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YABATECH Launches N50b Endowment Fund To Address Infrastructure

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The Governing Council and management of the Yaba College of Technology (YABATECH) are committed to addressing infrastructure deficit and other challenges in the 73-year-old institution with its N50bn endowment fund.

In a statement, Rector of YABATECH, Obafemi Omokungbe, noted that the idea of the endowment fund was raised in 2018, when he assumed office after observing the poor state of infrastructure and the dwindling resources from government.

He said: “The college is 73 years old with attendant challenges of dilapidated infrastructure and obsolete and non-functional equipment in our laboratories and workshops. These require much funds to bring the college to a world class standard. The management are aware that government alone cannot salvage the current situation, hence the decision to institute an endowment fund of N50 billion.”

He also noted that development of the Epe campus was ongoing, hence, it requires urgent funding.

“The Yaba and Epe campuses require urgent and sustained infrastructural development to meet current and future obligations as a college of technology. It is, therefore, worthwhile to institute an endowment fund if the college is to remain globally relevant,” he added.

Omokungbe, who hailed the alumni for contributing to its development, stated that the college had made tremendous stride in fulfilling its mandate of producing high-level manpower for the development of the nation. Therefore, it is imperative to support the repositioning of the institution.

Chairman of the governing council, Lateef Fagbemi, called on well-meaning Nigerians, corporate organisations and donor agencies to support the growth of the institution.

“It is no longer news that the Federal Government investment in education has been dwindling daily in view of limited resources. More than any other tertiary institutions in Nigeria, the college requires endowment fund because equipment for research and development are obsolete, space constraints, increase in students’ population, among others,” he said.

The institution aims to build a new medical centre, multi-storey car park, students’ affairs building, hostels, among others.

July: United States Sets New Record For Overnight Warmth With 63.6 Degrees

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The United States in July set a record for overnight warmth, providing little relief from the day’s sizzling heat for people, animals, plants and the electric grid, meteorologists said.

The average low temperature for the Lower 48 states in July was 63.6 degrees (17.6 Celsius), which beat the previous record set in 2011 by a few hundredths of a degree.

The mark is not only the hottest nightly average for July, but for any month in 128 years of record keeping, said National Oceanic and Atmospheric Administration climatologist Karin Gleason.

July’s nighttime low was more than 3 degrees (1.7 Celsius) warmer than the 20th century average.

Scientists have long talked about nighttime temperatures — reflected in increasingly hotter minimum readings that usually occur after sunset and before sunrise — being crucial to health.

Exploring The Historic Chapultepec Castle, Mexico

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The Chapultepec Castle is a magnificent historic castle which is located in the heart of the most populous and capital city of the United Mexican States, Mexico City.

Sitting atop the Chapultepec Hill, which comes from the Nahuatl word that means ‘at the grasshopper’s hill’, this historic castle is considered to be the only one in North America to ever house actual sovereigns.

Originally constructed around 1785 in a Neo-romanticism, Neoclassical, and Neo-Gothic architectural styles on the orders of the Viceroy Bernardo de Gálvez, it was supposed to be a large manor for the commander who ruled the Spanish colony, the Viceroy of New Spain Bernardo de Gálvez.

Still, throughout its years, Chapultepec Castle served several purposes during its history, among which being Military Academy, Imperial residence, Presidential home, observatory, and for the moment it is the house of the National Museum of History.

During the colonial period, as the commanders of the new colony changed, the construction pace was a bit accelerated, and when Captain Manuel Agustín Mascaró took over the leadership of the project, the Spanish Crown thought that he would use the castle with the intent of rebelling against the Empire.

That is why the Monarchy of Spain started auctioning the unfinished building, however, there were no buyers until 1806 when the municipal government of Mexico City purchased the structure.

Unfortunately, with the beginning of the Mexican War of Independence in 1810, the castle was abandoned and in a state of despair as it was slowly degrading and falling apart.

This was up until 1833 when the new nation of Mexico decided to turn Chapultepec into a Military Academy, and what we are able to see nowadays, many of those older structures have been built during this period.

