Author: The Nation

  • Oshiomhole right on Imo, Ajaero and NLC strike

    Oshiomhole right on Imo, Ajaero and NLC strike

    For two harrowing days last week, the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) subjected Nigerians to a national strike called mainly to protest the brutalisation of their president, Joe Ajaero. They were disturbed by the federal government’s nonchalance in dealing with the hoodlums who beat up the NLC president weeks ago in Imo State. Before the national strike, the unions had first plunged Imo State into darkness by cutting electricity supply to the state. They also promised to sustain the punishment until certain conditions were met. They held the state by its jugular. When those conditions were not met, the unions escalated the crisis to the national level by punishing the entire country for two days over issues completely unrelated to the other 35 states. Union leaders were unanimous over the issue of the brutalisation of their president, and everyone who disagreed with them or commented on the crisis had first prefaced their disagreement or comment with a condemnation of the attack on Mr Ajaero.

    This writer refused to join the bandwagon last week of assuaging the unions. He commented on the NLC/TUC strike decision without first pouring libation at the unions’ shrine. Mr Ajaero was intemperate and his judgement poor, the writer had concluded. And by brazenly displaying partisanship and believing himself to be the embodiment of the union, the writer also argued, Mr Ajaero had attracted the insults and assault by the state’s homegrown enforcers. There was no dignity to his statements regarding the dispute between some public sector workers in the state and the government, nor was his boisterous and unguarded action in trying to arm-twist the state to achieve partisan ends defensible. Fortunately, even before the unions called off their strike, which lasted only two undignified and reckless days, Adams Oshiomhole (Edo North – APC) had staked his reputation and legacy by denouncing the unions for elevating local and even personal issues to a national problem. The senator did his best to smother his unease with the unions’ misjudgement. He didn’t quite succeed, for, unlike many of his dissembling colleagues and the pussyfooting federal government, it was clear where he stood.

    Last Thursday Sen. Oshiomhole was on Channels Television to speak on the strike issue again, especially because he had raised a few eyebrows in his earlier stance a day or two before. Having been president of the NLC between 1999 and 2007, the Edo senator was naturally expected to be sympathetic to the unions’ position. But if he disagreed with their strike response, they thought he should be loth to oppose his former comrades publicly. However, on Channels Tv, the senator denounced the strike, deplored the trivialisation of the sacred instrument of trade union activism, and wondered why Mr Aajero was so unabashedly partisan to the point of even equating himself with the NLC. Leadership, the senator counseled, involved the capacity to sacrifice personal comforts and operate magisterially above the common level and routine indignity. He then delved into the beginnings of the Imo stalemate and explained that as a matter of fact, the fracture in the Imo NLC leadership, which the state exploited, was traceable to Mr Ajaero’s obtruding personality and refusal to let the state chapter order their own affairs.

    What probably upset Sen. Oshiomhole the most was Mr Ajaero’s flagrant partisanship and absolute lack of moderation and restraint. The elections were over, he said, and commonsense required that everyone and every union, particularly the NLC which advocates better living conditions for workers, needed to support the efforts to revivify the country’s distressed economy. Many analysts, including this writer, had told the unreflective NLC president this truth many times, but he has remained intransigent. This is where Sen. Oshiomhole’s public rebuke of the NLC leaders becomes relevant. If Mr Ajaero and the TUC president who cried more than the bereaved last week still have the humility to profit from good advice, they should reflect on what their former president said last week. It is now more urgent than before that the unions must take responsibility for electing sound leaders. It is not enough to just elect fiery rhetoricians and hell-raisers; they also need to diligently assess candidates for leadership, men and women of sound judgement able to decipher the most complex of issues pertaining to labour and their wellbeing.

    Sen. Oshiomhole has done the unions a great service by opposing their excesses from within, both as a friend and committed unionist. The unions should not wait for their enemies to undermine them. Outsiders could be more merciless. By denouncing the unions’ methods and rationalisations publicly and eloquently, the Edo senator showed why he was a successful union leader, engaging politician, and governor for two terms; and he is well on the way to becoming one of Nigeria’s highly impactful senators. He has done well as a unionist and politician, and from all indications, he will continue to do impressively well in anything he does. Sen. Oshiomhole is of course not a theoretician, and his ideological leaning, which seems left of centre, is more practical and eclectic than theoretical. But he has often effortlessly come to conclusions which far more educated public servants and politicians come to laboriously and without certainty. Not only does he speak very well and with self-assured panache, and is capable of sustaining his logic and coherence of thought over the distance, he is also principled, thoughtful and admirably consistent.

