University of Lagos Vice-Chancellor Insists on New Fees Hike

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September 12, 2023

The Vice-Chancellor of the University of Lagos (UNILAG), Akoka, Prof Folashade Ogunsola expressed the unwillingness of the university authorities to back down on fee increments which is currently causing a crisis in the institution.

She said the university had no better choice than to stay on the current upward fee adjustment which is about 400 per cent of the old fees payable by categories of students if quality service is to be sustained by the university.

She explained that the university did not just arrive at the new fee regime, which is in the range of N126, 000 to 200,000 depending on courses of study, on its own but did so after wide consultation with various stakeholders in the university including the students and their parents with them jointly agreed for increment.

She said the total old fees which were in the range of N25,000 per student yearly were a far cry from meeting the need of UNILAG based on the current economic reality in the country, particularly since the recent removal of fuel subsidy by the Federal Government, which is daily pushing up the prices of goods and services in the market.

She said even with the new fees being charged to the students, the university is still heavily subsidizing its services to students as to train one university student for example, costs the school so much.

According to her, UNILAG spends up to N1.7 billion on electricity alone yearly, N140 million on examinations yearly, between N100 million and N200 million on course accreditation yearly and the cost of maintenance of faculties among others, is also very huge.

The Vice chancellor declared that it is not only UNILAG that increased its obligatory fees as the Federal Government has permitted all the Federal Government universities just like the federal government colleges to do an upward review of their obligatory fees, but wondered why the noise is only about UNILAG.

She noted that what UNILAG even charged is about the lowest from other federal universities that have also announced their own fee increments such as Ahmadu Bello University, Zaria and the University of Maiduguri for example.

While declaring that it is not that the university authorities do not know that many homes, including many students of public universities including UNILAG, are facing very difficult times at the moment, she assured that no student of UNILAG will because of fees hike drop out from the university.

She said various measures to address the concerns of any student who may have difficulty in payment of the new fees have been put in place.

She listed installmental payments in three batches in each academic year, availability of a Work-Study programme for interested students to raise income, scholarship opportunities for brilliant and indigent students, adoption of students for sponsorship project by alumni and other well-meaning Nigerians, as well as special arrangement with the Lagos Bus Rapid Transport system to ease students movement on BRT corridors, as measures among others.

She promised that the university would continue to engage the stakeholders to join hands with the management to move the university forward.

Umahi Tackles Contractor Over Shoddy Job

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faith Jegede

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September 12, 2023

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The minister of works, Senator Dave Umahi who is on a familiarization tour of the federal roads across Nigeria, slammed a contractor handling roads in the East, for doing shoddy jobs.

The minister suspended the job and called for a review, ordering the contractor to partner with engineers for quality work.

The contractor explained that the bad roads were not built for trailers and containers, which contributed to their damage.

Umahi said the contractor ought to be ashamed for building such roads.

Umahi, who is also an engineer, was in Abia state to inspect ongoing federal projects in the state and said even though he is not an apostle of 100 days celebration, Abia residents and indeed the South-East are blessed to have Governor Otti as his handwork is already showing.

Cross River Institute To Partner Defense Ministry On Teachers Retraining

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Nzubechukwu Anodo

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September 12, 2023

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Federal Defense Ministry has disclosed plans to collaborate with the Teachers Continuous Training Institute (TCTI), Cross Rivers to retrain about 20000 teachers and personnel of the Armed Forces primary and secondary schools located in different parts of the country under the employment of the Ministry.

The Director of Education in the Ministry, A O Taiwo complemented the dedication and commitment of teachers under the Ministry, in improving teaching and learning in the schools.

She expressed satisfaction with the capacity of TCTI to leverage on the teacher retraining plans of schools under the Ministry of Defense, particularly on utilization of digital tools and resources which the Institute has exhibited leadership.

At the extensive meeting with officials of the Directorate of Education at the Defense headquarters in Abuja, the TCTI Director General, Professor Taoheed Adedoja, while presenting the various programmes of the Institute, emphasized that for any teacher to fit into the modern trends of teaching, he or she must undergo continuous professional development and for which the Institute was established.

