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Fubara’s Return: ‘This Is Very Dangerous’ – Anxiety Mounts Over Emergency Lift

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In normal times, the imminent return of a suspended governor after six months in political exile has raised tension among political stakeholders in the state. Gov. Siminalayi Fubara is due back in office on September 18 at the end of emergency rule, the mood, according to feelers from the state, is anything but jubilant, as reported by BusinessHallmark.

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What should have been a restoration of democracy has, instead, deepened anxiety. Most residents, analysts say, see Gov. Fubara’s comeback not as a rebirth of hope, but as the reinstallation of a figurehead. In their telling, President Bola Tinubu and Federal Capital Territory Minister, Nyesom Wike, have used the emergency period to capture Rivers State’s political machinery, leaving Fubara naked, stripped of real authority.

The real winners, they argue, are in Abuja. Tinubu, they say, has secured a crucial oil-rich state in his column ahead of his 2027 re-election bid. Wike, his ally-turned-power broker, retains a firm grip on Rivers while enjoying relevance in the federal cabinet. The casualties? Fubara himself, the people of Rivers, and Nigeria’s already fragile democracy.

When President Tinubu declared a state of emergency in March and suspended Fubara, citing security concerns, many lawyers and political observers called the move unconstitutional. The National Assembly, nonetheless, waved the objections aside, approving it with a voice vote.

Yet, on the ground in Rivers, the sense was very different. The state was calm when the emergency was announced, critics insisted, and if anything, the imposition of direct rule destabilised the atmosphere.

Chetam Nwala, a Port Harcourt based lawyer and activist,argued that the measure was “long overdue,” but had little to do with public safety.

“It was basically a state capture, not to bring back security,” Nwala said. “The governor is coming back to do the president’s bidding, not that of Rivers people.”

Nwala told News Central, “I am happy that we are returning to constitutional democracy, unlike what we have had in the state, but I am not excited because I know we are returning back to Egypt. Everything that was done in Rivers State was simply done for Tinubu’s 2027 election. It was basically a state capture, not to bring back security to Rivers State. The president has successfully hoodwinked the governor and the governor is coming back to do his bidding, not the bidding of the people of Rivers State.

“I believe that the governor should be independent to be able to lead Rivers people based on the interest of the people, and not based on the interest of anybody. But we know that once the governor returns it will be about pushing the interest of the president for 2027, because that is exactly what the president wants. It is very unfortunate that the president has destroyed the economy of Rivers State and has given us a bad reputation before the international community just because of his 2027 ambition.”

Theophilus Alaye, president of the Ijaw Youth Council, warned that the precedent set is even more dangerous than the politics behind it. “When the emergency was declared, the state was largely calm. It is the emergency that threw us into chaos,” Alaye said. “Today it is Rivers. Tomorrow it could be Lagos or Kano. A serving president can now suspend governors, who don’t support his re-election. That is how democracy collapses.”

He emphasised that, “This is a very dangerous precedent that the president has set, and the Supreme Court has refused to rule on it. What they have done in Rivers State may not stay a Rivers issue alone. I keep saying that on that the president is going to succeed in suspending five to 10 governors that are not doing his bidding.

“That is why we were expecting the Supreme Court to look into the decision. The PDP governors filled a case to determine whether the president has the power to suspend the governor of a state, but the Supreme Court sat on that petition.”

Chief Peter Ameh, national secretary of the Coalition of United Political Parties (CUPP), was even blunter: “The governor has surrendered to federal might. There’s nothing he’s coming to do other than sign checks and pay salaries. Unfortunately, citizens have been so pauperised that they cannot rise against this lawlessness.”

The Ibas interlude

For six months, Rivers has been administered not by its elected government, but by a sole administrator: Vice Admiral Ibok-Ette Ekwe Ibas. His tenure has been marked by bold, often controversial actions.

From inaugurating a new Pensions Board to appointing governing councils for four state-owned universities, and the conduct of a local government election termed illegal by lawyers, many say Ibas acted like a long-term governor, rather than a caretaker. His claim to have saved N5 billion through a payroll verification exercise that uncovered 12,000 “ghost workers” was loudly trumpeted. But civil service unions quickly countered that genuine staff had been wrongly struck off and accused him of seeking to ingratiate himself with the presidency to justify prolonging emergency rule.

A rights activist called the exercise “a ploy to discredit Governor Fubara.” Online, anger boiled over. Jahmal of Port Harcourt (@Big_Sinudo) accused Ibas of attempting to deduct N1 billion from each of the state’s 23 local government areas. “Was the assignment to deduct N23 billion?” he asked in a post on X.

To many, Ibas’ conduct underlined what they had suspected all along, that the Rivers emergency was less about restoring order than about consolidating political control.

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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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