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    His private ethics may be a different thing altogether, and he is also probably generous in his dalliances; but he is not alone when his principles are juxtaposed with the private scruples of his colleagues in the other arms of government. Sen. Oshiomhole will not throw the first stone knowing what his house is made of. And when it comes to such arcane matters as developing the next generation of leaders for his state or promoting a successor, he may exhibit weak knees and flustered hands. In fact, he may come across as less strategic and futuristic than his otherwise brilliant qualities would presuppose. But as far as public service is concerned, whether as union leader, or party leader, or governor, there are not many as gifted as he is. Even the self-satisfied Godwin Obaseki, the current Edo governor, cannot hold the candle to him. Indeed, whether the senator is deferential or not, he seems exactly the kind of man, party leader or politician who should have the president’s or senate president’s ear.

    But will Mr Ajaero listen to Sen. Oshiomhole on how not to mix politics with unionism? It is doubtful. The NLC president will have to be compelled by union executives to clean up his act. He will not do it willingly; nay, he cannot do it because he does not have it in him to paddle the union canoe with the moderation and intellect it deserves and demands. He meddled in the Imo chapter of the NLC, caused disaffection in the state chapter as a result of preferring one over the other, and has begun in recent weeks to feel megalomaniacally competent to build or to demolish anything that catches his fancy. After the Labour Party suffered a crushing defeat in the February presidential poll despite exploitating regional and religious sentiments and expectations, Mr Ajaero took leave of his senses and began to whoop hysterically. His party’s candidate, Peter Obi, ever the rational trader, briefly abandoned reason too but quickly reminded himself that there was a future to consider, and that such a future could not be built on the parsimony that formed the core of his cynical politics. Mr Obi’s running mate, Datti Baba-Ahmed, for reasons unclear to both politics and science, has disturbingly walked the entire gamut of extremism.

    Mr Ajaero is unlikely to moderate anytime soon, assuming he has the poise. He claimed not to hold a party card. He is just being disingenuous. He is as partisan as they come. He is a dyed-in-the-wool LP patron, and would as soon commit a felony for the sake of LP as foment a rebellion for his favoured candidates within the NLC. TUC’s Festus Usifo had always seemed a stoical and reflective union leader, especially in the early weeks of the Bola Tinubu presidency when the LP and Mr Ajaero, instigated by shadowy characters, tried to instigate street revolt against the new administration and democracy. Mr Usifo was unconvinced that the right thing to do was subvert democracy so early in the life of a new administration. But when he took up the gauntlet and led last week’s fight to redress Mr Ajaero’s battered body and image, it was thought that he was propelled by nobility. But when told that the National Industrial Court (NIC) order prohibiting the unions from protesting was still subsisting, he insinuated that the order could be disobeyed because the federal government was itself serially disobedient. It takes one small act or statement to take the measure of a leader. Mr Usifo has determined who he is. He may not be as recalcitrant as Mr Ajaero or as dismissive and conspiratorial, but it is impossible to imbue him with more than his ambition.

    With more gifted and courageous polemicists like Sen. Oshiomhole, there is yet hope that in the cut and thrust of Nigerian politics, there will always be enough men and women who can be counted to be the conscience of the nation. He was short on tactics and strategies when he led his party, the All Progressives Congress (APC), but he is not short on sound judgement when it counts, nor devoid of the chutzpah required to give counsels that resonate on the national scene. He has rebuked and counseled the unions under Mr Ajaero; it is up to them to listen and take corrections. If they will not, it will not dampen the enthusiasm of the senator, nor vitiate the import of his reproofs; it will, however, be on record that someone spoke up in good faith as the unions careened into the abyss.  

  • 2027 mergers: Atiku wise after the fact

    2027 mergers: Atiku wise after the fact

    Last week, former vice president and candidate of the Peoples Democratic Party (PDP) in the February presidential poll, Atiku Abubakar, gradually and finally began to embrace the dismal reality of electoral rejection. He and his supporters had initially insisted that the All Progressives Congress (APC) rigged the poll and got INEC to install President Bola Ahmed Tinubu as winner, thereby demonising the electoral commission and anyone and any organisation which drew attention to the fact that disunity in the PDP cost the opposition the election. He completely ignored what most analysts said about the poll, and shouted himself hoarse over the illusions that kept him from admitting the truth. Now, he has begun to equivocate.

