A lecturer in the Rivers State University, Port Harcourt, Professor Loveday Asonye Nwanyanwu, has identified reasons why Nigeria’s economy has failed to show remarkable improvement in the last eleven years. This is in spite of policies and programmes initiated and aimed at improving and stabilising the economy.

According to him, some of the policies initiated by various administrations aimed at resuscitating the economy, including the privatisation of over 121 public enterprises between 1988 and 2009, the removal of subsidy on fuel on May 29, 2023 and the floating of the Naira in the Nigerian Foreign Exchange Market by the Central Bank of Nigeria in June 2023, among others have failed to make significant impact on the economy.

Professor Nwanyanwu stated that for the periods 1992-2008, a study of the impact of financial deepening on economic growth, which drew evidence from Nigeria, found that “broad money velocity and market liquidity promote economic growth while money stock diversification, economic volatility and market capitalization do not,” adding that those studies failed to consider “accountant’s ethics” as a major factor for economic growth.

Professor Nwanyanwu, who is of the Department of Accountancy in the Faculty of Administration and Management of the University, made these disclosures while delivering his Inaugural Lecture titled, “Managing A Nation’s Economy: The Quantitative And Qualitative Accounting Distinction,” on Wednesday, August 27, 2025 at the university.

He recognised that for a nation to measure its economic growth, which is through its Gross Domestic Product, that ethical values, a qualitative accounting characteristics must be incorporated as an in-built moderator of human behaviour in the development and implementation of economic policies.

The university Don noted that Accountant’s ethics have the capacity to minimize or eliminate fraud in the environment. He further noted that “an economy devoid of ethics, as seen from the accountant’s perspective of integrity, objectivity, competence, due care and diligence, confidentiality, and professional behaviour aimed at countering negative national value systems of money, ego, power, coercion, ideology, and greed, is an economy devoid of sustainability.”

Prof. Nwanyanwu, whose model for sustainable national economy, states that budgets and other economic statistics are enriched with two inputs: qualitative accounting measures (accountant’s ethics) and qualitative accounting tools and techniques. He said that the application of this model produces economic blueprints that sustain economic growth and economic development because “it considers today, emphasizes tomorrow and focuses on the people.”

According to him, no meaningful economic policy can survive in the absence of accounting ethics, which is also part of human and business ethics. “If those entrusted with the management of our economy lack integrity, honesty, objectivity, transparency, accountability and reputation, economic blueprints will be devoid of relevance, faithfulness, comparability, verifiable, timeliness, and understandabilty,” he stated.

Prof. Nwanyanwu further stated that accountants who maintain and audit the financial statements of all sectors of the economy, including manufacturing, education, banking and other financial institutions, agriculture, health, oil and gas information and technology, real estate, government ministries, departments and agencies, must rise up to resist fraudulent acts from within and without.
This they can do by instituting and implementing internal control systems and state legislation. Specifically, Prof Nwanyanwu noted that the establishment of institutional structures such as external audit, internal audit, and fraud agencies.

Though he acknowledged that the establishment of fraud control agencies like the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Offences Commission (ICPC) Code of Conduct Bureau, Code of Conduct Tribunal, Fiscal Responsibility and Public Procurement Acts were aimed at safeguarding the economy from corrupt officials and enhance good governance, “the weight of the eroded value system makes these machineries look like a mirage.”

He lamented that , though little achievements have been made in the battle against fraud, “the attainment of good corporate governance and elimination of fraud will remain an illusion until the national value system is reversed and integrity, honesty, regard for productivity, knowledge and creativity, love for the nation and fear of public fund is restored.”

According to Prof. Nwanyanwu, for the economy of Nigeria to become sustainable, ethics must play a key role. He further recommended that “people entrusted with managing and implementing the nation’s economic policies should adopt critical realism or triangulation in generating data.

He also recommended that persons to be appointed to positions of governance and authority should be technocrats that possess honesty and integrity. “This is based on the realisation that the Fiscal health of the treasury depends not only on developing an economically sound policy that increased taxable capacity of the economy through economic development but also on honest and efficient financial management,” he said.

Other measures recommended by Prof Nwanyanwu include stoppage of the “dollarization of the economy, which causes inflation, leads to increase in interest rates and devalues the local currency.

He also recommended the establishment of a legislation prohibiting companies from remunerating their employees in foreign currencies, among other recommendations.

