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  • Randle guides children in Chum Chum Dreams Big

    Randle guides children in Chum Chum Dreams Big

    A Nigerian author and publisher based in Florida, United States, Miss Omosalewa Randle, has released a new book, entitled: Chum Chum Dreams Big.

    Little Chum Chum’s story is a delightful exploration of various career possibilities and the boundless dreams of a young child. It’s a heartwarming reminder that with determination and belief, anyone can achieve their dreams. 

    It encourages children to dream big and believe in themselves, knowing that they can be anything they want to be. It also shows the importance of positive role models in a child’s life, such as teachers, pharmacists, police officers, therapists, lawyers, pilots, and more. These role models inspire her to consider a wide range of careers and imagine herself in each of these roles.

    As the story unfolds, Chum Chum’s excitement and curiosity shine through as she contemplates the endless possibilities that her future holds. This story not only fosters the idea of pursuing one’s passions but also emphasises the importance of hard work and dedication in achieving one’s dreams.

    At the end of the story, Chum Chum’s determination and optimism are beautifully portrayed as she affirms that anything is possible with belief and perseverance. This positive message can resonate with children and inspire them to get curious and chase their dreams.

    The story encourages readers, both young and old, to reflect on their own dreams and aspirations, reminding them that the world is full of opportunities waiting to be explored. It’s a reminder that we all have the potential to achieve greatness, just like little Chum Chum. 

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    “Every Nigerian child needs to have a copy of this book. We need to portray what’s possible for the future generation of our nation and have them start to dream of being much more. This is how we would change things in the country and eventually turn things around. It starts by what we impact the little ones with,” says Omo Randle, the children’s book author, who specialises in picture books for early chapter readers. 

    She has written other books like The Story of Moses and My Yoruba Book of Bible Stories.

    Before leaving Nigeria, Randle worked in the media and entertainment industry in the country for over five years with companies like Viacom and Genesis Studios.

    As an author, she also has passion for creating contents to inspire and promote Nigerian culture, particularly among children abroad.

    Her publications are in digital and print. She has other books to her credit, including My Yoruba Book of Bible Stories and The Story of Moses. Both have print copies in Yoruba.

  • Manufacturers project sector’s recovery from Q3

    Manufacturers project sector’s recovery from Q3

    The Manufacturers Association of Nigeria (MAN) has projected that 2024 would be challenging, with subtle possibility of recovery from the third quarter.

    Its Director-General, Mr. Segun Ajayi-Kadir, said the envisaged recovery would be dependent on the deployment of policy stimulus supported with a mixture of domestic growth driven by export and trade strategies.

    This, he said, would promote resilience, steady growth and ensure that the sector gains meaningful traction in the later part of the year.

    According to Ajayi-Kadir, the outlook for the manufacturing sector in the year might not be positive, especially in the first half.

    He noted that a quick examination of the trajectory of manufacturing globally portrayed a struggling sector challenged by key macroeconomic variables and externalities, leading to dwindling growth.

    This, he said, was evidenced by the manufacturing growth rates in China, United States, and South Africa with Nigeria not exempted.

    The MAN chief noted that the manufacturing growth rate nosedived to 0.48 per cent in Q3 2023 as against 2.4 per cent in 2021.

    “Drawing from likely economic dynamics and in the light of the aforementioned, the projections for the manufacturing sector in 2024 are as follows,’’ he added.

    “There will be clarity on the actual and specific policy direction and priority areas of the current administration especially around deepening industrialisation and we look forward to engaging government in this regard.

    “In 2024, sectoral real growth is expected to hit about 3.2 per cent; contribution to the economy will most likely exceed 10 per cent and the Manufacturers’ CEOs Confidence Index is predicted to rise above 55 points threshold by the end of Q4 2023.

    “Average capacity utilisation will still hover around the 50 per cent threshold as the foreign exchange related challenges and high inflation rate limiting manufacturing performance may linger until mid-year.

    “The sector may experience a meagre improvement in manufacturing output as foreign exchange and interest rates related challenges are expected to subside from the third quarter,” Ajayi-Kadir said.

    He added that higher manufacturing output was envisaged from the beginning of the third quarter of the year.

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    This, he explained, would happen as the government disburses capital provisions of the budget to abandoned, ongoing and new capital projects with expected special preference for locally made products.

    The Man boss said the ongoing concessions of seaports, airports and roads may also provide opportunities for the cement sub-sector and contribute to infrastructure upgrade needed to enhance manufacturing productivity.

