A tragedy occurred on Sunday along the Kaduna-Abuja expressway when 16 persons died, and 27 others sustained injuries in a freak accident.
The Sector Commander of the Federal Road Safety Corps (FRSC), Kabir Nadabo, said the accident occurred at Audu Jhangon village along the expressway around 5:20 am on Sunday.
Nadabo said the accident happened after a trailer with registration number KUJ 430XC, carrying overloaded goods, lost control and fell into a ditch.
He said: “Initial reports indicate that the driver was at high speed, probably due to fatigue. The combined rescue teams of RS1.114 Zhipe Unit Command and RS1.16B Dutse Outpost conducted the rescue operations.
“The crash involved 65 people, where 27 were injured and 16 people were deceased. The injured have been taken to the nearest hospital for treatment.”
Nadabo said after receiving news of the crash, he visited the scene to have first-hand information on the incident.
“I also directed the tow truck to remove part of the accident trailer blocking part of the road. The operation is ongoing, and the road is free for movement,” he said.
[NaijaNews]
• CCB keeps mum on Tinubu’s record
• Only Yar’Adua, Buhari publicly declared assets as Obasanjo, Jonathan derided rule
• Asset declaration, transparency are anti-corruption moral demands on public office holders – civil societies
President Bola Tinubu has reneged on one of the legal and moral demands on public office holders to declare their assets upon the assumption of office, for transparency purposes.
More than six months after assumption of office, taking oath of office and swearing allegiance to State and the rule of law, President Tinubu has no known record of assets in the public or in the coffers of the Code of Conduct Bureau (CCB).
Following the failure of the Freedom of Information (FoI) Act to sift Mr Tinubu’s asset declaration from the CCB, if any exist, officials of the Bureau have told The Guardian that “expecting such a record from us is like Waiting For Godot”.
Stakeholders, among whom are Civil Society Organisations (CSOs), remarked that though the extant law on Asset Declaration is silent on public disclosure, it is a moral burden on well-meaning public office holders to be seen as transparent, and President Tinubu, most especially, should not be an exception.
It will be recalled that the Code of Conduct for Public Officers, contained in Part I of the Fifth Schedule to the 1999 Constitution [as amended] provides that every public officer shall immediately after taking office, and thereafter (a) at the end of every four years; and (b) at the end of his/her term of office, submit to the CCB a written declaration of all his properties, assets, and liabilities and those of his unmarried children under the age of 18 years.
The inherent secrecy of the provision has, however, become an alibi for most public office holders to either deride the entire provision or allegedly compromise relevant officials for cover ups.
In the case of Mr President, FoI has not proven resourceful on his asset records. Recent efforts to inquire from the immediate past CCB Chairman, Isa Muhammed, whether President Tinubu and others have declared their assets to the bureau, met a stonewall.
But a source in the bureau said it would amount to a waste of time to expect the CCB to release Mr President’s asset declaration form to the public since the law did not permit it.
While the official could not ascertain if Mr President submitted one, he said asset declaration forms of such top office holders are usually kept in a special vault inside the CCB Chairman’s office.
In the last 24 years, President Tinubu has not been a stranger to CCB and Code of Conduct Tribunal (CCT) in lieu of controversies surrounding his wealth as a former governor of Lagos State, among other asset stakes.
But as the sitting president, an asset declaration would have dispelled or affirmed claims that Mr Tinubu has wealth estimates of over $4 billion, coupled with ownership of chains of hotels, media empire that include the Television and Radio Continental, stakes in Oando PLC, Lekki Concession Company, Ikeja Shopping Mall, Apapa Amusement Park, fleets of cars, a private Bombardier Global 6000 Express jet, a building at Bourdillon Road, Ikoyi evaluated at over a billion naira, among several others.
In 2012, the administration of former President Jonathan, arraigned President Tinubu before the CCT for false declaration of assets, and for operating foreign accounts, while he was at the helm of affairs in Lagos. He was later discharged and acquitted.
But from antecedents, asset declaration and sanctions for violation have not been a popular culture among the ruling elites.
Since Nigeria returned to democratic rule in 1999, only late President Umaru Yar’Adua declared his assets to the public, following his submission to the CCB.
