Tag: funds

  • ECOWAS students lament paucity of funds

    Students under the Economic Community of West African States (ECOWAS) Nnamdi Azikiwe Academic Mobility Scheme (ENAMS) have protested lack of funds and neglect.

    The students, who are running various graduate programmes at the University of Lagos (UNILAG) and University of Ibadan (UI) staged a peaceful protest in the Henry Carr Postgraduate Hall in UNILAG yesterday.

    They said they have not received any stipends in the last six months.

    One of the students, Agama Kalu, from Ebonyi State, said: “We have not received our stipends since July. They paid our tuition fees but no upkeep fee.

    “But the problem we have now is that when we send mails, they do not reply, when we call, they do not pick our calls and it is difficult reaching them because they are outside the country.

    “We are hungry. I wanted to strangle myself the other day, because I was depressed and tired.

    “I have not eaten for some days now. I have been taking garri.

    “A colleague from Liberia slumped the other day and we managed to save him.

    “When we contacted ECOWAS, officials said they had remitted the money.”

    Agama said the paucity of funds have affected his studies.

    “It has affected my academic performance drastically. It has affected me in all areas and I don’t have any family in Lagos,” he said.

    A Ghanaian, Joyce Alornyeku, who is studying Cell Biology and Genetics, said her research has suffered.

    She said: “This problem started before we started our research. We were supposed to fund our research from the money.

    “I have had to restart my research more than twice because I did not have the money to further the work.

    “I did the fieldwork but there was no money for me to start the laboratory work. So I had to stop and wait for money but by then, my fieldwork had become stale and I had to start all over.

    “But after June we have not received any funds and they did not give us any tangible information.

    “I am done with my research now and I am just waiting for my money. I want to go back home but there is no money and I am stranded here.”

    The programme coordinator, Prof Jonathan Mba, said the fault is from ECOWAS.

    He said his organisation, the Association of African Universities (AAU), only acts as the intermediary between the programme sponsor and the participants.

    Mba noted that ECOWAS was under a new administration, which was investigating the programme, hence it has refused to provide funds until its investigations are done.

    The don, who spoke with our correspondent from Accra, Ghana, said the last stage of ECOWAS’ verification, which was scheduled for last Friday, was cancelled due to flight problems.

    He identified with the students’ predicament, noting that the new date for the exercise would be communicated to them.

    “I relayed this situation to the students through an e-mail and I copied their vice chancellors and deans.

    “AAU does not receive subvention from any government.

    “It is just a membership based organisation and the projects we run pay for the projects we implement.

    “The delay is not caused by AAU. It is from ECOWAS,” he said.

    No ECOWAS official could be reached for comments.

  • Administrators seek more funds for varsities

    The Association of Nigerian University Professional Administrators (ANUPA) has called on the Federal Government to allocate “the needed” fund to address the problem of human capital and infrastructural deficit in Nigerian universities.

    It noted that the deficit in manpower and infrastructure in the country’s ivory towers was due to the failure of the government to implement its agreements with various university unions.

    The association made this demand in a five-point communiqué issued at its annual conference/general meeting at the University of Lagos Main Auditorium.

    It said: “The association observes the continuing decay in the university system in terms of human capital and infrastructural development as a result of non-implementation of the several policies and agreements entered into by the various university unions with the Federal Government. The association, therefore, calls on the Federal Government to as a matter of urgency, release the much needed fund and implement the appropriate policies for the overall development and upgrade of the university system.”

    The body also urged the government and universities’ managements to double their efforts in ensuring constant electricity supply in universities to aid both academic and administrative activities.

    The group also wants government and university managements to ameliorate the effects of economic recession on the civil servants, find lasting solutions to the security challenges in the country and improve security on campuses.

    Addressing delegates at the meeting, the University of Lagos (UNILAG) Vice-Chancellor, Prof Rahamon Bello, emphasised the important roles of administrators in the university system. He urged them to join hands to improve the system.

    “As administrators, you are the engine room of the university system and as such, when you gather like this, you must be given the necessary prominence because without you, the university system cannot function. I am happy to know that you have gathered here to find ways of improving the ways to boost the upliftment of the university system in Nigeria.

