Friday, June 14, 2024

Tinubu approves the reconstitution of governing boards for tertiary institutions.

By The Southern Post
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President Bola Tinubu has given his approval for the reconstitution of Governing Councils and Boards of federal universities, polytechnics, and colleges of education. The announcement was made in a statement on Friday by Nnamdi Mbaeri, the Permanent Secretary, General Services, Office of the Secretary to the Government of the Federation. The decision aims to ensure the effective management of Nigerian tertiary institutions nationwide.

In the statement, it was highlighted that a total of 255 individuals have been appointed to serve on the governing councils and boards of federal government-owned tertiary institutions. Among the appointments, Chief Bisi Akande will serve as the Chairman of the governing council at the University of Ibadan, with board members including Alexander Ajipe, Nelson Alapa, Ifeoma Nwankwo, and Prof. Emmanuel Alo. 

Additionally, Chief Wole Olanipekun (SAN) has been appointed as Chairman of the governing council at the University of Lagos, with council members including Bello Kumo, Prof. Idowu Mark, Niyi Akande, and Bola Njoku.

Isa Yuguda will chair the board of the National Open University, accompanied by council members Goddy Etta, Yomi Balogun, Deborah Apah, and Hingah Biem. Siyan Oyeweso will head the governing council of Obafemi Awolowo University, with council members including Edward Sarki, Joseph Abaagu, Wahaab Owokoniran, and Abubakar Kachaalla.

Moreover, Adebayo Shittu, Muiz Banire, and Senator Florence Ita Giwa have been appointed as chairpersons of the governing boards for David Umahi University of Medicine in Ebonyi State, Federal University of Transportation in Katsina State, and Federal Polytechnic in Ugep, Cross River State, respectively, among other appointments.

Nigerian soldiers head to Gambia for peacekeeping mission


Armed Forces of Nigeria on Friday, announced the deployment of 197 personnel for the peace keeping mission in the Gambia.

By Agency Report

This is despite the insecurity scourge raging across Nigeria with heightening cases of banditry, terrorism and kidnapping.

The Chief of Operations Nigerian Army, Maj-Gen. Boniface Sinjen disclosed the deployment in Jaji, Kaduna State, at the graduation of troops of Nigerian Company 9 Economic Community of West African States Mission in The Gambia (ECOMIG).


The News Agency of Nigeria (NAN), report that the 197 troops began Pre-Deployment Training (PDT) on May 4, at Martin Luther Agwai International Leadership and Peacekeeping Centre (MLAILPKC) Jaji Kaduna State.


According to him, the PDT is in line with the commitment of the Chief of Army Staff, Lt -Gen Taoreed Lagbaja and the Armed Forces of Nigeria in deploying quality peacekeepers in support of international peace and security.

He said that the training had equipped them with the necessary tactical skills and knowledge required for peace support operations.

“It has prepared you for the protection of civilians and the accomplishment of assigned tasks under the ECOMIG mandate.


“You have learned the importance of teamwork, leadership and cultural sensitivity as well as other factors that would ensure your success in the mission area.

“You have been trained in the latest techniques and procedures for maintaining peace and stability in a complex environment and instilled with the values of discipline, respect for human rights and compassion for the people you are going out there to protect.


“Your mission comes at a critical time, as The Gambia faces a period of
uncertainty and instability,“ he said.

According to him, the country’s political crisis has affected the lives of many innocent civilians and their presence will sustain the existing peace and stability to the region.

“Your role is crucial in maintaining peace, protecting lives and promoting sustainable development,” he said.


Sinjen charged the troops to uphold the highest standards of professionalism, discipline and respect for human rights.

He advised them to adhere strictly to the ECOWAS’ mandate, which “guides your mission and ensure that your actions align with the principles of peace, stability and human rights.”


”Remember that your conduct will not only reflect on yourselves but also on your country, the ECOWAS region and the international community.

“You are, therefore, expected to approach all interactions with sensibility and respect. Be mindful of the local customs, traditions and socio-political dynamics of the mission area.


”You must remain vigilant in the face of potential security threats and   avoid any actions that may be perceived as insensitive,” he said.

He said the Armed Forces of Nigeria had zero-tolerance on sexual exploitation and abuse in line with United Nations’ policies.

”Therefore, any form of sexual exploitation and abuse will be met with severe consequences.


As ambassadors of the armed Forces of Nigeria and our great nation, you must uphold the esteemed values and enviable image of this country,“ Sinjen said.