Serving as an academy up until 1847 when the Mexican-American War was raging, the castle became a battleground for the Battle of Chapultepec where according to local folklore, most likely six teenage cadets, known as the Niños Héroes, died defending the castle, and most likely one of them, Juan Escuita, wrapped himself with the Mexican flag and jumped to his death from the battlements.

Today, they are honored with a large mural on the ceiling right at the entrance of this magnificent historic structure.

Furthermore, with the rise of the Second Mexican Empire in 1864, the castle officially became the residence of Emperor Maximilian I and his wife Empress Carlota, who were nowhere near Mexican, but Austrian royalties from the Habsburg Dynasty.

The crown was offered to them by the Mexican monarchists who were puppets of the French who sought to add Mexico to their empire, nonetheless, this was the period when the castle began taking its current floor plan.

This was only a short construction, as the Emperor Maximilian I lost its reign with Mexico in 1867, and President Benito Juárez took over the power with the newly established Mexican Republic, which made the Chapultepec Castle to fall into disuse and disrepair once again.

Still, happy days came for the castle as the Mexican general and politician, Porfirio Díaz, in 1876 came to power as President of Mexico and served seven terms, and made the castle his official residence.

During this period changes and additions were made to the castle, and many items from his time are still within the structure, such as the bed where he slept, as well as the desk from which he signed his resignation as president in 1911.

During the Mexican Revolution, or as some would call it the Mexican Civil War, various presidents used the castle as an official residence, including Francisco I. Madero, Venustiano Carranza, and Alvaro Obregón, and following the war Plutarco Elías Calles and Abelardo L. Rodríguez resided there as well.

Turned into the seat of the National Museum of Cultures in 1939 by then President Lázaro Cárdenas, nowadays, this important cultural institution is open to visitors who can come and tour the castle itself, as well as the plentiful collections housed within the castle’s walls.

Including pre-Colombian artifacts and displays about ancient cultures of Mexico, there are also other sections with quite important parts of Mexican history, such as the war for independence and the Mexican Revolution.

All in all, Chapultepec Castle is definitely the cultural beating heart of Mexico’s capital city, which deserves at least one full day of exploration and learning about the longstanding history of this great nation in North America.

Once Upon A Time – August 13 – 1961 – Construction Of The Berlin Wall Begins In East Germany

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1521 Spanish conquistadors under Hernán Cortés capture Aztec Emperor Cuauhtémoc in Tenochtitlan marking the end of the Aztec Empire

1642 Dutch astronomer Christiaan Huygens discovers Mars’ southern polar cap

1788 Prussia joins Anglo-Dutch alliance to form Triple Alliance to prevent spread of Russo-Swedish War of 1788-90

1937 Second Sino-Japanese War: Japanese forces begin the Battle of Shanghai, a conflict that will last 3 months and involve 1 million troops

1942 The ‘Manhattan Project’ commences, under the direction of US General Leslie Groves: its aim – to deliver an atomic bomb

HISTORICAL EVENTS TODAY

TODAY IN FILM & TV

1967 “Bonnie and Clyde” crime film directed by Arthur Penn and starring Warren Beatty and Faye Dunaway, is released

TODAY IN MUSIC

2013 “Crash My Party” 4th studio album by Luke Bryan is released (Billboard Album of the Year 2014)

TODAY IN SPORT

2008 American super-swimmer Michael Phelps wins 3 gold medals, all in world record time, in the one day at the Beijing Olympics; 200m I/M (1:54.23), 200m butterfly (1.52.03) and 4 x 200m freestyle relay (6:58.56)

1961 Construction of the Berlin Wall begins in East Germany

MORE FACTS…

1913 Otto Witte, German acrobat and fantasist, is purportedly crowned King of Albania

FAMOUS WEDDINGS

1514 French King Louis XII (52) marries by proxy Mary Tudor (18), sister of Henry VIII, at Greenwich Palace, England

1868 Prime Minister of Canada Wilfrid Laurier (26) weds Zoé Lafontaine (27) in Montreal, Canada

1926 Comedian Stan Laurel (36) marries 1st wife actress Lois Neilson (30)

TETFund Gets N1.7tn Education Tax in Nine Years- Report

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The Tertiary Education Trust Fund, a Federal Government intervention agency, received a total of N1.702 trillion in education tax in nine years.