    He also said results of the emerging upward surge in global oil prices, domestic oil and gas production, local refining of petroleum products and projected gains of exchange rate unification would promote stability in the foreign exchange market.

    This, he stated, would impact manufacturing positively from the second half of the year and lead to reduction in the pressure on demand for foreign exchange and improve the inflow of export proceeds from oil and gas.

    “We should expect dynamic implementation of the Electricity Act 2023, which will increase private investment in renewable energy, enhance energy efficiency and improve electricity supply to the manufacturing sector.

    “The improved electricity supply will ameliorate the issue of inadequacy, reduce the disruptions occasioned by frequent outages and in turn improve energy security.

    “In broad terms, the year 2024 may start on a tough note for manufacturing but may end with some measured improvements because the envisaged policy reforms, improved commitment to domestic production and general positive outlook seams favourable for the sector,” Ajayi-Kadir said.

  • Stakeholders urge African countries on cocoa prices

    Stakeholders urge African countries on cocoa prices

    While cocoa is selling between $4,458 and $4,522 per tonne in London and in New York, the President, Federation of Agriculture Association of Nigeria (FACAN), Dr  Victor Iyama, says local cocoa farmers are not smiling to the bank because it has not impacted on their profits.

    On the average, he said growers receive about six per cent of the price that consumers in rich countries pay for chocolate.

    Iyama said farmers receive a fixed price from agents of chocolate manufacturers at the season.

    The price offered by agents of chocolate manufacturers, he said, limits their ability to make profit when prices go up.

    While the profits of multinational chocolate companies have increased, he said cocoa farmers receive only a part of the world market price for beans.

    According to him, it is the big companies in chocolate manufacturing that are making high profits.

    He noted that it was time individual cocoa producing countries began to set prices for the produce they export.

    To this end, he indicated that operators in the sector are rallying to see the emergence of Africa Cocoa Exchange to revolutionize cocoa marketing in Africa. According to him, the exchange will  bring positive impact to achieving a sustainable world cocoa economy.

     Recognizing that a “commodity exchange is an inclusive but market-friendly and financially sustainable solution for imposing structure on Africa’s often fragmented agricultural value chain”, the International Cocoa Organization (ICCO) commissioned a study to assess the technical feasibility and financial viability of establishing an Africa Cocoa Exchange (AfCX).

    The feasibility study was split into two phases (Phase I and Phase II) to allow for a constructive stakeholders’ engagement and a systematic and logical approach to identifying a suitable exchange model that is appropriate for Africa.

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    Phase I of the study involved a detailed analysis of the cocoa value chain and sectoral regulations in Côte d’Ivoire, Ghana, Nigeria, and Cameroon. The study will provide a detailed assessment of the Africa commodity exchange experience through a survey of Africa’s currently operational commodity exchanges, identification of a limited set of institutional design options of a commodity exchange with three components of spot, derivative and finance and engage stakeholders for selection of an appropriate model of an Africa Cocoa Exchange (AfCX).

    Phase II of the study, will cover defining the interfaces between spot, derivatives, and financing components of the AfCX, specifying the functional and infrastructural scope, resources, workflows, and frameworks of the AfCX, articulating the role of AfCX with respect to the wider environment (sectoral regulations, institutional regulations, physical markets, and terminal markets) and Pilot testing of the AfCX to demonstrate proof of concept.

  • NCAA stresses training, safety standards

    NCAA stresses training, safety standards

    The Acting Director, Nigeria Civil Aviation Authority (NCAA), Capt Chris Njomo, has affirmed his commitment to prioritise training and retraining for the maintenance of Nigeria’s air safety standards.

    Emphasising the agency’s core policy, he stressed the importance of ensuring staff competency through continuous education.

    During the resumption of work in Lagos after the festive period, capt Njomo who was, represented by the Director Operations, Licensing and Training Standards, Captain Donald Spiff,  warned that disciplinary measures would be taken against any staff member who fails to attend paid training as a deterrent.

    He promised to look holistically into the issue of promotion with a view to ensure the creation of openings especially on grade levels 5-17.

    “Understandably, there have been murmurs with respect to the issue of Promotions. Staff have expressed concerns about the paucity of vacancies/openings on grade level: 15 17 There have been stagnation on these grade levels for lengthy periods with no end or hope in sight.”

