LAUTECH Will be Envy of Other Nigerian Universities—Aregbesola Boasts


By Dipo Olowookere

Governor of Oyo State, Mr Abiola Ajimobi and his Osun State counterpart, Mr Rauf Aregbesola, have lamented the non-resumption of academic activities at the Ladoke Akintola University of Technology, Ogbomoso, in spite of their spirited efforts to restore normalcy.

The owner-states governors bared their minds during the submission of the report of the Chief Wole Olanipekun (SAN)-led visitation panel, set up over the crisis rocking the university, at the Governor’s Office, Ibadan, on Friday.

Also at the event were the Pro-Chancellor and Chairman of the institution’s Governing Council, Prof. Wale Omole; Vice Chancellor, Prof. Adeniyi Gbadegesin, and others members of the governing council and the visitation panel.

The panel was set up in October, last year, to chart a fresh path forward for the institution, which had been thrown into crisis for more than eight months due to the industrial action embarked upon by its academic and non-academic staff.

Although the school was reopened by the management on January 27 following the injection of over half a billion naira by Oyo and Osun States, the institution’s branch of the Academic Staff Union of Universities (ASUU) had refused to return to classes citing unresolved issues with the management.

Mr Ajimobi commended the panel for what he called a thorough and in-depth job done, assuring the panel of full implementation of the recommendations.

He, however, harped on the need for the collaboration of corporate bodies and individuals to set up a trust fund for the funding of the institution giving the pervading reality of paucity of funds in the country.

The Governor said, “Awolowo was a realist and he saw the need to finance education while alive. He also had the resources to apply to the vision then and we all benefitted from his gesture. Today, oil revenue, which is the mainstay of sustaining education funding through federal allocation, had dropped.

“Oyo State that used to get N5.2billion as monthly allocation now gets as low as N2.5billion and we have to pay salaries of workers and finance social infrastructure. How do we survive that without looking inward?

“The reality on the ground requires that we look at different ways of doing things. There is need for repositioning of the university, especially on the structure. The non-resumption of academic activities after our (governors) efforts is worrying.

“LAUTECH should be the flagship of the South-West. There is nothing wrong in the whole South-West states buying into the ownership, relying on the internally-generated revenue from the school alone cannot help.”

On his part, Mr Aregbesola said the whole crisis was regrettable, but inevitable having been allegedly brought about by a sharp drop in the states’ financial power, occasioned by the crash of petroleum price in the world market.

He disclosed that the next assignment would be to set up a Technical Implementation Committee that would draw up a white paper from the report of the visitation panel.

Mr Aregbesola said, “The whole situation is regrettable, but I’m of the opinion that the academic staff and students of the university are not unaware of the present financial challenges facing the states, which culminated from the drop in our monthly federal allocation.

“We are happy the panel has done a marvellous job and the next step is for the two states to put up a technical implementation committee that would work on a white paper from the visitation panel’s report.”

The chairman of the panel said the panacea to the crisis bedevilling the academic institution was the establishment of a trust fund and strategic funding by the owner-states governments in the form of subvention.

Mr Olanipekun said it was a well-known fact that throughout the world, funding of university education did not rest squarely on government, but with support from corporate individuals and bodies in the form of trust fund.

He said, “Government alone is incapable of funding university education. Talk of great universities all over the world, you will talk of Harvard. The budget of Harvard University is more than that of Nigeria.

“How did they come about this? It is through trust fund and we are also recommending same as a solution to the funding crisis of LAUTECH. Maybe Nigerian universities would start to learn from LAUTECH if our recommendations are implemented.

“But, we are recommending that for now the university need money; the immediate thing is for the university to reopen. It has been out of session for eight months.

“Therefore, we are recommending that for now, the university must be given some subvention for it to reopen in the short term and after that the implementation of the other steps and recommendations could be also followed.”

