News
Youth Council Blames Emefiele For Naira Fall
The National Youth Council of Nigeria (NYCN) has blamed the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele’s poor economic management policies for the recent free-fall of the Naira.
The Naira had within last week depreciated to an all-time low of N730 to a U.S dollar at the parallel market.
Emefiele had alleged that the current free-fall of the Naira against other major currencies was as a result of the non-remittances of dollars to the foreign reserve by the NNPC Ltd, without highlighting the reality of the causative oil and non-oil related factors, including a drop in Nigeria’s crude oil production, growing petrol subsidy, an unsustainable dual exchange rate system, and reduction in foreign direct investments.
Reacting, President of the NYCN, Comrade Solomon Adodo, said that the CBN Governor’s explanation for the free-fall of the Naira was disingenuous and unpatriotic.
The group accused Eme?ele of completely failing to concentrate on his core mandate of price stability as the apex bank’s governor.
It pointed out that with inflation at about 19 percent and the exchange rate nearing N800 to a dollar, the CBN Governor should be held responsible for deepening poverty in the country, accusing him of working at cross-purposes with President Muhammadu Buhari’s objective of reducing poverty and growing the economy.
The statement reads: “We are all witness to the fact that from August 2020 to July 2022, the o?cial exchange rate has moved from N381 to N415/$, representing only a nine percent increase. However, the parallel market has moved from N470 to N710 within the same period representing a 51 percent increase and a record 71 percent arbitrage with the o?cial exchange rate creating a huge incentive for round-tripping, price gouging, sharp market practices, and in?ation.
“The NYCN is therefore shocked by the comment of the Governor associating the free-fall of the parallel market rates to NNPC, even though it is purely a monetary policy issue and outside the purview of the NNPC.
“As a youth group, we have noted that the inability of the CBN to promptly release Joint Venture (JV) cash call funding from the Treasury Single Account (TSA) even when the Nigeria National Petroleum Company (NNPC) Ltd had adequate cash cover, leading to the loss of JV Partners’ con?dence to restore production and reap the bene?ts of today’s improved oil prices.
“We are in the know that for over three months now, dollar-denominated cash call payments amounting to over $400 million, properly processed, are yet to be paid by the CBN under Mr. Eme?ele.
“The combined impact of CBN’s inability to promptly release JV cash call to restore production, the increasing losses due to crude oil theft, and production deferments has culminated in signi?cant crude oil output losses of over 600, 000 barrels per day.
“We ?nd it curious that the apex governor seems to be unaware of the insecurity and huge oil theft in the Niger Delta which have continued to challenge the country’s oil production and the oil industry and gas industry in general. At present, there are massive losses and declaration of force majeure across the country’s major onshore production export facilities of Bonny, Brass, and Forcados.
“At the current year-to-date average crude oil price of $107 per barrel, Nigeria is counting opportunity losses translating to over $64 million per day, and a monumental impact of about $2 billion per month.
“We are taken aback that Mr. Governor is feigning ignorance that the country’s rising petrol subsidy cost, as well as the rising cost of external debt servicing, are all obligations a?ecting the economy. These a?ect the NNPC’s remittances to the Federation Account.
“From January to June 2022, the cost of PMS subsidy has reached N2.2 trillion and it is estimated that the full-year subsidy bill may hit N5 trillion and N6 trillion in 2023.
“Apart from government decision to defer the implementation of PMS deregulation, the subsidy pro?le is signi?cantly in?uenced by CBN foreign exchange management.
“It is, however, worth noting that the NNPC has recorded signi?cant gains on production ramp-up including attaining ‘?rst oil’ production from the Anyala – Madu Fields and most recently Ikike ?elds which cumulatively boost national oil production by almost 80, 000 barrels per day.
“Furthermore, NNPC’s e?orts towards attaining additional combined production of over 100, 000 barrels from ?elds like Obodo, Utapate etc has never abated despite the global setback recorded as a result of the e?ects of COVID-19 pandemic.
“History shows that Mr. Eme?ele is at sea on addressing monetary policy issues. We recall that in 2021, the CBN governor blamed Aboki FX for the depreciation of the Naira. He would later blame members of the Association Bureau De Change, which led to the stoppage of dollar sales to the group. At another time, he blamed the Naira’s depreciation on activities of money laundering, terrorism ?nancing as well as politicians.