    “Whatever we do here, we should recall that we all have to join hands to ensure that we uplift the university system in Nigeria to the height that we all wish it gets to. We should not allow the socio-negativity in our society to influence our administrative life,” he advised.

    To pilot the affairs of the association for the next two years, new executive members were elected. They are: T.I Igwe (President), Mr Bisong Robert (first Vice President), Mr Bashir Abubakar (second Vice President), Mr. Sarafadeen Adebisi (General-Secretary), Mr Tony Njoku (Financial Secretary) and Mrs Talatu Kuri (Treasurer).

    Others are: Tunde Ade – Olunusi (Public Relations Officer), Mr Nath Toyaan (Editor-in-Chief), Hana Awa (Legal Officer), Okey Ikegbunam (Ex- Officio), and Faith Emmanuel (Assistant Secretary).

     

  • Old girls raise funds for FGGC Onitsha

    The old girls of Federal Government Girls Colleges (FGGC), Onitsha Alumnae Association, Abuja Chapter, have organised a funding raising dinner to raise money for the school.

    The Association said the funds would be use to support the education of the girl child in Nigeria.

    Chairperson of the fund raising committee, Mrs Maryam Sanusi, at the dinner in Abuja, said the target of the association is to raise N50 million for FGGC, Onitsha.

    Mrs Sanusi said part of the monies would be used to equip the school’s science laboratories and others.

    “Fifty Million is our goal, and we aim to begin to realize this dream tonight. The funds raised will be utilized in the equipping of the school’s science laboratories, construction of two semi-detached bungalows for the Vice Principals, completion of the school’s perimeter fence and the rehabilitation of the major road within the school, as our letter of appeal fund clearly stated.

    “To achieve this noble goal, we organised several events including Gele tying and makeup session, 5-10km walk/run, Bob-a-Job in some major super markets within the territory, which we used to generate funds to support the take-off planning and logistics that culminated into this dinner,” she said.

    In her remarks, President of the association, Mrs. Udodirim Okongwu, called for the education of the girl child.

     

  • EFCC traces slush funds to more Supreme Court Justices

    EFCC traces slush funds to more Supreme Court Justices

    •NJC to write judges under probe

    The Economic and Financial Crimes Commission (EFCC) has traced suspicious funds to more Supreme Court Justices.

    Two Justices of the Supreme Court  – Justice Inyang Okoro and Justice Sylvester Ngwuta – are among the 15 judges under probe by the EFCC and the Department of State Services (DSS) for alleged corruption.

    It was also learnt yesterday that the National Judicial Council (NJC) will write to judges under probe to stop perform their official responsibilities until their innocence is established.

    The NJC, which took the decision last week, was said to have decided to formally notify the judges to avoid a haphazard compliance with the directive.

    A source said the letters will be sent to them before the end of this week.

    It was also learnt that the EFCC is preparing charges against the six judges it had interrogated.

    One of the judges, whose case file was being “fine-tuned”, might face a 12-count charges.

    Also, all the 15 judges under investigation by the EFCC and the DSS have had their movement restricted to the country pending the conclusion of the probe.

    The EFCC team is believed to have discovered that suspicious funds were lodged in the accounts of more Supreme Court Justices.

    The Federal High Court and the National Industrial Court (NIC) judges under investigation are: Justices Mohammed Nasir Yunusa; Hyeladzira Ajiya Nganjiwa; Musa Haruna Kurya; Agbadu James Fishim; Uwani Abba Aji; and Rita Ofili-Ajumogobia, Presiding Justice of the Court of Appeal, Ilorin Division, Justice Mohammed Ladan Tsamiya,  Justice Adeniyi Ademola( Federal High Court); the former  Chief Judge of Enugu State, Justice I. A. Umezulike;  Justice Kabiru Auta of Kano State High Court;  Justice Muazu Pindiga (Gombe State High Court);  Justice Bashir Sukola and  Justice Ladan Manir, from the Kaduna State High Court..

    An EFCC source said: “From our findings so far, there is much rot in the Judiciary.

