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ASUU: Pro-chancellors, VCs Intervene As Strike Hits Seven Months

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The ongoing strike by the Academic Staff Union of Universities has entered its seventh month.

The union, on February 14, 2022, embarked on a strike following what it described as the failure of the government to meet some of its demands.

The union is calling on the government to improve the condition of service of university lecturers, release earned allowances for lecturers, and release revitalization funds for universities, among other things.

ASUU, vice-chancellors, pro-chancellors

Meanwhile, the leadership of ASUU met with the Committee of Vice-Chancellors and Pro-Chancellors of Universities on Wednesday over the lingering strike.

One of our correspondents gathered that the meeting was proposed by the peace team set up by the vice-chancellors.

The PUNCH reports that the peace team comprises past vice-chancellors and pro-chancellors such as the former pro-chancellor of the University of Calabar, Senator Nkechi Nwagogu; former vice-chancellor of the University of Maiduguri, Prof J.D. Amin; and former vice-chancellor of the University of Ibadan, Emeritus Professor A.O. Bamiro, among others.

A source familiar with the matter, who did not want his name in print as he was not permitted to speak to the press, noted, “The meeting was originally proposed by the peace team that was set up by the committee of vice-chancellors.

The meeting was held at the National Universities Commission, and all the issues were raised, the issue of funding, that is, the release of the revitalization fund, the withheld salaries, adjustment of salaries and most importantly ending strikes permanently in universities.”

When asked if the union accepted the demands, the source said, “It was not a negotiation meeting; the VCs and the Pro-chancellors are not from the government’s side; to me, they just came to share their opinions on the matter.”

Former VCs

Meanwhile, former vice-chancellors, in a communiqué made available to The PUNCH in Abuja on Wednesday, hailed the Federal Government for approaching the National Industrial Court in a bid to end the strike.

The communiqué partly read, “We are aware that the Federal Government has sought a legal interpretation of the nature and character of the dispute as a way of breaking the deadlock.

“This is novel, and we applaud the move as civilized, however, both parties will faithfully abide by the provisions of Industrial Arbitration as enshrined in the International Labour Organisation Conventions.”

They proposed a middle ground where the government can resolve the trust issues by taking action to propose to the National Assembly its decision on improved funding.

ILO wades in

According to the News Agency of Nigeria, the International Labour Organisation’s Country Director, Vanessa Phala, has stated that the organization is providing technical assistance to the government to ensure that labor laws are amended.

She disclosed this at the 15th Annual Banking and Finance Conference, organized by the Chartered Institute of Bankers of Nigeria, on Wednesday in Abuja.

FG faults roadblocks

The Federal Government, on Wednesday, said protesting students who blocked a traffic-laden section of the Lagos-Ibadan expressway is “violating” the law.

The Minister of Works and Housing, Babatunde Fashola, said this when briefing State House Correspondents shortly after this week’s Federal Executive Council meeting presided over by the President, Major General Muhammadu Buhari (retd.), at the Aso Rock Villa, Abuja.

NANS justifies roadblocks

However, NANS has threatened the continuous blocking of major highways in Southwest states until the federal government yields to their demands by ending the ongoing strike.

NANS South-West Coordinator, Emmanuel Olatunji, who spoke exclusively with The PUNCH, said, “We know the protest might lead to suffering for other road users. We decided to do that because we knew that our parents were doing nothing. We want them to also feel the heat; we are sending a signal to the federal government and our parents.

“We will protest at different locations where we know that it might affect the federal government. After doing this protest at two to three major highways, then we will move the protest to government parastatals.”

Credit: The Punch

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Federal Government To Grant Mining Licenses To Only Companies That Process Locally

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Nigeria will only grant new mining licences to companies that present a plan on how minerals would be processed locally, under new guidelines being developed, a government spokesperson confirmed on Thursday.

This is a departure from Nigeria’s long-standing practice of exporting raw commodities, as governments around Africa work to increase the value derived from their substantial mineral reserves.

To spur investment, Nigeria will offer investors incentives including tax waivers for importing mining equipment, make it easier to secure electricity generation licences, allow full repatriation of profits and boost security, Segun Tomori, a spokesperson for Nigeria’s minister of solid minerals development said.

“In exchange, we have to review their plans for setting up a plant and how they would add value to the Nigerian economy,” Tomori said. He did not say when the guidelines would be finalised or come into effect.