Speaking at the end of the lecture, the Vice Chancellor of the University, Professor Isaac Zeb-Obipi commended the lecturer for a painstaking and well delivered lecture.

He said that the issue of ethics in dealing with financial figures is critical while it is important for government officials and leaders in all sectors to re-examine their conducts to ensure that they comply with expectations of the rules of engagements.

By: Celestine Ogolo

The Rivers State Contributory Health Protection Programme (RIVCHPP) held a press briefing to update the public on the progress achieved over the last seven months under the administration of the Sole Administrator, Vice Admiral (Rtd.) Ibok-Ette Ekwe Ibas. The briefing highlighted improvements in healthcare services, coverage expansion, and community engagement across the state.

Established by law in 2020, the scheme was signed into existence in June 2021 and implemented in February 2024 under the administration of Governor Siminalayi Fubara.

Dr. Vetty Agala, Executive Secretary of RIVCHPP, at the event, presented an overview of the programme’s achievements over the past seven months. Among these were the enrollment of 20,000 pensioners and vulnerable groups—including children under five, pregnant women, the elderly, persons with disabilities, widows, orphans, and those living with HIV or other chronic conditions—as well as 2,500 inmates of the Port Harcourt Correctional Centre. She emphasized that, “those who served the state will not be forgotten,” noting that pensioners now retire with dignity and peace of mind, knowing they are protected health-wise by the government.

The RIVCHPP Governing Board, led by Chief Princewill Chike, was inaugurated during this period and has pledged operational support, including the provision of vehicles and expanded facilities.

Additionally, the scheme announced that all civil servants and their households have now been onboarded into the programme, granting them access to healthcare while protecting them from out-of-pocket medical expenses.

RIVCHPP, entrusted with full responsibility for implementing its health plans, has intensified community outreach programmes and taken steps to improve healthcare financing across Rivers State. To ensure effective service delivery, the programme is currently conducting its Quarter 2 (Q2) data validation across all local governments, aimed at producing accurate health data for informed decision-making.

RIVCHPP, in collaboration with the National Health Insurance Authority (NHIA), has commenced re-accreditation visits to 204 primary healthcare facilities across the 23 local government areas of Rivers State.

Dr. Agala further disclosed plans to train secondary care providers ahead of onboarding general hospitals into the scheme by September 2025, when pensioners and other formal sector players will begin to receive care.

In line with client needs, RIVCHPP is investing in an efficient system with a 24/7 call centre and an electronic claims management platform for healthcare providers, the Executive Secretary noted. She stated that sensitization campaigns and town hall meetings would continue to be the way forward for the programme.

Under the leadership of Vice Admiral (Rtd.) Ibok-Ette Ekwe Ibas, the scheme currently has 110,000 enrollees, with 64,599 hospital visits and 102,192 services utilized. These include 38,846 malaria/typhoid cases, 9,908 hypertension treatments, 7,616 antenatal care visits, and numerous immunization services. The scheme also recorded 513 referrals and 234 surgeries, among other interventions.

Dr. Agala identified a major challenge: many existing enrollees lack their National Identification Number (NIN), which is an essential requirement for enrollment. She stressed that by September, RIVCHPP will begin revalidating its database and deregistering enrollees without NINs. She urged all residents, particularly the vulnerable, to register and obtain their NIN to remain eligible for coverage.

To participate in the programme, residents in the formal sector are required to pay a minimum of N15,000 annually to be enrolled in the RIVCare plan.

Backed by the full support and commitment of the current administration, the programme aims to protect families from poverty caused by illness, reduce inequality, and lay a firm foundation for sustainable growth.

By: Amaechi Miracle Chidinma

The Nigerian Content Development and Management Board (NCDMB) has Pledged continuous support to Nigerian businesses to excel by remaining committed to the implementation of the Nigerian Oil and Gas Industry Content Development Act, enacted in 2010.

The commitment was made on Thursday in Port Harcourt at an engagement with Niger Delta Media Stakeholders and Youths on Port Harcourt.

Between 2010 when the Nigerian Oil and Gas Industry Content Development Act was enacted, paving way for the birth of the Nigerian Content Development and Management Board, NCDMB, ease of doing business in Nigeria, especially in the nation’s oil and gas sector has been redefined.

