Connect with us

News

Why Rivers Issues N250bn Bond …Amaechi Wins Award

Published

on

Rivers State Governor, Rt. Hon. Chibuike Rotimi Amaechi has again explained why his administration plans to issue bond at the capital market for funding major developmental projects.

A statement by the spokesman to the Rivers State Governor, Mr. David Iyofor stated that the bond would be tied to funding specific developmental projects.

The projects, he said, include the Greater Port Harcourt City, the Port Harcourt Monorail project, the new Rivers State University of Science and Technology Phase1, Monte@Rivers (an entertainment complex), the Port Harcourt Ring Road (that would connect the old city and Greater Port Harcourt) and a new M-10 Highway (a beltway that would link the Port Harcourt International Airport to the Onne Sea port).

Iyofor explained that such  gigantic projects would need immediate and massive funds injection to complete them. Hence Rivers State plans to approach the capital market in October, 2011 to raise these funds.

He added that already the State House of Assembly has given the nod for the governor to obtain the bond as such projects cannot be accomplished by sheer reliance on Federal Allocation and Internally Generated Revenue that comes in trickles.

Explaining further the details of the bond, Rivers State Commissioner for Finance, Dr. Chamberlain Peterside said,”These long term capital projects that are capable of catalyzing the industrialization and transformation of Rivers State require massive financial investment that can only be obtained from the capital market.”

“The proposed size of the first tranche of the bond will be about 100 billion naira with five years tenure, whereas the total bond programme of 250 billion naira is envisaged over the next several months.” Peterside said.

Rivers State remains very buoyant financially with sizeable revenue accruing from both the Federation Account and IGR. The State has set a target of earning at least half of its total revenue from IGR over the next one to two years.

According to Peterside, “whilst energy prices remain relatively high on the world market in an atmosphere of somewhat low to moderate interest rate, Rivers State would benefit from a bond issue at this stage through leveraging its high income potential and favourable credit rating, coupled with a debt portfolio that is currently low at less than 30 billion naira.”

“The economic indicators of the State, including annual Gross Domestic Product of about 30 trillion naira compared to its debt stock are positive attributes that Rivers State can ride on to raise additional funds to finance its long term development agenda and fast track social and economic growth.” He said.

Peterside however noted that the State has moved further to institutionalize its efforts, giving no room for future administrations to violate loan covenants of bonds.

“To ensure that proceeds of bond are efficiently and prudently deployed for the benefit of generations yet unborn, the Government through the Ministry of Finance and other agencies is making conscious and relentless effort to modernize and automate Public Accounting System, strengthen the Debt Management Office and establish relevant institutions that can transparently monitor projects, while acting as checks and balances of fund utilization in the public sector.”

“With all this in place it is inconceivable that Rivers State will default on the bonds or allow any future administration to violate loan covenants of bonds, thereby laying the groundwork for predictability and continuity in the economic and financial planning process of the State.” he added.

Restating the Rivers State Governor’s commitment to continued infrastructure development for long term sustainable development, Iyofor explained the significance of the huge projects to the State and its people:

“The Greater Port Harcourt City Master Plan shows massive development cutting across over 8 Local Government Areas of the State covering an area of approximately 1900 square kilometers (40,000 hectares of land) with a projected population of about 2 million people. We have masterplans for roads, housing, power, water, waste water, storm water, and integrated waste management among others. We already have the new Stadium and Sports Complex built within the Greater Port Harcourt axis. The proposed M-10 Highway and the Central Spine road designed with interchanges would link the New city to the Old City in the space of 15 to 20 minutes.”

Meanwhile, Rivers State Governor Rt. Hon. Chibuike Rotimi Amaechi has been honoured with an award of excellence in governance by the Foundation Faith Church.

The award was presented to Governor Amaechi by the Arch Bishop of Foundation Faith Church, ArchBishop Sam Amaga, Saturday, during the dedication of the Church Cathedral in Port Harcourt.

ArchBishop Amaga eulogised  Governor Amaechi’s government for embarking on policies and programmes that would bequeath a legacy for generations to come.

The religious leader identified the focus in education, healthcare, security and power as areas that would improve the standard of living of the people of Rivers State and lauded him for not lacking in courage to take major decisions, emphasising that some of the policies enunciated by the present government would be appreciated after his tenure.

