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INTERVIEW: Why Rivers crisis may get worse – ADC chair rubbishes Wike, Fubara truce

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The Chairman of the Rivers State Chapter of the African Democratic Congress, ADC, Mr Leader Sampson in this interview with DAILY POST, claims that despite the reconciliation between the suspended Governor of the state, Siminalayi Fubara and the Minister of the Federal Capital Territory, FCT Nyesom Wike, the nearly two years political crisis may continue and even get worse.

Among other issues discussed with our correspondent, Mr Sampson called on the Sole Administrator of the state, Vice Admiral Ibok-Ete Ekwe Ibas to account for how he spent “Rivers’ people’s money” within six months of emergency rule.

Mr Sampson, who claimed that the recently concluded Local Government elections in Rivers State were illegal, also spoke on the ADC’s preparation to take over the state via the 2027 general elections. Excerpts!

How do you assess the level of peace in the state right now?

There has never been any crisis in Rivers State. Those things you saw that happened in Rivers State were orchestrated by certain individuals for their own political gains. They decided to make the entire state ungovernable.

That was what they earlier promised that they would do and they did it. But Nigeria is a country where people are not held accountable to their worlds. There was peace in Rivers State, there has been peace in Rivers State and there will continue to be peace in Rivers State.

There are people demanding that the six months administration of Ibas be probed, what is your take on it?

For the purpose of accountability, Ibas needs to give account of everything that happened within his six months in Rivers State.

He needs to tell Nigerians what he did with Rivers State people’s money. He needs to tell us the projects he executed, the amount of money that came in and the things he did with those monies.

He should tell us how much came from the Rivers State internally generated revenue and how much he received as Federal Government allocations. If he doesn’t have anything to hide, then he should give an account.

What can you say about the reconciliation between Governor Fubara and the Federal Capital Territory, FCT, Minister Nyesom Wike?

From what we have seen, there was no true reconciliation. It’s just one man having his way. Fubara returning as a governor of Rivers State with the members of the state House of Assembly returning may not go well.

There is a tendency that if one individual continues to insist that his will and whatever he wants is what is going to happen in the Rivers State, there will be more crises. When it has to do with leadership and governing the state, the tendency of more crises is still very high.

Like I said, what you call the crisis in Rivers State was politically motivated. What we are still going to experience in the state is still going to be politically motivated.

ADC did not participate in the recently concluded Local Government elections. What happened?

You are right, we didn’t participate in the election and that’s because the election was illegal. There is no part of the constitution that permits a Sole Administration to conduct any democratic elections.

What we later discovered was that at the end of the game, the president changed the goal post by suspending part of the constitution to allow the Local Government elections to be held.

The ADC has maintained that the local government election was illegal and it remains illegal and it will never stand. That is why we went to the court to challenge the process. The case is currently in court and we are hopeful that the election will be nullified in no time from now.

Is the ADC working towards winning the governorship election in 2027?

Of course. Although we don’t pray for crisis in the state, we pray for good governance, especially for the governor to succeed in his four years, but if the governor chose not to follow the part of steadfastness, if he chooses to abandon the Rivers people by refusing to provide the dividends of democracy to the people, then it is an advantage to the ADC. We are doing everything possible to rescue the state from the hands of these tyrants.

Can you consider ADC the main opposition party in the state right now?

It is not just in Rivers State, all parts of the country right now, ADC is the main opposition party Nigerians have. We all know that PDP is dead already, so ADC is the only party that is credible opposition in the country.

For political reasons, I can’t give you the statistics of our strength in Rivers now but I can tell you that we are growing everyday. And the truth is, by 2027, we are taking over the government house.

Aside from the former governor, Rotimi Amaechi, who recently joined the party, do you have other political bigwigs in the ADC?

Of course, aside from our leader, Rotimi Amaechi, we have people like prince Uche Secondus, we have former deputy Speaker of the House of Representatives, Austin Okpara and many others that have joined the party already.

We have all these political leaders in Rivers State that are well known, so very soon, Rivers people will know that ADC is the only alternative that will give them credible governance.

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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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