NCDMB has assisted, funded and guided businesses to thrive in the oil and gas sector to thrive, while also ensuring the monitoring of the activities of firms with foreign interests, making them to comply with the local content policy in the area of staffing, engineering, procurement and construction.

These were disclosed on Thursday by NCDMB’s Director of Corporate Services, Dr Abdulmalik Halilu during an interactive session with Niger Delta media stakeholders and youth bodies in Port Harcourt.

Halilu said the NCDMB, in giving expression to the NODICD Act, had achieved a partial integration of major Floating, Production, Storage and Storage and Offloading platforms in the country and added that fabrication and manpower services have significantly increased.

He said the board has so far lived up to expectations in its core mandate of developing local capacities and capabilities without compromising standards as provided for in the Act.

He further disclosed that over 100 indigenous companies with EPC(exploration, production and construction) capabilities have made giant strides in the country, while about 15,000 Nigerians have been trained in skills such as welding, marine operations, PMT design engineering under the Oil and Gas Trainers Association of Nigeria (OGTAN).

The NEXIM bank, he noted, has also deployed the Nigerian content intervention fund in excess of $350 million to local companies to buoy up their operations, while youths from different parts of the country have also been trained and empowered to enable them function in the oil and gas sector.

Dr Obinna Ezeobi, the board’s General Manager, Corporate Communications, had urged the media to live to its core responsibility of gate-keeping and agenda setting in the discharge of its professional duties.

He said it was unfortunate that some practitioners allowed their platforms to be used to propagate falsehood against the board, including the publication of outright lies, urging media stakeholders to uphold the tenets of the profession at all times.

Apparently addressing youth leaders, Ezeobi said it was important for them to realise that the NCDMB had a mandate clearly outlined in the Act establishing it and did not intend to derail from the focus, but urged them not to expect the board to embark on projects which were clearly not part of its mandate.

According to him, there were intervention agencies created by the federal government for such purposes, but that the NCDMB did not have such a mandate and should not be expected to play such roles.

The NOGICD Act of 2010 establishes NCDMB as the sole agency of the Federal Government that is responsible for driving Nigerian Content in the oil and gas industry.

Rotary International has announced Nigerian Rotarian Yinka Babalola as its President-elect for the 2026/2027 Rotary year.

Babalola’s emergence marks a historic milestone, making him only the second African – and the second Nigerian – to lead the global humanitarian organisation. The first was Jonathan Babatunde Majiyagbe, who served from 2003 to 2004.

A press statement signed by Ibim Semenitari, Rotary Public Image Coordinator, Africa Zone 22, Region 27 stated that Olayinka Hakeem Babalola, a member of the Rotary Club of Trans Amadi, Nigeria, was selected by the Rotary International Board of Directors following the resignation of SangKoo Yun, who stepped down to focus on recovery after cancer treatment. Babalola will formally assume office on 1 July 2026.

Babalola joined Rotary in 1994, six years after starting out as a Rotaractor in 1988. His leadership journey has seen him serve as District Governor (2011/12), Vice President of Rotary International (2019/20), and a member of the RI Board (2018/20). He has also played active roles on high-profile committees, including the End Polio Now Countdown to History Campaign Committee and the Nigeria National PolioPlus Committee, where he continues to serve as adviser.

Beyond Rotary, Babalola is an accomplished professional. An engineer by training and an attorney, he has more than 25 years of experience in the oil and gas sector, having held senior positions with Shell PLC across four continents. He is founder of Riviera Services Ltd., an oil and gas infrastructure company, and Lead and Change Consulting, an executive coaching and advisory firm.

His professional affiliations span the Nigerian Society of Engineers, the Institute of Safety Professionals, and the Association of Change Management Practitioners. He also belongs to the Jericho Business Club in his home city of Port Harcourt, where he and his wife, Preba, reside.

A passionate Rotarian and philanthropist, Babalola supports The Rotary Foundation through a named endowment and as a member of the Arch Klumph Society. His humanitarian footprint extends to service as a trustee of ShelterBox UK and as director of the Safe Blood Africa project. His service has earned him several honours, including the Africa Centennial Heroes Award, the RI Service Above Self Award, and The Rotary Foundation Citation for Meritorious Service.

The Rotary International president serves a one-year term, providing inspirational leadership, presiding over the Board of Directors, and representing the organisation globally.

Babalola’s election is being celebrated across Nigeria and Africa as another proud moment of continental leadership on the global stage.