Related Stories

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


Claudia Goldin Wins 2023 Economics Nobel Prize

By Adedapo Adesanya The Royal Swedish Academy of Sciences has awarded the Sveriges Riksbank Prize in Economic Sciences to Claudia Goldin for having advanced our understanding of women’s labour market outcomes. She provided the first comprehensive account of women’s earnings and labour market participation through the centuries. Her research revealed the causes of change, as well as the main sources of the remaining gender gap. BREAKING NEWSThe Royal Swedish Academy of Sciences has decided to award the 2023 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Claudia Goldin “for having advanced our understanding of women’s labour


Bawendi, Brus, Ekimov Win 2023 Nobel Chemistry Prize

By Adedapo Adesanya The Royal Swedish Academy of Sciences has decided to award the Nobel Prize in Chemistry 2023 to three scientists — Moungi G. Bawendi, Louis E. Brus, and Alexei I. Ekimov for the discovery and synthesis of quantum dots. According to the announcement on Wednesday, the Nobel Laureates in Chemistry 2023 have succeeded in producing particles so small that their properties are determined by quantum phenomena. The particles, which are called quantum dots, are now of great importance in nanotechnology. “Quantum dots have many fascinating and unusual properties. Importantly, they have different colours depending on their size,” says


81 Secondary School Students Begin Race for N12.5m InterswitchSPAK 5.0

By Modupe Gbadeyanka On Sunday, October 29, 2023, the race for the sharing of N12.5 million by the top 3 contestants of the fifth edition of the InterswitchSPAK National Science Competition commenced. A total of 81 secondary school students are competing for the crown of the best Science, Technology, Engineering, and Mathematics (STEM) students in Nigeria. The first prize winner will receive a whooping sum of N7.5 million worth of scholarships for five years, a laptop, and monthly stipends. The second-place winner will receive N4 million in scholarships for three years, a laptop, and monthly stipends, while the third-place winner

More Stories

CBN Discourages Investment in Treasury Bills, Cuts Rate to 0.34%

By Dipo Olowookere Things got terrible at the treasury bills space on Wednesday, October 28, 2020, as the Central Bank of Nigeria (CBN) sold the debt instruments at a stop ate lower than one per cent. It was the first time the apex bank was selling one of the fixed income securities at a rate below one per cent after cutting it down from about 20 per cent over three years ago. At the previous auction of treasury bills at the primary market, the CBN cleared the 91-day bill at 1.00 per cent, the 182-day bill at 1.00 per cent


Ecobank Extends Remittance Services to Business Account Holders

By Aduragbemi Omiyale Business account holders with Ecobank Nigeria Limited can now receive funds sent through Ecobank Rapidtransfer or any of its remittance franchise partners through the Business to Business (B2B), Business to Customer (B2C) and Customers to Business (C2B) transaction types directly into their business accounts. The financial institution confirmed this development in a statement issued on Monday, noting that the extension of the innovative remittance services to the account category is to create a more robust remittance offering as efforts are being made to enlist other International Money Transfer Operators (IMTOs). The Head of Consumer Banking at Ecobank,


Federal Universities and Hike in Fees

By Jerome-Mario Chijioke Utomi It is pedestrian information that while Nigerians were waiting for the commencement of governance, President Bola Ahmed Tinubu, on the day of his inauguration, precisely on Monday, May 29, 2023, announced the removal of fuel subsidy without putting palliatives in place to assist ameliorate the harsh impact of such policy reversal. Also newsy is that before the dust raised by such a decision could settle, another was up, as the Federal Government again implemented a coordinated but thoughtless hike in fees paid by students of most of the tertiary institutions of higher learning in the country.