Earlier, the Commandant of MLAILPKC, Maj-Gen. Ademola Adedoja, said the six weeks training had been intense, comprehensive, and was conducted in line with the Standard UN Core Pre-Deployment Training Modules.


Adedoja said the PDT was to equip the earmarked unit with the requisite skills and knowledge to function effectively and efficiently in their deployment to the Gambia.

He said as part of their training, the troops were taken through crosscutting issues like Sexual Exploitation and Abuse, Conflict Related Sexual Violence, Conduct and Discipline as well as Protection of Civilians amongst others.

“This graduation is a testament to the capacity and capability of the MLAILPKC as a United Nations accredited Centre to conduct quality training of prospective peacekeepers for deployment to multidimensional Peace Support Operations in fulfilment of her mandate.

“The Centre has within the last six weeks been able to train, retrain and refresh the troops on requisite knowledge and expertise to succeed in a Peace Support Operation environment.


”It is my fervent belief that these men are better informed and equipped to perform their roles in the Gambia,“ Adedoja said.

He said the graduation ceremony once more showed the commitment of Nigeria and the Nigerian Armed Forces to global peace and security.

NAN

OPINION: Fixing Nigeria’s Broken Federal Scholarships



Nigeria has a bilateral education agreement with some countries in Africa, Europe, North America, and Asia. It is essentially student exchange. Among the countries involved are Russia, China, Hungary, Morocco, Venezuela, and Algeria.




The government in these countries give annual scholarship slots to Nigeria’s federal scholarship board, which then proceeds to nominate indigenous applicants by merit. The arrangement is meant to go both ways.
The host country undertakes to cover tuition and provide housing for the scholars alongside some monthly or bi-monthly allowance depending on what is obtainable. All Nigeria has to do is pay the awardees a yearly allowance of $200 for health insurance, $500 annually for medicals, and $500 in monthly stipend for nutrition, books, equipment, and transport.

Slots for student lodges in destination universities are unfortunately always limited. This means that most Nigerians end up renting at $200 to $300 a month and depleting their $500 stipend, which hardly comes in when due.

FSB is yet to definitively thrash this out with the BEA countries or provide alternative accommodation. The board continues to default, perennially doing months-long spells without disbursing these life-sustaining funds.

As of this writing, the latest spell has subsisted for 12 dizzying months.
This has forced the students, some of whom are either orphaned or have public servants living on ₦30,000 ($20.6 at ₦1,450/USD) monthly minimum wage for parents, to illegally work long hours in odd underpaid jobs, squat with foreign nationals, beg alms, face eviction due to unpaid rent, ration food, and be ridiculed abroad.


Where to pass the night, the source of their next meal, and rising living costs constantly cause them anxiety and mental stress while they study in tongue-twisting foreign languages. Foreign exchange volatility and Naira devaluation have also miniaturised their allowances since Nigeria’s budget is denominated in naira, and monetary aid from distant relatives.
Here’s a 3500-word report detailing the harrowing ordeal of these students.
Budget data shows that Nigeria had at least 1,532 active BEA beneficiaries in 2023 for which ₦6.8 billion was allocated in 2024 at an ₦800/USD FX benchmark. But at the time of this writing, the dollar is trading at ₦1450, causing a shortfall the students must now bear as it happened in the past.
Government sources cite a paucity of funds as the reason for the unpaid stipends. Embassies in destination countries are out of options. The ministers of education in Nigeria, Tahir Mamman and Yusuf Sununu, say they’re taking the matter up with the finance ministry. The house of representatives constituted a probe panel to investigate the issue.
But while all that is being done, evicted students in Morocco continue to ration their meals and might just pass yet another night on the streets.
Beyond FSB and the BEA scheme, the issue of federal scholarships subjecting beneficiaries to ridicule has been internationally reported. CNN reported in 2020 that Nigerians awarded the Niger Delta Development Commission (NDDC) scholarship were abandoned in the UK. Reports also surfaced that Petroleum Technology Development Fund (PTDF) scholars were stranded abroad during the pandemic in the same year. For context, PTDF offers Nigeria’s most lucrative federal scholarship to develop human capacity and critical petroleum technology for the oil and gas industry. In 2023, Nigerians studying abroad on grants from the Tertiary Education Trust Fund (TETFUND) were similarly stranded amid the forex crisis.
The senate, after this report, summoned the education minister and sought a brief on the status of all beneficiaries of federal scholarships. These developments and recurrent narratives highlight an urgent need for Nigeria to sanitise and further bring cohesion to its federal scholarships.

