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JUST IN: Fubara Loses Grip Of PDP In Rivers
A unit leader of the Peoples Democratic Party in Asari-Toru LGA of Rivers State, Aquarius Amakiri has said his party will not participate in the October 5 LG election in the state.
The PDP member said the internal rancor among the immediate past and current governors of the state has made the party not to be prepared for the forthcoming LG election.
Governor Siminalayi Fubara and the Minister of the Federal Capital Territory, Nyesom Wike have had a prolonged political disagreement that seems not to have any end in sight.
Aquarius said: “The current crisis in Rivers State is PDP vs PDP as both Wike and Fubara struggle to control the party.
“In 1999, the party was supreme but today, politicians have made themselves supreme at the expense of their party. Prior to this time, when the party speaks, politicians obey.
“Rivers State has always had the governor as the leader of the party in the state right from the time of Dr Peter Odili till Wike’s tenure as governor.
“Now, Fubara is the governor, and they don’t want him to be the leader of PDP in his own state. Wike who is now a former governor still wants to be the leader of the party in the state which is incorrect.
“So, since they don’t want Fubara to be the leader of the party, let us remain neutral and forget about PDP and PDP should not take part in the forthcoming LG election in the state.”
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IFC, CBN Partner On Private Sector Growth Through Naira Financing
The International Finance Corporation, IFC, a member of the World Bank Group, and the Central Bank of Nigeria, CBN, have signed an agreement to increase local currency financing to enable private businesses in Nigeria to grow and thrive.
The partnership will allow the IFC to manage currency risks and increase its investments in the Naira across priority sectors of the economy, including agriculture, housing, infrastructure, energy,
small and medium enterprises and the creative and youth economy.
A statement jointly issued by Hakama Sidi Ali, on behalf of the CBN in Abuja, and Hlazo Mkandawire for the IFC, said the global financial institution aims to significantly scale up its financing of critical sectors in Nigeria, with a goal of providing over $1billion in the coming years to shore up the Naira.
The statement added that many of the sectors of the economy to be impacted require local currency financing, and as such the IFC’s partnership with the CBN is a key tool in expanding access to finance.
“Ths pioneering initiative between the IFC and CBN will unlock the much-needed long-term local
currency fnancing for private businesses in Nigeria at economically viable rates,” stated Governor Yemi Cardoso of the Central Bank of Nigeria.
“This collaboration marks a significant progress in the CBN’s commitment to deliverng innovative development initatives through reputable third-party
service providers, moving beyond traditional intervention programs.
“It will serve as a catalyst for
economic growth and advance the Federal Government’s agenda for economic diversification”, the apex bank governor stated.
“Expanding access to affordable local currency financing for small businesses in Nigeria is essential for the IFC to address the increasing demand for diverse funding options and to better
manage currency risk,” said Makhtar Dop, the IFC managing director.
“Our partnership with the
Central Bank of Nigeria will enhance lending in Nigerian naira, fostering economic growth and
creating jobs across the country.”
With an active portfolio of investments in Nigeria of up to $2.13 billion—the second highest in Africa—local currency financing is a key priority for the IFC.
“We will continue to leverage innovative financial instruments and strengthen partnerships to meet the growing demand for more local currency financing in emerging markets”, he added.
The IFC, a member of the World Bank Group is the largest global development institution focused
on the private sector in emerging markets.
Operating in more than 100 countries worldwide, the IFC uses its capital, expertise, and influence to create markets and opportunities in developing countries.
In fiscal year 2024, the IFC committed a record $56billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet.
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EU Supports Dialogue On Increased Women’s Participation, Representation In Governance
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BREAKING: APC Suspends Rauf Aregbesola Over Anti-party Activities
By Kayode Sanni-Arewa
The Osun State chapter of the All Progressives Congress (APC) has suspended former Minister of Interior, Ogbeni Rauf Aregbesola, over alleged anti-party activities. According to Vanguard, in a resolution submitted to the APC National Secretariat and directed to National Chairman Dr. Umar Ganduje, Osun APC accused Aregbesola, who previously served as governor, of fostering divisions within the party by creating a rival faction. The APC claims that this act has disrupted party unity, especially during a sensitive time in Osun politics. Party leaders believe Aregbesola’s influence over certain groups has deepened internal rifts, which the state chapter sees as detrimental to the party’s unity. This suspension represents a bold step by the Osun APC to address internal issues and refocus leadership priorities as they prepare for upcoming elections. Responses from Aregbesola’s camp are expected as the situation develops.
Details later…
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