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Don Blames Inflation On CBN’s Monetary Policy

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2 years ago

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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

100 Days: LG Boss Commissions Late Monarch’s Palace Fence, Solar Water Projects

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9 hours ago

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February 5, 2025

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As part of activities marking his 100 days in office, the Chairman of Ahoada West Local Government Council, Hon Iyekor Ikporo, has commissioned a solar water project at Odiereke Ubie Community.
Other projects commissioned by the chairman at Ward 9 of the local government are Late Emperial Majesty, Eze Robinson O.Robinson palace fence, generator house and security post.
Recall that the palace of the revered deceased King was affected by the recent flood, which destroyed the fence and virtually all his property until the current council chairman came to the rescue.
The ovation that greeted the chairman’ s demonstration of exemplary leadership could be seen in the reception accorded him during the commissioning ceremony.
In her remarks, the wife of the late monarch, Her Majesty Felicia Robinson,who could not hold back her tears, commended the council chairman for wiping away her tears.
She described the chairman as God-sent, and called on the new Eze Ekpeye Lobo 111, King Kelvin Anugwo, to honour the Ahoada West chairman for this singular gesture.
She also called for continuous support of the council chairman and the Governor of the State, Sir Siminalayi Fubara, for leading the people on the path of progress.
Earlier, the Eze Ekpeye Logbo 111, Eze Kelvin Anugwo, had commended the chairman for taking bold steps to reconstruct the palace fence and other facilities, and expressed gratitude to the chairman for his passion to deliver the dividends of democracy to his people.

 

While suing for peace and unity of the people, the first class traditional ruler, stressed the need for division among the people to be jettisoned by all and sundry, for the overall development of the Ekpeye ethnic nationality.
In his remarks, the council chairman narrated the significant milestones his administration has recorded within the past three months in office.
He said since charity begins at home, he has taken steps to provide basic necessities to the Ward where he hails from, contending that for a long time, the people of Odiereke Ubie Community had no drinking water, hence, his decision to provide potable and well treated water that would stand the test of time.
He said, “You can recall that when we came here canvassing for votes for our dear Governor, while listening to the requests of our people, lack of potable water in the area was a topmost setback and challenge and that is why on assuming office, we decided to address it.”

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Bonny Protest Neglect, Seeks CSR MoU Implementation 