Yar’Adua declared assets, which was valued at N856, 452,892, with a total annual income that was put at N18.7 million. He also disclosed that his wife, Turai, had a total asset of N19 million, made up of houses.
As Vice President, Goodluck Jonathan, also declared a personal fortune of N295 million in 2007.
There are controversies surrounding the declaration of assets of former President Olusegun Obasanjo. Nobody knows what exactly former President Obasanjo declared as assets in 1999 and when he left office in 2007.
As President, Jonathan’s assets also became a matter of secrecy. The former governor of Bayelsa State once said he didn’t owe the Nigerian public an access to his asset record.
In 2015, former President Buhari made a sketchy declaration of his assets, revealing that he had less than N30 million in his bank accounts at the time. This also gives credence to the declaration of assets before assuming office.
In a breakdown of assets, Buhari, who is also a former Military Head of State, claimed to have $150,000, two mud houses, livestock and an orchard, and a plot of land the exact location of which he has yet to trace.
He also claimed not to operate foreign accounts, no factories and no enterprises. He also had no registered company and no oil wells.
Interestingly, only Tinubu and two other public officers have been tried for false declarations of assets at the CCT. The administration of President Buhari brought former Senate President, Bukola Saraki, and a Chief Justice of the Federation, Walter Onoghen, before the CCT, for false declaration of assets.
Stakeholders, however, said the stakes are higher now, given the widespread cases of corruption and the need for a president that should lead by example.
For instance, report by the Human and Environmental Development Agenda (HEDA) in collaboration with the MacArthur Foundation, alleged that no fewer than 14 former governors were involved in N21 trillion, $47.4 billion worth of fraud in the last 15 years – an amount that almost equals the Federal Government’s 2023 budget of N21.83 trillion.
The damning report also fingered eight former Ministers/Special Advisers, five senators, among others just as it claimed that the value of money credited to women suspects is N8.9 trillion and $20 billion; and to men, N7.9 trillion and $17.8 billion. The document stated that the corruption occurred from 2007 to 2022.
Chairman of the Human and Environmental Development Agenda (HEDA), Lanre Suraj, said though the law might not compel any public officer to declare his or her assets to the public, the FoI Act should be able to allow the public access to the details of assets declared by anybody.
“Some human rights and civil society bodies had approached the court to ensure that CCB released the assets declaration form of President Tinubu, we came out with nothing,” Suraj said.
Socio-Economic Rights and Accountability Project (SERAP) insisted that President Tinubu needed to start with a clean slate by promptly making public details of his assets and to also encourage his vice to do so.
SERAP’s deputy director, Oludare, urged President Tinubu to publicly provide details of his assets, income, investments and liabilities and that of his vice and others to the Nigerian public, which according to him would allow Nigerians to know his real worth.
Chairman, Coordinator of African Centre for Media and Information Literacy (AFRICMIL), Dr Chido Onumah, also urged President Tinubu, to declare his assets in accordance with Paragraph 11 of Part I of the Fifth Schedule to the Constitution and make it public as a way of committing to the genuine fresh beginning he promised Nigerians.
Human rights lawyer, Goddy Uwazurike, doubted if the current National Assembly would amend the 1999 Constitution to compel any public officer to declare his or her assets publicly. Uwazurike, however, said President Tinubu should lead by example.
Chairman, Centre for Anti-corruption and Open Leadership (CACOL), Debo Adeniran, remarked that the onus is on the media and civil society organisations to lead the crusade on how the Constitution would be amended to compel public officers to declare their assets to Nigerians.
According to Adeniran, “That’s why corruption will be difficult to eradicate because we do not know what a public officer worth before and after their tenure. We are only talking of morality and the need for President Tinubu to lead by example and not from the aspect of what the law says.”
[Guardian]
The Nigerian Ports Authority (NPA) has offered clarifications to the Senate Committee on Public Accounts on the debt sum of N1 billion, which the committee said was not clarified in the report of the Auditor General of the Federation.
Its clarification also extended to the $852,093,731.10 cited in the AGF’s report being circulated in the media, even as it claimed that a total of $232,354,156.43 out of the sum had recovered.