The BEA scheme, when the senate and the tertiary education committee at the reps are done with their fact-finding probes, must be closely reviewed.


The FSB comprises four major components. These include the BEA, the Nigerian Awards, and the Commonwealth Scholarship. It is tasked with the preparation of periodic master plans for the efficient utilisation of foreign and local scholarships/fellowship awards to Nigerian undergraduate and postgraduate students. For this, it has to sometimes consult with state governments, the foreign affairs ministry, and other relevant agencies.


FSB implements federal government policy and programmes on foreign and local scholarship awards to deserving scholars alongside the Nigerian government’s commitments to bilateral education or multi-lateral (commonwealth) agreements on scholarship/fellowship awards to Nigeria.

It oversees the Presidential Special Scholarship for Innovation and Development (PRESSID) and the NYSC EX-Corps Scholarship. The board collects, collates, analyses, publishes, and disseminates data and other information on student matters and scholarship awards about Nigeria.

The FSB is also meant to supervise and monitor the activities of federal government scholars in tertiary institutions locally and internationally while coordinating scholarship policies through the annual committee meetings of secretaries of the federal and state scholarship boards.

In reporting on the plight of Nigeria’s BEA students in foreign universities, a notable outlier was China whose scholarship council effectively funds all exchange students in its territory for both monthly stipends and housing. Despite already covering tuition for degrees of up to a five-year timespan, China pays Nigerians there in advance, so FSB’s defaulting didn’t matter.

CSC operates with significant autonomy from China’s education ministry, although the latter provides overall supervision and policy guidance. It manages its day-to-day operations independently; it has its administrative structure, governing board, and operational procedures. Most importantly, the CSC has dedicated funds for scholarships separately from China’s education ministry’s budget, ensuring effectiveness.


The CSC also has the authority to implement its policies regarding scholarship administration, including selection processes, fund disbursement, and student support.
This setup allows the CSC enough flexibility to quickly respond to changes or challenges, compared to if it were a fully integrated part of the ministry. While remaining autonomous, CSC coordinates closely with the education ministry to ensure that its activities align with China’s national priorities.

On the other hand, Nigeria’s FSB is closely tied to its education ministry.
Talks with FSB’s director Astra Ndajiwo were to the effect that funding for the board’s BEA scheme is crammed into the education ministry’s budget and as a capital project too. It remains unclear why a recurrent expenditure that should be prioritised for timely disbursement would be lumped up with line items like construction, renovation, and equipment purchases that may be relegated to the back burner in the event of funding paucity.


Nigeria’s appropriations for 2019 to 2024 show that FSB functionalities are subsumed as part of the ministry HQ’s line items. The implication is that FSB has no distinct presence in the yearly budget. This significantly affects the flow of funding and means that the unit cannot independently perform critical administrative functions without recourse to Nigeria’s government.
Remarks from the BEA students, in the course of the reporting, admitted to Ndajiwo’s effort in catering to the affairs of the scholars. But the director’s replies when asked what party is to be held responsible for some unmet critical needs of the BEA scholars came across as though she attempted to extricate herself from BEA affairs despite being its lead. Inevitably, a unit director who has had to issue repeated placatory and promissory notes to stranded students for failings that are impersonal to them would at some point be fatigued, shirk responsibility, and portray disinterest altogether.

The first thing Nigeria must do to salvage the BEA scheme is reclassify funding for such student exchange programmes as recurrent expenditure. It is tough to ask, especially at a time of economic turmoil. However, a dedicated foreign exchange fund for scholarship payments pegged to the necessary foreign currencies must be created. This will stabilise the value of BEA stipends and hedge against foreign exchange fluctuations, ensuring students receive consistent support regardless of naira-dollar volatility.


Emergency intervention must be approved to alleviate the pains of active beneficiaries under the scheme who are being owed for several months.
Nigeria has adopted FX benchmarks that proved unrealistic in the larger scheme of market forces. Enhancing the accuracy of budget forecasts by considering anticipated forex rates and inflation will ensure that sufficient funds are set aside to cover expected costs and reduce the risk of shortfalls. Nigeria must also work out a flexible funding mechanism that allows for adjustments based on real-time currency fluctuations. With this, stipends are adjusted in line with exchange rate changes to maintain their value.

As seen with China’s CSC, the FSB needs administrative and operational autonomy. Once Nigeria can achieve this, all federal scholarships must be funnelled in and administered by it, irrespective of the sponsoring agency.

