Connect with us

Breaking News

6 Days to Fubara’s Return: Ibas’ legacies, others raise mixed expectations in Rivers

Published

on

On September 18, the democratic valve in Rivers State will enjoy a reset following the expiration of the six months emergency rule declared by President Bola Tinubu on March 18, 2025.

The Federal Capital Territory, FCT, Mr. Nyesom Wike had hinted that after the August 30 local government elections, the coast was now clear for the suspended Governor Siminalayi Fubara, his deputy, Prof. Ngozi Odu and the 32-man House of Assembly to return to their duty posts.

Quickly! Watch The Video Before It’s Deleted! |Save Hot 3:00 Minutes $3x V!de0s To Ur Phone Directly | Watch 2:00 H0t $3x V!d0es Now!

Did You Miss The 400 $ex T4pe of Equatorial Guinea senior official Baltasar Ebang Engonga? Quickly W4tch! Before They Are deleted Be The First Person To See The Full Videos. Now!

Since 1999, Fubara is the third governor to vacate his seat over emergency rule after Joshua Dariye (Plateau, May 2004); and Ayodele Fayose (Ekiti, October 16, 2006). On May 14, 2013, then President Goodluck Jonathan declared a state of emergency in Borno, Yobe and Adamawa over insecurity arising from the Boko Haram insurgency but the governors and lawmakers retained their seats.

Like those before him, who returned to their seats after the emergency rule, Fubara is expected to return to the Rivers Government House, next week amid huge expectations.
Ibas’ policies

Currently, many Rivers people are disenchanted with the methodology of Rivers Sole Administrator, SOLAD, Vice Admiral Ibok Ibas(retd), claiming that he had been arrogating to himself constitutional powers he did not have.

Ibas had sacked and appointed members of boards, agencies and parastatals, which his critics said were against the laid down instructions dished out to him by President Tinubu when he was sworn in without recourse to the impact of such decisions on the welfare of the people.

Ibas came under severe attacks when he budgeted N24billion, N30billion and N23billion for CCTV installation, gunboats and contingency respectively while the city of Port Harcourt retrogressed from its pristine position of a garden city to a garbage city.
LG polls

More than anything else, his conduct of the August 30, local government elections in the state which saw the All Progressives Congress, APC, being declared winner of 20 and Peoples Democratic Party, PDP, declared winner of three of the 23 chairmanship seats leaves so much to be desired about the role of the military officer, whose presidential brief was to restore peace in the state.

Dr. Jackson Omenazu, Chancellor of International Society for Social Justice and Human Rights, ISSJHR, said during his tenure, “Ibas stood constitutionality on its head. His supervision of the August council elections marked one of the darkest chapters in Rivers democratic history.”

According to the rights activist, “The people of Rivers State abandoned polling units in silent protest, as results were pre-determined and every council chairman was already known before votes were cast. Such a charade not only stripped the process of credibility but also cast serious doubt on Ibas’ impartiality and commitment to the democratic order.”

Also, a cleric and former chairman of Pentecostal fellowship of Nigeria, PFN, and the Christian Association of Nigeria, CAN, Apostle Eugene Ogu, said there was no single project going on in Rivers State under the sole administrator. “Is there any project going on in Rivers State? Everything is stalled because there is no government. The government has been on suspension.”

On the LG elections, he asked rhetorically: “Where has a military person ever organised an election in a democracy? Whatever they did in Rivers State, the court must reverse it someday. It does not matter how long it takes. The court must find a way to expunge that mess from the history of the state.”

Also, former media aide to then Governor Nyesom Wike in his first tenure, Opunabo Inkor-Tariah said when the sole administrator came to Rivers, he said the state was peaceful contrary to public opinion. When he started to inspect projects, he said those projects were good projects and were almost 80 percent completed.

“Those were Governor Fubara’s projects. Now the question is, which project did Ibas initiate and embark upon despite the billions of Rivers State money that has been frittered away under his watch!”

According to Inkor-Tariah, “Vice Admiral Ibas will account for every kobo he collected from federal allocation and the IGR. We all know what is happening in the state. Our internally generated revenue is over N20billion monthly. The governor’s budget was just N1.1trillion, Ibas re-presented about N1.8trillion or so to the National Assembly.”