    “More Supreme Court Justices have questions to answer on suspicious funds in their accounts. We cannot give you their names but it is certain that  the apex court needs a surgical cleansing.

    “We are already preferring charges against some of the six judges of the Federal High Court and the National Industrial Court interrogated by our team. In fact, one of them will face a 12-count charge.

    “ We do not want piecemeal arraignment of the judges in court. We plan to file charges against all of them at once.”

    On the restriction of the 15 judges, the source said:  “It is only in exceptional circumstances like ill-health and any emergency that these judges will be allowed to step out of the country. They have all been watch-listed pending the conclusion of investigation or their trial.”

    The NJC is said to be unhappy with the Executive’s delay in acting on its recommendation of the retirement or dismissal of erring judicial officers.

    The practice is that the council writes to the President (in the case of a judge of a federal court) and to the governor (in the case of a judge of a state court) about its recommendation. Either the President or the governor is required to write back to the NJC about its acceptance and execution of the council’s recommendation.

    It was learnt that in most cases the Executive has always been reluctant in implementing the recommendations of the NJC and writing back.

    The Chief Justice of Nigeria (CJN), Justice Mahmud Muhammed, expressed a similar reservation in an October 26, 2016 letter to a group, Socio-Economic Rights and Accountability Project (SERAP).

    In the letter written by his Senior Special Assistant, H. S. Sa’eed, the CJN said: “The failure on the part of the executive arm of government to act upon recommendations by the NJC cannot be blamed upon the NJC.”

    He said the Constitution empowers the NJC only to recommend to the President and the governors the removal from office of judicial officers and to exercise disciplinary control over such judicial officers, which in effect is the extent of its power to discipline.

    The CJN added that it was not within the powers of the NJC to implement its recommendation of retirement or dismissal, but that the most it could do is to suspend an erring judicial officer until its recommendations are accepted by the Executive.

    The Nation’s investigation revealed that the President and some governors are yet to act on some specific recommendations involving judicial officers, such as Justice Musa Ibrahim Anka (Zamfara High Court), Justice Mohammed Yunusa (Federal High Court), Justice Olamide Oloyede (Osun State High Court) and Justice I. E. Umezulike (Chief Judge of Enugu State) and Kabiru Auta (Kano State High Court).

    In 2011, the NJC directed that Justice Anka be sacked, having been found guilty of gross misconduct (bribery and corruption). It found that the judge received bribe from Zubairu Abdulmalik to deliver judgment in his favour.

    Justice Anka, before then had been on suspension by the NJC since July 2010, following a petition written against him by Zamfara State DSS, alleging that he received bribe from one Zubairu Abdulmalik in order to deliver judgment in his favour.

    The NJC, in July, recommended to President Muhammadu Buhari that Justice Yunusa be compulsorily retired for granting interim orders and perpet­ual injunctions, restrain­ing Attorney-General of the Federation (AGF), In­spector General of Police (IGP), Independent Corrupt Practices and related of­fences Commission (ICPC) and EFCC from arresting, in­vestigating and prosecuting some persons accused of corruption in some cases.

    Also in July, the NJC  recommended to the Osun State Governor, the compulsory retirement from office of Justice Olamide Oloyede for failing “to conduct herself in such a manner as to preserve the dignity of her office and impartiality and independence of the judiciary.

    The NJC, in a statement on July 18, 2016, said Justice Oloyedee “derailed when she wrote a petition against the Osun State Governor and his Deputy to members of the State House of Assembly and circulated same to 36 persons and organisations”.

    The petition was said to have contained political statements, unsubstantiated allegations and accusations aimed at deriding, demeaning and undermining the Government of Osun State.

    On the case of Justice Auta, the NJC, in a statement on September 30, 2016,  recommended to the Kano State Governor, Alhaji Abdullahi Umar Ganduje, that the judge be dismissed and be handed over to the police for prosecution following its findings on the allegations levelled against him by Alhaji Kabiru Yakassai.

    Yakassai had petitioned the NJC, claiming that he paid N125, 000.000.00  into an account approved by the Judge.