China, United States Battle for Influence in African Infrastructure Lending

New research from global law firm Baker McKenzie with data provider, IJGlobal, shows that development finance lending from state-backed institutions is the most important component of infrastructure funding in sub-Saharan Africa. The battle for influence on the continent between Development Finance Institutions (DFIs) and Export Credit Agencies (ECAs) from China and the United States is set to heat up over the next decade in a fierce competition that could help the continent bridge its vast infrastructure gap more quickly than expected. The report shows that survey respondents attribute the significance of DFI-lending in sub-Saharan Africa to the growing demand for


Gearing Up for mid-December White House’s African Leaders Summit

By Kestér Kenn Klomegâh As the White House gears up for the mid-December African Leaders Summit, several reports indicated that a few African countries might not attend. U.S. President Joe Biden plans to hold an African leaders’ gathering in Washington as a further major step to strengthen geopolitical dialogue and multifaceted relations between the United States and Africa. The White House National Security Council in November told Today News Africa the criteria for inviting African governments to attend the U.S.-Africa Leaders Summit scheduled for December 13-15. While the primary goal is to host a broadly inclusive gathering of high-powered delegations


Star Lager Beer Unveils Football, Music Platform

By Dipo Olowookere A new platform to bring together music and football called Star Music The Fusion has been launched by Star Lager Beer. This new initiative was unveiled on Tuesday, March 28, 2017, at the Eko Hotel and Suites in Victoria Island, Lagos. Star Lager, Nigeria’s foremost beer brand, has over the years been a pioneer of ground breaking platforms including Star Music Trek, Star Mega Jam, Star Super fans Show and Star Quest. Star Music The Fusion, first of its kind in Nigeria, will see six teams of football legends, music artistes and DJs compete in a series


Stock Recommendation for this Week (Nov 20)

By Meristem Research The Nigerian equities market closed in the negative zone last week, as the NSEASI dropped 1.12% to pull the Year-to-Date return to 36.57%. Twenty stocks advanced while 42 declined, pegging the market breadth at 0.48x. AGLEVENT was the top gainer in the week, after advancing by 27.70% to close at NGN0.70. In contrast, CAVERTON shed 21.43% of its value to close at NGN1.32. While the significant trade on DANGCEM drove the market to a positive close on the first day, notable sell-offs on large cap stocks during subsequent days of trading, especially in the consumer goods space,


Okoya, Wife Party With Queen of England at Buckingham Palace

By Dipo Olowookere Lagos-based society couple, Rasaq and Shade Okoya, were recently guests of the Queen of England, Elizabeth II. The billionaire businessman and his charming wife were at the Buckingham Palace in London for a private party with the respected monarch. They joined some powerful personalities across the globe for the party with the Queen, days after they celebrated their 20 years of marriage, which has produced four children. The Okoya’s are now the toast of the moment, given their rare privilege of being hosted by the revered Queen of England. The two-decade love story of top Lagos socialite,

Recent Stories

FrieslandCampina, Others Shrink NASD OTC Securities Exchange by 1.14%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange fell into the danger zone on Tuesday, November 28, as it recorded a 1.14 per cent loss after the price of three securities on the platform closed lower. This chopped off N13.33 billion from the NASD OTC securities exchange at the close of transactions, going down to N1.158 trillion from the N1.171 trillion it ended in the previous session. Business Post reports that the effort of a price gainer yesterday could not save the NASD Unlisted Security Index (NSI) from declining by 9.84 points to 854.67 points from the 864.51 points


Naira Plunges 8.3% Amid Rush for Dollar at Official Market

By Adedapo Adesanya The Nigerian Naira weakened further by 8.3 per cent or N67.28 on the American Dollar at the Nigeria Autonomous Foreign Exchange Market (NAFEM) on Tuesday, as investors intensified their demand for the greenback ahead of the festive season rush. Amid a squeeze in the supply of the foreign currency to the market, the value of the local currency closed at N881.88/$1 yesterday compared with the preceding session’s N814.60/$1. Though the supply of FX into the official market improved by 17.9 per cent or $18.00 million to $118.06 million from $100.06 million quoted on Monday, it was not


Brent, WTI Jump 2% on OPEC+ Cuts Anticipation, Kazakh Oil Disruption

By Adedapo Adesanya The prices of oil benchmarks jumped by 2 per cent on Tuesday on the fresh possibility that the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will extend or deepen supply cuts. Data showed that Brent crude futures gained $1.70 or 2.1 per cent to close at $81.68 a barrel and the US West Texas Intermediate (WTI) crude increased by $1.55 or 2.1 per cent to $76.41 per barrel after a drop in Kazakh oil output and a weaker US Dollar. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024


