LAUTECH Gets N.5b Lifeline

Image

By Dipo Olowookere

As part of efforts to meet the end of January 2017 deadline for the reopening of the Ladoke Akintola University of Technology (LAUTECH) in Ogbomoso, Oyo State, the state Governor, Mr Abiola Ajimobi, has disclosed that a total of N500 million has been earmarked to achieve this.

Mr Ajimobi made this disclosure on Monday while addressing some students of the school, who staged a peaceful protest to his office in Ibadan.

During his speech, the Governor said he had to suspend the State Executive Council meeting to address them because of his concern for their plight and to enable them to hear directly from him about the ongoing concerted efforts to douse the tension that had assumed several dimensions since the strike began.

“I had to suspend the State Executive Council meeting to meet with you when reports got to me that students were at the gate and were eager to hear directly from me.

“The crux of the matter is that government lacks fund. I’m sure all of you are aware of the mounting financial difficulties confronting the country, in which we have a fair share. But nevertheless, we (Oyo and Osun states) have reached a solid agreement on how to contribute funds to start with.

“We are contributing an initial N250 million each as allocation to LAUTECH to achieve the set goal of getting the university reopened. This is in continuation of our continuous search for every opportunity to improve education standards in Oyo State.

“We have given instructions that the school must be reopened before the end of this month come rain or shine. But you must know that part of education is what they call civic responsibility and tomorrow leadership is about being good observers of rule of law today,” Mr Ajimobi said.

LAUTECH was established in 1990 in the old Oyo State, which now comprised Oyo and Osun States, while the two states had maintained joint ownership of the college since 1991 when Osun was excised.

Academic and non-academic staff at LAUTECH had been on strike since June 9, 2016, in protest against delay in settling their salary arrears, a development the governor blamed on the dwindling fortunes of the two owner states.

The Governor, who charged the students to eschew violence and disobedience to constituted authority in driving home their demands, said dialogue remained the most potent tool to resolve any disagreement.

He assured the students that the stakeholders had slated another meeting for Wednesday to fine tune the resumption process and to discuss other issues that would nip in the bud future disagreement between the management, the students’ body and the visitors to the university.

A former President of the Student Union Government of LAUTECH, Mr Bakare Olatunde, who spoke on behalf of the protesters, apologized to the Governor on behalf of the students for the unruly conduct of some of them in spite of assurances that the school would be reopened soon.

He, however, pleaded with the governor to collaborate with Mr Aregbesola and ensure that normalcy returned to the university latest by the end of January as promised.

He said, “We are sorry for our conduct sir. But, we just want to plead that this promise you made be fulfilled.

“We have heard times without number of government’s unfulfilled promise to reopen the school. We want you to please do your part to help in speeding up the process.”

Share
Related Stories
Image
03-November-2023

NIJ Postpones Resumption Date of ND2 Students

By Bliss Okperan The resumption date of the National Diploma (ND) 2 students of the Nigerian Institute of Journalism (NIJ) in Ogba, Lagos, has been postponed by the management to January 2024. The affected students, who are currently undergoing their mandatory Students Industrial Work Experience Scheme (SIWES), were earlier scheduled to resume for the 2023/2024 academic session on Monday, December 18, 2023. However, information gathered by Business Post from the Student Affairs Officer, Mrs Esther Eke, confirmed that this date has been moved forward to next year after discussions. According to her, the decision to shift the resumption date was

Image
05-October-2023

Norway’s Jon Fosse Wins 2023 Nobel Prize for Literature

By Adedapo Adesanya The Nobel Prize in Literature has been awarded to Norwegian writer, Mr Jon Fosse, for “his innovative plays and prose, which give voice to the unsayable,” according to the Royal Swedish Academy. One of his country’s most-performed dramatists, Mr Fosse, 64, has written some 40 plays as well as novels, short stories, children’s books, poetry and essays. Learn more about the 2023 #NobelPrize in Literature: https://t.co/dVT9QJr7PM — The Nobel Prize (@NobelPrize) October 5, 2023 Mr Mats Malm, permanent secretary of the academy, announced the prize Thursday in Stockholm. Mr Malm said he reached Fosse by telephone to