“Furthermore, Nigerians are bearing the brunt of the inaction of the CBN Governor as the Emirates Airlines, the ?ag carrier of the United Arab Emirates (UAE), has reduced its ?ight operations to Nigeria over the inability of the CBN to repatriate about $85 million in revenue”.
Calling for the CBN Governor’s sack, the group added that Emefiele is clearly a bad workman who blames every other person for his inability to deliver.
“From all indications since his failed presidential bid as well as his rejection by the All Progressives Congress, a partisan Eme?ele has been doing all to rubbish the achievements of President Muhammadu Buhari and this should no longer be permitted.
“As Nigerians concerned about the future of this country and before Mr. President heeds our clarion call to send Mr. Eeme?ele packing from the CBN, we advise that the CBN considers among other options the World Bank’s recommendation of adopting a single market-responsive sustainable exchange rate, improving access to forex through well-de?ned periodic forex auctions, and signaling a renewed commitment to price stability as a primary goal of the apex bank,” it said.
NYCN further expressed optimism that the NNPC’s transitioning into a limited liability entity, in line with the provisions of the Petroleum Industry Act (PIA), and its regulation now in line with the provisions of the Companies and Allied Matters Act (CAMA) would help resolve cash call payments delays, as the company is now exempted from TSA, among others.
News
Fubara Urges Rivers People To Remain Peaceful, Law-abiding …As Eze Worlu-Wodo Inaugurates Palace For Akpor Kingdom

Rivers State Governor, Sir Siminalayi Fubara, has said that despite the ensuing political circumstances against his administration, Rivers people will emerge stronger, eventually, urging the people to remain peaceful and law-abiding in the overall interest of the State.
The Governor, therefore, urged his teeming supporters, and indeed, well-meaning Rivers people, not to be disheartened by recent turn of events but rather cheer up, knowing that God does not start a thing by enthroning his administration, and allow it to be truncated half-way in the journey.
Governor Fubara spoke at the inauguaration of the Palace of Nyeweali Akpor Kingdom and a magnificent residential quarters for the King, Eze Levi Amos Oriebe, built and furnished by the administration of Governor Fubara at Ozuoba in Obi/Akpor Local Government Area last Monday.
The Governor pointed to the ungodly motive of those who are pushing to disrupt governance by worsening the feisty political relationship, and insisted that his path will remain ensuring peace, and warned against any act of lawlessness.
He said: “I want to say to our teeming supporters, I know some of you; your spirits are high, some of you, your spirits are low. But, I want to assure you one important fact of life: God does not start a thing and end halfway.
“It doesn’t matter what the situation might be today, I assure you that we will come up again stronger and better. Continue to follow my footstep, and that footstep remains, the path of peace. We need it because if anything happens, we are the greatest losers.
“Our concern for this State is not because of our own profit, but the total well-being of Rivers State. So, I appeal to everyone of you: be law abiding. I will not encourage any act of disobedience or any act of violence. But that is not to say that we will support evil. We will never support evil.”
Governor Fubara said his administration is focused on good governance and will not renege on the promise of delivering impactful, people-oriented development projects, continually.
The Governor stated: “Our projects, our services will continue to be those ones that would touch the hearts, the souls, and the spirits of our people. And we will not, no matter the circumstances surrounding our situation, renege on that promise that we made to the good people of Rivers State.”
Commenting on the project, Governor Fubara considered it historic to have delivered a befitting palace for the Akpor Kingdom, being the first in over 200 years of its existence.
Governor Fubara explained that it was 10 months ago, during the flag-off of reconstruction work on the Okania-Ogbogoro Road project that he promised, in response to a request by the people, to build the palace, which has been achieved six months after it was awarded for construction.
The Governor said: “I was really touched to the point that I had a few drops of tears when the Royal Father was speaking, and he said, ‘for over 200 years that the Akpor Kingdom has existed, it functioned without a palace’.
“But, God doesn’t make mistakes. Maybe, He left it for our administration to fulfill so that we will be part of history forever and ever in Akpor Kingdom.”
Governor Fubara said further: “We did not just build the palace, but we also provided a personal residence for the Nyeweali, knowing fully well that the palace belongs to everyone, but at the end of his tenure or when call of nature comes, his family definitely, will not be here.