The figure, which covers between 2011 and 2019, was contained in a report prepared by the Fund and obtained by news correspondent in Abuja on Wednesday.

The agency was reportedly established following the deteriorating educational infrastructure and falling standard of education in the 1980s and early 1990s which led to agitations for reforms in the education sector.

In response to the agitations which primarily came from the Academic Staff Union of Universities, the Education Tax Fund was established in 1993 under Act No 7 as amended by Act No 40 of the 1998 as a trust fund and the 2011 TETFund Establishment Act, with the objective of using project management to improve the quality of education in Nigeria.

The main source of income available to the Fund is the two per cent education tax paid from the assessable profit of companies registered in Nigeria.

The Fund administers the tax imposed by the TETFund Act and disburses the amount to tertiary educational institutions at the federal and state levels. It also monitors the projects executed with the funds allocated to the beneficiaries.

Commenting on the report, the agency noted that, “As of 2019, a total of 223 public tertiary institutions benefited from TETFund intervention; Universities-87; Polytechnics-65 and Colleges of education -71.”

Analysis of the taxes received during the period revealed that in 2011, N128.5bn was generated as education tax; N188.37 bn in 2012; and in 2013, the fund noted an increase in tax generated when it received N279.17 bn.

In 2014, there was a decrease in tax generated when N 189.61 bn was received.

In 2015, the Fund generated N207.43 bn worth of education tax; in 2016, there was a decrease when N130.12 bn was generated; and in 2017, it was N154.96 bn.

The Fund noted a slight increase in 2018 when N203.28 bn was generated; and  N221.30 bn was generated in 2019.

Commenting on the development, the National President of the Academic Staff Union of Polytechnics, Dr Anderson Ezeibe, said, TETFund, an intervention agency, was not designed to be the main source of funding for tertiary education in the country.

He said, “The amount stated in the report covered a period of nine years and is therefore expected to have been deployed to satisfy key intervention areas like infrastructure, academic staff development, conference attendance etc. It is also expected to have been deployed to service critical committees like National Research Fund etc. as well as administrative issues.

“In all, it is difficult not to commend TETFund thus far as the agency has remained the most significant source of infrastructural development and academic staff development in tertiary institutions in the country.

“State governments and even the Federal Government have not and are not doing enough in terms of their fiscal responsibilities to these institutions.

“State-owned institutions are also beneficiaries of TETFund intervention grants. It is expected that state governments should be able to live up to their responsibilities to these institutions as proprietors and not abandon their institutions.”

Similarly, the chairperson of the Academic Staff Union of Universities, Federal University of Technology, Minna, Dr Gbolahan Bolarin, said, thing can be better at TETFUND with more sincerity.

Bolarin said, “The practice of kickbacks and what have you is zapping so much of the money. That is the reason the quality of projects under TETFund is nothing when compared to NEEDS assessment projects.

“Regarding state universities, it would be better if states can come up with additional streams of funds to support what they might be getting from TETFund. Anyway, it is all about political will to do what is right by the people.”

Oil Producing State Status: Anambra State Receives N268.2 Million Revenue

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Anambra State government has confirmed that it received N268.2 million revenue in its new status as an oil producing South-East state.

The amount was from the mineral derivation revenue from the Federation Account for the month of July 2022 totalling N268,232,939.16.

The state Commissioner for Finance, Ifeatu Onejeme, who confirmed the development said the feat was finally achieved sequel to Professor Chukwuma Soludo’s “massive follow up and collaborative initiatives with relevant federal government agencies.

Anambra State was recognized as an oil producing state during the administration of former Governor Willie Obiano.

Apparently reacting to social media reports that the state received over N300bn from the federal government as its share of 13% oil derivation, the Commissioner insisted that what the state received was N268,232,939.16.

Onejeme said: “The attention of Anambra State government has been drawn to several false and misleading stories circulating on some social and online media platforms about the 13% Oil Mineral Derivation Revenue received by Anambra State.