Profit-taking in Bellwether Stocks Pulls Down NGX by 0.44%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as


GE Vernova Reinforces Ethical Business Practices Across Sub-Saharan Africa

By Adedapo Adesanya Global energy company, GE Vernova, has used a series of events during Compliance Week to emphasise the critical role of ethics and compliance in business growth and success. The week-long initiative, held across Nigeria with more than 100 attendees, involved employees, suppliers, legal experts, and customers, highlighting GE Vernova’s unwavering commitment to fostering a culture of integrity and transparency. Speaking on this, Mrs Ozim Ifeoma Ibeziako, Executive General Counsel for GE Vernova’s Gas Power business in Africa, said, “At GE Vernova, we believe that integrity is the cornerstone of any successful business. “Our Compliance Week is an


Cytek Advocates Cybersecurity Resilience in Nigeria’s Financial Services Sector

By Adedapo Adesanya Leading global provider of technological solutions YNV Group, through its cybersecurity brand, Cytek, has advocated that stakeholders in the financial services sector prioritise cybersecurity and highlighted key strategies for resilience at a recently hosted webinar for the industry. The session which was held on November 22, was themed Ensuring Cybersecurity Resilience in Financial Services Companies in Nigeria, and served as a pivotal platform for fostering collaboration and knowledge exchange in the sector. Led by cybersecurity experts in the industry, the webinar analysed some of the pressing challenges and emerging threats faced by financial services companies in Nigeria while


BetWGB Empowers Youths With Omo Adugbo Initiative

By Aduragbemi Omiyale An innovative initiative called Omo Adugbo, designed to tackle the high rate of unemployment among youths across Nigeria, has been introduced by a foremost bookmaker, BetWGB. This schemed, which is part of the company to bridge the youth unemployment gap in the country, involves the provision of an outlet in each local government across the country to serve as the organisation’s contact office within the local area. By establishing these outlets across the country, BetWGB Nigeria aims to impact positively on the local economy and bridge the unemployment gap that has affected many young Nigerians. With a


Zenith Bank Seeks Operating Licence for Subsidiary in France

By Aduragbemi Omiyale Zenith Bank Plc has taken a huge step to establish a subsidiary in France, and to make this a reality, it has sealed a Memorandum of Understanding (MoU) with the French government. The Chairman of the company, Mr Jim Ovia, confirmed that the lender may commence operations in the European nation next year, though it is working hard to secure a banking licence. This will add to other countries Zenith Bank has presence in, including Ghana, Sierra Leone, The Gambia, and a Representative Office in China. Speaking at a signing ceremony on Friday, November 24, 2023, Mr


Stanbic IBTC Capital Shines at AIHN Awards

By Modupe Gbadeyanka Like a golden fish, which has no hiding place, Stanbic IBTC Capital, the investment banking subsidiary of Stanbic IBTC Holdings, was the cynosure of all eyes at the recently concluded Association of Issuing Houses of Nigeria (AIHN) Investment Banking Dinner and Awards ceremony. At the event held in Lagos, the company went home with five awards, named as the Best Investment Bank in Nigeria, the Equity Deal of 2022, the Best Equity House of 2022, the Best Corporate Bond House 2022 and the M&A Deal of the Year 2022. The recognitions spread across Stanbic IBTC Capital’s Advisory,


Slave Wages for Contract Private Security Guards in Nigeria

By Emmanuel Udom Today, most contract security guards are earning slave wages, putting their lives in danger while ensuring the safety of other people, corporate bodies, government agencies, etc, 24/7. It is noted that all over the world, security business is deadly, risky, slippery, dangerous and sophisticated. Like in other business concerns, owners of registered and yet-to-be-registered private security companies are in for raw deals. They are driven by profits, the laws of supply and demand and the desperate hustle for big, juicy contracts, our investigations have shown. Private contract security companies hire all sorts of people, give them one