    On Tuesday, while hosting the Inter-Party Advisory Council Nigeria (IPAC), he curiously admitted the indispensability of unity among opposition parties as a precondition for dislodging the APC in the next elections. Before the February poll, the PDP had split into four factions, three of which presented presidential candidates and scored a combined total of 14.58 million votes to the APC’s 8.79m. Rather than the opposition hugging shadows, any reasonable analyst could easily surmise that the PDP undid itself. Well, better late than never. Alhaji Atiku is now calling opposition parties to unite in the face of what seemed like political suicide for the PDP in 2027. But whether he has the political capital left at close to 77 years old to inspire that unity is another thing entirely. There is, however, nothing wrong with finally embracing reality and projecting ambition.

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    Speaking to his visitors, he advised: “The project of protecting democracy in our country is not about just one man. You have come here today to say that we should cooperate in order to promote democracy. But the truth of the matter is that our democracy is fast becoming a one-party system; and, of course, you know that when we have a one party system, we should just forget about democracy. We have all seen how the APC is increasingly turning Nigeria into a dictatorship of one party. If we don’t come together to challenge what the ruling party is trying to create, our democracy will suffer for it, and the consequences of it will affect the generations yet unborn.”

    As sensible as his latest admissions seem to be, he has again shown how superficial he has become. Alhaji Atiku has run for the highest office about six times, and on at least two occasions missed the diadem narrowly. Yet, it is strange that his knowledge of the world and his understanding of global politics, not to say the many variants of democracy that exist, lead him unquestionably to the anachronistic conclusion that only Western-type multiparty democracy qualifies to be described as democracy. Much more importantly, apart from his customary deception demonstrated in his quest for opposition unity, he argues that the APC is ‘increasingly turning’ Nigeria into a one-party state. How? He doesn’t say. Clearly, it is just one of his usual exaggerations designed to frighten and stampede the parties into the unity they casually repudiated months ago.

    Unfortunately, while still addressing his IPAC guests, he kept harping on the conclusion that APC rigged the presidential poll, in total disregard for the logical premises he had just presented before his hosts to justify political merger. His stock has waned considerably, and he is unlikely to get the merger he hankers after. There may be some mergers in the years ahead among the opposition, but at over 80 years old, he will not be the one to inspire it or take advantage of it. Instead of promoting internal and comprehensive reform in the PDP immediately after his electoral loss, he had initially embarked on totally extraneous fishing expeditions to the United States to delegitimise the poll, scandalise the judiciary, and taint the image of the country before the whole world. Both the Labour Party (LP) and the New Nigeria Peoples Party (NNPP), which he hoped to ally with, and perhaps with him at the head of the coalition, have snubbed his efforts. They see him as ossified and outdated. He will be shocked to see in the next one year how quickly the party reforms itself while consigning him to the periphery.

  • To serve humanity, the mind must be trained, character shaped – Shettima

    To serve humanity, the mind must be trained, character shaped – Shettima

    • Bags UNIMAID’s honorary doctorate

    Vice President Kashim Shettima said, on Saturday, that serving humanity requires one to train the mind, shape character and find one’s purpose in life.

    A statement issued by Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Stanley Nkwocha, said Vice President Shettima stated this during the 24th Combined Convocation Ceremony of the University of Maiduguri, Borno State.

    According to the statement, the atmosphere on the campuses of the university was enveloped in a frenzy of academic recollection as Vice President Kashim Shettima shared his reflections on the significance of education and service to humanity.

    Speaking, Shettima inspired graduating students as well as dignitaries at the event with lessons learnt from the school, attributing his current position to the values instilled in him during his formative years as a student.

    The Vice President who was also honoured with an honorary doctoral degree by the citadel of learning, acknowledged the profound impact of his educational journey, noting that he is a product of a civilization that valued education.

    In a heartfelt address delivered at the event, the VP said: “I was born into the heart of a civilisation that favoured education. So, I entered a world where a map had been provided for me — the path of scholarship. Wherever I go and whatever I do, I am reminded of this noble heritage. Wherever I go, I realise that the noblest duty a person must undertake is to serve the people.

    “But to serve humanity, one must train the mind, shape character and find a purpose. This institution nurtured those aspirations, pointing me in a direction that has led me to where I stand today.”

    Acknowledging the role of teachers and mentors in shaping his path, Shettima recalled their patience while imparting a great deal of knowledge to him, saying: “This homecoming is to express my gratitude for the lessons learned in the halls, the premises, and in the service of this esteemed institution.