He disclosed that a second batch of 50 secondary school teachers in Cross River State would participate in a three day intensive training from Tuesday September 12 to Thursday September 14 2023 on “Usage of Digital facilities for teaching and learning”.

He said the training programme with participants drawn from the three geopolitical zones of the state would also explore the maximization of local resources for promoting teaching and learning in the rural areas.

He added that in view of the importance of the training, various organizations and individuals have been invited to monitor the exercise.

Troops Donate Educational Materials To Students In Borno

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Nzubechukwu Anodo

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September 12, 2023

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The commander 5 Brigade, Joint Taskforce, Operation Hadin Kai, Brigadier-General, Mitiu Abiola has donated books and stationary items to students in Gubio, Mobbar and Magumeri Local Government Areas, in bid to strengthen civil-military relations in the fight against Boko Haram

Speaking during the presentation of the books and stationery items in Gubio, the commander 5 Brigade said the gesture aimed at enhancing the quality of education of the children in the areas.

He noted that the war against insurgency is a collective responsibility which the military cannot fight alone without the cooperation of members of the community in the area.

According to him, 950 children received exercise books and other teaching aids which will help in imparting quality education among children in the 3 selected LGAs.

He advised the parents to take responsibility of their wards by sending them to schools, saying illiteracy is one of the major causes of youth’s involvement in Boko Haram insurgency.

He said the initiative is in line with the ongoing non kinetic efforts by the military to sustain the war against insurgency as well as to win the hearts and minds of members of the various host communities.

The books were received by the Chairmen of Mobbar and Gubio Local Government respectively while the Chairman of Magumeri Local Government was represented at the occasion.

Speaking on behalf of the Chairman board, the Chairman Gubio LGA, Mali Bulama appreciated by applauding the Commander 5 Brigade for his kind gesture, love and concern for the well-being of indigenes and their children’s educational pursuit.

He said that the military is doing marvelously well and this effort has seen the return of peace, tranquility and normalcy to their various communities.

The Chairman continued his remarks by extolling the quality initiative of the Commander for his pragmatic and proactive leadership approach in promoting civil military relations and therefore reaffirmed the unalloyed supports of the 3 Local Government areas to the Army and other security agencies in the ongoing fight against insurgency.

Hollywood Pull $44 Million From Retirement Accounts Amid strikes

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Emenike Agu

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September 12, 2023

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Entertainment workers have moved to take more than $44 million out of their individual Retirement accounts as they endure months without work due to the strikes.

Nearly 3,000 workers have filed for hardship withdrawals, according to an update circulated on friday by the motion picture industry pension and health plans. The average withdrawal is about $15,000.

The figures, which were confirmed by two labor sources, show the scale of the economic hardship facing hollywood’s below-the-line workforce, which includes set painters, grips, craft service workers, drivers, cinematographers, costumers, hair and makeup artists, and many others.

The Writers Guild of America strike began on May 2, shutting down most scripted TV and film productions. But work had already been slow for several months before that. Many workers have said they have not worked since January or even last fall, causing them to use up their emergency savings.

The entertainment community fund has distributed more than $6.5 million in aid to 3,100 struggling workers. The motion picture and television fund also gives out grants up to $1,500, and the WAG and SAG-AFTRA also have their own strike relief funds for their members.

Several high-profile people in the industry — including Steven Spielberg and Kate Capshaw, Ryan murphy and Greg Berlanti — have also contributed $500,000 to $1.5 million to benefit out-of-work crew members in recent days.

The MPIPHP covers workers in the international alliance of theatrical stage employees and the basic crafts unions, including teamsters, laborers and electricians.

U.N Criticises Russia For Withdrawing From Grain Deal

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Rhoda Onuzulike

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September 12, 2023

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The United Nations (U.N) rights chief has blamed Russia’s exit from the Black Sea grain deal as well as its attacks on agricultural facilities for higher food prices.