“This press release is deemed necessary in the public interest, in the spirit of full disclosure and in line with our principle of transparency, to address the deliberate misinformation and provide Ndi Anambra and the general public with the correct state of affairs.

“The proviso to S.162(2) of the 1999 Constitution (as amended) of the Federal Republic of Nigeria provides that the principle of derivation shall be constantly reflected in any approved formula determined by the national assembly for revenue allocation from the Federation Account and such derivation shall not be less than thirteen per cent of the revenue accruing to the Federation directly from any natural resources.

“Following a decade of hard work by industry experts from Anambra State in collaboration with past administrations, Anambra State was officially recogniszd as a petroleum-bearing and oil-producing state on July 27, 2021 by the Revenue Mobilization Allocation and Fiscal Commission at its 139th Plenary Session held on that date.

“The current administration of Prof Charles Chukwuma Soludo took up the mantle from there with massive follow up and collaborative initiatives with relevant federal government agencies to achieve the eventual implementation of the decision.

“Anambra State officially started receiving mineral derivation revenue from the Federation Account in the month of July 2022 with the first net receipt of N268,232,939.16 (Two Hundred and Sixty-Eight Million, Two Hundred and Thirty-Two Thousand Nine Hundred and Thirty-Nine Naira and Sixteen Kobo only).

“Ndi Anambra and the general public are therefore enjoined to disregard any other information about the amount of mineral derivation revenue received by Anambra State circulating in the social media.”

NNPC Renews Five Oil Bloc Licenses, To Generate $500bn In Revenue

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The Nigerian National Petroleum Company (NNPC) Limited has signed a contract extension with its partners for five major oil blocs with hopes of boosting Nigeria’s economy with $500 billion in revenue.

According to the NNPC limited, the development is a major step toward boosting Nigeria’s crude production and “unlocking investments in the deepwater space post-Petroleum Industry Act (PIA) enactment and its Production Sharing Contracts (PSCs) Contractors have resolved their disputes and signed renewed PSCs”.

“During a signing ceremony held today in Abuja, the parties renewed their agreements in five Oil Mining Leases (OMLs 128, 130,132, 133, and 138), a development that is expected to unlock over $500 billion in revenue for the country,” NNPC limited said on its official Twitter handle on Friday.

Some of the PSC partners of the NNPC Limited are Shell Nigeria Exploration and Production Company (SNEPCo), Total Exploration and Production Nigeria Limited (TEPNG), Esso Exploration. and Production Nigeria Limited (EEPNL), and Nigerian Agip Exploration (NAE).

Also, ExxonMobil took to Twitter to announce the renewal of its OMLs 133 (Erha) and 138 (Usan) deepwater leases for a further 20–year period.

“These renewals validate earlier commitment to maintaining a significant deepwater presence in Nigeria, via Esso Exploration and Production Nigeria (Deepwater) Limited,” the oil major tweeted.

According to ExxonMobil, these are among the first post-Petroleum Industry Act deepwater lease renewals.

It said: “We applaud the Ministry of Petroleum Resources, for providing the focused leadership and partnership that has led to this achievement.

“Further, these extensions enable us and our partners to unlock the potential value in these OMLs and to bring forward additional investment.”

The federal government had in a bid to overcome the funding challenges in the oil and gas sector as well as enhance the country’s oil reserve and improve the economy of the country, introduced the Production Sharing Contract as a policy for the exploration of the country’s petroleum resources.

This policy is mainly regulated by the Deep Offshore and Inland Basin Production Sharing Contract Act, Laws of the Federation of Nigeria 2004.

Under this policy, the NNPC engages a competent contractor (Petroleum Exploration and Production Companies or its Subsidiary) to carry out petroleum exploration in Nigeria.

Europe Gas Delivery: Nigeria’s Trans-Saharan Gas Pipeline Now Active

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Nigeria is ramping up efforts to finish the construction of a pipeline that will help deliver its gas to Europe.

The country’s Trans-Saharan gas pipeline is now active after decades, as the country looks to capitalise on European nations reducing their reliance on energy from Russia.