    The NJC also recommended that Justice Auta be handed over to the Assistant Inspector-General of Police, Zone 1, Kano, for prosecution

    Also in September, the NJC recommended Justice Umezulike to the Governor of Enugu State, Rt. Hon. Ifeanyi Ugwuanyi, for compulsory retirement.

    The council confirmed the allegations levelled against him by Barrister Peter Eze.

    It was alleged that Justice Umezulike failed to deliver judgement in suit No E/13/2008: Ajogwu V Nigerian Bottling Company Limited in which final addresses were adopted on 23rd October, 2014.

    The judgement was however delivered on 9th March, 2015, about 126 days after addresses had been adopted, contrary to constitutional provisions that judgement should be delivered within 90 days.

    It was learnt that neither the President nor the governors have written the NJC in relation to its recommendations on the judges.

  • N8m business funds for the needy

    N8m business funds for the needy

    Dejectedly they ambled into the Nigerian Institute of Town Planners Hall, Alausa, Ikeja penultimate Sunday morning. They had the inkling that the NASFAT Agency for ZAKAT and SADAQAT (NAZAS), a non-governmental organisation (NGO) would distribute various gift items and cash to some less-privileged people. So, hopeful that they would get something to keep life going, they sauntered to the venue where the items would be disbursed. About 45 of them were present.

    Out of these, one is visually-impaired while two women came to the venue in wheelchairs. The remaining 42 beneficiaries were men and women who had thought all hopes were lost. They sat quietly while the women offered prayers intermittently. And even in their state of despair, they were still hopeful. After all, the outcome of that day had a positive impact on their lives.

    In what could be regarded as life-changing experience,  45 beneficiaries went home with various items and cash donations worth N8 million at a ZAKAT and SADAQAT disbursement ceremony organised by the NASFAT Agency for ZAKAT and SADAQAT (NAZAS), a non-governmental organisation (NGO) saddled with the responsibility of taking care of the needy. The agency was able to achieve the feat with the support and commitment of kind-hearted Nigerians who volunteered to part with some of their yearly earnings in form of Zakat.

    Committed to touching lives, the agency began to empower the downtrodden and provide scholarship programmes for indigent students. In all, about 235 people have been empowered by NAZAS. These include 86 students on educational scholarship support which cuts across primary, secondary, tertiary, visually-impaired, law school and prison inmates. It also embarked on empowerment and business support for 15 persons/SMEs, debts bail-out for six people, health-related cases/medical support for 15 people, business and accommodation support for six converts/reverts to Islam. Currently, 42 students are on regular annual scholarship list.

    The agency’s act of benevolence is not limited to individuals alone as it had reached out to the vulnerable groups within the society. In March this year, it dispatched the first batch of relief materials to the Internally Displaced Persons camps in Borno, Yobe and Gombe states. This was jointly executed by NAZAS and Muslim Public Affairs Centre (MPAC).

    Also, through its public health initiative, the agency is collaborating with Islamic Medical Association of Nigeria (IMAN) to provide free medical services to the downtrodden in underserved location.

    At the commencement of the programme in 2014, the agency gave out over N36 million on empowerment programme while in June this year during Ramadan it also gave out N6 million. The third intervention was worth N8 million, including items and cash donations. Some of the items donated were industrial machines, sewing machines, wiping machines and deep freezers. The donations were according to the specific needs of the each beneficiary.0

    Mrs. Aisha Ogunbayo, a physically-challenged mother of three who was brought to the venue in a wheel chair could not hide her joy for the gesture from NAZAS when she was called to come and receive a cheque of N200, 000 to revive her chemical business.

    “Is this real?”  Ogunbayo asked rhetorically. “Nobody has ever done this for me”.

    In a chat with reporters, Ogunbayo said: “This is real. But at the initial stage, I was skeptical about it.  I am into chemical business but I have been having financial difficulty. I discussed with one of the members and my husband also persuaded me to apply for it.  With this intervention, NAZAS has bailed me out of poverty. I am grateful to the organisation.”