    Addressing union matters, Captain Njomo expressed a desire for a harmonious working relationship in the New Year, promising collaboration to address contentious issues and prevent industrial disharmony.

    “I wish to again reiterate my commitment and promise to always listen and heed to the wise input of the unions, please accept this as my hand of fellowship to ensure a peaceful, harmonious relationship”.

    Representatives from the four unions in the NCAA highlighted concerns about the reviewed and enduring Conditions of Service (CoS) and urged the swift appointment of Board of Directors for the Aviation Agencies and stoppage of 40 percent  remittance into Single Treasury Account, TSA.

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    Comrades Drisu Musa, Chairman, National Union of Air Transport Employees, NUATE and Remi Aderinkomi, Chairman, Air Transport Services Senior Staff Association of Nigeria, ATSSSAN, in the NCAA also voiced dissatisfaction with the management of staff in Health Management Organizations under the National Health Insurance Scheme, calling for a review.

    Emphasizing that, the NCAA is not a revenue generating agency but cost recovery, the unions’ other broader concerns encompassed issues such as rent arrears, transport, and training allowances.

    “The local transport being charged on our local training is very, very unrealistic, they should remove the NCAA in the interest of safety and security of flight operations from the Single Treasury Account, TSA. The labour union is a negotiating platform.

    At the joint prayers assembly, the prayers were targeted at achieving a year free of accidents, sustaining its mission and vision, fostering unity in the country, comfort for those who lost their loved ones in the last year and empower the new management amongst others.

  • Vitafoam restates commitments to healthcare

    Vitafoam restates commitments to healthcare

    •2024 first babies get gifts

    Vitafoam Nigeria Plc has welcomed the first three babies of 2024 with gifts at the Lagos Island Maternity Hospital.

      This initiative is part of Vitafoam’s commitment to Corporate Social Responsibility (CSR), focusing on healthcare, education, and community development.

    Mrs. Praise Kelechi-Opara, the mother of the first baby, Adaeze, received a Storage Wooden Baby Cot, Baby Mattress, Nursing Pillow, Baby Comfy, and Breastfeeding Cover.

    Mrs. Sanni Suliat, mother of the second baby, received a Cottage Wooden Baby Cot, Baby Mattress, and Complete Baby Comfy.

    Mrs. Omotoyosi Sanni, mother of the third baby, received a Cottage Wooden Baby Cot and Baby Mattress.

     Vitafoam products were also donated to the hospital staff.

    Commenting on the gifts to the first three babies of the year 2024, Vitafoam’s Supply Chain Director, Mr. Ola Ogunfeyitimi, emphasised the strategic importance of healthcare, education, and community development to human capital development. He expressed delight that this year’s first three babies were born within 15 minutes.

    “Celebrating the first baby of the year in partnership with Lagos Island Maternity Hospital, is an age-long tradition at Vitafoam. This event has been consistently celebrated for many years and we hope to sustain. Our CSR policy sits on a tripod of healthcare, education and community development. As a caring family brand, and a proud provider of sleep solutions, we are here again to celebrate and provide quality Vitafoam products to the first three babies, their parents, the management and the dedicated staff of the Lagos island maternity hospital. Through these sleep solutions, we strive to enhance the comfort of both the new babies and their mothers,” Ogunfeyitimi said.

    Corroborating him, Vitafoam’s Commercial Director, Alhaji Dahiru Gambo emphasised the company’s  commitment to corporate social responsibility, noting that their goal extends beyond profit to putting smiles on people’s faces.

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    “Being a responsible corporate citizen, Vitafoam dedicates substantial resources to various corporate social responsibility project. This is a consistent aspect of our   involvement with society, particularly within our host communities. Our promise to Nigerians this year underscores our commitment to delivering innovative and high-quality products that enhance lives at affordable prices,” Gambo said.

    Chief Medical Director, Lagos Island Maternity Home,  Dr Olufemi Omololu, commended the management of Vitafoam for the kind gestures, saying “this is one thing the hospital looks forward to annually”.

    Omololu, who was represented by the Apex Nurse, Mrs Oluwatyoyin Champion, said it was  exciting witnessing yet another epoch- making event of the year at the hospital by Vitafoam.

    “We appreciate the Vitafoam team. It is their usual practice. Every year, they come and put smiles on the faces of our patients and I am sure this is something we always look forward to. They are doing wonderfully well and we pray that the Good Lord will continue to bless them and 2024 would be a very profitable year for them as a company,” Omololu said.