The General Overseer of Foundation Faith Church said the attention given to the education sector by the Governor Amaechi led administration would uplift the quality of education in the state.

ArchBishop Amaga noted that the benefits of education propelled his church to establish primary, secondary and university levels of education to cater for the educational needs of the society, in addition to fulfilling their spiritual requirements.

The clergyman, who narrated the story of the growth of his church which started with five members, said it has spread to all parts of Africa, Europe and Asia, adding that the vision of his missionary work was to evanglise the world.

Earlier in his speech, Governor Chibuike Rotimi Amaechi congratulated the church for completing the magnificent edifice as a place of worship, while reminding ArchBishop Amaga to bring the benefit of the growth of the church such as  the university, to Rivers State where it started .

Governor Amaechi assured the church of his government’s preparedness to partner with them, particularly in its focus on education, disclosing that by September 2011, about 200 of the modern primary schools would be equipped and put to use.

The State Chief Executive, who expressed gratitude to God for putting him in the present position, noted that some of the projects embarked upon by his government like the free education and health was based on his humble background.

He explained that some of the policies of his administration may appear harsh but they were for the overall interest of Rivers people and solicited for the prayerful support of the church to his administration.

Continue Reading

News

Work on Eleme Road delaying fuel distribution from PH Refinery – PETROAN

Published

on

The Petroleum Retail Outlets Owners Association of Nigeria (PETROAN) has expressed concern over the slow pace of work by Reynolds Construction Company (RCC) on the Eleme East-West Road project, Port Harcourt axis.

The National President of PETROAN, Dr Billy Harry, in a statement yesterday, said that the delay was happening in spite of the N33 billion said to have been released by the Federal Ministry of Works, for the project.

Harry decried the challenges the deplorable road posed, saying that it was sabotaging President Bola Tinubu’s efforts to ensure the smooth distribution of petroleum products from the renovated Port Harcourt Refinery.

“Thousands of petroleum trucks will be using the road to convey products from the renovated Port Harcourt refinery, so, further delay is detrimental.

“The Eleme East-West Road is a critical route for the transportation of petroleum products, and its safety is paramount.

“The road’s deplorable condition poses a significant risk to trucks carrying petroleum products, which could lead to catastrophic accidents and environmental disasters.

“PETROAN is calling on the President to evaluate the ongoing contract by RCC in line with the contract timeline.

“This move will consolidate his renewed hope agenda by ensuring the timely completion of the Eleme East-West Road project.”

Harry said that about 60 retail outlets were negatively impacted by the road construction, and requested adequate compensation for owners of the fuel stations.

He recalled that the Minister of Works, David Umahi, in a press conference, had also complained about the slow approach of RCC, leading to the issuance of a seven-day ultimatum by the Minister.

“Furthermore, PETROAN is calling on the Minister of Works, David Umahi, to fast-track the contract evaluation process and take decisive action to address the slow pace of work by RCC.

 

Continue Reading

News

Old Students’ Association Marks Anniversary 

Published

on

The Rivers Secondary Schools Old Boys and Girls 1983 Set Association marked its one year anniversary in Port Harcourt on 22nd December 2024.

 

The association is a body of old boys and girls of 1983 graduating set of secondary schools in Rivers State, Nigeria conceptualised to provide opportunities for  reconnection and reminiscing over old times, networking, creating avenues for personal and professional growth, fostering friendships and celebrating milestones.

 

The one year anniversary gathering which took place at Galaxy PHD Event Centre, in GRA Phase 2, Port Harcourt, brought together different professionals and was heralded with classic photo shoot session, free speeches and talks on how to move the association to greater heights. It was rounded off with a dinner.

 

Speaking at the event, the Chairman of the Board of Trustees of the association, Chief Hope Kuku, congratulated members for the one year anniversary.

 

He encouraged members to reach out to more classmates in order to grow the association as the advantages are enormous in terms of business growth and social interactions.

 

He said he was already looking forward to a steady growth of the Association to mark the 10th anniversary.

 

Also speaking, the President of the association, Barrister Tubokumba Harry, described the last one year of the association as “exciting and really fulfilling” promising to “get more of our set mates on board”.

 

He stated that the coming together as classmates of the same set would inculcate a bond built on shared experiences which can enhance communication skills, promote teamwork and collaboration with lasting memories that members would cherish in the future.