    For Ashafa Amoke, a single mother and a seamstress, she couldn’t have wished for a better day. She received a sewing machine, wiping machine and a cash donation to equip her business. “NAZAS is God-send. I am a tailor. I finished my apprentice in 2005 with only one machine. Since then I have been struggling to make ends meet. I have not been able to raise money to equip my shop. I pray to God to give me the enablement to be able to pay back. God will continue to bless them and their businesses and as God prospers the work of my hands, I will be able to pay my Zakat.”

    One of the beneficiaries Ashafa, Taofeek Ahmed said: “I am happy that I am becoming my own boss. Today is a turning point in my life because God has used them to enable me to become a man of my own. With this money, I would be able to buy welding machine, filing machine and all the equipment I needed for my job. I never dreamt that I would receive such amount of money that would make me stand on my own.”

    One of the beneficiaries, Abdulfatai Onasanya said: “I am a transporter. I had a danfo that had been grounded for years. I have three children and in order for them not to be hungry, I went into petty trading.  With this money, I will be able to bring my bus back on the road. I am back to business and my hope is renewed. I thank the coordinators of this life-changing empowerment programme.”

    For 45-year-old Ranti Sodeinde, that day would remain evergreen as she also received funds to revive her business. The mother of two lost her husband 11 years ago and since then, life has become unbearable for her and her children.

    “I have been shouldering the responsibility of my family in the past 11 years. My deep freezer which I used to cool my soft drinks has broken down. I also do catering rentals but I need money to keep it going. I am excited. I pray that their children will not go hungry,” she said.

    Aileru Zainab one of the organisers and a beneficiary, who received a power generating set, deep freezer and cash, was grateful to the organisers.

    Falilat Olubori, also received a cheque for N300, 000 to expand her business. She said: “Things were not rosy for me. This fund will revive my vision, dreams, and business.  There are many of us who wanted help but I was among the chosen. I really appreciate this gesture. God bless them.”

    For Akewusola Shakirudeen, who graduated from the Department of Marketing Lagos State University in 2008, the intervention was timely. “Since I graduated in 2008, I have not engaged in any meaningful job.  I had a brief stint with LASU Muslim Community for two years. I also worked for LASU External Systems for two years before we were laid off. Since then, life has been difficult for me.  I intend to invest this N200, 000 in vegetable and palm oil business. Now, I will be able to put my marketing talents to good use,” he said.

    Explaining the activities of the agency, NASFAT President Worldwide, Alhaji Yomi  Bolarinwa said what the organisation is doing is not extra-ordinary as  one of the pillars of Islam is Zakat: which means  share with  the poor whatever Almighty has given  you.

    “People have given their Zakat and we are gathered here to distribute to those who are considered less-privileged. As a Muslim, you are enjoined to pay ZAKAT which will be distributed to those who are sick, whose bills are beyond their reach. People who cannot make ends meet, people who are supposed to work but don’t have the means. Basically, to assist people be a better Muslim. If someone is gainfully employed, he or she will be a better Muslim. It has been a rewarding experience touching lives,” he said.

    In a chat with reporters, Chairman, Board of Director of the agency and Managing Director of Accenture Nigeria, Mr. Yusuf said the inspiration to embark on such gesture is borne out of the five pillars of Islam which says trust in the oneness of God, observe your Salat, pay your Zakat, fast during Ramadan and if you have the means go for Hajji.

    “We realise that people try to observe all but neglect the key one which is Zakat. And this is one pillar that can help reduce poverty in the land. This is what inspired NASFAT to establish the agency which focuses on two goals of NASFAT namely education and welfare (empowerment or poverty alleviation).

    “So far we have spent N50 million. These funds come through donations from both NASFAT and non-NASFAT members. And for you to pay Zakat, you must be qualified with a value of N750, 000 a year,” he said.

    Yusuf said touching people’s lives positively through donations from benevolent Nigerians gives him and his team joy.

    Hear him: “I am grateful that one has been chosen to do this. It is also a sense of responsibility and trust. One has been entrusted with the wealth of others to cater for the needs of the less- privileged. It is a sense of accomplishment and gratitude that the little we are doing is helping others.”

