Nigeria Postal Service Generates 3.01 BN in 2022- NBS

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September 12, 2023

Nigerian Postal Service (NIPOST) has begun a massive overhaul of men and machinery to position it as the biggest e-commerce and e-payment player in the country despite the delay in the passage of the supposed postal reform bill.

The total revenue generated from postal activities in 2022 dropped from N3.63 billion in 2021 to N3.01 billion in 2022, indicating a decline of about 17.05 per cent.

The National Bureau of Statistics (NBS) stated in its Postal Service Data for 2022 released in Abuja on Tuesday.

F.G Unveils Plan To Unbundle NIPOST Into Courier Services, Others

The report said the total number of Post Offices and Postal Agencies declined by 19.43 per cent from 2,794 recorded in 2021 to 2,251 in 2022.

It stated that the total number of boxes installed in 2022 was 836,731, indicating a decline of 0.08 per cent from 837,428 recorded in 2021.

The report said the total number of PMBs available in 2022 was 20,775, indicating a decline of 8.44 per cent from 22,689 recorded in 2021.

The NBS said the total number of postal articles handled in 2022 increased by 102.05 per cent from 17.7 million recorded in 2021 to 35.7 million in 2022.

“Domestic mail handled was 15,669,072, while mail dispatched abroad was 543,893 and mail received from abroad and delivered in Nigeria was 19,463,153.”

The report indicated that Lagos State had the highest number of boxes installed in 2022 with 143,416, while Jigawa recorded the least with 1,800.

CBN Bans Banks From Utilising Naira Devaluation Gains

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faith Jegede

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September 12, 2023

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The Central Bank of Nigeria (CBN) has asked deposit money banks (DMBs) to stop utilizing gains from the revaluation of the naira to pay dividends or finance operations.

CBN said a review of the foreign exchange (FX) regime change showed the banks are in a position to profit from the policy because of its potential to significantly increase the naira value of banks’ foreign currency (FCY) assets and liabilities.

The apex bank gave the directive in a letter, titled: ‘Impact of Recent FX Policy Reforms: Prudential Guidance to the Banking Sector,’ which was signed by Haruna Mustafa, CBN’s director of the banking supervision department.

On June 14, the CBN officially unified the multiple FX rate systems, collapsing all FX windows into the investors’ and exporters’ (I&E) window.

The policy resulted in the depreciation of the local currency by about 63 percent, causing significant levels of volatility in the FX market.

In the letter, the financial regulator said the transition from the multiple exchange rates regime to a single rate could result in varying levels of FX revaluation gains.

The apex bank, however, said the policy could also lead to losses across the industry.

The statement read in part, “Additional implications of the FX policy reforms may include breaches of single obligor and net open position limits, possible increase in asset quality risks and pressure on industry capital adequacy,”

The CBN also issued guidelines on how banks can manage the impact of FX reform.
The CBN said “Treatment of FX Revaluation Gains: Banks are required to exercise utmost prudence and set aside the FCY revaluation gains as a counter-cyclical buffer to cushion any future adverse movements in the FX rate. In this regard, banks shall not utilize such FX revaluation gains to pay dividends or meet operating expenses,

“Single Obligor Limit (SOL): Banks that inadvertently breach the Single Obligor – Limit (SOL) due to the FX policy will be granted forbearance upon application to the CB. 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 CAR computation.

“Net Open Position (NOP) Limit: Banks that exceed the NOP 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 also directed banks to immediately implement the measures.

Emmanuel Dennis: Super Eagles Striker Close To Nottingham Forest Exit, Turkish Giants Waiting

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Emenike Agu

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September 12, 2023

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Super Eagles striker Emmanuel Dennis is close to leaving Nottingham Forest with Turkish sides Adana Demirspor and Istanbul Basaksehir waiting in line.

Trabzonspor have reportedly completed the surprise loan signing of Emmanuel Dennis from Nottingham Forest.