A focus exclusively on managing and disbursing scholarships with strict accountability and transparency practices will allow for FSB’s efficiency. Removing itself from the broader bureaucracy of the education ministry will translate to quicker decision-making and response time in any crisis.

At a time when Nigeria is looking to cut down on the cost of governance, a quasi-autonomous FSB, as already described, is the way to go. Establishing this quasi-independent federal scholarship board would require legislative changes to define its structure, powers, and funding mechanisms. This will require engagement with stakeholders, including the education ministry, scholars, and financial institutions to ensure a smooth transition.

SOURCE @daily.trust

GOV ENO MEETS SENATE PRESIDENT, REITERATES COMMITMENT TO PARTNERSHIP WITH FG

GOV ENO MEETS SENATE PRESIDENT, REITERATES COMMITMENT TO PARTNERSHIP WITH FG

THE SOUTHERN POST-the Governor of Akwa Ibom State, Pastor Umo Eno, Thursday evening, led members of the National Assembly across party lines, on a visit to the Senate President, Senator Godswill Akpabio at his residence in Abuja. 

Governor Eno told the Senate President, who was joined by his wife Mrs Ekaette Unoma Godswill Akpabio, that the visit was to commemorate the Senate President's first year in office, having been elected as the number three citizen on 13th June, 2023. 

Governor Eno thanked the Senate President for the warm reception even at a very short notice, saying "on this day, 13th June 2023, I was here in this Blue Palour, a year after, I am here again in this same Blue Palour. 

“By this time next year, I will be here to also mark this day, if Jesus Christ tarries.

"We are here today, to celebrate your first year in office as our Senate President and to further reassure you of the determination and commitment of my administration to collaborate with the Senate under your leadership and the Federal Government, led by President Bola Ahmed Tinubu, in the interest of our people back home and in the diaspora."

Responding, Senate President, Senator Godswill Akpabio, reiterated his resolve to use his good office, in collaboration with the Governor Umo Eno-led administration in Akwa Ibom, to promote the unity, development and peace of the state.
"I am very happy to receive you with your entourage, made up of Akwa Ibom lawmakers in the 10th National Assembly across party lines. It shows that we are one as indigenes of Akwa Ibom State, deliberately working for the unity, peace and development of our dear state, without any consideration for party differences.

"As a former governor of the state and now the President of the Senate, I am more than committed to working with you and your government in the overall interest of our people. I thank you and your team for this visit and honour."

Umo was accompanied on the visit by serving members of the National Assembly and a former member of the House of Representatives, namely: Senator Ekong Sampson, Hon. Unyime Idem, Hon Paul Ekpo, Hon. Mark Esset, Hon. Clement Jimbo, Hon. Dr Patrick Umoh, Hon. Martin Esin, Hon. Uduak Odudoh, Hon. Ime Okon, Hon. Emmanuel Ukpong Udo, Hon. Okpolupm Etteh and Rt Hon Onofiok Luke.

The Securities and Exchange Commission (SEC) cautions against the high risk associated with investing in Davido's coin.

The Securities and Exchange Commission (SEC) has issued a warning to the public against investing in the meme coin allegedly linked to the popular Nigerian singer, David Adedeji Adeleke, also known as Davido.

The SEC statement, posted on the commission's website on Friday, cautions that anyone who patronizes the meme coin does so at their own risk. The statement reads:

"The general public is hereby advised that meme coins lack fundamental value and are purely speculative. The general public is further warned that investing in meme coins, including $Davido, is highly risky and should be done with a full understanding of the associated risk.

Capital market operators are by this notice warned not to associate with instruments that fall outside the SEC's regulatory purview. Such instruments should not in any manner be distributed or monitored through any capital market mechanism.

Please note that the commission does not recognise $Davido as an investment product or investable asset class under its regulatory purview, as such individuals who patronize it, do so at their peril."

The SEC further explains that meme coins are cryptocurrencies inspired by memes and internet jokes, often promoted through social media and celebrity endorsements. They are not intended to serve as a medium of exchange accepted by the public or as a digital representation of capital market products.

The commission has warned that it will keep a close watch on market developments and is ready to step in with regulatory action as needed.

Davido, the popular Nigerian singer, unveiled the $Davido meme coin on Wednesday, May 29, 2024. However, the coin has been widely criticized by Nigerians after its value nosedived just a day after its launch, leading to disappointment and disillusionment among investors and fans.

JUST IN: Multichoice Group Has An Account Balance Of N31.6 Billion With Heritage Bank

Multichoice Group, owners of DSTV, had an account balance of N31.6 billion with Heritage Bank, before the bank’s liquidation.

