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Don Blames Inflation On CBN’s Monetary Policy

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A lecturer at the Rivers State University (RSU), Port Harcourt, Professor Adolphus Joseph Toby, has blamed Monitary policies of the Central Bank of Nigeria (CBN) for the high inflation rate in the country .
Toby, a Professor of Banking and Corporate Finance at the State-owned University, urged the CBN to change its modus operandi in other to curtail the current 20 percent inflation rate.
He noted that the country was facing “serious banking crises and needs council of regulators in the sector instead of a single regulator as currently being practised”.
Prof. Toby, a former Dean, Faculty of Management Sciences, RSU, made these assertions while presenting his Inaugural Lecture on the topic, “Eating Well And Sleeping Well In Fragile Financial Markets: The Banking Trilemma And Corporate Finance Puzzles, during the 81st inaugural lectures of the Institution held at the Senate building in Port Harcourt, midweek.
He said the lecture was intended to show how the policy actions of the Central Bank and the banking institutions affect the depositors, small firms, rural financial sector, and the economy at large.
“In our context, financial markets are fragile when defaults maximise and welfare minimises in response to a shock or crisis. Over the year, our financial markets have been characterised by heightened vulnerability due to defaults or outbreak of financial disorder.
“We can achieve a zero free distress banks in the country through a comprehensive monitory policy. The CBN must be proactive in their actions and not to wait on when things have gone worst with the banks”, while recommending what he called “Toby ‘s Nigerian Banking Soundness model”.
According to him, “in terms of liquidity and profitability, the banks eat well and sleep well, while the depositors are not eaing well and sleeping well”.
He, therefore, urged that the Federal Government, through the CBN, to “come out with a policy that banks leaves parts of their profits with the depositors.
Toby recommended, among other things, that the CBN should inform representatives of the vulnurable sectors on the monetary policy and collaborate with the academia on policy formulation .
Earlier in his address of welcome, the Vice Chancellor of the university, Prof Nlerum S. Okogbule, commended the inaugural lecturer for his mastery and intellectual capacity, describing him as “a truely breed academic”.
He noted that inaugural lectures afford the university the opportunity to “project itself to the wilder society through its various research works that would aid in policy making.”

By: Akujobi Amadi

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Rivers

Customary Jurisprudence: CCA President Harps On Fair Hearing Importance

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The President of Customary Court of Appeal, Rivers State, Justice Iheanachor Obuzor has tasked chairmen and members of the state customary courts to ensure that the principles and doctrines of fair hearing are adhered to in the adjudication of customary matters in their respective areas of jurisdiction in line with administration of justice.
Obuzor made this call while declaring open a – two- day capacity building workshop organised for chairmen and members of the state customary courts in the state held at Justice Mary Odili Judicial Institute , Port Harcourt over the weekend, with the theme, “Empowering chairmen and members for efficient and fair dispute Resolutions”
The President of CCA, who was represented on the occasion by Justice B.N.L Deemua recounted the importance of fair hearing in the adjudication of justice administration, stressing that fair hearing principles are crucial as it gives parties the benefits to be heard before arriving in judgement .
He asked them the Chairmen and members sitting at the customary Bar to always be fair and upright in the discharge of their duties and conduct their trials in line with the native tradititions laws and customs of their respective communities of areas of their jurisdiction.
The President described the theme of the workshop as apt and timely ,and noted that the importance of training and retraining cannot be over emphasised
“Take the two-day training very serious and it will impact and improve all of you in the job handling as there is no limit to where you can attain to .if you do well , you can get to be a judge “he stated.
Justice Iheanachor Obuzor used the opportunity to thanked the management of the institute for putting up the today’s programmes for the customary workers and assured of his continued partnership with the institute for enhance service delivery in the customary jurisprudence in the state.
Earlier in her opening address, the Director of the Justice Mary Odili Judicial Institute, Port Harcourt, justice Anuri Ken_Chikere opined that customary courts jurisprudence deals with summary jurisdiction unlike the superior conventional courts , adding that they have the jurisdiction to hear both civil and criminal cases .
She further emphasized that the doctrines and principles of fear hearing must be given credentials in arriving in there rulings and judgements , stressing that the customary court’s plays a key roles in the contributions of peace and harmony in the society.
There were good will messages from the Nigerian Bar Association (NBA), Port Harcourt branch and many others.

