Business A.M
No Result
View All Result
Wednesday, February 18, 2026
  • Login
  • Home
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • About Us
  • Contact Us
Subscribe
Business A.M
  • Home
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • About Us
  • Contact Us
No Result
View All Result
Business A.M
No Result
View All Result
Home Frontpage

Economy takes backstage as Tinubu slams emergency rule on Rivers

by Admin
January 21, 2026
in Frontpage, Rivers
  • Suspends Gov Fubara, deputy, assembly for 6-mnths
  • 2025 budget permanently stalled

Ben Eguzozie, in Port Harcourt

The economy of oil-rich Rivers State, with a GDP size of more than $28.4bn, has taken a disreputable backstage as President Bola Tinubu finally weighed in over several months of escalating political tensions in the state, appointing a sole administrator to superintend the affairs of the state for six months.

Ibok-Ette Ibas, a navy rear admiral and former chief of Naval Staff 2015-2021, who hails from Nko, Yakurr local government area of Cross River State, will govern with emergency powers, giving no room to legislative sessions or sundry democratic processes.

The state is now set backwards, as major democratic institutions have been sacked, with Governor Siminalayi Fubara, his deputy Ngozi Odu, and the entire 33-member state House of Assembly led by Speaker Martin Amaewhule, suspended for six months at the most.

The latest in the seven months of political melee in the oil-rich state was the notice of “gross misconduct” brought by the  Martin Amaewhule-led lawmakers, accusing Governor Fubara and his deputy, Ngozi Odu, of gross misconduct, culminating in his perceived inability to govern the state.

Key political observers had interpreted it to be the beginning of impeachment of the governor and his deputy. Fubara has hardly had a breather since August 2023, barely three months after being sworn-in as chief executive of the state.

The lawmakers had cited Section 188 of the Nigerian Constitution and other relevant laws, which gave them strength to undertake what development experts described as an ‘economically ruinous journey’.

The notice, signed by 26 lawmakers, was tabled for debate, marking the first step in potential impeachment proceedings against the governor and his deputy, who has had a most-turbulent administration in the state. The development further heightens the already tensed political contention between the executive and legislative arms in the state.

As it stands, the state’s 2025 appropriation bill proposal of N1.188trn, which was slated to be re-presented before the Assembly appears now permanently stalled, as Governor Fubara, now ousted from office for six months,  might not have the opportunity to perform that executive function should he and the assemblymen regain their offices by September 2025 or thereabouts.

Will Ibok-Ette Ibas present any budget? Some economists at the South-South chapter of the Institute of Chartered Economists of Nigeria (ICEN) told our correspondent they were doubtful of such development.

In particular, the sole administrator, Ibok-Ette Ibas  will not make any new laws. Though he could however, be free to formulate regulations as may be found necessary to do his job, but such regulations will need to be considered and approved by the Federal Executive Council and promulgated by the President for the state.

In the next couple of months, there will be fireworks of emergency regime by a military officer, who is untrained for democratic governance. While all this goes on, the state’s economy will take its worst bashing. No economic activity can expectedly happen in an undemocratic environment, as investors,  bullish as ever, will choose to locate their investments to economies with extant laws.

The lawmakers had accused Governor Fubara of several offences, including alleged reckless and unconstitutional spending of public funds, obstructing the Assembly’s activities, and appointing individuals to government positions without the required screening and confirmation. Other allegations include withholding salaries, allowances and funds meant for the legitimate Rivers State House of Assembly, and seizing the salary of the Clerk, Emeka Amadi.

For the deputy governor Ngozi Odu, the Amaewhule-led lawmakers accused her of “conniving and supporting the illegal appointment of persons to government positions without the required screening and confirmation.”

The Assembly Speaker, Amaewhule said the gross misconduct allegations were raised by “not less than one-third of the membership of the Rivers State House of Assembly.”  Governor Fubara was to have  responded to the allegations “within 14 days of the presentation of the notice to the Speaker of the House of Assembly (whether or not any statement made by the holder of the office in reply to the allegation contained in the notice), the House of Assembly shall resolve by motion, without any debate, whether or not the allegation shall be investigated,” citing Section 188(3) of the Constitution.

