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Build on seed of reconciliation, Ibas tells Fubara, lawmakers

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Rivers State Administrator Ibok-Ete Ibas yesterday admonished the political gladiators in Rivers State to build on the seeds of reconciliation planted during the emergency rule, to lift the state.

According to him, the state cannot afford another protracted political crisis.

He urged politicians and other stakeholders to learn from the lessons of the period, sheathe their swords, and embrace peace, reconciliation and unity.

The administrator spoke during the interdenominational thanksgiving organised by the Rivers Government at the Ecumenical Centre in Port Harcourt, the state capital, as part of the activities to usher in the restoration of democratic structure on Friday.

Following political crisis, President Bola Ahmed Tinubu suspended Governor Siminalayi Fubara and the House of Assembly on March 18 for six months.

During the period, the political gladiators hammered out an agreement. Local Government elections were successfully held and the winners sworn into office.

The House of Assembly complex that was demolished during the political crisis, has been rebuilt.

The service was attended by Chief Judge, Simeon Amadi, heads of security agencies, traditional rulers, local government chairmen and some captains of industry.

Prayers were offered for Ibas, Rivers State and the country at the thanksgiving conducted by Pastor Ogan Barasin, Rev. Eferebo Joseph and Pastor Lenwi Michael at the Chapel of Everlasting Grace, Government House.

On Thursday, the administrator will vacate the Government House and Governor Fubara and members of the House of Assembly will return to office on Friday, marking the end of the emergency.

During the emergency rule, the administrator was responsible to the Federal Government.

Ibas, who was accompanied by his wife, Theresa, recalled the circumstances that led to the state of emergency and his appointment as the Administrator.

He said: “Six months ago, His Excellency President Bola Ahmed Tinubu, declared a state of emergency in Rivers State. At that moment, our beloved state stood at a crossroad, torn by divisions, instability and broken trust.

“By God’s grace and with the support of Mr President and all of you, we have walked through those difficult days together.

“Today as a people we return thanks to God for preserving our lives, granting us peace and allowing the successful conduct of the local government elections across the state and thus laying the foundation for the return of democratic governance in Rivers”.

The administrator noted that God kept Rivers and ensured that it survived the turbulent period, which impacted on the political, social and economic activities of the state.

Ibas said the seeds of reconciliation had been planted, urging the stakeholders to make the necessary sacrifices required to nurture the seeds.

Describing the Ecumenical Centre as the symbol of unity, the administrator said Rivers people must rise above bitterness, rivalries and self interest to pursue the greater good of the state.

He said politics should not be an excuse to destroy the state, adding that the progress and prosperity of the state must be placed above selfish considerations.

Ibas said: “Truly, it was God who kept Rivers State. This service is a solemn testimony of God’s faithfulness to Rivers. We have survived storms, political, social and economic and through it all God has been faithful. The seeds of reconciliation has been planted. These seeds need your deliberate nurture.

“Our collective sacrifices and commitment to peace is what we must all strive to guide at this time. This Ecumenical Centre is in itself a symbol of unity; different denominations under one roof. Rivers people must rise above bitterness, rivalries and self interest to pursue the greater good of our state.

“The progress and prosperity of Rivers must be placed above personal and partisan interest. I make a special appeal to our political actors; sheathe your swords. Politics must never be an excuse to destroy the very state you are called to serve. The progress and prosperity of Rivers must be placed against personal or partisan interest.”

He added: “Rivers state cannot afford another session of division and acrimony. We must forgive one another and reconcile with sincerity and embrace tolerance. Let us remember that no political victory or personal gains is worth the blood of our brothers and sisters. Let us forgive; let us reconcile and let us heal. For where there is progress and where there is love there is prosperity”.

Ibas urged the youths to avoid violence and channel their energy into building and sustaining the peace.

He said: “To our youths, do not allow yourselves to be used as tools for violence. Channel your energy into building, creating and sustaining peace. As our efforts on peace and reconciliation take hold, I urge all the stakehokders, leaders, elders, political actors to put Rivers first.

“Let us guide the peace we have, nurture it with love and grow it with stability and prosperity for generations yet unborn. Our elders must continue to guide with wisdom; our faith leaders must sustain prayers for peace; our young people must commit to learning and creating so that Rivers will continue to shine as the treasure base of the nation. As we look forward into the future let us redidicate ourselves and lives to God”.

Pastor Barasin said the thanksgiving was organised to appreciate God’s intervention in Rivers, stressing that God did not allow the crisis to claim lives.

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National Pension Commission (PenCom) changes price disclosure rule

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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.

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

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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.

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