Image
11-October-2023

Northern Nigeria Faces Educational Threat—Lawmaker

By Bliss Okperan A lawmaker representing Kaura-Namoda/Birnin Magaji Federal Constituency in the National Assembly, Mr Aminu Sani Jaji, has raised alarm over the safety of children in schools in some parts of Northern Nigeria. The part of the country has witnessed kidnappings by terrorists and bandits, including in schools, leading to a low appetite for education over safety issues. While addressing newsmen in Abuja, he said, “These concerns intensify as incidents like the kidnapping of Federal University Gusau students follow purported dialogues, prompting public figures to call for a holistic approach to address the insecurity crisis decisively.” “Addressing the issue

Image
26-September-2023

400-year-old British Institution Opens $150m School in Lagos

By Adedapo Adesanya A 400-year-old British educational institution, Charterhouse, has commissioned its first African school, currently in progress on a sprawling 70-hectare site located at Ogombo in Lekki, Lagos. The introduction of Charterhouse Lagos marks the convergence of British independent school heritage with cutting-edge educational practices, ushering in a new era of excellence in West African education. Charterhouse Lagos will represent a remarkable educational undertaking in the commercial capital of the country, with the planned $150 million campus expected to be fully delivered in 2028. The school’s development will unfold gradually, with the first intake of primary school students in

More Stories
Image
03-November-2021

NASD Exchange Extends Rally by 0.01%

By Adedapo Adesanya It was another bullish trading day on the floor of the NASD Over-the-Counter (OTC) Securities Exchange on Tuesday as the bulls extended their stay at the market for another session with a marginal growth of 0.01 per cent. The favourable outcome came on the back of gains recorded by NASD Plc as the company saw its equity grow by 13 kobo or 0.7 per cent to close at N19.30 per unit in contrast to N19.17 per unit it closed at the previous session. As a result of this, the NASD unlisted security index (NSI) moved up by

Image
29-April-2020

Africa Postpones Implementation of AfCFTA Deal

By Adedapo Adesanya The implementation of the African Free Trade Agreement from July 1, 2020 has been postponed due to the disruptions caused by the coronavirus pandemic outbreak. This was disclosed by Mr Wamkele Mene, the Secretary-General of the African Continental Free Trade Area (AfCFTA) during a conference call on Tuesday. “It is obviously not possible to commence trade as we had intended on 1 July under the current circumstances,” he said. However, despite the postponement, it was not revealed by the AfCTFA official that there was a new targeted implementation date. The 55-nation continental free-trade zone would, if successful,

Image
22-September-2016

Int’l Peace Day Marked in South Sudan Amid Renewed Hope

By Dipo Olowookere To commemorate the International Day of Peace, in South Sudan, the United Nations’ Funds, Programmes and Agencies, and the peacekeeping mission organized a number of events across the country, in collaboration with the National Platform for Peace and Reconciliation (NPPR) and other non-governmental organisations; alongside the launch of the 100 days of peace activism; a platform for all voices calling for peace, healing, and reconciliation to unite and send powerful messages to leaders and calling for a peaceful resolution to the current crisis. In Juba, the official programme was held at the Nyakuron Cultural Centre, under the

Image
24-February-2021

Unlisted Securities Market Posts Fourth Consecutive Loss

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a loss on Tuesday and it was the fourth consecutive time this was happening. During the trading session, the unlisted securities market ended in negative territory as a result of the 0.49 per cent slide it closed with. This battered the NASD Unlisted Security Index (NSI) by 3.48 points to 707.24 points from the 710.72 points recorded at Monday’s trading session. It equally depleted the market capitalisation of the bourse by N2.50 billion to N507.45 billion from N509.95 billion achieved the preceding day. The bearish environment was activated by a

Image
11-November-2023

Oil Jumps 2% as Iraq Supports Output Cuts for Market Stability

By Adedapo Adesanya Oil gained about 2 per cent on Friday as Iraq voiced support for output cuts ahead of a meeting of the Organisation of the Petroleum Exporting Countries (OPEC) in two weeks. Brent futures rose $1.42 or 1.8 per cent to settle at $81.43 a barrel, as the US West Texas Intermediate (WTI) crude increased by $1.43 or 1.9 per cent to trade at $77.17 per barrel. Brent and WTI notched their third straight weekly losses for the first time since May as prices went down by 4 per cent. Iraq, one of the founding and top members