 

In her own remarks, the Secretary General of the association, Dr (Mrs) Ibinabo Ogolo said one year down the memory lane of the association has been wonderful as members have not only shared experiences but made significant strides towards achieving the aim and objectives of the association.

 

“We successfully organised programmes like celebrating the Day of the African Child with students of Government Technical College, Trans Amadi, Port Harcourt.

 

Also, a Road Walk and Health Awareness campaign through Port Harcourt streets to create awareness and sensitize the people of Rivers State on the health importance of walking.

 

The association  also organised a “Hang-Out” session for members on 1st October, 2024 to foster relationships and networking and also joined other groups to relieve stress and depression at the Enjoyment Mega Sit Out at Port Harcourt Club in Port Harcourt.

 

These activities brought our members and community together”. She said.

 

On his part, the Chairman of the anniversary planning committee, Mr Tammy Owunaka noted that the association in just one year had grown to enviable height providing a platform for former classmates to reconnect, network and give back to the society.

 

Furthermore, he stated that the association created opportunities for professional mentorship, developments, and collaboration, thereby helping members to advance in their aspects of endeavour and personal lives.

 

He said that through the association, members have demonstrated that power of collective action and social responsibility can propel an organisation and commended the sense of belonging and camaraderie among members.

 

Also speaking, the legal adviser of the association, Barrister Ngozi Ajayi    noted that though the association is only one year old, it was already walking on a purposeful path and urged members to remain committed to and focused to make the association one of the best in the state.

 

In his remarks, Barrister Sylvester Adaka, who is a former Chairman of Nigeria Bar Association, Port Harcourt Branch and a memeber of the association stated that so far the association is on the right path but will progress better with more classmates on board.

 

He commended the classic photo shoot session as a great way to portray the individual personalities of members, adding that he was looking forward to more events.

 

 

 

 

 

Continue Reading

News

Nothing’ll Stop Governance In Rivers, Fubara Assures …Says We Won’t Allow Anyone Take State For A Ride

Published

on

Rivers State Governor, Sir Siminalayi Fubara, has assured that his administration will not leave any stone unturned to checkmate and frustrate anyone or group of persons attempting to stop government from delivering good governance to the good people of the State.

 

He also assured that with the strong support of the pillars and frontiers of the political class and leaders, particularly those who built the foundational structures of Rivers politics, his administration will not allow any detractor or shenanigan take the State and its people for a ride going forward.

 

Governor Fubara gave the assurance while addressing Rivers people at a 2025 New Year State Banquet in Government House, Port Harcourt.

 

He expressed confidence that with the strong organic support of former governors, Dr Peter Odili and Sir Celestine Omehia; former Deputy Speaker, House of Representatives, Sir Austin Opara; former deputy governors, Sir Gabriel Toby and Engr Tele Ikuru; Senators John Azuta-Mbata, Lee Maeba, Andrew Uchendu, Adawari Michael Pepple; former national chairman of PDP, Prince Uche Secondus; former transport minister, Dr Abiye Sekibo; Amb Orji Ngofa; and other former and current elected political office holders and leaders at all levels, with proven integrity and accomplishments, no detractor would stand on the way of the State Government in achieving the giant strides it has set for itself.

 

The Governor said this year, “We will ensure we protect the integrity of this state, at all cost. We won’t allow anybody take this state for a ride. It doesn’t matter the approach I will use. It’s not going to be a fight. We will follow the issues as we did with the case when they (detractors) started begging. Nothing will stop us from not achieving the purpose of governance in this State.”

 

With strong confidence and faith in God and the people, the Governor said, “We are not bothered about what they (opposition) will come with. God will always have a way to save us from them. They are going to come, but we are not worried. We are equal to the task. I honestly thank our leaders, from Dr. Peter Odili, Sir Celestine Omehia, Sen John Azuta Mbata, Sir Austin Opara, Prince Uche Secondus, Dr. Abiye Sekibo; to others, for the organic support you are giving to our government.

 

“A lot of persons would not understand what is really happening. This is not to say we did not have people that were with us and following us and fighting. But one of the troubles they (detractors) have where they are today is that they do not have any (strong) face (in Rivers politics) with them. The beginning and the end of politics in this State is Sir Peter Odili. And if he is sitting with us (here), and with these other persons, who do they have with them?