However, last week the minister of solid minerals development, Dele Alake, said it was now government policy to make value addition a condition for obtaining licences so as to create jobs and help local communities.

Alake, who also chairs an African mining strategy group comprising mining ministers from Uganda, Democratic Republic of Congo, Sierra Leone, Somalia, South Sudan, Botswana, Zambia and Namibia, is pushing for a continent-wide effort to get maximum local benefit from mineral exploration.

Nigeria, Africa’s top energy producer, has struggled to extract value from its vast mineral resources due to poor incentives and neglect. The underdeveloped mining sector contributes less than 1% of the country’s gross domestic product.

Last year Nigeria exported mostly tin ore and concentrates worth about 137.59 billion naira ($108.34 million), mainly to China and Malaysia, according to the country’s statistics bureau.

The government aims to drive more investment into the sector by issuing more licenses. It has set up a state-owned solid minerals corporation offering investors a 75% stake and established a special security unit tasked with fighting illegal miners.

The government is also trying to regulate artisanal miners, who dominate the sector, by grouping them into cooperatives.

Foreign mining companies operating in Nigeria include Canada-based Thor Explorations which is involved in gold exploration, Chinese-owned Xiang Hui International Mining which partnered with a local company to process gold, and Indian-owned African Natural Resources and Mines, which is building a $600m iron ore processing plant in northern Nigeria.

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Governor Babajide Sanwo-Olu Felicitates President Tinubu At 72

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Governor Babajide Sanwo-Olu, has congratulated President Bola Ahmed Tinubu on his 72nd birthday, describing him as a brave, bold, and passionate leader who is dedicated to the advancement, growth, and development of Nigeria.

He said that President Tinubu’s contribution to the nation’s growth is cause for celebration, citing the President’s unparalleled bravery, integrity, honesty, and patriotism in his efforts to steer Nigeria’s ship in the correct path since he into office on May 29, 2023.

Governor Sanwo-Olu, in a statement issued on Thursday by his Special Adviser, Media and Publicity, Mr. Gboyega Akosile, said President Tinubu has provided honest and transparent leadership in Nigeria by taking bold decisions to address challenges militating against the prosperity of Nigeria and Nigerians.

Sanwo-Olu further described the President as a visionary and master strategist whose democratic credentials are scholarly materials for study in political economy.

He said: “On behalf of my family, the government, the people of Lagos State,  members of the Governance Advisory Council (GAC), leaders, and members of the ruling All Progressives Congress (APC) in Lagos State, I congratulate our leader, President Bola Tinubu, on the occasion of his 72nd birthday.

“President Tinubu has sacrificed the greater part of his life in the service of our dear State and Nigeria. He contributed to the enthronement of democracy and good governance, serving first as a Senator in the aborted third republic and later as a pro-democracy activist, working tirelessly as a member of the National Democratic Coalition (NADECO) to struggle for the de-annulment of the June 12, 1993 presidential election.

“President Tinubu’s financial wizardry and economic intellect, which he put to good use as the Governor of Lagos State, have taken our dear state to a greater height. Today, Lagos is the pride of Nigeria, occupying an enviable position as the fifth largest economy in Africa.

“President Tinubu has made positive impacts in the country through the Renewed Hope agenda of his administration. His unblemished service and track record of impressive achievements in public office have made him a role model for many Nigerians.

“As President Tinubu celebrates his 72nd birthday, it is our prayer that God will grant him more prosperous years in good health and wisdom as he continues to serve our dear nation.”

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JUST IN: CBN Increases Banks Capital Base To N500bn, N200bn For National Commercial Banks

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The capital basis for commercial banks with international permission has been raised to N500 billion by the Central Bank of Nigeria (CBN).

The policy change was confirmed by Mrs. Hakama Sidi Ali, CBN’s acting director of corporate communications. in a declaration.

She added that commercial banks with regional authorization are expected to reach a capital floor of N50 billion, while those with national authority must meet a ceiling of N200 billion.

Announced on Thursday, March 28, 2024, this comprehensive financial reform requires significant increases in banks’ minimum capital bases, which vary depending on the size of the bank.

The latest policy directive specifies that commercial banks with international authorization are now required to shore up their capital base to N500 billion.

In a bid to tighten the financial fabric, the CBN has not overlooked merchant banks, which are now subject to a N50 billion minimum capital requirement.

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