  • Airtel Africa CEO Ogunsanya retires

    Airtel Africa CEO Ogunsanya retires

    Airtel Africa Plc yesterday announced the retirement of its Chief Executive Officer, Olusegun Ogunsanya, with effect from July 1.

    Ogunsanya, who joined Airtel in 2012, ran the Nigeria’s operations of the telco and mobile money company for nine years before his appointment as Chief Executive Officer of the Group in 2021.

    He will be replaced by Sunil Taldar as Managing Director and Chief Executive Officer.

    With local knowledge of the African landscape and deep distribution experience he led the company in maintaining double-digit revenue growth over many quarters and to deliver new, innovative products to its customers across the continent.

    Building on the work undertaken during his time as CEO, including the launch of the company’s first Sustainability Strategy, and given his deep experience across Africa, Mr. Ogunsanya will become the Airtel Africa Charitable Foundation’s inaugural Chair. The Charitable Foundation will accelerate the company’s commitment to its sustainability initiatives and charitable operations across its locations in Africa. The Charitable Foundation’s objectives will focus on promoting digital inclusion, financial inclusion, access to education, and environmental protection. The Charitable Foundation will be a separate legal entity and be independent of the Airtel Africa Group.

    Following his retirement from Airtel Africa Plc, Mr. Ogunsanya will also be available to advise the Chairman, the Airtel Africa Board and Chief Executive Officer for a 12-month period.

    Taldar, who joined Airtel Africa in October 2023 as Director – Transformation, will begin the transition to the CEO role, working alongside Ogunsanya. Following a transition period, Taldar will be appointed to the Board as an Executive Director and assume the role of CEO on  July 1, 2024, at which time Ogunsanya will step down from the Board and retire from the Company.

    Speaking on the development, Chairman of Airtel Africa Plc, Sunil Bharti Mittal, said: “On behalf of the Board, I would like to thank Segun Ogansanya for his commitment and significant contribution to Airtel Africa plc as Chief Executive and before that as Managing Director and CEO of Nigeria, our largest market in Africa.

    “I am pleased Segun has agreed, following his retirement, to assume the new role as Chair of the Airtel Africa Charitable Foundation, where he will bring his visionary leadership to this new philanthropic initiative to advance development and prosperity across Africa. Segun will retire from the Board with our very best wishes and sincere appreciation for everything he has achieved.

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    “The Board is delighted to appoint Sunil Taldar as the Group’s next Chief Executive Officer. His industry experience, strategic vision, constant customer focus and proven record of delivery will enable him to deliver our strategic objectives and to lead the Group in the next stages of its development.

    “In respect of the transition period, Segun continues to lead the business very effectively as seen in our financial results. Given that Sunil Taldar has already joined the Group, we are confident that we will have an orderly leadership transition and handover of responsibilities.”

    Ogunsanya said: “It has been a privilege to spend over 12 years of my career at Airtel Africa and I am proud of what we have delivered for customers across Africa. We continue to transform lives. Now is the right time for me to handover to a new leader who can build on Airtel Africa’s strengths and deliver on the significant opportunities ahead as I pursue my renewed interest in the empowerment of Africans through digital and financial inclusion in a different capacity beyond the boundaries of for-profit organizations. This has been my ambition after a successful career spanning over 35 years in banking, FMCG (fast moving consumer goods) and telecommunications.”

  • Analysts hope for better crude palm oil prices

    Analysts hope for better crude palm oil prices

    Analysts have foreseen better crude palm oil (CPO) prices this year, as El Nino weather is expected to affect palm oil supply.

    According to Hellenic Shipping Report, RHB Investment Bank, the largest investment bank by asset size in Malaysia, said in its recent report that it expects CPO prices to trade higher – crossing the 4,000 ringgit ($872) per ton mark – as supply should be somewhat affected by El Nino as well as the impact of lower fertilisation activities between 2021 and 2022.

    UOBKayHian, one of Asia’s largest brokerage firms headquartered in Singapore, also expects CPO prices to trade higher in 2024 with an average price of 4,200 ringgit per ton, following the average of 3,850 ringgit per ton recorded year to date in 2023.

    The higher price expectation is also underpinned by potentially lower palm oil production, a challenging outlook for global vegetable oil supply and higher palm oil demand.

