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CBN To Boost SMEs With Money Saved From Naira Redesign

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3 years ago

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The Central Bank of Nigeria (CBN) has promised to boost Small and Medium Enterprises (SMEs) in the country, using most of the savings from Naira Redesign scheme and deepening of its cashless economy.
The CBN made this promise in Port Harcourt, recently during sensitisation rally for Naira Redesign to traders.
The apex bank also urged traders and other persons who suffer fraud in commercial banks to lodge complaints at the CBN, assuring that the money would be recovered the way many others have so far been tracked and recovered.
The CBN Branch Controller, Maxwell Okafor, who led other bank workers to the Mile One Market in Port Harcourt, explained the critical importance of the redesign scheme and how the deadline will not be shifted.
Okafor said the huge sums to be saved from the Naira redesign scheme would play important role in funding SMEs.
The CBN explained why the Ministry of Finance was not involved in the naira redesign, saying only the CBN had the mandate by law.
Okafor also said that the CBN would not extend the deadline for phasing out of the old currency any further than January 31, 2023.
He advised the citizens to move their old notes to the banks and use ATMs to withdraw the new notes.
He said henceforth, tracking of currency that leaves the apex bank has started with the redesigned money.
He advised the citizens to ignore rumours that the new naira is easy to wash off, saying any currency exposed to bleaching or chemicals would suffer the same fate.
Answering questions from traders, Okafor explained that what was going on was redesign and not restructuring of the naira.
“Even if we change only the colour or one number digit on the currency, it is redesigned”, he said.
The CBN also gave out the numbers to be reached if anybody has issues getting the new naira from any bank.
The bank explained the features of the e-Wallet, saying it does not attract charges for transacting with it.

By: Susan Serekara-Nwikhana

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Rivers

MCDI Inducts 150 Professionals In PH

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7 days ago

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November 24, 2025

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The Mentoring and Career Development Institute of Nigeria (MCDI) has inducted about 150 new members into various categories of membership during a special induction ceremony and dinner in Port Harcourt.
Aimed at expanding the institute’s membership base, the event offered new inductees an opportunity to engage with senior members and integrate fully into the organisation’s professional network.
The induction ceremony was part of the 2025 national conference of the institute.
National President of MCDI, Dr. Collins Edebiri, administered the oath, while the new members promised to carry out their duties faithfully, following the institute’s rules and constitution.
Dr. Edebiri emphasised the institute’s core mandate of instilling values that will shape individuals and institutions.
He emphasised the theme of the conference, “Mentoring for Individual and Corporate Leadership”, noting that last year’s focus centred on national development and value reorientation.
Edebiri explained that the induction ceremony is a key feature of the institute’s annual conference, though inductions also occur quarterly.
On the criteria for membership, he said the most important factor is the desire to be mentored or the readiness to mentor others, and urged the new inductees to become ambassadors of value-driven leadership in their respective workplaces.
Guest Speaker at the ceremony, Mrs. Ibim Semenitari, who was a former Managing Director of the Niger Delta Development Commission (NDDC), shared her experiences from her early days in journalism, attributing much of her professional growth to strong mentorship.
She encouraged members to embrace mentorship as a catalyst for personal and societal advancement.
Seminitari was later presented an award.
New members, including Wisdom Egberi Woniepiriye, and Mrs. Grace Ajinwanyiekwu, expressed their excitement and hope to be mentored well so they can eventually mentor others.
There were a dinner and networking session, marking another success for MCDI in its efforts to build leadership values nationwide.
By: Theresa Frederick & Charity Amiso
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Rivers

Fisherman Gets Thumbs-Up Over Patent Creation 

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7 days ago

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November 24, 2025

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The Society of Petroleum Engineers (SPE) has commended a renowned fisherman, Mr. Ricky Brown Owunari, for what it described as a remarkable stride in global engineering content creation.
In a congratulatory message signed by the Association, weekend, the SPE said  the patented “Dewaxer Flow Enhancer and Downhole Tool” had secured official endorsement under U.S. Patent No. 12,448,868 B2.
They said the development has been highlighted as a significant indicator of Rivers State’s growing intellectual and technological capacity, with observers noting that such breakthroughs position the state as a rising hub for innovation.
According to those familiar with the innovation, the achievement serves as proof that Niger Deltans have moved beyond the era of militancy and are now producing world-class content, research outputs, and technical solutions.
The SPE officials described the patented technologies as timely tools designed to tackle wax deposition in crude oil wells, a major challenge that frequently disrupts production and increases maintenance costs.
They further stressed that the milestone underscores the need for Rivers State to invest more in supporting innovators whose works demonstrate global potential.
Industry experts revealed that the tool originated from years of field observation, experimentation, and rigorous research aimed at improving flow assurance in challenging well conditions.
They also urged the Federal Government to show greater appreciation for home-grown innovations, calling on President Bola Ahmed Tinubu to formally recognise and encourage technological breakthroughs emerging from the Niger Delta.
Stakeholders at the event warned against piracy, emphasising that unauthorised copying of patented technologies undermines national progress and discourages genuine innovators.
Analysts observed that the breakthrough strengthens the narrative of a new Rivers State built on creativity, content development, and technical excellence rather than conflict.
The session concluded with a call for stronger collaboration between government authorities and industry players to protect intellectual property and position Rivers State as a greenhouse for innovation-driven content.
The content, The Tide gathered, is expected to solve critical challenges in the oil and gas sector, as well as other relevant areas of the national economy.
By; King Onunwor
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Rivers

NBA Seeks End To Mass Abductions, Targeted Killings

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7 days ago

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November 24, 2025

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The Nigerian Bar Association (NBA) has warned against mass abductiond and targeted killings in Nigeria.
President of the NBA, Mazi Afam Osigwe, who gave the warning, noted that Nigeria was faced with a growing wave of violence following fresh attacks in Kebbi and Borno States.
The association issued the warning after terrorists attacked the Government Girls Comprehensive Secondary School in Maga on November 17.
According The Tide’s source, the gunmen killed a teacher and abducted at least twenty-five students during a shootout with security personnel.
The  President said the latest attack shows the country has become unsafe for schoolchildren and civilians.
He further noted that Nigeria also lost Brigadier General M. Uba earlier that day in an ISWAP ambush in Borno State.
According to Osigwe, the nation was  witnessing a rise in terrorism, kidnapping, and lawlessness that has overwhelmed security agencies, adding that rural communities, travellers, farmers, and security officers are all exposed.
The NBA President also warned that Nigeria was facing a dangerous breakdown of public safety.
Quoting recent reports, he said about 145 people went missing in mass abductions across Kebbi, Niger, and Zamfara within four days.
“The country must stop recording deaths while hoping for peace through negotiations with terrorists”, he said.
The NBA further revealed that recent intelligence alerts, including the DSS warning of ISWAP plans to strike in Ondo and Kogi, show a widening threat.
Osigwe questioned why terrorists still control forests and highways without challenge, with criminals levying taxes on communities, displace families, and attack convoys.
The NBA demanded an urgent national security overhaul with transparency and strong political will.
Osigwe, however, praised the teacher who died in Kebbi while protecting students.
By;  King Onunwor
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