Huge expectations, agenda for Fubara

Nevertheless, Rivers people have raised high expectations for returning Governor Fubara and the Assembly members to move the state forward in terms of infrastructural development and ensuring peace in the state.

Many people, and some Fubara’s loyalists have already dumped the PDP to pitch political tent with the new coalition African Democratic Congress, ADC, led by Wike’s arch rival and former Governor of the State, Mr. Rotimi Amaechi. A host of them are of the view that Fubara’s return will not add up to their political future.

They admitted that with the local government structure now back to Wike’s grip and the likelihood that the list of Commissioner nominees would be handed over to the governor by the Abuja forces, “it will be foolhardy to continue to look up to the governor for political salvation”, one of the aggrieved supporters emitted.

Both Fubara’s political associates and some rights activists in the state have distanced themselves from the excitement over Fubara’s planned return to governance, saying that he has been stripped and brutally divested of constitutional powers by the Abuja forces who crave to recapture the state for President Tinubu in 2027.
Thrown under the bus

“We have been thrown under the bus,” a popular activist who will not want his name in print volunteered.

“The governor has not given us any clue as to which direction to take. He keeps mute over everything and nobody knows what to do or where to go.”
Fresh agenda

In what looks like an agenda-setting and the expectations of the Rivers people for Fubara, the Civil Liberties Organisation, CLO, Rivers State chapter has called on the governor to strengthen his resolve in ensuring that the financial transactions of the emergency rule regime is brought under scrutiny.

The Rivers CLO Chairman, Sunny Dada, said Governor Fubara must “probe the administration of the SOLAD. Rivers people deserve to know how their resources were spent under Vice Admiral Ibok Ibas during the six months of his rule.”
Restart abandoned projects

Dada also enjoined the governor to urgently commence all people-oriented projects abandoned by the SOLAD, adding that the governor must discard the SOLAD’s budget. “Sim should do a fresh people’s budget that will be approved by the Rivers State House of Assembly.”

He urged the returnee governor to “shun sycophants that may want to distract him and rather focus on delivering good governance to Rivers people and move the state to be at par with other states of the federation.

On his part, Dr. Omenazu Jackson, Chancellor of ISSJHR, called for outright cancellation of the last local government election, noting that the entire process fell short of the 1999 constitution, as amended.

“When an election is conducted with outcomes already known, it ceases to be a democratic exercise and becomes an insult to the people. Rivers people have spoken with their silence. They want justice, not manipulation. Governor Fubara must now rise to the challenge of restoring confidence, fairness, and truth in governance.”
Genuine peace

Omenazu however sued for genuine peace in the state, saying “peace without justice is a disguised violence. The calm in Rivers today is fragile and cannot endure without fairness, accountability, and transparency. Governor Fubara must now prove that his return is not a mere restoration of office but a turning point toward justice, inclusiveness, and democratic renewal.”

Also, Engr. Franklin Eyo, a political commentator in the state said: “The overriding aspiration is to convert the current fragile peace into sustained democratic progress, neutralizing political rivalries while focusing on the welfare of the state’s diverse tribes and interest groups.”
Mixed expectations

Eyo noted that though Rivers people may have mixed expectations which may also vary about the governor’s return, “what is most important is genuine peace in the state that transcends the current public show.

“Many hope for genuine peace and the restoration of democratic governance that delivers dividends such as security, development, and good administration. You remember that even Governor Fubara had urged his supporters and the public to rather opt for forgiveness and cooperation to heal divisions and move forward together,” Eyo added.

Quickly! Watch The Video Before It’s Deleted! |Save Hot 3:00 Minutes $3x V!de0s To Ur Phone Directly | Watch 2:00 H0t $3x V!d0es Now!

Did You Miss The 400 $ex T4pe of Equatorial Guinea senior official Baltasar Ebang Engonga? Quickly W4tch! Before They Are deleted Be The First Person To See The Full Videos. Now!

With just a few days to make history in Rivers state, the question now is, will both Fubara and Wike entrench the real peace which goes beyond mere rhetoric and political gymnastics? September 18 is a day of history. And River’s people sit on the edge.

Continue Reading

Breaking News

National Pension Commission (PenCom) changes price disclosure rule

Published

on

National Pension Commission (PenCom) has directed Pension Fund Administrators (PFAs) to discontinue the publication of daily unit prices for Retirement Savings Account (RSA) and Retiree Funds on their websites, replacing the requirement with a six-month disclosure of returns based on a three-year rolling average.