The Turkish club is said to have acted swiftly to secure the Nigerian striker’s services after a proposed move to Saudi Arabia fell through at the last minute. Dennis had looked set for a transfer to Al-Taee this week, with the Saudi club keen to bolster their attack while the window remained open.

However, the deal is understood to have collapsed in the final stages, prompting Trabzonspor to make their move. The 25-year-old joined Forest from Watford last summer but struggled to make an impact, scoring just twice in 19 appearances. With first-team opportunities limited under Steve Cooper, a loan move emerged as the best for all parties.

Trabzonspor have agreed on a season-long loan for Dennis, fending off competition from elsewhere. This is because, unlike elsewhere in Europe, the Turkish transfer window remains open, allowing the club to complete the eye-catching deal.

The capture of the former Club Brugge forward is seen as a coup for the reigning Turkish champions. Trabzonspor will hope Dennis can rediscover his best form in new surroundings as they look to defend their Super Lig title this season

Osun Students Threaten Protests Over Frequent Closure of Polytechnic

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Nzubechukwu Anodo

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September 12, 2023

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Students of Osun State Polytechnic, Iree, have raised concern over the fresh closure of the institution following the leadership crisis rocking the polytechnic.

The institution’s leadership crisis has sent students home for the second time since the controversy erupted in July.

Since the removal of the institution’s substantive rector, Tajudeen Odetayo and the appointment of his replacement, Kehinde Adeyemi, in an acting capacity, the staff and students of the school have continued to protest the government’s decision.

The government, during the week, announced another two-week break following the return of Odetayo to the office after he was granted relief by the National Industrial Court (NIC) in Lagos.

The first closure lasted more than two weeks, from 24 July to 14 August and the government announced another two-week closure.

Meanwhile, the leadership of the Osun State chapter of the National Association of Nigerian Students (NANS) Joint Campus Committee (JCJ) said it would embark on a peaceful protest should the state government fail to find a lasting solution to the problem on the campus as soon as possible.

The association issued a statement signed by its Chairman, Ogungbe Adedamola, and General Secretary, Afolabi Faruq.

The students described the disruption as unfair, saying it makes students victims of internal disagreements over the appointment of a rector or other administrative matters.

The union said should the government and school authorities fail to find a solution in the next few days, the students threaten a peaceful protest which it said would be confrontational.

NFF Clarifies Randy Waldrum’s Sacking As Super Falcons Coach

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Emenike Agu

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September 12, 2023

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The NFF has denied rumours that the body has sacked Randy Waldrum as Super Falcons coach.

Waldrum’s position as Super Falcons coach has been unclear sincehe called out the NFF just before the 2023 FIFA Women’s World Cup

The American tactician criticized the NFF for failing to prepare the Super Falcons adequately for the Women’s World Cup and also called the organization out for failing to pay his and the players’ wages.

Super Falcons boss Randy Waldrum has a fractured relationship with the NFF

Waldrum took the team to the 2023 Women’s World Cup, leading the team to an impressive round of 16 finish, with the Super Falcons losing to eventual finalist England only on penalties.

Nonetheless, despite his impressive achievement, his future remained uncertain after the tournament.

Reports then emerged earlier this week that the American tactician had been sacked as Super Falcons coach.

However, the NFF has now come out to deny the report, saying the body has not reached a decision on the future of the head coach of the University of Pittsburgh Panthers women’s soccer team.

Randy Waldrum is still Super Falcons coach | Imago

According to popular NPFL journalist Adepoju Tobi, the NFF is still deliberating on the future of Waldrum.

Waldrum’s current contract as Super Falcons coach expires next month, but with the Olympic qualifiers coming up soon, the NFF could consider handling the American a contract extension.

The body has already extended the contract of Super Eagles coach Jose Peseiro until after the AFCON and could follow the same route with Waldrum.

University of Lagos Vice-Chancellor Insists on New Fees Hike

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Nzubechukwu Anodo

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September 12, 2023

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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

By

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

By

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

By

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.