    “The choices I’ve made since being certified by this institution to pursue my dream have taken me to heights I could have only imagined. In each room and at every event, I find a reason to utter a prayer for the training acquired here. I am a child of a collection of patient teachers and mentors, so I’m acutely aware that this honour is not mine alone to claim.”

    The Vice President expressed his commitment as an ambassador of the University of Maiduguri, noting that it was a privilege to uphold the institution’s values, part of the reason he said he was deeply moved to accept the honorary degree.

    He continued: “To you, I will always be a student, and with all the privilege to remind me of my ambassadorial duty to the University of Maiduguri. This is why I am excited that I am not here today for defying a code of conduct, for that would have meant that I failed as a flag-bearer of my alma mater.

    “Distinguished ladies and gentlemen, receiving an honorary doctorate from the institution that has been instrumental in shaping one’s formative years can only signify that one has followed the path of an indescribable principle.

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    “However, this honour is neither for me nor for you alone; it is a grand testament to the equalising power of the education fostered here. This gathering symbolises our collective aspirations as an institution.

    “Here, on the fine sands and under the lush trees of UNIMAID, I was taught that education is the brick with which a purposeful life is built. However, the education in question isn’t what you cram to pass your examinations; it’s what you do with what you have learned.

    “I am where I am today because I learned here that intellectual curiosity is the preservative of every enduring civilization.”

    The VP also recollected the security challenges faced by Maiduguri, stating that even though the city is renowned for its fidelity to education, it had come under attacks and threats.

    He however noted that in the face of these challenges, the Borno State capital has remained resilient, even as he described the city as “a prime intellectual powerhouse, prepared for the disruptions of the era”.

    Urging the graduating students, those before them and the institution itself to become symbols of the privileges that a well-tailored education offers, the VP emphasised the importance of purpose in education, stating that the true value lies in what one does with acquired knowledge.

    “Unless we strive to become the reference points of why this edifice exists and why our teachers labour to prepare us for tomorrow, we will never defeat the anarchists obsessed with dragging us back into the darkness that our ancestors devoted their lives to end.

    “We must be the light of humanity, the hope of the downtrodden and the rhetorical motivation of the skeptics,” he said.

    Acknowledging the power of education, Senator Shettima implored the graduands to dwell on the need to repay the debt owed the institution by becoming ambassadors of its values.

    He emphasised the importance of excelling beyond professional achievements, stressing that without purpose, education would be a mere self-stimulation.

    Accepting the honorary doctoral degree, Vice President Shettima said he considered it an invitation to greater responsibility, just as he pledged to stay on the track that favours humanity, drawing inspiration from the invaluable lessons learned at the University of Maiduguri.

    “Here, ladies and gentlemen, I humbly accept this honorary doctorate. This, for me, is not a culmination but an invitation to greater responsibility. This, for me, is a reminder of the obligation I carry, alongside each one of us, to dedicate ourselves to the cause of the nation and to the service of humanity,” the VP stated.

    Palpably enthralled by the Vice President’s humility to honour the invitation, the Vice Chancellor of the university, Prof. Aliyu Shugaba, had earlier thanked him for gracing the occasion, acknowledging that the VP has given much to the school.

    Urging the graduands to be good and worthy ambassadors of the institution, Prof Shugaba counseled them to imbibe the spirit of entrepreneurship to enhance their livelihoods before picking up white-collar jobs.

    “Every success in life brings with it challenges. You are graduating today, our nation is faced with myriads of problems. I believe the university has adequately prepared you to contribute to proffering solutions to these problems.

    “The era when graduates look up to the government for answers to all problems is fast fading. I encourage you to specifically utilise your entrepreneurial training in the university to decide your employability status. Start an enterprise, no matter how small your capital or idea is,” he advised.

    Noting the current challenges bedeviling the university, the Vice Chancellor appealed for more support for tertiary institutions across the country.

    On his part, Borno State Governor, Prof Babagana Zulum, noted that the state government was committed to supporting the institution in ensuring that its students contribute to the growth of the society.

    Expressing appreciation to the school for conferring what he described as a well-deserved honour on the Vice President, the Governor observed that the honorary doctoral degree is a reflection of Sen. Shettima’s dedication to the development of the nation.

    Prof Zulum commended the university for what he termed its unwavering commitment to shaping and equipping the students as part of their contribution to national development.

    He applauded philanthropists such as business mogul, Alhaji Muhammad Indimi and Chairman of BUA Group, Abdulsamad Rabiu, for their unflinching support to the institution.