Image
07-May-2019

Baker Hughes Wins Contract to Supply Turbomachinery Equipment

By Dipo Olowookere A company belonging to General Electric, Baker Hughes, has been given the authority to provide turbomachinery equipment for four FLNG compression trains for BP’s Greater Tortue Ahmeyim natural gas project located in offshore Mauritania and Senegal. The award is second major contract for Greater Tortue development, expanding on BHGE’s contract for subsea production equipment. The Floating LNG facility is to provide nearly 2.5 million tonnes of LNG per annum and represents the first stage of a multi-phase project The award builds on a separate subsea production contract (http://bit.ly/2VNwXon) also received by BHGE in the first quarter for

Image
06-June-2021

FG Denies Planning to Stop Youths from Travelling Abroad

By Modupe Gbadeyanka The federal government has said it has no plan to prevent youths from travelling abroad, stressing that reports insinuating such are totally untrue. A statement issued by Towoju Raphael on Saturday on behalf of the Director Press at the Ministry of Interior said the reports quoting the Permanent Secretary in the Ministry of Interior, Mr Shuaib Belgore, as saying so purely misinterpreted him. The Presidential Committee from the Office of the Secretary to the Government of the Federation (OSGF) had recently visited the ministry and Mr Belgore welcomed them on behalf of the Minister of Interior, Mr

Image
27-June-2018

Treasury Bills Yields Rise to 13% amid Selloff

By Modupe Gbadeyanka On Tuesday, yields of treasury bills slightly appreciated by 0.13 percent to settle at 13 percent on the average. This was as the market traded bearish yesterday with some selloff, mostly on the shorter end of the curve (Jul – Nov) which rose by 0.30 percent on average. According to analysts at Zedcrest Research, this followed a squeeze in system liquidity coming from the OMO and forex sale in the previous session. “We expect yields to be relatively flat on [Wednesday] as market players await inflows from OMO maturities and possible FAAC payments later in the week

Ad
Ad
Recent Stories
Image
11-December-2023

Meristem Launches Dollar Fund for Capital Preservation Investors

By Aduragbemi Omiyale One of the leading brokerage companies in Nigeria, Meristem Securities Limited, has introduced a new fixed-income investment package known as Meristem Dollar Fund. Business Post gathered that this open-ended mutual fund was designed to help investors hedge against the local currency, especially at a period when the Naira is witnessing high volatility amid rising inflation in the country. Meristem disclosed that funds taken from investors would be invested in investment-grade sovereign and corporate Eurobonds, and other qualifying USD instruments issued by Nigerian entities as may be determined by the investment committee. The company put the offer size

Image
11-December-2023

GOtv: Bridge Between Entertainment and Culture Preservation

In the age of globalisation, there is an inherent risk of cultural dilution, misrepresentation, and possibly extinction. But in this era, the Nigerian entertainment and culture projection is on an upward trajectory. Afrobeats is now a global phenomenon. Nollywood and the Nigerian fashion industry are attracting global attention and investment like never before, and our talents gaining global recognition. This new evolution is not from the blue. It is a result of years of deliberate focus on promoting indigenous content: movies, shows, and programmes that project traditions and narratives that might otherwise be overshadowed by the global mainstream. The broadcast

Image
11-December-2023

AI, Bandwidth Capping, Others Influencing Africa’s Creative Space—Opeoluwa Filani

In a captivating dialogue at the annual conference tagged Art of Technology Lagos 5.0, held at Landmark Event Centre Lagos, on Thursday, 7 December 2023, Opeoluwa Filani, General Manager, Showmax Nigeria, took the stage to offer insights into the rapidly evolving landscape of Africa’s creative economy. The annual tech conference, curated by the Eko Innovation Centre and sponsored by the Lagos State Government, explored the symbiotic relationship between creativity and technology. As the lead discussant of the first plenary session themed Monetization of the Creative Economy Leveraging Technology, Filani noted that the combination of creativity and technology presents a vision