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    Affin Hwang Investment Bank, one of Malaysia’s leading bank-backed investment banking groups, also expects CPO prices to trend higher in 2024, attributable to the El Nino phenomenon that is expected to have an impact on the global supply of edible oils and their prices.

    The research house’s CPO price assumption for 2024 is 4,200 ringgit to 4,400 ringgit per ton.

    Affin Hwang also expects Malaysia’s plantation sector earnings to jump 24 per cent year-on-year in 2024 from a low base in 2023 due mainly to higher CPO price expectations while Malaysia production could be flattish year-on-year. (1 ringgit equals $0.22).

  • IFC, FEI Fund partner to boost access to energy

    IFC, FEI Fund partner to boost access to energy

    To boost access to clean and reliable energy across Africa, IFC has signed a financing package for the Facility for Energy Inclusion (FEI), a pan-African fund that supports small-scale decentralised renewable energy (DRE) projects, bringing power to Africa’s commercial and industrial sectors and supporting economic activity.

    IFC’s financing will help fund the addition of about 115megawatts (Mw) of generation capacity in about 15 African countries, including the Democratic Republic of the Congo, Ghana, and Kenya.

    FEI provides debt financing for small-scale renewable energy generation and storage projects to power commercial and industrial companies, telecom infrastructure as well as mini grids.

    The $80 million financing package comprises a loan of $30 million from IFC; a loan of $20 million mobilized from the Managed Co-Lending Portfolio Program (MCPP), which will enable longer-term financing that is not readily available in the market; and up to $30 million in blended finance.

    The blended finance package includes $15 million from the International Development Association’s Private Sector Window Blended Finance Facility and $15 million from the Finland – IFC Blended Finance for Climate Program.

    “This is a major milestone for FEI which is now recognized by key market players as a lead lender in the DRE market in Africa with $220 million commitments across 23 countries to date,” said Orli Arav, Head of Debt Funds at Cygnum Capital Asset Management. “The partnership with IFC including a $20 million tranche from institutional investors represents a vote of confidence to Cygnum Capital as a leading fund manager.”

    “Our partnership with FEI will help support the development of Africa’s DRE market and attract local and international private investment, strengthening the sector’s capacity to reach commercial viability and scale,” said Sarvesh Suri, IFC’s Regional Industry Director for Infrastructure and Natural Resources in Africa. “With approximately 600 million people across sub–Saharan Africa without access to electricity, the DRE market offers a viable solution to expanding access to electricity across the continent by offering affordable and climate friendly energy solutions.”

    In many countries across Africa, utilities are unable to provide consistently reliable or affordable electricity, resulting in power outages and a reliance on fossil fuel backup generators. This project will help displace these carbon-intensive power sources and improve access, affordability, and the quality of electricity supply, while also supporting the growth of the nascent DRE market.

    IFC’s investment in the Facility for Energy Inclusion fund is aligned with the World Bank Group’s strategy to accelerate the pace of electrification in Africa to achieve universal access by 2030.

    FEI was established in 2019 and is managed by Cygnum Capital Asset Management, an asset manager with an extensive track record of green investments in Africa. Earlier this year, IFC announced an investment in Cygnum Capital’s AfricaGoGreen Fund to finance climate-friendly projects in Africa.

    Cygnum Capital is an investment bank and asset manager, operating across frontier and emerging markets. Cygnum Capital Asset Management manages five pioneering funds: four debt funds including African Local Currency Bond Fund (ALCBF), a ground-breaking investment vehicle established to support local currency capital markets; Off-Grid Energy Access Fund (OGE) which supports companies in off grid energy such as SHS and small- medium mini-grids; and FEI which support companies that provide a range of renewable energy solutions such as medium – large mini- grids, commercial and industrial (C&I) and IPP with a maximum capacity of 25 Mw. Others are AfricaGoGreen (AGG) Fund which supports companies combating climate change by reducing the use of fossil fuels through new technologies and that increase energy efficiency; and a VC private equity fund; and E3 Low Carbon Economy Fund for Africa (E3 LCEF) which invests in climate-smart services, digital connectivity & Applications, low-carbon productivity enablers.

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    Cygnum Capital Asset Management has over $750 million of assets under management with investments in more than 27 African countries.

    FEI is designed to support small-scale independent power producers delivering power to the grid, mini-grids, C&I, and captive power projects. FEI was set up by the African Development Bank as part of its New Deal for Africa initiative. In addition to the investment by the AfDB, FEI received equity funding from the German Federal Ministry for Economic Cooperation and Development through KfW and Norfund, and a loan commitment from the Austrian Development Bank. The AfDB also invested on behalf of the Clean Technology Fund and the European Commission.