    Continuing, he said: “I will be happy the day we spread our tentacles beyond Lagos and its environs by going national; I mean spreading to the 36 states of the federation. In the past two years, we have been able to distribute N50 million. I will be fulfilled the time we succeed in distributing up to N1 billion. This will indicate that we have done for humanity.”

  • Embrace mutual funds, experts tell investors

    Investors have been urged to diversify their investments and hedge against the risks of volatility in the financial markets by buying into professionally managed collective investment schemes, otherwise known as mutual funds.

    Against the background of the decline in share prices, devaluation of Naira and the rising inflation, investments experts at Cordros Group advicd investors to use professionals and assets diversification to minimise risks and enjoy competitive returns.

    Acting Managing Director, Cordros Asset Management Limited(CAML), a subsidiary of Cordros Capital Limited, Mrs. Olafisayo Ogunbiyi-Badaru, said that despite the  volatility in the market, there are still investment opportunities that investors can take advantage of by using the professional services that will ensure steady income.

    According to her, in line with CAML’s strategy   to create an array of products suitable for the underserved retail segment of the economy, the company is currently offering 10 million units of Cordros Money Market Fund (CMMF)  at N100 per unit, with  minimum subscription  of N10,000.

    “This is in line with the company’s strategy   to create array of products suitable for the underserved retail segment of the economy. The fund is targeted at the retail investors and the main objective is to provide capital preservation, regular income, liquidity and capital appreciation,” Ogunbiyi-Badaru said.

    She explained that the fund’s investment objective is to provide capital preservation and regular income to unit holders by investing in high-quality money market instruments recognised by the Securities & Exchange Commission (SEC).

    She added that the fund is attractive to all investors who desire a steady stream of income and have low risk appetite.

    “High networth individuals with available short term ash balances can also take advantage of the fund to earn higher rates of return. Institutional clients who desire liquidity and easy accessibility to their funds with competitive returns can also take advantage,” Ogunbiyi-Badaru said.

    Also, Group Managing Director, Cordros Capital Limited, Mr. Wale Agbeyangi said the CMMF offers investors professional fund managers to avoid the mistakes of the amateur investor.

    He outlined that the fund consists of seasoned professional advisers led by Vetiva Capital Management Limited as the Issuing House, STL Trustees Ltd as the Trustee, African Prudential Registrars Ltd as Registrars to the Fund, Babalakin & Co as Solicitor to the Trustees, UBA Plc Global Investor Services as the Custodian, Access Bank Plc as the Receiving Bank and TAC Professional Services as the Reporting Accountant.

  • Embrace mutual funds, experts tell investors

    Investors should diversify their investments and hedge against the risks of volatility in the financial markets by buying into professionally managed collective investment schemes, otherwise known as mutual funds.

    Against the background of the decline in share prices, devaluation of Naira and the rising inflation, investments experts at Cordros Group urged investors use professionals and assets diversification to minimise risks and enjoy competitive returns.

    Acting Managing Director, Cordros Asset Management Limited(CAML), a subsidiary of Cordros Capital Limited, Mrs. Olafisayo Ogunbiyi-Badaru, said that despite the  volatility in the market, there are still investment opportunities that investors can take advantage of by using the professional services that will ensure steady income.

    According to her, in line with CAML’s strategy   to create array of products suitable for the underserved retail segment of the economy, the company is currently offering 10 million units of Cordros Money Market Fund (CMMF)  at N100 per unit, with  minimum subscription  of N10,000.

    “This is in line with the company’s strategy   to create array of products suitable for the underserved retail segment of the economy. The fund is targeted at the retail investors and that the main objective is to provide capital preservation, regular income, liquidity and capital appreciation,” Ogunbiyi-Badaru said.

    She explained that the fund’s investment objective is to provide capital preservation and regular income to unit holders by investing in high-quality money market instruments recognised by the Securities & Exchange Commission (SEC).

    She added that the fund is attractive to all investors who desire a steady stream of income and have low risk appetite.

    “High networth individuals with available short term ash balances can also take advantage of the fund to earn higher rates of return. Institutional clients who desire liquidity and easy accessibility to their funds with competitive returns can also take advantage,” Ogunbiyi-Badaru said.