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10 hours ago

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February 5, 2025

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A protest by Bonny Kingdom in Rivers State have given ultimatum to international oil firms and the Nigeria Liquified Natural Gas Limited (NLNGL) operating in the island on the need to transform the island in line with the memorandum of understanding (MOU) provided by the Train 7 agreement.
The Chairman of Bonny Kingdom Development Committee (BKDC), Amaopusenibo Amairigha Hart, accused the oil and gas multinationals of neglecting their Corporate Social Responsibility (CSR) obligations, marginalizing Bonny people, and violating agreements.
Hart warned that the Kingdom would no longer tolerate what he called the flagrant disregard for its developmental needs.
“Bonny Kingdom is known for its peaceful and hospitable nature, but this should not be mistaken for weakness. While individuals, nations, and organizations hail Bonny Island as a blessed geographic location, the land and people have very little to smile about.
“This stems from the abject neglect, total exclusion, rights and privileges denial, and obnoxious disregard for the people of Bonny Kingdom in the scheme of things with regards to how the companies operating in Bonny Island do their businesses”, he said.
Indigenes of the island  had planned to begin an indefinite shutdown on January 13, 2025, to demand the implementation of stalled development projects and agreements.
However, the BKDC announced the suspension of the protest following interventions by NLNG and security agencies, who requested an opportunity for dialogue.
“While the plans to commence the protest were at their peak, government agencies and NLNG reached out to us for a chance to discuss and resolve the issues amicably. The Kingdom considered the requests and had decided to suspend the planned peaceful protest”, he explained.
Despite this temporary suspension, the BKDC stressed that it remains steadfast in its demands.
“This is a strong note of warning: things cannot remain as they are. A people grounded may be buried but cannot die twice”, Hart stated.
The BKDC Chairman decreied the failure to implement the CSR projects under the NLNG Train-7 project, including road expansions, construction of a mini-stadium, a waste-to-wealth facility, and other infrastructure.
He alleged that despite adequate funding from Train 7 investors, NLNG has withheld the project funds and failed to deliver.
“For emphasis, NLNG and SCD-JV signed Memorandums of Understanding (MOUs) to execute the following projects in the Kingdom under the Train 7 Project: Expansion of the road from Shell Gate to Coal Beach with a spur from Amaomu Junction to the King Perekule Palace; construction of a 5,000-capacity mini-stadium and sports academy; construction of a vehicular terminal; and construction of a 2.5km road from Workers’ Camp to Simidia Junction. But none of these projects has seen the light of day up till now.
“Interestingly, the people of the Kingdom are well aware that investors in the Train 7 Project provided adequate funds for the implementation of CSR projects in the Kingdom, but unfortunately, NLNG has ensnared these funds in its custody and continued to exercise sole authority over them without any input from the Kingdom”, Hart alleged.
He  further lamented the poor living conditions in Bonny despite its immense contributions to Nigeria’s economy.
He continued that “As at today, Bonny Island lacks clean, potable, and drinkable water. It lacks basic social amenities. There are no internal roads except the few constructed by the Bonny Local Government.
“The Bodo-Bonny Road remains under construction since 1975 and is yet to be completed. Roads in the Kingdom remain one-lane narrow roads despite the intense traffic utilization occasioned by the activities of these companies”.
Noting that the kingdom is grappling with severe environmental degradation, Hart said, “The shores around Bonny Island continue to be washed away by the sea waves, a situation aggravated by the strong waves caused by the heavy traffic of large seagoing vessels owned and operated by the multinationals.
“The air pollution is at an all-time high with attendant environmental and health hazards which residents of the Island are being subjected to. Acid rain is a normal occurrence, which continues to undermine the sustainability of buildings in the Island”.
The BKDC further urged the Federal Government, Rivers State Government, and IOCs to take immediate action to address the Kingdom’s grievances, warning that failure to do so could result in renewed action from the people.
“This is a cry for help by the people of Bonny Kingdom and a strong note of warning that things will no longer remain as they are. It is time for the Federal and State Government as well as the companies operating in the Kingdom to rise to the occasion and act right, urgently and in the interest of Bonny people”, Hart stated further.
The committee emphasized that while the Kingdom values dialogue and collaboration, it expects concrete results and a change in attitude from the companies operating within its borders.
In his response, the management of NLNG, through the General Manager, External Relations and Sustainable Development, Ms. Sophia Horsfall, assured stakeholders that plans for Train 7 CSR projects remain on course.
Kevin Nengia
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Rivers

NOSDRA D-G Disburses N150m To 300 Farmers In Rivers

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10 hours ago

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February 5, 2025

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The Director-General, National Oil Spill Detection and Response Agency (NOSDRA), Chief Chukwuemeka Woke, has disbursed N150 million to 300 farmers in Emohua Local Government Area of Rivers State.
Woke told newsmen in Isiodu, Emohua, on Monday that the gesture was in support of the Back-to-Farm initiative of the president’s wife, Sen. Oluremi Tinubu.
He said the grant would not only boost food security, but also empower small-scale farmers in the 14 wards of the local Government Area.
The NOSDRA chief said the grant would enable small holder farmers to contribute towards massive food production in 2025.
”The grant will enable our local farmers to procure inputs, pay for land lease, and cater for other needs ahead of the planting season.
”The aim of this support is to enhance crop yield in the 2025 harvest, especially cassava, this will reflect in the cost and availability of food in the state”, he said.
Mr. Chukwuemeka Aaron, factional Chairman of the Peoples Democratic Party in Rivers, commended the Federal Government for the initiative.
Represented by the secretary, Mr. Benibo George, Aaron said the gesture would boost local food production in the area.
He urged the beneficiaries to put the grant to judicious use in the interest of food security.
Also speaking at the event, the factional Chairman, All Progressives Congress (APC), Rivers State, Tony Okocha, described the grant as a good omen.
Okocha said agriculture was critical to the Renewed Hope Agenda of the President Bola Tinubu-led government.
He urged the beneficiaries to take advantage of the opportunity to contribute to the food security initiative of the Federal Government.
Some of the beneficiaries commended the NOSDRA D-G for the gesture, and described it as well-intended.
One of them, Uchechukwu Otuonu, diescribed the grant as a rare privilege to famers in the area.
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