But all that is now consigned to history. How the economy of Rivers State will pan out in the next six months under a military sole administrator, remains a matter of conjecture.

Admin
Admin
Previous Post

Europe’s Competitiveness Compass Points in the Wrong Direction

Next Post

How the Most Resilient Companies Adapt to Disruption

Next Post

How the Most Resilient Companies Adapt to Disruption

  • Trending
  • Comments
  • Latest
Igbobi alumni raise over N1bn in one week as private capital fills education gap

Igbobi alumni raise over N1bn in one week as private capital fills education gap

February 11, 2026
NGX taps tech advancements to drive N4.63tr capital growth in H1

Insurance-fuelled rally pushes NGX to record high

August 8, 2025

Reps summon Ameachi, others over railway contracts, $500m China loan

July 29, 2025

CBN to issue N1.5bn loan for youth led agric expansion in Plateau

July 29, 2025

6 MLB teams that could use upgrades at the trade deadline

Top NFL Draft picks react to their Madden NFL 16 ratings

Paul Pierce said there was ‘no way’ he could play for Lakers

Arian Foster agrees to buy books for a fan after he asked on Twitter

Unilever, Google Cloud partnership raises stakes in consumer goods digital transformation race

Unilever, Google Cloud partnership raises stakes in consumer goods digital transformation race

February 18, 2026
BUA Group leads Gulf–West Africa drive for integrated food and logistics corridor

BUA Group leads Gulf–West Africa drive for integrated food and logistics corridor

February 18, 2026
FairMoney expands SME credit access to boost financial capacity

FairMoney expands SME credit access to boost financial capacity

February 18, 2026
Logistics coordination is a structural efficiency reform, not luxury —Scott Dubin, Logistics Marketplace

Logistics coordination is a structural efficiency reform, not luxury —Scott Dubin, Logistics Marketplace

February 18, 2026

Popular News

  • Igbobi alumni raise over N1bn in one week as private capital fills education gap

    Igbobi alumni raise over N1bn in one week as private capital fills education gap

    0 shares
    Share 0 Tweet 0
  • Insurance-fuelled rally pushes NGX to record high

    0 shares
    Share 0 Tweet 0
  • Reps summon Ameachi, others over railway contracts, $500m China loan

    0 shares
    Share 0 Tweet 0
  • CBN to issue N1.5bn loan for youth led agric expansion in Plateau

    0 shares
    Share 0 Tweet 0
  • How UNESCO got it wrong in Africa

    0 shares
    Share 0 Tweet 0
Currently Playing

CNN on Nigeria Aviation

CNN on Nigeria Aviation

Business AM TV

Edeme Kelikume Interview With Business AM TV

Business AM TV

Business A M 2021 Mutual Funds Outlook And Award Promo Video

Business AM TV

Recent News

Unilever, Google Cloud partnership raises stakes in consumer goods digital transformation race

Unilever, Google Cloud partnership raises stakes in consumer goods digital transformation race

February 18, 2026
BUA Group leads Gulf–West Africa drive for integrated food and logistics corridor

BUA Group leads Gulf–West Africa drive for integrated food and logistics corridor

February 18, 2026

Categories

  • Frontpage
  • Analyst Insight
  • Business AM TV
  • Comments
  • Commodities
  • Finance
  • Markets
  • Technology
  • The Business Traveller & Hospitality
  • World Business & Economy

Site Navigation

  • Home
  • About Us
  • Contact Us
  • Privacy & Policy
Business A.M

BusinessAMLive (businessamlive.com) is a leading online business news and information platform focused on providing timely, insightful and comprehensive coverage of economic, financial, and business developments in Nigeria, Africa and around the world.

© 2026 Business A.M

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • About Us
  • Contact Us

© 2026 Business A.M