    Also, Group Managing Director, Cordros Capital Limited, Mr. Wale Agbeyangi said the CMMF offers investors professional fund managers to avoid the mistakes of the amateur investor.

    He outlined that the fund consists of seasoned professional advisers led by Vetiva Capital Management Limited as the Issuing House, STL Trustees Ltd as the Trustee, African Prudential Registrars Ltd as Registrars to the Fund, Babalakin & Co as Solicitor to the Trustees, UBA Plc Global Investor Services as the Custodian, Access Bank Plc as the Receiving Bank and TAC Professional Services as the Reporting Accountant.

  • LASU directorate raises funds

    The Lagos State University Directorate of Advancement (LASUDA), will hold its maiden Advancement lecture at the university auditorium today.

    The lecture tagged: ‘New foreign exchange policy: Myths and implication’ will be delivered by a renowned newspapers columnist and economist, Dr Henry Olujimi Boyo.

    At a briefing at the weekend, LASUDA Director, Prof Ibiyemi Olatunji-Bello, said the directorate, a brain child of the vice chancellor, Prof Lanre Fagbohun, was inaugurated on June 16 to seek more funding and support for the university.

    In addition to raising funds, Prof Olatunji-Bello said LASUDA would meet regularly with alumni, advise the VC on areas that are financially viable, organise colloquiums, Hall of Fame, among others. While the colloquium would celebrate past and present benefactors of the institution, the Hall of Fame would acknowledge exceptional donors to LASU by displaying their names on the university’s electronic scroll at the Senate Building.

    Olatunji-Bello said endowments worth N100 million will be in Platinum category; N50-N49.99 million, diamond; N20-N49.99 million, gold; N5-N19 million, silver; and N1-N4.99 million, bronze.

    “Our donors will be endowed with epaulets which they will display depending on any of the five categories they fall into. We wish to make this a kind of healthy rivalry as much as we can,” Olatunji-Bello added.

    Students and workers will not be left out of this endowment drive as Prof Olatunji-Bello said they would pay students Endowment Fee and staff check off dues.

    While students pay N5,000 at the point of entry and N1,000 subsequently; workers who express willingness to participate would indicate how much should be deducted from their salaries monthly.

    Funds generated would be remitted into ‘LASU ADVANCEMENT Fund Account’ which she said will be audited annually.

    She debunked the fear of students revolting against the new measure.

    “All that we are doing is for their benefit.  They will have the opportunity for linkages and scholarships. There was the annual scholarship award which this administration has revived. The university will also upgrade facilities. Plan is underway to digitalise LASU. We are also encouraging sportsmen and women to come in. Those among them who make us proud may also get scholarships,” she said.

     

  • Firms deny tracing of arms fund to ex-Army Chief’s children

    The management of Chok Ventures Limited and Integrated Equipment Services Limited has denied reports that N2billion out of the $15 billion arms deal was traced to five children of ex-Army Chief.

    The company in a statement said the allegations published in The Nation of August 13 were false and misleading.

    In discharge of the corporate social responsibility to the public and upholding corporate  integrity, the management of the companies made the following claims:

    1. That Chok Ventures Ltd and Integrated Equipment Services Ltd are distinct, reputable corporate entities, registered under the Companies and Allied Matters Act, Cap 59, Laws of the Federal Republic of Nigeria, 1990 and NOT criminal enterprises as portrayed in the said publication.
    2. That it is blatantly untrue that children of any ex-Army chief used our companies for any shady deals or for any unimplemented contracts as purported in the said article.
    3. That the two entities share some commonalities in terms of shareholding and management personnel was not hidden to the authorities, neither is it contrary to any law(s), regulation(s) or stipulations of the Federal Republic of Nigeria.
    4. That both companies at the appropriate times when the matter is eventually before the law courts would vigorously prove its innocence as previously done before the CADEP committee.
    5. That both companies are Defence contractors and intend to remain so, working with all relevant security agencies of government and the private sector that requires our services.
    6. That between 2011 and 2013, both companies were awarded contracts under the Emergency Procurement rules of the Bureau of Public Procurement, to supply specialized Toyota and Mitsubishi vehicles for the Nigerian Army.
    7. That all contracted vehicles were purchased, shipped and cleared at the TIN CAN ISLAND & APAPA WHARFS by the NIGERIA ARMY PORTS CLEARING COMPANY LIMITED.
    8. That upon clearing by the NIGERIA ARMY PORTS CLEARING COMPANY LIMITED, the contracted vehicles were delivered to the NIGERIAN ARMY HEADQUARTERS, S AND T POINT ROAD, APAPA, LAGOS.
    9. That the contracted vehicles were moved to the various units needing them within the Army, by Nigerian Army personnel from the S and T facility in APAPA.
    10. That presented with such huge paper trail (Manufacturers, Shippers, Clearing agents, Army S and T unit, End Users) it is impossible for any independent adjudicator to suggest that such vehicles just disappeared into thin air without a trace.
    11. That if 10 above is indeed the position of the Panel, we are ready to provide names and ranks of soldiers and officers who personally took deliveries and acted on behalf of the Nigerian Army at all stages of implementing this contract as and when required.
    12. That our companies were paid only AFTER complete delivery of these vehicles.
    13. That we challenge the Newspaper to reveal details of payments from our bank accounts to individuals including the details of the children of the Army chief as alleged in the aforesaid article.
    14. That it is injurious not only to our corporate image, but to the overall image of Nigeria, for the general public to be fed with such unsubstantiated and unjustifiable allegations of this nature; unverified weighty allegations that could trigger unwarranted animosity against innocent persons (individual or corporate) and jeopardize our business interests, thereby putting at risk the livelihood of hundreds of Nigerians who directly or indirectly rely on our business activities for economic survival.

    In the light of the foregoing and to put the records straight, we, ipso facto furnish the public with the comprehensive list of all vehicles procured by Chok Ventures Ltd / Integrated Equipment Services, for and on behalf of the Nigerian Army and delivered to the Nigerian Army, between 2011 and 2013.

  • Oshiomhole should refund council funds, says PDP

    The Edo State chapter of the Peoples Democratic Party (PDP) has urged Governor Adams Oshiomhole to refund the illegal deductions made from statutory allocations to the local government councils in the state.

    The PDP Chairman, Chief Dan Orbih, who stated this at a press briefing in Okada, Ovia North East Local Government Area, said this would enable the local councils pay all arrears of workers’ salaries ranging from six to 18 months.

    He said the deductions made at the Governor’s Office were enough to pay salaries of council workers and that the allocations to local councils published in the newspapers are different from what is actually released to the councils.

    Orbih challenged the state government to publish what has been paid to the local governments from the internally generated revenue since he assumed office almost eight years ago.

    He said the government would not have had difficulties paying salaries, if local councils were left to manage their allocations, including internally generated revenues (IGR).

    Orbih urged local council workers to protect their Permanent Voters Card (PVC) and to use it to vote out the APC during the September 10 governorship election.

    His words: “We can confirm that the reason why he has refused to conduct elections to fill the vacant positions of chairmen and councilors is to enable him squander allocations due the local governments in the name of saving it for them.

    “The truth is that rather than supporting the local government councils, Oshiomhole has impoverished them by not only denying them their full allocations as and when due, but also by denying them their share of state IGR”.

    Head of Service, Akoko Edo Local Government Area, Mr. Tom Ebhotemen described the PDP’s allegations as baseless. He said members of the National Union of Local Government Employees (NULGE) were aware that the state government does not touch local council money.

    His words: “We are aware that the state government does not take any kobo from our allocation. The problem is that the allocation has dropped; we have been paying teachers’ salary and we have also been paying our own workers’ salaries. We have been doing projects before and paying salaries as well. The problem is that the allocation dropped sharply. Anybody who says the state government tinkers with our money is lying.

    “NULGE is aware that the state government does not touch our money; they are also aware of the drop in allocation; all they ask is for us to alternate the payment of primary school teachers and their members, such that if we pay primary school teachers fully this month, we should pay NULGE members fully the next month.”