By: Amadi Akujobi

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Rivers

Cleric Attributes Nigeria’s Unity To God’s Grace

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Bishop of the Diocese of Okrika Church of Nigeria Anglican Communion, Rt. Rev. Enoch Atuboyedia, has attributed the continuous corporate existence of Nigeria and her unity despite the huge political and economic problems to the grace of God.
Bishop Atuboyedia said this at a media briefing as part of activities for the 3rd session of the 7th synod of the Diocese of Okrika coming up from 2nd to 5th of May 2024 at St James Church, Ogoloma, headquarters of Okrika Archdeaconry in Okrika Local Government Area.
The cleric also attributed the prevailing peace in Rivers State to the grace of God, while also stating that the current peace and unity being experienced, not only in the Okrika nation, but the entire Ijaw tribe is due to the grace of God.
Atuboyedia also said the ongoing massive renovation of the Okrika Grammar School by the Rivers State Government was made possible by the grace of God.
He said the theme for the synod, which is “I see Grace”, was taken from the Bible book of Isaiah.
In his words, “Grace is the one that keeps people going, grace is the one that answers everything, without grace of God, there will be no salvation”, he said.
The Bishop said the theme was chosen because of the role God’s grace has played in the sustenance of not only the Okrika nation, the Diocese, but also Rivers State and Nigeria as a whole.
According to him, the Synod, which commences on the 2nd of May 2024, will feature presidential address or bishop charge and a thanksgiving service on Sunday, 5th of May, 2024.
He described synod as the highest decision-making body of the Diocese, adding during the event, crucial decisions affecting the Diocese will be taken.
About 250 delegates are expected at the synod.

By: John Bibor

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Police Arrest Vigilante Commander, Others Over Robbery In Rivers

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The Rivers State Police Command has arrested the Commander of Isiokpo Community security outfit, popularly called vigilante group, Mr. Ododo Kingsley Obubochi, and three other members of the outfit for alleged vandalism and armed robbery in the State.
A statement signed by the Police Public Relations Officer (PPRO) in the State, SP Grace Iringe-Koko, said among those apprehended are the local vigilante Commander in Isiokpo, Ododo Kingsley Obubochi, along with three other executive members of the local vigilante group on 26th March, 2024.
She named others arrested as Mark Prince, Destiny Onuigbo, and Azubuike Orlu, stressing that they utilised their positions as executives of the outfit to access the group’s armoury, which they used in perpetrating the said criminal acts.
According to the statement, “the sequence of events leading to their arrest unfolded when a scrap dealer, known as Prince, approached Ododo during a vigilante group member’s burial of one of their members.
Prince used the venue of the burial to present himself as a businessman from Omagwa, proposed a joint venture involving the dismantling and sale of a mast belonging to Globacom, located on a secluded road in Elele.
“Following negotiations, Ododo agreed to provide firepower and monitoring during the operation for the mast’s disassembly. A fee of NGN500,000.00 was set for Ododo’s participation.
“The operation commenced as planned, with Ododo and his accomplices providing cover and supervision”, it stated.
The statement contained that their criminal activities were disrupted when they were intercepted by a police patrol unit during the operation, adding that confrontation ensued, resulting in their arrest. Two of the vandals escaped, while four were arrested.
The items recovered from the arrested individuals include three automatic pump-action guns, one live cartridge, one plier, one machete, and two Qlink motorcycles without registration numbers.
In response to this development, the Rivers State Commissioner of Police, CP Olatunji Rilwan Disu, expressed concern over vigilante members’ involvement in criminal enterprises.
He reiterated the command’s commitment to apprehending all individuals involved in criminal activities, regardless of their affiliations or positions within law enforcement structures.
“The ongoing investigation aims to apprehend the remaining fugitive suspects involved in this criminal network.
“The Rivers State Police Command urges the public to remain vigilant and report any suspicious activities to the nearest police station”, he said.

By: Akujobi Amadi

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