The country has reserves of 5.8 trillion cubic metres of gas and is looking to triple that amount in 8 years.

It’s also trying to triple its reserves as prices and demand for gas surge due to the conflict in Ukraine.

Pres. Buhari Again urges ASUU To Call Off 6-Month- Old Strike

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President Muhammadu Buhari has again appealed to the Academic Staff Union of Universities (ASUU) to call off the ongoing strike.

Buhari made the call on Friday in Maiduguri at the maiden Special Convocation Ceremony and conferment of Honourary Degree of Doctor of Letters by the University of Maiduguri on Muhammadu Indimi, Chairman, Oriental Energy Resources Ltd.

The president who was represented by his Chief of Staff, Ibrahim Gambari said, “Its more appropriate that we say something about this ASUU strike because we are celebrating Indimi who is celebrated hugely for advancement of quality education not only in this country.

“In this regard, I want to convey President Muhammadu Buhari call for ASUU to call off thier strike and return to classroom”.

The president said negotiations had gone far, and for ASUU to continue the strike under such condition was counter productive.

According to him, such prolong interruption of education is undermining the nation’s development of human capital.

The Vice Chancellor of the university, Prof. Aliyu Shugaba said the maiden special convocation was to give honour to Indimi for his contribution to educational development at home and abroad.

He urged the Federal Government, ASUU and other unions in the university to resolve the lingering strike to save the education sector.

Also, former President Olusegun Obasanjo lauded the peaceful atmosphere in Maiduguri, adding that, “what I saw is contrary to the picture being painted outside”.

Obasanjo lauded the effort of Borno government and other stakeholders for the relative peace in the state and urged them to sustain the tempo.

He congratulated Indimi for the honour bestowed on him, describing him as “a self made man as shown by his struggled to greatness in life”.

For his part, Indimi expressed gratitude to God for the honour done to him and reiterated commitment to selfless service to humanity.

Prof. Saliba James, who read the citation of the celebrant, said that Indimi had distinguished himself in promoting educational development within and outside the shores of Nigeria.

“Indimi has been providing remarkable help to the vulnerable and downtrodden people in the society irrespective of where they come from.

“He has supported many indigent students in Borno, his home state and even in far away states like Akwa Ibom.
“It is on record that Dr. Indimi has provided vital education infrastructure in International University of Africa
(IUA), Sudan; in far away Lynn University, Florida, USA, and of course not forgetting to mention this multi-billion Naira magnificent edifice where we are right now seated and holding this Special Convocation today in this University.

“I believe that his best is yet to come”, James said.

Nigerian Conservation Foundation Calls for Sustainable Management of Environment  

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As part of efforts to address the challenges of climate change, the President of the Nigerian Conservation Foundation (NCF) Board of Trustees (BoT), Izoma Asiodu, has called for the sustainable management of nature amid the booming population and environmental challenges across the country so that posterity can enjoy a beautiful habitat.

Asiodu disclosed this recently at the 20th annual memorial lecture organised by the Nigerian Conservation Foundation (NCF) in honour of its founder, late Chief S. L. Edu.

He recalled how the NCF was founded as a result of the friendship between late Edu and the Prince of Netherlands, who was the chairman of  World Wide Fund for Nature (WWF1), which led him to establish something similar in Nigeria.

The NCF president expressed delight that NCF has been able to sustain the series of lecture in his honour while giving out doctoral research grants to distinguish scholars and future leaders in environmental conservation.

He said: “NCF is called the premier conservation organisation in Nigeria because before it, there was no existing organisation dedicated to wildlife and environmental management in the country.

“Numerous thought leaders and foremost professionals have graced the occasion to talk about issues like sustainable agriculture, desert encroachment, water conservation, faith in the environment, wildlife conservation, and reforestation.

This year’s theme: ‘Only One Earth’, typifies the need for all stakeholders to collaborate towards ensuring that we achieve the various environmental targets set towards climate change mitigation and adaptation.

“As a flagship advocacy tool for NCF, the annual lecture serves as a platform for public discourse on national and global environmental issues. “