    Also speaking at the convocation ceremony, a former Registrar of the institution, Alhaji Dahiru Bobbo, thanked the school’s Senate and management for finding them worthy of such an honour, saying it will deeply spur them in their endeavours, just as they will continue to hold the University of Maiduguri in high esteem.

    Other dignitaries present at the convocation ceremony included the Shehu of Borno, Alhaji Abubakar Umar Garbai El-Kanemi; Governors Mai Mala Buni of Yobe State, Governor Agbu Kefas of Taraba State and Abdullahi Sule of Nasarawa State; Secretary to Government of the Federation (SGF), George Akume, and Deputy Governor of Borno State, Umar Usman Kadafur.

    Others are Senator Ali Ndume; APC Deputy National Chairman, Alh. Bukar Dalori; Director General of FRCN, Mohammed Bulama; Executive Director, Projects, Nigerian Ports Authority (NPA), Engr. Ibrahim Abba Umar; Senator Kaka Shehu Lawan; former Chief of Army Staff, Gen. Tukur Yusuf Buratai (rtd), ministers, members of the House of Representatives, including Engr. Ahmed Satome and members of the Borno State Executive Council, among others.

  • NGE installs Bello, Alli, 12 others fellows at Uyo confab

    NGE installs Bello, Alli, 12 others fellows at Uyo confab

    • Inducts 39 new members

    Renowned journalist, lawyer and former Secretary to the Lagos state government, Mr Tunji Bello and the managing editor , Northern Operations of the The Nation, Alhaji Yusuf Alli were among outstanding journalists conferred with Fellowship of the Nigerian Guild of Editors on Thursday.

    Their induction took place in Uyo, Akwa Ibom state,  at the conference of the Nigerian Guild of Editors.

    A total of 39 new members were inducted with 14 editors honoured and installed as fellows of the guild.

    The fellows were installed during the gala night organised by the Akwa Ibom State governor,Umo Éno, while the new members were inducted  at Ibom Icon Hotel.

    The event was the culmination of the 19th NGE conference which ended in Uyo, the Akwa Ibom state capital, yesterday. The theme of this year’s conference was “Stimulating Economic Growth, Technological Advancement: The role of the media”.

    The editors installed as fellows were Martins Oloja, the Managing Director/Editor-in-chief of the Guardian Newspaper, Yusuf Ali, the Managing Editor, The Nation Newspaper, Imani Amarere, the Managing Director AIT/Ray Power Academy, Ambros Okoh, Controller of Programmes Channels TV and Hajia Maimuna Garba, General Manager Multi-Channels.

    The list of fellows includes Tunji Bello, former Secretary to the Lagos State Government, Celestine Ogolo, Ex-Editor The Tide Newspaper, Austeen Elewodala, Director of News Voice of Nigeria, Mustapha Isah, former President Nigerian Guild of Editors, Chuks Nnbuife, former editor National Light.

    Others are Samuel Egbala Egbe, Permanent Secretary, Ministry of Information, Cross River State, Agualobo Victor Chuma, former editor National Light, Sani Mohammed Suleiman, former Director of News Federal Radio Corporation of Nigeria (FRCN) and Hon. Chuks Ugwoke, ex editor Sunday Vanguard.

    Speaking while inducting the new members Friday night, veteran journalist and publisher of Newswatch Magazine, Ray Ekpu, charged the inductees to be good editors, adding that as editors they are important personalities who set agenda for government through the stories they publish.

    Ekpo said “The Editor is the most important person in terms of decision making in our industry. Editor decides what people must read, what they consider important.

    “They are the people who set the agenda for the government and the people of Nigeria by the choices of stories and the placement of those stories.

    “Whether you decide you will publish or kill the story, that is agenda setting. So the people we are going to inaugurate today are going to be joining a privileged elite group in our industry. My advice to them is when you join the club, take it as a serious responsibility to be a good editor.”

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    He said that the role of the Editor has increased tremendously especially at this critical time of the nation’s history, adding that editors’ role is very critical for the survival of the nation.

    “Our country is at a very critical stage now. And the responsibility of the editor has increased tremendously because of the state in which we are. I don’t know whether we all appreciate our role, but our role is a very important one for the survival of this country. We are at the edge of a precipice and editors can control it to developing the country or destroying it.”

    Ekpu said that there are about 25,000 journalists in the Nigerian practice space.

    The President of the Nigerian Guild of Editors and Editor of the Vanguard Newspapers, Mr Eze Anaba, urged the new members to help grow the guild

    “Those of us that will be inducted this night, I am to tell you that for the past three days, we’ve been here discussing the state of the nation and the state of our profession. After tonight, do well to be involved and help us to grow the guild.

