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BREAKING: Imo communities lament poor state of rural roads, call for government action

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Some Communities in the 27 Local Council Areas of Imo State have lamented the poor state of roads in their respective areas and called on the State Government to take adequate measures to address the issue before they are cut off from the state.

They noted that, although the State Government is trying in road construction within the capital territory, much attention need to be given to rural roads which they said have become death traps for the people using them.

Speaking with our correspondent, a Community Head from one of the villages in Owerri West LGA, Nze Marcel Osundu, narrated that virtually all the roads in the Council area are in deplorable condition worsened by the rainy season.

He hinted that plying the roads is like embarking on a journey of death owing to serious accidents on them, even as road users unintentionally engage in violating traffic rules while trying to avoid major bad spots.

“Without mincing words, many roads in Owerri West Local Government Area and across other LGAs in Imo State remain in deplorable condition.

“While the Executive Governor, Senator Hope Uzodinma, has made commendable strides in infrastructural development under his Shared Prosperity Administration, it is also essential that more visible efforts be directed toward rehabilitating rural roads across the State.”he said.

Mr Desmond Aririguzo, who resides in Umuguma, the Headquaters of Owerri West LGA, informed that lack of a proper access route from Owerri town to Umuguma is unbelievable and worrisome as the distance from the community to the State capital city is just a stone throw.

He lamented that businesses and other social engagements have been paralyzed owning to the bad nature of the roads.

Aririguzo added that the situation is turning to a point where it can no longer be overlooked, observing that it is the common man that bears the brunt of the whole thing.

“When you go to a shop to buy certain items you find out that the price of what you bought yesterday has been topped when you try to ask, shop owners will be quick to tell you that it because of the cost of transportation.

“The Owerri-World Bank-Umuguma Road, for instance, is particularly in an appalling state, despite being only five-minute drive from Government House, Owerri.

Thousands of residents of the state who live and conduct their daily activities along this axis endure significant hardship as a result of bad roads “he further lamented.

A provision shop owner, Lady Ihuoma Ekwueme told our correspondent that roads leading to rural areas are very bad and pose a great danger to road users who ply them on a daily basis.

She said that after coming to the city to buy goods, conveying them home becomes a tall task.

Lady Ekwueme said you must engage in strong bargain with commercial drivers before you will be able to convince them to transport your goods home under high price.

“So, in return we will add the transportation fare to the items to sustain our business.’she said.

Mr Moses Adielechi, a commercial farmer from Obitti in Ohaji- Egbema LGA of the State, cried out that perishable agricultural products are wasting away in the rural areas because of lack of means to convey them to the city.

He narrated that some buyers who managed to come over to purchase them virtually take them at a very cheaper price as farmers are willing to give them away to avoid wastage.

Adielechi, maintained that the only way Government can help farmers is by creating access roads that can enable them convey their farm produce to the potential buyers.

“Imo State Government is indeed working, but the urgency of rehabilitating and constructing major roads linking rural communities cannot be overlooked to the detriment of rural dwellers.he said.

The farmer, added that upgrading rural roads across the 27 LGAs would not only ease transportation but also stimulate economic growth and strengthen the transport sector.

The residents urged the Governor to prioritize and accelerate the rehabilitation of vital rural road networks to foster sustainable development and improve the quality of the roads.

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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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