According to the group’s annual report for FY 2024, Multichoice had a deposit of N33.7 billion (488 million South African Rands) with the bank as of the 2024 fiscal year end on March 31, 2024.

However, that balance was subsequently reduced to N31.6 billion (ZAR 400 million) due to cash remittances before the bank’s liquidation on June 3, 2024.

The significant deposit raises concerns for the group, as the sum far exceeds the N5 million maximum payout guaranteed by the Nigeria Deposit Insurance Commission (NDIC).

However, according to Multichoice’s annual report, the group will engage the liquidator (NDIC) to “ensure a reasonable outcome is achieved”.

In a press release dated June 3, 2024, the NDIC announced the liquidation of Heritage Bank. The statement specified that depositors with funds exceeding N5 million will receive a liquidation dividend, contingent upon realising the bank’s assets and recovering its outstanding debts.

In line with this step of selling the bank’s assets, the NDIC has announced a public bidding process for the sale of Heritage Bank assets.

The NDIC through a newspaper advert on June 13, 2024, noted,

“The Nigeria Deposit Insurance Corporation in the exercise of its rights as Liquidator of failed Deposit Money Banks hereby invites interested members of the general public to buy the assets (landed property and chattels) of defunct Heritage Banks through public competitive bidding.”

Multichoice and Heritage Bank had strong ties in the past, as the bank was a sponsor of the group’s endeavours, such as Big Brother Naija and the Africa Magic Viewer’s Choice Awards (AMVCA).

Multichoice Nigeria’s financial troubles
In its FY 2024 annual report, Multichoice Group reported a repatriation of $184 million from Nigeria, representing a 39.4% increase from the $132 million from the previous fiscal year.

- Nairametrics

It’s official: Tesla shareholders grant Elon Musk the biggest executive pay package in US history

It’s official: Tesla shareholders grant Elon Musk the biggest executive pay package in US history
The billionaire entrepreneur had remained assured that shareholders would approve the payout which was denied to him by a Delaware judge in January

Mike Bedigan
Los Angeles


Tesla shareholders have restored a massive pay package to CEO Elon Musk that has been estimated to be worth almost $45 billion.

The billionaire entrepreneur and owner of social media platform X had remained assured that shareholders would approve the payout which was denied to him by a Delaware judge in January.


The restoration of the $44.9 billion package was confirmed at Tesla’s 2024 annual shareholders meeting on Thursday, with the news greeted by a standing ovation and chants of “Elon, Elon, Elon.” Vote totals were not immediately announced.

Following the announcement, Musk bounded onto the stage to address the shareholders. “I just want to start off by saying, hot damn, I love you guys,” he said, before promising that the company would soon be delivering “mind-blowing change.”


“We’re not just opening a new chapter for Tesla, we’re starting a new book,” he said.


Earlier on Thursday, shares of the electric vehicle company rose after Tesla said in a regulatory filing that indicated that stockholders would vote to approve the package by a wide margin.

In a filing with the US Securities and Exchange Commission (SEC) on Thursday, Tesla published Musk’s own posts on X with charts that appeared to show that shareholders were in favor of his compensation package.


The charts also appeared to show shareholder approval of a move of Tesla’s legal home from Delaware to Texas. This was also approved by shareholders on Thursday.

However, the favorable vote on the pay package restoration does not mean Musk will get the all-stock compensation anytime soon. The package is likely to remain tied up in the Delaware Chancery Court for months as Tesla appeals the rejection.

Back in January, Chancellor Kathaleen St Jude McCormick determined that Tesla deceived shareholders when the all stock compensation was approved in 2018, so Musk was not entitled to the landmark pay package. Tesla has said it would appeal the decision.


Speculation about the future of the company swirled prior to the vote, with suggestions that Musk may choose to deliver on threats to take artificial intelligence research to one of his other companies or he could even walk away, should his payout be denied.


The tech boss has threatened on X to develop AI elsewhere if he doesn’t get a 25 percent stake in Tesla. His xAI recently received $6 billion in funding to develop artificial intelligence.


However, even though it has now been approved, analysts have said there may still be uncertainty. “This issue has been an overhang on Tesla’s stock, and this will be important to move this distraction in the rearview mirror,” said Wedbush Analyst Dan Ives, in a note to investors.

Shares of Tesla Inc. have slumped this year with the company warning of “notably lower” sales growth in 2024.

Source: 
The Independent (UK)