    “Our country and profession is in a very delicate situation. Your experience and knowhow will help us in charting the way forward,” Anaba said.

    The Secretary of the Guild of Editors, Iyobosa Uwugiaren disclosed that over 90 people applied to be members while only 39 were recommended.

    “While selecting people for the guild, let me let you know that over 90 people applied to be members. Out of the 90 applications, only 39 were recommended by the Screening Committee as new members. It shows those inducted today are very important to the guild,” he said.

    The new members were sworn in by the former President of the guild, Mr Gbenga Adefaye.

  • No more strike in varsities, Tinubu assures

    No more strike in varsities, Tinubu assures

    President Bola Ahmed Tinubu has said that his administration would take all necessary actions to ensure Nigeria universities do not embark on strike actions again.

    President Tinubu said the federal government was willing to establish synergy with all the academic unions within universities in the country as well as exhaust all avenues for dialogue before any strike action.

    Speaking at the 33rd convocation ceremony of the Federal University of Technology, Akure, President Tinubu expressed hope that the cooperation of the unions with the federal government would ensure the needed educational development in the country.

    Tinubu, who was represented by a former President of West Africa College of Surgeon, Prof. King-David Terna Yawe, said the synergy would help to create an atmosphere of peace and tranquility on all campuses.

    The President said his administration was committed to tackling all challenges confronting the education sector in the country and to reposition the sector.

    “I would like to enjoin all the unions in our universities to cooperate with the government in order to deliver the needed development by ensuring an atmosphere of peace and tranquility on our campuses.

    “On our part, we will ensure that motivational activities are put in place to ensure improved productivity. Reciprocal actions would be expected from our universities as government works hard to raise the bar for conducive teaching and learning environment.

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    “To whom much is given, much is expected. Dialogue, patience, and positive engagements are better means of achieving results over strike actions. Industrial disharmony does nothing but to disrupt life, waste time and elongate academic calendar.

    “Therefore, all avenues for dialogue must be explored and exhausted before strike actions are considered, and as the last resort.”

    On the students loan, he said: “This Act will enable indigent students in all our tertiary institutions have access to interest-free loans, which they would pay back at their convenience in future when they are gainfully employed.

    “Under my watch and as I have said in my manifesto, no student will drop out of school as a result of inability to pay school charges.

    “My government would not shirk its responsibilities in this regard. We will ensure that educational institutions get their dues in order to perform their statutory duties optimally.”

    The Vice Chancellor of the school, Prof. Adenike Oladiji, said a total of 195 out of the 3,491 outgoing students graduated with First Class. These, he said, include 2,295 male and 1,196 female.

    The Vice-chancellor  said out of the total number, 195 students had first class, 1,510 had second class honours (upper division), 1,515 students had second class honours (lower division) while 254 and two students are graduating with third class and pass respectively.

  • SEC: High interest rates on government treasury securities challenging

    SEC: High interest rates on government treasury securities challenging

    The Securities and Exchange Commission (SEC) is uncomfortable with the high interest rate on government treasury securities.

    The Director General of the SEC,  Lamido Yuguda raised this concern at the third 2023 Capital Market Committee (CMC) meeting.

    A statement issued after the meeting said Yuguda highlighted the pressing need for strategic initiatives to attract more investments into the capital market amid challenges posed by high-interest rates on government treasury securities.

    These challenges can have wide-ranging impacts on investment attractiveness, access to financing for businesses, and crowding out effects.

    Higher interest rates on government bonds make them a more attractive investment option compared to the stock market which can reduce investment flows into the stock market.

    When the government provides higher interest rates for its securities, it entices a significant amount of investable capital, which ultimately displaces private sector borrowing and hampers the availability of critical funds for growth and progress. Consequently, this can result in an economic deceleration as there is a decrease in investments directed towards industries, businesses, and infrastructure, ultimately affecting the creation of job opportunities and impeding overall economic advancement.

    To tackle these difficulties, Lamido Yuguda emphasized the significance of executing well-planned strategies to attract more investments into the stock market. These measures aim to boost economic growth and improve the performance of the financial system, ultimately aligning with President Chief Ahmed Bola Tinubu administration’s Renewed Hope Agenda.

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    Despite lower foreign portfolio investment inflows, the Nigerian stock market, Yuguda said had achieved a notable milestone, with the All-Share Index surpassing 70,000 points, representing an impressive 30 percent increase this year. This accomplishment signals upward momentum and investor confidence in the market.