“The Russian Federation’s withdrawal from the Black Sea Grain Initiative in July, and attacks on grain facilities in Odesa and elsewhere, have again forced prices sky-high in many developing Countries taking the right to food far out of reach for many people,” Volker Turk said at the opening of the Human Rights Council session in Geneva, referring specifically to high malnutrition rates in Somalia amid drought.

Russia quit the U.N brokered grain deal, aimed at easing a global food crisis, in July.

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Ukraine has accused Russia of intentionally striking grain terminals and infrastructure in the Black Sea port of Odesa and elsewhere. In some cases, Russian State media have claimed the facilities were housing mercenaries and military hardware, without providing evidence.

In the same speech evoking human rights crises around the world, Turk referred to a series of incidents of Quran burning in Sweden and elsewhere “repugnant”.

He also called for “strong remedial action” from China in response to a report from his predecessor a year ago that highlighted possible crimes against humanity committed in Xinjiang.

CBN Stops Banks From Utilising FX Revaluation Gains

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Rhoda Onuzulike

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September 12, 2023

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The Central Bank of Nigeria (CBN) on Monday instructed commercial banks not to utilise the foreign exchange (FX) revaluation gains to pay dividends or for other operational expenses.

This was seen in a circular to all banks dated September 11. 2023 and signed by Haruna Mustafa, director, of the banking supervision department.

Instead the CBN advised the banks to save the money made from FX to hedge against any future volatility.

“Banks are required to exercise utmost prudence and set aside the foreign currency (FCY) revaluation gains as a counter-cychcal buffer to cushion any future adverse movements in the FX rate in this regard, banks shall not utilize such FX revaluation gains to pay dividend or meet operating expenses”, the circular reads.

According to the CBN, banks that inadvertently breach the Single Obligor limit (SOL) due to the FX policy will be granted forbearance upon application to the CBN.

The forbearance shall apply only to existing facilities as at the effective date of this policy. Such banks shall be exempted from the regulatory deductions on the excess above the SOL limit in their capital adequacy ratio (CAR) computation.

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The CBN said banks that exceed the Net Open Position (NOP) Limit prudential limits due to the FX revaluation shall be granted forbearance for the breach upon application to the CBN.

“Existing prudential regulations on capital adequacy. dividend payments and FCY borrowing limits shall continue to apply.”

The apex encouraged the barks to build capital buffers to increase resilience against potential volatility and/or economic shocks.

“The CBN will continue to monitor emerging vulnerabilities and take appropriate regulatory action,” the circular stated.

The CBN emphasized that banks should utilize these revaluation gains to reinforce their capital reserves, thus enhancing the banking sector’s capacity to endure volatility and economic shocks.

Afreximbank Invests all-time High $36bn in Nigeria

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Rhoda Onuzulike

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September 12, 2023

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The African Export-Import Bank (Afreximbank) has invested over $36 billion into the Nigerian economy since its creation in 1993 through trade and project financing.

This comes as the bank targets $43 billion in trade and investment deals at the Intra-African Trade Fair (IATF2023) holding in Cairo, Egypt in November 2023.

Nigeria directly benefited from trade and investment deals worth over $18 billion in the previous IATF.

The bank’s executive vice president, intra-African trade bank, Kanayo Awani disclosed this on Monday at the Nigeria Intra-African Trade Fair (IATF2023) high-level business road show in Lagos. She said the support has covered a range of sectors and industries, including, among others, energy, transport, financial services, healthcare, manufacturing, and trade infrastructure.

“In addition, Afreximbank remains committed to contributing to Nigeria’s economic growth as evident in several flagship projects underway such as the $300m 500-bed Africa Medical Centre of Excellence (AMCE) ongoing in Abuja in partnership with King’s College, London, Afreximbank Africa Trade Centre (AATC), also in Abuja, and the Africa Quality Assurance Centre (AQAC) in Shagamu, Ogun State, which is already operational,” she said.