    Additionally, FEI’s Project Preparation Facility (PPF), funded by the Global Environment Facility, through the African Development Bank provides returnable grant funding for last-mile processes that are crucial to closing transactions and to fund due diligence and preparatory costs incurred in establishing innovative structures or transactions that FEI is seeking to lend to.

  • Air fares yet to drop after Yuletide travels

    Air fares yet to drop after Yuletide travels

    The unprecedented increase in air fares for Yuletide travels on major domestic routes is yet to abate as passengers struggle to get seats on board aircraft for Lagos bound flights.

    Aside from struggling to get a space in any of the cabin configurations – economy class, business and first class – fares are still on the high side majorly for passengers connecting their movement from the Southeast, Southsouth routes into Nigeria’s commercial capital.

    Investigations by The Nation reveal that flight booking for December Thursday 4, 2024  out of Lagos into Abuja offers the most competitive fares of between N105,000 , N114,000, N123,000 and N230,000 respectively as opposed to Owerri / Lagos flight going for N171,600 if passengers are able to secure a seat.

    On the Enugu /Lagos route, fares are hovering in the neighbourhood of N114,400 ,N171,600, and N266,800 respectively.

    Besides the high fares, passengers are also grappling with the challenge of securing seats as the booking portal for most airlines suggests the seats are already filled.

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    On the Anambra /Lagos route, air fares are oscillating between N171,600 and N266,900.

    On the Asaba /Lagos routes, fares are hovering between N80,400, N175,600 and N270,900.

    On the Benin /Lagos route fares are hovering in the neighbourhood of between N143,000, N100,300 and N190,000.

    Investigations reveal that the movement of passengers suggests less traffic on the Kano / Lagos route with a fare offering of N76,300, N100,300 and N190,000 respectively.

    Passengers are struggling to get seats on the Uyo/Lagos route.

    Meanwhile passengers continue to lament the cancellation of flights on the Calabar /Lagos /Abuja routes.

  • Fed Govt halts accreditation of certificates from Benin Republic, Togo varsities

    Fed Govt halts accreditation of certificates from Benin Republic, Togo varsities

    The Federal Government has announced the suspension of evaluation and accreditation of degree certificates from neighbouring Benin Republic and Togo.

    In a statement yesterday in Abuja by Augustina Obilor-Duru on behalf of the Director of Press and Public Relations in the Federal Ministry of Education, the Federal Government frowned at how some Nigerians obtained their degrees through dubious means.

    The statement said the suspension followed an investigative report by an online newspaper, which unravelled a Cotonou-based university that issued a degree certificate to an undercover journalist within six weeks.

    The statement reads: “The attention of the Federal Ministry of Education has been drawn to the commendable work of investigative journalism that led to the publication by the Daily Nigerian Newspaper, dated December 30, 2023, titled: Undercover: How Daily Nigerian Reporter Bagged Cotonou Varsity Degree in Six Weeks, participated in NYSC scheme.

    “This report lends credence to suspicions that some Nigerians deploy nefarious means and unconscionable methods to get a gegree with the end objective of getting graduate job opportunities for which they are not qualified.

    “The Federal Ministry of Education vehemently decries such acts and with effect from January 2, 2024 is suspending evaluation and accreditation of degree certificates from Benin and Togo Republics pending the outcome of an investigation that would involve the Ministry of Foreign Affairs of Nigeria and the two countries, the ministries responsible for Education in the two countries as well the Department of State Services (DSS), and the National Youths Service Corps (NYSC).”

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    The ministry also said it had begun internal administrative processes to determine the culpability or otherwise of her staff for which applicable Public Service Rules would be applied.

    “The issue of degree mills institutions, that is, institutions that exist on paper or operate in clandestine manner outside the control of regulators is a global problem that all countries grapple with.

    “FME has been contending with the problem, including illegal institutions located abroad or at home preying on unsuspecting, innocent Nigerians and some desperate Nigerians who deliberately patronise such outlets.

    “Periodically, warnings have been issued by the Ministry and National Universities Commission (NUC) against the resort to such institutions and, in some instances, reports made to security agencies to clamp down on the perpetrators.

    “The ministry will continue to review its strategy to plug any loopholes, processes and procedures and deal decisively with any conniving officials.”