    Yuguda said the SEC’s focus for now is “on digitization, market modernization, HR restructuring, and collaboration with stakeholders from both domestic and international arenas.”

    Attention was drawn to the performance of CSCS which reported a 23 percent growth in the average daily clearing and settlement value to approximately N10.7 billion in Q3 ’23, albeit dropping to N5.3 billion in Oct ’23. This growth is primarily attributed to the bullish sentiments and solid performance of key equities in their half-year results, leading to a 60 percent year-on-year increase as of October 2023.

    Addressing investor KYC (Know Your Customer), the CSCS notes an encouraging 31 percent increase in the number of accounts updated in Q3 2023, totaling 8,572 accounts, attributed to positive market sentiments. The CSCS advocates for a coordinated awareness campaign on updating KYC details and emphasizes the importance of market-wide collaboration and comprehensive campaigns across various media channels.

    The CSCS highlighted the importance of cooperation between Registrars in sharing investors’ bio-data information for dividend claims with the Depository. This collaborative initiative it noted aims to enhance the number of accounts with up-to-date records.

  • Jonathan: I would have relocated my mother had APC won Bayelsa

    Jonathan: I would have relocated my mother had APC won Bayelsa

    Former President Goodluck Jonathan says he would have relocated his mother to Abuja if Bayelsa State governor, Douye Diri had lost his reelection bid to the All Progressives Congress.

    Jonathan expressed confidence that Diri’s victory will make the state safer with the governor’s determination to tackle insecurity.

    He spoke when he visited the governor in Yenagoa, the Bayelsa State capital.

    His words: “We don’t want to go into an unnecessary crisis in the state. Results have been declared and we believe the election was conducted.

    “We believe the governor won the election and we plead that people should accept it and work with the governor. Let all of us support him so that the state will move ahead.

    “There should be nothing that will push the state backwards. We should think about the development of the state, starting with the issue of peace and security in the state. Within this last period, three years plus, there have been significant improvements in terms of cultism, kidnapping, and so on and so forth.

    “I was saying before this election that if Diri lost this election, I would have relocated my mother to Abuja.”

    Elated that criminal elements no longer hold sway in the state, Jonathan urged the people to support Diri to move the state forward. He said: “My cousin was kidnapped two times. On one of those occasions, one of my cousins, Solo, was killed because they threw him into the river and he didn’t know how to swim.

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    “So, we’ve passed through hell in this state and we’ve seen a little light at the end of the tunnel. So, people should calm down, and allow Diri to focus on governance so that he will be able to propel this state forward so that we will benefit as citizens of the state.”

    Diri emerged winner of the Bayesla State governorship election held penultimate weekend.

    The Independent Electoral Commission, (INEC) Returning Officer, Prof Faruq Kuta, who is also the Vice Chancellor of the Federal University Of Technology, Minna, announced Diri winner of the poll at the collation centre of the election on Monday.

    Diri polled 175,196 to defeat his closest rival, Timipre Sylva of the All Progressives Congress, who garnered 110,108 votes while the Labour Party polled 905 votes.

    The governor, and his running mate, Senator Lawrence Ewhrudjakpo were presented their Certificates of Return by the INEC’s National Commissioner for Akwa Ibom, Bayelsa and Rivers states, Mrs. May Agbamuche-Mbu on Friday.

  • Police debunk attack, officers’ killing in Imo community

    Police debunk attack, officers’ killing in Imo community

    The Imo State Police Command has debunked the video making the rounds on social media purporting the attack and killing of police officers at Emekuku in Owerri North Council Area of Imo State on Friday, November 17, 2023.

    In a statement issued in Owerri yesterday by the Police spokesman, Henry Okoye, there was no record of any incident of attack or killing of police officers in Imo State yesterday (Friday).

    The police spokesman said that the incident shown in the viral video happened at Nwofe Road, on the outskirts of Abakiliki Town, adding that the Ebonyi State Police Command had issued a statement confirming the attack, stating further that an intense manhunt was ongoing to hunt down the hoodlums responsible for the dastardly act.

    He said: “The Commissioner of Police, Imo State Command, CP Aboki Danjuma, calls on the general public to disregard the misinformation as circulated by rumour peddlers and miscreants whose stock in trade is to circulate false information capable of causing panic and apprehension amongst the good people of Imo State.

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    “The CP encourages Imolites to go about their lawful business without any form of fear or intimidation, as the command under his watch is relentless in ensuring the maximum safety and security of the law-abiding residents in the state as well as in sustaining the already established peace and nightlife in the state.”