The directive was contained in a circular issued by the commission.

Under the new guideline, PFAs must stop implementing Section 2.0 (iv) of the Commission’s March 23, 2013 circular, which required them to display daily unit prices for the last seven days.

Instead, they are to publish on their websites the last six months’ rate of return — calculated as a 36-month compounded rolling average in line with the Circular for the Calculation and Reporting of Rate of Returns by Licensed Pension Fund Operators (LPFOs).

According to the commission, the rate of return must be clearly displayed on the homepage of each PFA’s website.

For instance, the six-month disclosure covering April to September 2025 would reflect the 36-month compounded returns ending in each of those months.

This has however raised transparency concerns in the pension industry.

The 2013 circular on Minimum Information to be displayed on PFA Websites formed part of PenCom’s transparency framework for the Contributory Pension Scheme.

The latest addendum modifies that requirement but does not remove PFAs’ obligation to disclose performance information.

Industry watchers say the development may reignite debate over the balance between long-term investment reporting and real-time transparency in Nigeria’s pension industry.

All enquiries on the addendum, the Commission said, should be directed to its Surveillance Department.

An industry analyst who does not want her name mentioned said the move could reduce contributors’ access to real-time performance data.

She said: “Daily unit prices allowed RSA holders to independently track short-term movements and detect fluctuations in fund valuation.

“With only a three-year rolling average now required, contributors will no longer see recent performance in isolation”, she noted.

The analyst added that while pension funds are long-term vehicles, removing daily disclosure raises concerns about information asymmetry.

“PFAs will still compute daily valuations internally. The issue is whether contributors should be denied access to data that already exists,” the analyst said.

However, another pension expert defended the directive, noting that pensions are structured for long-term accumulation and should be assessed over extended periods.

“A 36-month rolling average smooth’s out short-term volatility and provides a more accurate reflection of sustained performance,” the expert said, warning that excessive focus on daily fluctuations could encourage reactionary fund switching.

Continue Reading

Breaking News

Dollar rises in black market on Monday, traders quote new exchange rate

Published

on

Dollar edges higher against the naira in black market trading Dollar edges higher against the naira in black market trading

The United States dollar at the parallel market increased in value on Monday, Febuary 23 with traders quote at N1,375/$ as the new selling exchange rate.

The new rate is a slight depreciation for the naira when compared to N1,343 a dollar market closed on Friday, February 20, 2026.

Abdulahhi, a forex dealer, told Legit.ng that the new exchange rate follows renew demand in the market.

“I am currently selling dollars at N1,375/$1 and buying at N1,355/$1. The pound is trading at N1,845 to sell and N1,805 to buy, while the euro is also moving steadily in the market.

“It seems this week the dollar will return to over N1,400. I have been getting a lot of request.”

The fall of the naira comes as BDC operators continue to face difficulties in accessing dollars from commercial banks.

BDCs can get dollar

The apex bank had previously issued a circular allowing licensed BDCs to access foreign exchange through authorised dealers at the prevailing market rate.

Under the directive, each BDC is permitted to purchase up to $150,000 weekly, subject to Know Your Customer (KYC) requirements and due diligence checks, Punch reports.

Leadership reported that despite a policy announcement, some operators disclosed that no transactions have been completed under the new arrangement.

A BDC operator, who requested anonymity, said the directive remains largely unimplemented. According to him, the circular provides that disbursements will be made through settlement accounts, a provision that has raised operational concerns.

He questioned the feasibility of seamless, real-time transfers between domiciliary accounts across different banks, noting that such infrastructure may not yet be fully in place.

The operator added that while commercial banks appear supportive of the policy, many are still developing internal processes to align with the CBN’s directive.

He explained that BDCs are required to submit bid orders through their banks, which would then access the market on their behalf.

Naira in the official market

Meanwhile, in the Nigerian Foreign Exchange Market (NAFEM), the naira closed against the US dollar on Friday, February 20 at N1,346.32/$1 from N1,341.35/$1 a day earlier.

At the GTBank FX desk, the naira weakened by N7 against the dollar to quote N1,356/$1.

Continue Reading

Trending

Copyright © 2026 Naijacoaded | All Right Reserved | Powered by Naijacoaded.com |