Afreximbank Targets SMEs with US$400mn Loan

As part of the development of the auto sector, she said the Bank has also provided a grant to support the development of the Nigerian automotive policy that will help ensure a competitive and vibrant auto sector in Nigeria.

“The inaugural trade fair held in Cairo, Egypt in 2018 was a resounding success. This was followed by an even more successful IATF2021 hosted in Durban, South Africa in 2021,” she said.

Awani said the two editions of the IATF collected participants from 130 countries globally, with more than 2,500 exhibitors from 77 countries.

The two previous editions generated over $74 billion in trade and investment deals, providing a glimpse of the immense potential that exists for intra-African trade and investment, she said.

Reps Committee Cancels Probe Over Kyari, Others Absence

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Rhoda Onuzulike

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September 12, 2023

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The House of Representatives Ad hoc Committee to Investigate the Circumstances surrounding the acquisition of OVH Energy Marketing by the Nigeria National Petroleum Cooperation, NNPCL, has halted its probe due to the absence of Chief Executive Officers of the companies involved.

The Group Chief Executive Officer of the NNPCL, Mele Kyari, and the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, MMDPRA, Farouk Ahmed, were absent during the probe of irregularities and alleged corruption in the NNPCL.

As the hearing commenced, the chairman of the Ad hoc Committee, Honourable Abubakar Nalaraba, frowned that both CEOs sent representatives.

Ad-Hoc Committee On Mass-Transit Scheme Summons Minister, Others

The NNPCL sent its Executive Vice President (Downstream), Yemi Adetunji while the NMDPRA was represented by its Director Of Operations, Soji Soloye.

They said their various Chief Executives could not attend the hearing because they were attending to other things.

When the Chairman of the Ad hoc Committee inquired if they could represent their principals at the probe, they said they could not.

Nalaraba said it was unfortunate because the committee was far behind schedule in the discharge of its assignment.

“This is an ad hoc committee on the need to investigate the irregularities and alleged corruption in the Nigeria energy security provider, the NNPC Limited, and the acquisition of OVH Energy Marketing”.

“The House resolved to set up this Ad hoc committee to investigate the circumstances surrounding the acquisition of OVH Energy by NNPCL and report within four weeks”.

“The time allocated to conclude and submit this report within four weeks. Unfortunately, we are far behind schedule despite the extension of the House recess, we still feel the need to continue or to progress with this investigation,” he said.

The hearing dissolved into an executive session for the panel to decide an appropriate time for the Chief Executives to appear.

Tinubu Meets UAE President, Secures Landmark Deals

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Rhoda Onuzulike

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September 12, 2023

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President Bola Ahmed Tinubu and the President of the United Arab Emirates, Mohamed bin Zayed Al Nahyan, have finalized a historic agreement, which has resulted in the immediate cessation of the visa ban placed on Nigerian travelers.

By this historic agreement, both Etihad Airlines and Emirates Airlines are to immediately resume flight schedules into and out of Nigeria, without any further delay.

Pres. Tinubu Heads to Abu Dhabi for Diplomatic Talks

These were made known in a statement signed by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale.

The statement added that the immediate restoration of flight activities, through the two airlines and between the two countries, does not involve any immediate payment by the Nigerian government.

The two leaders have also agreed to a framework which will involve several billions of U.S. dollars, worth of new investments into the Nigerian economy across multiple sectors, including defence, agriculture and others, by the investment arms of the Government of the United Arab Emirates.

“This is in recognition of President Tinubu’s economic development diplomacy drive and proposals made on Monday, 11th of September, as Presented by the Nigerian leader, President Tinubu to his counterpart.” The statement added.

Furthermore, President Tinubu also successfully negotiated a joint, new foreign exchange liquidity programme between the two Governments, which will be announced in detail in the coming weeks.

The Nigerian leader however commended the UAE President, Mohamed bin Zayed Al Nahyan, for his unalloyed friendship and his determined effort to join hands with him to fully normalize and reset to excellence, the standard of relations between the two countries.