 

“This Dr. Odili is the right face and right image of our State. These are the frontiers of Rivers State politics. Men and women that have distinguished themselves are sitting with us (here). People who have contributed in several ways to make Rivers State what it is, not rented people they bring for dinner”, he added.

 

He recalled that the events of 2024, were a mix bag of daunting challenges, but quickly added that the year ended with his administration scoring more gains than losses, “2024 was not an easy year, but it was great for us in the end. About this time last year, we were not in a very pleasant mood, for fear of what might happen, because of the boasting of those who believe they control life”.

 

But while boldly projecting the 2025 outlook, the Governor said, “We will continue to put our trust in God as 2024 had been a wonderful year. We had our losses, and our gains. But the most important thing is that our gains surpassed the losses. We can boldly say 2024 was a good year for Rivers State. And year 2025, with your support, we are going to build on the gains of last year.”

 

He restated his administration’s determination to sustain the Rivers First policy, saying, “We will continue to protect the lives of our people and provide the required services in our State. We are not going to lower our guards. Rather, we will raise our bar because, what is speaking for us today is the achievements we are making in the face of obvious distractions.

 

“Therefore, raising the bar will be our own way of telling the world that no matter what is happening here, we mean well for the state and know what we are doing. It is not going to be easy. I know. God, at times, keeps evil people to live long to continue their evil, not because He does not know what to do but activities of evil people also keep the righteous people awake,” he stressed.

 

Governor Fubara commended everyone in the State for their organic support, and solicited for more support in 2025, emphasising, “We are not going to do it alone, because we have not made these gains alone. Whatever win we scored today, it is not myself alone, but the government and the support received from every one of you. I cannot pay you back for doing what is right for your State. It is our State, and at the end of the day, we are building a better future for those to take over after us. That is my own dream for the State.”

 

The Governor noted that it is not about power and what is done today, but sustaining a system that will be self-preserving, on which everyone can stand and be proud of the State, explaining, “I strongly believe that because of our desire to build, not our (private) supermarkets, or our hotels, but to build a (resilient) State, there is no way we will not succeed, because our interest is not for self, but the collective interest of our people.”

 

He assured that 2025 is going to be a year of all-round achievements, declaring that by February, 2025, his administration will embark on projects’ commissioning in other sectors, emphasising, “This time around, not roads. Our Fire Service, you can see what we are doing there. For over nine years, there was no functional Fire Service, but today, I can proudly tell you that we have bought all the vehicles, and we are remodelling the offices”.

 

The Governor added, “Education is the only instrument that can help our youths to avoid criminality and crime. Our State is behind in education, as our primary schools are shadows of themselves. You can see the provisions we made in our budget, and we are making sure education is given the required attention in this State.

 

“We have done much on health but we are going to spend more because you have to be alive to work. We are doing what we know is right, and doing those things that you can stand anywhere after our administration to defend us that our decisions were right. Nothing will stop us from achieving the purpose of governance in this State”, he vowed.

 

In his welcome remarks, the Secretary to the State Government, Dr. Tammy Danagogo, noted that the outgone year had been a wonderful one, and commended Governor Siminalayi Fubara, for being focused as an emancipator of the State, saying no matter the antics of the enemies, their acts to distract the government will continue to fail.

 

While proposing the toast for the New Year, member representing Andoni-Opobo/Nkoro Federal Constituency in the National Assembly, Hon Awaji-Inombek Abiante, said that Governor Fubara’s leadership qualities are a testament to the success of the administration, and prayed for the peace, unity and prosperity of the State, urging the “prodigals” to return home to join in the rebuilding of the Treasure Base of the Nation for future generations.

 

Highlight of the event was the cutting the New Year Cake by the Governor, who was joined by his Deputy, Prof Ngozi Odu; Speaker, Rivers State House of Assembly, Rt Hon Victor Oko-Jumbo; former governors Peter Odili and Celestine Omehia; Hon Austin Opara; Prince Uche Secondus; retired Justice Mary Odili (JSC); Chief Judge of the State, Justice Chibuzor Simeon Amadi; President, Customary Court of Appeal, Wilfred Ihemnacho Obuzor; Senators John Azuta Mbata, Lee Maeba, Andrew Uchendu, Adawari Pepple; Amb Orji Ngofa; and others.

 

 

Continue Reading

Trending