    The CP beckoned on ‘Ndi Imo’ to continue to cooperate with the police and other sister security agencies in the state by reporting any suspicious person or clandestine activities observed in their vicinity to the nearest police station.

    He also called on the media to continue to cooperate with the command by reporting verified and credible news to the public.

  • Abia govt denies owing special security force salaries

    Abia govt denies owing special security force salaries

    Abia State government has denied owing personnel of its special security squad; Operation Crush that was recently setup by the state government to tackle insecurity in the state.

    Reports had emerged Friday, that some personnel of the special joint task force were protesting the state government’s inability to pay them their two months arrears of stipends.

    The state governor, Dr. Alex Otti, in a statement issued on his behalf by his Chief Press Secretary (CPS), Kazie Uko described the news making rounds in the state as false.

    According to Uko, the government was up-to-date with the payment of the multi-agency personnel’s stipends.

    “The general public is advised to disregard this falsehood as the state government is up-to-date in meeting its obligations to the anti-crime task force, which has been instrumental in dealing with incidents of violent crimes and dislodging the kidnapping ring around the Umunneochi-Uturu-Okigwe axis, especially on the Enugu-Umuahia-Aba-Port Harcourt Expressway.

    “It is worthy of note that the Government of Abia State, under the able and dynamic leadership of the Governor, Dr. Alex Otti, OFR, has continued to pay workers’ salaries, pensions and all outstanding verified benefits accruing to Abia workers and retirees, since the assumption of office by Dr. Otti.

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    “Only two days ago, the Judiciary Staff Union of Nigeria (JUSUN), the umbrella association of judicial workers in Abia State, wrote to thank Governor Otti for living up to his promise to pay the arrears of their Consolidated Judiciary Staff Salary Structure (CONJUSS), which had remained outstanding since 2015.

    “The workers, through their union leader and Chairman, Oracle Chinedu Eze, expressed their gratitude to Governor Otti and the government of Abia State for fulfilling the promise of salary payments.

    “It is with a grateful heart full of joy and happiness that I, on behalf of the entire Judiciary Staff Union of Nigeria members and executives, wish to inform and appreciate you for the first batch of the CONJUSS arrears paid yesterday (November 15, 2023).

    “Sir, we are most grateful and thankful Sir. May Almighty God bless you mightily. Amen and remain lifted,” Mr. Eze wrote in a message to the Abia State Governor, through the Attorney-General and Commissioner for Justice, Mr. Ikechukwu Uwanna. “Abians are not lost in the fact that the falsehood being peddled on social media is the handwork of the enemies of the state, who have lost their hold on political power in the state and have now chosen to see nothing good in Governor Otti, their Achilles heel.”

  • We’re confident in your capacity to deliver, IYC tells Ogbuku

    We’re confident in your capacity to deliver, IYC tells Ogbuku

    • Congratulates newly-inaugurated NDDC board

    The Ijaw Youth Council (IYC), Worldwide says it is confident that the Dr. Samuel Ogbuku-led Niger Delta Development Commission (NDDC) board would deliver on its mandate.

    This was contained in a statement signed by the IYC President, Sir Jonathan Lokpobiri Snr., congratulating the NDDC boss on his inauguration, Saturday.

    The Minister of Niger Delta Development, Abubakar Momoh, inaugurated the new governing board on Thursday, with a charge to change the “negative narrative” of the interventionist agency in line with the Renewed Hope agenda of the President Bola Tinubu administration.

    According to the statement, Ogbuku’s reappointment shows among other virtues, his commitment to the development of the oil-rich region.

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    The statement read: “The Ijaw Youth Council (IYC) Worldwide, under the leadership of Sir Jonathan Lokpobiri wishes to felicitate with Dr. Samuel Ogbuku on his official swearing in as the Managing Director/Chief Executive Officer of the Niger Delta Development Commission and your team by President of the Federal Republic of Nigeria.

    “Your reappointment to this exalted office is indeed a testament to your hard work, compelling vision, relevant experience, dedication, and absolute commitment to the growth and development of the Niger Delta and, indeed, Nigeria.

    “We, the Ijaw Youth council and stakeholders, are highly confident in your capacity to deliver on this new burden of responsibility placed on you, just as you have done exceedingly well as an interim administrator of the commission.

    “We pray that God almighty grant you the knowledge and wisdom and the requisite courage to pilot the affairs of this critical agency for the overall growth and development of our region and, indeed, the country at large.”