“So, after living in a fine beautiful place, what happens to the family? We have to provide a place for him. I want you to note that we did not end this project by building just the palace, but we went further to provide the Eze his own personal residence, so that when he leaves, he can enjoy the comfort that he is already enjoying here at this moment.”
Governor Fubara expressed appreciation to Akpor people for the Chieftaincy title of “Eze Omenma 1 of Akpor Kingdom bestowed on him by the Nyeweali Akpor, assuring that he will defend it wholeheartedly while urging the entire Obio/Akpor people who have remained very supportive to know that they fill strategic place in his administration.
Performing the inauguaration, Eze Oha Apara (IV), Paramount Ruler of Apara Kingdom, His Majesty, Eze Chike Amadi Worlu-Wodo, recalled that a few months ago, he benefitted from the administration of Governor Fubara, a magnificent palace built for the Apara Kingdom.
Eze Worlu-Wodo, who is also the Chairman, Rivers State Council of Traditional Rulers, explained why the government is spending so much money to build palaces for traditional rulers, saying it understands that traditional rulers are closest leaders to the people.
He said: “Traditional rulers play vital roles in maintaining peace and orderliness in the communities, and by so doing, they Simplify governance at the State level.
“My friend and colleague from Calabar once said that respect for traditional rulers and elders shows good upbringing. Our Governor has good upbringing.
“I am glad to be here, Your Excellency, to witness your display of goodwill, respect and good intention for the traditional institution. Your Excellency, you have done well, and I must say, we are all proud of you.”
Eze Worlu-Wodo acknowledged the numerous developmental projects executed by the administration of Governor Fubara across the State, and urged him not to be worried by recent political developments in the State.
The Royal Father said: “God is in charge of this State, so, the machinations of the evil ones will not succeed in this State.”
Providing the project description, Rivers State Commissioner for Special Projects, Dr Rowland Obed-Whyte, said the construction was awarded in August, 2024, and the work completed in six months.
He added, “The palace complex is on a land space of 9,000 square meters, with an electric perimeter fencing. The palace is a duplex building with two wings; right-wing having guest room for the king, a 120- person sitting capacity multipurpose hall, a 50-person sitting capacity conference hall, offices and public conveniences.
“The left-wing has the royal ranch, bar, dinning, kitchen, and laundry. Behind the palace is a royal garden, traditional meeting place (Obiri), royal car park, visitors’ lodge, water tank, and water fountain.”
News
Fubara Recommits To Wellbeing Of Rivers People
Rivers State Governor, Sir Siminalayi Fubara, has reiterated commitment of his administration to advancing the well-being of Rivers people, which is why, the Rumuodomaya Fire Service Sub-Station has been revitalised into an efficient and modern facility.
The Governor assured that with the improved status, the Fire Service Station will offer prompt response to combating fire emergencies in order to safeguard lives and the property of residents of the Rumuodomaya community, Obio/Akpor and environs.
Governor Fubara spoke at the inauguaration of the Rivers State Fire Service Sub-Station at Rumuodomaya in Obio/Akpor Local Government Area of the State, last Friday.
The Governor said he feels so excited to showcase to the world the third Fire Service Station that has been unveiled within the past few days, and initiated to make living safer for Rivers people.
Governor Fubara said: “I feel very happy again to stand before you to showcase, again, one of the things that we have done to show that the interest of our people is most important in our administration. There is nothing I want to say now that I have not said before. When we unveiled the remodelled Headquarters of the Rivers State Fire Service, I did inform you that we have two sub-stations that are attached to that. The Borokiri sub-station that we unveiled yesterday, and this particular one that we are unveiling today. The essence of this project, you already know. We have to safeguard lives of our people and the property of every citizen of Rivers State, which is the primary function of governance.”
Governor Fubara expressed appreciation to the people of Obio/Akpor Local Government Area for their unwavering support and assurances given to his administration, adding: “We can feel your support here. I want to also appreciate the support of the good people of Rivers State, who kept believing in us. We know that your trust is the right thing, and that you are standing on the side of truth. I want to assure you that we will continue to do what is right to make life better and advance the State.”
Inaugurating the project, an elder statesman, Chief Hanny Woko, said a state without a functional fire service station is partially a failed state, because its citizens will only rely on the mercy of God to combat fire incidences.
