.
Also, a businessman, Mr Jimoh Ibrahim, described the policy as one that had the capacity to boost the value of naira against the dollar, given that there would be an increase in remittances from the Diaspora.
He however pointed out that there should be other ways of encouraging Nigerians abroad to remit forex, noting that the N5 incentive could only be significant when the volume is high.
Also, the Director-General, the Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture, Ambassador Ayo Olukanni, said the CBN must have taken the decision to harness the huge potential of foreign remittances.
He said if well implemented, the policy might boost foreign exchange and reduce the pressure on naira.
Nation
Accolades, Fanfare As Ogbakor Ikwerre President General Celebrates 80th Birthday

The President General of Ogbakor Ikwerre Cultural Organisation Worldwide and the Mgboh XIII of the Mgboh Royal Family of Emohua Kingdom in Emohua Local Government Area of Rivers State, Eze (Barrister) Godspower Onuekwa, penultimate Friday celebrated his 80th birthday with pomp, pageantry and fanfare.
The celebration, which commenced with a symposium organised in his honour at Rivers State University on Thursday, August 21,2025, got to a resounding climax on Friday at Suntai Event Centre in Port Harcourt, where people from all walks of life, including business associates, friends, well-wishers, relatives, community folks, traditional rulers, and admirers, gathered to pay glowing tributes to the celebrant.
Before then, a well attended thanksgiving service was held that same Friday at Emmanuel Anglican Church, Okoro-Nu-Odo, to honour him and return gratitude to God Almighty for the fruitful and eventful life and accomplishments of the Emohua leader and icon.
The service which was officiated by Rt Rev Wisdom Budu Ihunwo, Bishop of Niger Delta North had other renowned and respected clerics like Most Rev(Dr) Blessing Enyindah, Dean, Church of Nigeria (Anglican Communion); Rt Rev(Dr) Emmanuel Oko-Jaja, Bishop, Diocese of Niger Delta; Rt Rev Innocent Ordu, Bishop, Diocese of Evo; and Ven Solomon Eze Nelson, Archdeacon, Okoro-Nu-Odo; among others lined up as officiating ministers.
The service lived up to its billing, as it featured powerful and soul-lifting praise and worship; point-blank prayers; and beautiful renditions, which electrified the entire atmosphere, essentially packaged to thank God for the life of the celebrant.
However, the crowning moment actually came when the who is who, the crème de la crème of the society, thronged the terraces and fabulously decorated expansive hall of Suntai Event Centre, to celebrate Eze Onuekwa, amid accolades, aplomb and panache, wining and dining, and clinking of glasses with him and all.
The chairman of the colourful ceremony, Chief Evans Woherem, who was represented by Eze(Prof) Christian Akani of the prestigious Ignatius Ajuru University of Education, praised the celebrant for his youthfulness in spite of clocking 80 years, generosity, humility, humaneness and selfless services to the Ikwerre ethnic nationality, the Niger Delta and Nigeria, and called on all and sundry to emulate his good legacies and simple disposition towards life and existence.
Goodwill messages also poured in in torrents to underscore and salute the doggedness, resilience, astuteness and uniqueness of the endearing life of the celebrant, with Prof Emenike Wami, the Ochia Ohna Ikwerre(XIV), taking the lead.
Prof Priye Iyalla, the wife of late renowned writer, novelist and playwright, Dr Elechi Amadi, held the audience spellbound as she masterfully reeled out the profile of the celebrant, amid intermittent applause from the crowd.
The Tiv Community from Benue State, resident in Rivers State, were not left out, as they honoured and decorated Eze Onuekwa in their complete traditional regalia.
Cultural displays from Baptist Church, Rumuowhor; ADNA Wogbuji Dancing Group, Egbeda; Tiv Dancing Group; and Promoter Eze and Rumu-Mgboh Emohua Wrestling Group, equally added colour and grace to the occasion, with the celebrant and his wife, Dame Ann Onuekwa, joining them to wriggle their waists and bodies in ecstasy.
In his response, the highly elated celebrant, Eze Onuekwa thanked all those gathered to celebrate with him, saying, celebrations would never cease in their homes, and attributed everything he represents in life, including his modest accomplishments to God.
Eze Onuekwa, while addressing newsmen, harped on the need for hard work among the youths and members of Ogbakor Ikwerre Cultural Organisation Worldwide, as a way of sustaining and giving meaning to the motto of the organisation, which he noted is anchored on peace, unity and progress.
He specially thanked God for sustaining his life, and for making everything possible for him and his family, saying, he was joyous that he has today become an octogenarian and elder statesman in Rivers State.
His son and medical practitioner, Dr Samuel Chizia Onuekwa expressed delight that people from far and near had come together to celebrate the father, whom he described as a role model and great inspirator.
He said it was a good thing that the children were celebrating their father when he is alive, stressing that the last time Eze Onuekwa was celebrated in such magnitude was 20 years ago, during his 60th birthday celebration, and prayed God to grant him many more years in good health.
Among dignitaries who graced the event were Senator Andrew Uchendu; Chief Sampson Agbaru; Prof Emenike Wami; Dr Peter Didia; Eze(Prof) Samuel Ugo Onyeka; and a host of others. Justice Iche Ndu(rtd); and C O Kattey were among personalities that attended the thanksgiving service, while the Vice Chancellor of Rivers State University, Prof Isaac Zeb-Obipi led the academics who graced the symposium, alongside Eze G A O Omodu.
Nation
Ensure That Ogoni Is Heard In The Right Way, HYPREP Urges Creative Arts Trainees

