News
Why Rivers Issues N250bn Bond …Amaechi Wins Award
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.
The Organised Labour yesterday, called on the Federal Government to ensure inclusiveness in policy making and guide against erosion of rights, such as free speech and association.
The President, Nigeria Labour Congress (NLC), Mr Joe Ajaero made the call at the 2025 Workers’ Day celebration held at the Eagle’s Square, Abuja.
The Tide source reports Ajaero and the President, Trade Union Congress, Mr Festus Osifo delivered a joint statement on behalf of the organised labour at the event.
Ajaero described May Day as, not only a moment to honour workers’ sacrifices, but also a platform to demand justice and accountability from those in public office.
He frowned at the alleged suppression of protests, and the erosion of rights of workers by some agents
According to him, workers have a duty to resist economic injustice, insecurity, and policies that undermine their dignity.
Speaking on the theme of the day, the NLC President underscored the need for Nigerian workers to reclaim the civic space and resist policies that contribute to worsening economic conditions.
“Our theme this year – “Reclaiming the Civic Space in the midst of Economic Hardship – reflects the urgent need for citizens to protect democracy and push back against repression.
“The civic space, where Nigerians express their concerns and challenge injustices is shrinking.
“If we fail to reclaim this space, the foundation of our democracy risks collapse,” he said
Ajaero, therefore, urged workers to unite and resist division, fear, and despair.
He also urged them to mobilise and organise for change, declaring that the right to demand better conditions is non-negotiable.
“Without workers, there is no society; without labour, there is no development. We must take our place in the fight for economic justice and democratic governance.”
Speaking in the same veins, Osifo said workers are the backbone of the nation—the educators, healthcare providers, builders, farmers, and innovators who sustain its economy -.
He stressed the need for the labour to reclaim the civic space even in the midst of economic hardship.
The Joint Admissions and Matriculation Board (JAMB) has disassociated itself from a fraudulent site requesting payments from candidates who missed the ongoing 2025 Unified Tertiary Matriculation Examination (UTME).
The board said that the site, “Copyrightwriter Personal J Rescheduling Flw” and account number 8520641017 at Sterling Bank, associated with it, are scam.
The disclaimer is contained in a statement made available to newsmen in Abuja on Thursday by the Board’s Public Communication Advisor, Dr Fabian Benjamin.
Benjamin said the account is being exploited to defraud unsuspecting candidates who missed their UTME.
“We issue this urgent notice to inform the public about this nefarious scheme targeting candidates who were unable to participate in the UTME.
“Some unscrupulous individuals are deceitfully soliciting payments of N15,700 under the false pretence of offering rescheduling services for the examination.
“Let us be unequivocal: this, it is a blatant scam, and we are confident that the public will not fall prey to such cheap and regressive tactics.
” The individuals behind this scam have no affiliation with JAMB or any legitimate government agency.
“The account details provided in these communications are entirely fictitious and bear no connection to any official processes; they exist solely for the purpose of perpetrating fraud,” he said.
Benjamin called on Sterling bank to take immediate and decisive action against this criminal activity.
According to him, JAMB has reported the matter to the relevant security agencies and actively pursuing those responsible for this deceitful act.
He further said that “JAMB does not reschedule examinations for candidates who miss their scheduled tests due to reasons unrelated to the Board’s actions”.
He, however, said that the Board is conducting a thorough investigation for candidates whose biometrics failed during verification and were thus unable to sit for the examination.
He said those without discrepancies would be invited to retake the examination at no cost , stressing that “no cost is required”
“It is imperative to understand that JAMB does not charge any fees for examinations after a candidate has completed their registration.
“We strongly urge all candidates to remain vigilant and not to succumb to these fraudulent schemes.
“Protect yourselves and report any suspicious activity immediately,” he explained.
The Niger Delta Development Commission (NDDC) has expressed its willingness to partner with the United Nations (UN) to accelerate the development of the Niger Delta region.
Dr Samual Ogbuku, Managing Director of the NDDC, made the appeal in a statement issued by the commission’s Director of Corporate Affairs, Mrs Seledi Thompson-Wakama, in Port Harcourt on yesterday.
According to the statement, Ogbuku sought the UN’s support during his visit to the UN Resident and Humanitarian Coordinator (UNRHC), Mr Mohammed Fall, at the UN regional office in Abuja.
He called on the global body to provide the NDDC with technical assistance and expert services to support the region’s development.
“We are eager to collaborate with the UN, recognising that the state governments in the region and the NDDC alone cannot achieve the level of regional development required,” he said.
Ogbuku identified key areas where support would be needed, including the provision of portable and affordable drinking water powered by high-tech solar energy sources.
He also highlighted the importance of reforesting the mangrove swamps, which have been severely damaged by decades of environmental degradation caused by oil exploration in the Niger Delta.
“Although the NDDC has made progress in providing solar-powered streetlights across the region, we still require UN support in delivering solar energy solutions for residential buildings.
“We also wish to explore the possibility of installing solar mini-grids in homes across communities, which would boost local commerce and trade,” he added.
The NDDC managing director further appealed for increased UN involvement in areas such as healthcare, education, youth training, gender development, and food security.
Ogunku stated that such interventions would significantly enhance the standard of living in the region.
In response, Fall affirmed the UN’s readiness to collaborate with the NDDC to fast track development in the Niger Delta.
He assured that the UN would support initiatives in food security, job creation, education, and renewable energy, among other areas.
“We aim to approach development in the Niger Delta holistically, rather than focusing solely on environmental pollution.
“This is merely an entry point; however, the UN’s development vision aligns with the Sustainable Development Goals (SDGs), which are designed to positively impact various aspects of people’s lives,” Fall stated.
He assured the NDDC of continued and fruitful engagements to drive the region’s development.