Image
11-December-2023

Airtel Nigeria Gets Recognition for Empowering Women in Technology

By Modupe Gbadeyanka An award has been presented to Airtel Nigeria by the Women’s Technology Empowerment Centre (W.TEC) for its significant contribution towards fostering opportunities for women and girls in the tech sector. WTEC, a notable beneficiary of Airtel’s corporate social responsibility initiative, Touching Lives Season 6, honoured the leading telecommunications firm in Nigeria at its 15th anniversary dinner on Sunday, December 3, 2023, at La Chaumiere Restaurant in Lagos. The organisation said it was impressed with Airtel Nigeria’s dedication towards the advancement of technology in the country. Highlighting the positive influence of Airtel Nigeria’s intervention, the chief executive of

Image
11-December-2023

LASTMA Fires Five Officials for Unethical Practices

By Bliss Okperan No fewer than five officials of the Lagos State Traffic Management Authority (LASTMA) have been dismissed for unethical practices. The affected traffic controllers were fired after they were found guilty of the allegations of corrupt practices levied against them. A panel was established to look into the allegations against seven members of the agency, but the five were recommended to the Lagos State Civil Service Commission for dismissal, while the two others were reprimanded. Confirming the development, the Director for Public Affairs and Enlightenment Department of LASTMA, Mr Adebayo Taofiq, said in a statement that, “While five

Image
11-December-2023

CBN Suspends Processing Fees on Cash Deposits

By Bliss Okperan The Central Bank of Nigeria (CBN) has directed all deposit money banks (DMBs), other financial institutions and non-bank financial institutions to suspend taking the processing fees from customers for large cash deposits. The central bank gave this directive via a circular dated Monday, December 11, 2023, signed by its Acting Director of Banking Supervision, Adetona Adedeji. The CBN, under its former chief, Mr Godwin Emefiele, introduced charges on large cash deposits in a bid to discourage the use of cash and embrace cashless through digital money transfers. But the current Governor of the central bank, Mr Yemi

Image
11-December-2023

UN Wants $46.7bn to Assist 180 million People in 2024

By Bliss Okperan The United Nations (UN) has said it needs about $46.4 billion next year to bring life-saving help to around 180 million people in desperate circumstances around the world. The UN on Monday said the wider Middle East, Sudan and Afghanistan were among the hotspots that also needed major international aid operations. The global humanitarian outlook for 2024 was “bleak”, with conflicts, climate emergencies and collapsing economies “wreaking havoc” on the most vulnerable, adding that the size of the annual appeal and the number of people it aims to reach were scaled back compared to 2023, recorded a

Image
11-December-2023

5 Ways to Win Big In Access Bank 12 Days of December Promo

It’s that time of year again! The season of giving is here and Access Bank is dialing up the festive cheer with the much-anticipated AccessMore 12 Days of December campaign. Brace yourself for an extraordinary opportunity as 100 fortunate customers stand a chance to pocket N10,000 shopping vouchers daily, from December 1 to December 12, 2023. Prepare to unwrap joy as Access Bank transforms the spirit of giving into a twelve-day celebration unlike any other! Now, picture yourself as one of the lucky individuals to benefit from the 12 Days of December campaign. Here are five ways you can join

Image
11-December-2023

Tinubu Leaves Abuja for Maiduguri

By Bliss Okperan President Bola Tinubu on Monday morning departed Abuja for Maiduguri, the Borno State capital the Nigerian Army Annual Conference as a special guest of honour. Mr Tinubu left the seat of power from the presidential wing of the Nnamdi Azikiwe International Airport, Abuja. It is his first visit to the North-Eastern region of the country since assuming office on May 29, 2023, from former president Muhammadu Buhari. The event will include an address to the troops of Joint Task Force North East Operation HADIN KAI, an inspection of the ongoing Nigerian Army Reference Hospital in Maiduguri, and

Image
11-December-2023

CBN Says Nigerian Banks Remain Resilient Amid Rumours of Failing CAR

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has assured stakeholders in the country that Nigerian banks remain resilient following widespread media reports that commercial banks in the country had failed the bank’s Capital Adequacy Ratio (CAR) for international authorisation. CAR compares the risk-weighted assets of a bank with the available capital that Nigerian banks possess. For instance, when faced with challenging financial conditions, the ratio offers a quick and easy way to determine whether or not a bank has sufficient money to cover losses and continue to keep its solvent status. In a statement on Monday, the apex