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The Joint Admission and Matriculation Board (JAMB), has approved the reduction of the cut-off mark for admission into tertiary institutions from 180.

JAMB’s Registrar and Chief Executive, Prof. Ishaq Oleyede, made this know during the 2nd Technical Committee Meeting for 2016 Admissions to Tertiary Institutions in Nigeria, which was held at the Alvan Ikoku College of Education in Owerri.

Oloyede explained that the decision became necessary, due to the inability of some schools to implement the cut-off mark.

He said: “it was in a meeting of the Board of higher institutions and other Stakeholders that a decision of 180 as the 2016 National cut-off mark was reached.

“However, many Institutions, though part of the decision, have expressed concern on their inability to effect this cut-off mark as they are finding it difficult to fill a reasonable percentage of their quota if the rule is strictly applied as we insist.

“A large number of institutions, particularly the budding ones, have applied for a waiver to enable them admit candidates who in some instances scored below 180 marks. For some, this may sound unreasonable with the largely false impression that a large percentage of those who score above 180 and are qualified for admission cannot find any placement in our institutions.

“I think this cry needs attention, otherwise, some of these institutions whether public or privately-owned may soon begin to wobble or even close shops. This will be counter-productive and even defeat the Government Policy of expansion of access to higher education and manpower development.”

Oloyede added that, “as a Board, we have studied the trend of admissions and have come up with a finding that hardly do the institutions collectively fill their quota annually.

“Indeed, in some cases, up to 50% of approved quota is wasted particularly by upright institutions which do not circumspect the rule. Unfortunately, a large number of institutions flagrantly disregarded the cut-off and many other policies yet they found a way to eventually regularize the illegal admissions through corrupt process.”

He, however, explained that the new flexible cut-off, will only apply to institutions that have exhausted the list of candidates that scored 180.

“As a Board, we have collated the requests from the various Senates and Academic Boards and have made your pleas known to appropriate authorities . Just this morning we received a green light on flexible cut-off mark only for institutions which have exhausted the list of candidates with 180 and above, subject , of course to a minimum acceptable to JAMB and meeting of other pre-requisite”, he added.

Oloyede also assured that JAMB will not impose candidates on schools, but will work hand in hand with the institutions to carry out the mandates of their respective Senates and Academic Boards on admission matters.

He added: “The Board would not impose candidates on them but, as a referee, would ensure that no applicant is unjustifiably denied the opportunity of access to Tertiary Institutions in Nigeria.

“In this respect, together, we should be seen in a conspicuous and proven manner that we have the interest of the nation in mind in carrying out our statutory functions.”

He warned that no institution, whether Federal or State, will be allowed to continue with admission of students after the November 30 deadline.

BIG STORY

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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BIG STORY

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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BIG STORY

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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