As the 100 Ogoni youths trained by the Hydrocarbon Pollution Remediation Project (HYPREP) in Creative Arts close out their training on Tuesday at the Theatre Arts Department, University of Port Harcourt, the Project Coordinator of HYPREP, Prof Nenibarini Zabbey, has urged the beneficiaries to use the skills acquired to ensure that the Ogoni stories are told and heard in the right way.
The trainees, who had completed a four- month training in script writing, film production and make-up are beneficiaries of the HYPREP sustainable livelihood programme, aimed at providing high demand skills to Ogoni youths in the lucrative creative arts and entertainment industry.
Zabbey described the Creative Arts training as well as other programmes and interventions as HYPREP’s strategic sustained effort to create alternative sources of livelihood.
”Targeted capacity building for Ogoni youths and women remains a central strategy in HYPREP’s livelihood restoration and improvement efforts. Our goal is to reach every part of the Ogoni community and ensure that no group or talent pool is left behind. This training is a deliberate step to empower young people who aspire to make their mark in the creative and entertainment industry”, he said.
While commending the trainees for producing four short films within the training period, one of which was premiered at the ceremony-Dirty Festival, the Project Coordinator noted that the training would serve as a springboard into the industry, and enable them earn a living, become entrepreneurs, and open new doors of opportunities for themselves and their communities. The three other movies are Open Pain, Bomu and Green War.
He enjoined them to utilise their skills and platforms to promote civic responsibility, peace, and environmental sustainability, urging them to ensure that Ogoni is heard in the right way, speak for HYPREP and highlight the progress being made in implementing the recommendations of the UNEP Report.
Other speakers at the event, including the Director of Technical Services of HYPREP, Prof. Damian-Paul Aguiyi; Dr Ovunda Ihunwo, Head of the Theatre Arts Department of the University of Port Harcourt; Chief Douglas Experience, the Project Coordinator of Halibiz Consult Limited; and Mrs Josephine Nzidee, Head, Sustainable Livelihood of HYPREP, all applauded HYPREP for the training, and charged the trainees to maximise the opportunity.
The trainees were later presented certificates of participation.
Visibly elated Ms Lebee Tornwe, one of the beneficiaries, thanked HYPREP and the Project Coordinator for offering the trainees the rare opportunity to acquire skills in the creative arts and entertainment industry, and expressed delight that Dr Ihunwo and Halibiz Consult Limited gave their all in grooming them.
With the wrapping up of the Creative Arts training(100), HYPREP has trained 230 Ogoni youths in high demand skill sets ,viz; seafaring(100); and aviation (30). The Project will this year, commence training in other skill areas, including Mechatronic, Aviation, Full-Stack Development, Commercial Diving, Underwater Welding and Geographic Information Systems (GIS).
Still in the offing is the training for Ogoni Persons Living with Disabilities in five skill sets- fish farming; basic computer skills; photography; fashion and design; and shoemaking in line with their Needs Assessment and HYPREP’s policy of inclusivity.
Nation
NYCOP Urges Stakeholders To Develop, Empower Ogoni Youths

The National Youth Council of Ogoni People (NYCOP) had called on stakeholders to work collaboratively towards the development and empowerment of Ogoni youths.
NYCOP made the call in a communique issue over the weekend after an emergency Congress in Port Harcourt and signed by its President, Comrade Raymond Nwibani Marcus.
In the communique, NYCOP endorsed President Bola Tinubu’s appointments of the Governing Council and Board of Trustees (BOT) members of the Hydrocarbon Pollution Remediation Project (HYPREP), particularly Rt. Hon. Emmanuel Nwika Deeyah as Chairman of HYPREP’s BOT.
It respectfully appealed to the President to consider appointing a representative from the Movement for the Survival of the Ogoni People (MOSOP) under the leadership of Engr. Olu Andah Wai-Ogosu, being the pioneering social vehicle for Ogoni advocacy since the inception of the Ogoni struggle, adding that it would significantly contribute to the decision-making process.
The body commended the overall management of HYPREP and urges the President to continue funding the HYPREP project.
NYCOP furthermore recommended considering the conversion of HYPREP from a project to a full-fledged agency of the Federal Government of Nigeria.
The communique also stated that NYCOP thanked President Tinubu for establishing the Federal University of Environmental Technology, and for appointing key staff, forming a dialogue committee, and initiating infrastructural projects like the Eleme axis of the East-West Road and the Bonny-Bodo Road, significantly enhancing regional connectivity and economic prospects.
In solidarity with the Renewed Hope Agenda, the endorsed President Tinubu’s second-term bid, saying it believes his leadership embodies the aspirations of the Ogoni people and Nigerians at large.
“After thorough consideration of the Disciplinary Committee’s report, NYCOP resolves:
” To indefinitely suspend Comrade Nade Nade Burale from his position as Secretary General due to misconduct.
“To declare Comrade Saviour Imeabe persona non grata on Ogoni youth issues, given his actions’ potential to instigate crisis in Ogoni and beyond” the communique stated.
NYCOP in his resolution issued a 7-day ultimatum to former HYPREP BOT Chairman Mike Nwialeghi to explain the $100 million HYPREP fund investment, warning of potential litigation.
NYCOP reaffirmed its commitment to safeguarding Ogoni youth interests and preventing personal aggrandizement.
According to the communique the resolutions demonstrate NYCOP’s efforts to promote the collective welfare and advancement of Ogoni youth.
“We will no longer tolerate any individual or group using the name or issues of Ogoni youth for personal aggrandizement.
” Our mandate is clear: to promote the collective welfare and advancement of Ogoni youth” the communique said.
NYCOP passes a vote of confidence in Hon. Emmanuel Nwika Deeyah, acknowledging his impeccable credentials and credibility to lead the BOT of HYPREP effectively.
Kiadum Edookor
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