Chief Woko, who noted that the project will serve to secure lives and property within Rumuodomaya Community and environs, thanked Governor Fubara for demonstrating genuine love to Ikwerre people in particular and Rivers people in general.
He said, “We thank you for continuing governance without minding distractions all over. It’s even very important to know that in the heat of the crisis, you are still going about commissioning projects. There are projects lined up for two weeks. You have come to serve Rivers State, and be rest assured that Rivers people will protect this democracy and protect you. There is no pretense about it: the love is organic, and we will make sure we continue to support you.”
Chief Woko stated further that Ikwerres are grateful to Rivers people who supported them to serve as governors for 16 unbroken years, stressing that it is only proper that Ikwerre people support other tribes, particularly Governor Fubara, to serve his tenure without truncating it.
He said, “Equity and fairplay demand that we allow our Ijaw Ethnic Group to serve out their tenure. Be rest assured, Your Excellency, that you have the support of the Ikwerre Ethnic Nationality. I want to use this opportunity to call on every reasonable Rivers son and daughter to know, there should be an end to every conflict. Rivers State has been, always, in the news for the negative reasons, and we condemn that.”
Chief Woko stated: “We should borrow a leaf from our sister states, like Lagos. The Governors are ruling, and governing their people. There is no friction anywhere. Yes, in human relations, there may be room for friction, there may be room for quarrel, but the most important thing is to put the state first. No personal interest should override that of the collective interest of the state.”
Providing the project description, Rivers State Commissioner for Duties, Dr Samuel Anya, said the Rumuodomaya Fire Service Sub-Station was abandoned shortly after it was built by the administration of Chibuike Amaechi, explaining how Governor Fubara ensured the sub-station became functional with the structures rehabilitated, providing 54 offices, staff quarters, brand new fire trucks, and water tank of 45,000 litres.
In his address, Head of Local Government Administration of Obio/Akpor Local Government Area, Mr Ichechi Amadi, said the rehabilitated structures and newly purchased fire trucks will motivate personnel and improve their response capacity to fire incidences that had, hitherto, destroyed lives and property worth billions of naira for years.
News
Reps urge CBN to suspend increase in ATM withdrawal charges
The House of Representatives has urged the Central Bank of Nigeria (CBN) to suspend its directive increasing ATM withdrawal charges.
This resolution was taken as a result of a motion on urgent national importance moved by Rep. Marcus Onobun (Esan Central/West/Igueben Federal Constituency, in Abuja last Tuesday.
Onobun said that additional ATM withdrawal charges would further limit the financial inclusion of Nigerians by discouraging low-income earners from accessing banking services.
He said that Nigerians were already grappling with multiple economic hardships, including high inflation, increased fuel prices, electricity tariff hikes, and numerous banking and service charges.
The lawmaker warned that an increase in ATM withdrawal charges would be a contradiction of the CBN’s financial inclusion agenda.
“Aware that CBN in its new circular, has reviewed the ATM transaction fees stipulated under Section 10.7 of the CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions.
“Prescribing an increase in ATM withdrawal charges and a discontinuation of the free ATM withdrawals for customers using other banks’ ATMs.
“Thereby imposing additional financial burdens on Nigerians.
“Also aware that the said Section 10.7 of this Guide was last reviewed in 2019.
“Reducing ATM transaction fees from N65 Naira to N35 per transaction,” he said.
The Speaker, Rep. Tajudeen Abbas and the entire House adopted the motion, thereby urging the CBN to suspend the increase in ATM withdrawal charges.
-
Niger Delta2 days ago
NACA Debunks Fake HIV Drug Pricing News
-
Business2 days ago
MDAs, Presidency Spend N1.9bn On Trips, Trainings In France
-
News2 days ago
EFCC Exposes 58 Ponzi Schemes Targeting Nigerians
-
Politics2 days ago
You’re Democratic Accountability Agents, Diri Tells Journalists
-
Niger Delta2 days ago
Diri Rejects S’South PDP Congress … Calls For Unity
-
Business2 days ago
Coy Launches $2m Fund For Nigerian Entrepreneurs
-
Sports2 days ago
RFF Announces 15 Players For African Games
-
News2 days ago
We’re Donating Helicopter To NAF To Enhance Nigeria’s Security, Economic Rebound – Fubara