Managing director of the NPA, Mohammed Bello-Koko, who appeared before the Committee said, the House Committee on Public Accounts had, in the 9th Assembly, thoroughly verified the money and had given the Authority a clean bill of health.
Bello-Koko explained that the misunderstanding between the position of the Senate and House of Representatives Public Accounts Committees arose from the continuous repetition of sums dating back to the period before the year 2006 Concession of the Authority, which the current NPA management had already accounted for but the sums had yet to be expunged from its books.
Speaking at the weekend when he appeared before the Senate Committee on Public Accounts, Bello-Koko exhaustively explained the facts of the matter to the Senators.
He said: “most of the debts date back decades. I mean legacy debts from companies like Nigerian National Shipping Line Ltd and from pre- concession period.
“But we have been carrying these debts in our books and we have been impairing the amounts, thereby making provisions for all such debts. We have written to the Auditor-General of the Federation on the procedure to take them out of our books and solicited for the support of the Senate Committee in this regard.”
Bello-Koko assured the Senate Committee on Public Accounts that “in the spirit of public accountability, we will always be open to give accounts.”
Responding to the question that he should further clarify the debt issue, he explained that the debt figures were composed of estate rents, lease fees and throughput charges among others as stipulated in the Concession Agreements.
According to him, “The debts date back to the period 2006 to 2019,” adding that “There have been recoveries within the period under review, and they are unrecoverable debts owing to issues such as Volume Change, Gross Minimum Tonnage (GMT)/Penalties, Encumbered Areas. etc.”
He added: “For avoidance of doubt, it would be necessary to explain the following terms:
“Volume Change – Means volume adjustment. The Executed Contract Agreement stated that if the percentage variation between actual/performance and projected volume is within minus 10 per cent to plus 10 per cent the lease fee will be paid in full. However, if the percentage variation performance is more than minus 10 per cent to plus 10 per cent the lease fee payable will be adjusted by an equivalent percentage. Therefore, the adjustment is against the lease fee payable by the percentage change in volume.
“Encumbered Areas – Refers to areas that are inaccessible due to factors not caused by the tenant such host community hostility, marshy land etc.
“Guaranteed Minimum Tonnage (GMT)- This to the projected tonnage pledge by the Concessionaire to achieve, this arises from the inability of the Concessionaire to meet up the pledge.
“Unpaid VAT- This relates to the VAT element of the unpaid Lease Fees arising from adjustment brought about by the volume change defined above.
“Penalty- Refers to financial burden suffered for failure to meet terms of payment in a contractual agreement. It is as a result of the Concessionaire not paying within the specified time /days allowed in the contractual agreement. Simply put, it refers to a charge for late payment.”
He continued: “The figure quoted in the press relates to the 2019 Auditor General’s report and it doesn’t reflect the current position of indebtedness to NPA.
“It would be pertinent to clarify that out of the amount of $852,093,731.10 cited in the Auditor General of the Federation’s report and being circulated in the media, a total of $ 232,354,156.43 have been recovered.
“The balance $504,663,452.37 constitutes uncollectible portion due to volume change and Contentions, $54,663,452.37 constitutes uncollectible portion due to Gross Minimum Tonnage (GMT), $19,619,459.00 constitutes Portion due to Encumbered Areas, $11,908,355.82 constitutes various penalties imposed on the terminal operators for not meeting set standards and $ 28,693,607.07 represents VAT of said amount .
“In relation to the concessionaire debt of N1.8bn, a total of N269m has been recovered leaving a balance of N1.6bn which represents encumbered areas of the terminals.
“As regards the outstanding estate rent, Ship Dues and service boats of $67m a total of $10.6m has been recovered.”
Bello-Koko added: “It is very important to note that the uncollectible debts are summation of GMT stated above (which is a performance metrics) which the Terminal Operators could not meet mostly because of change in government policies (e.g issues like force majeure) and infrastructure decay.”
According to him; “Some of the other debts are also legacy debts being owed by a government agency which metamorphosed into a limited liability company and for which the Authority is working out modalities with the relevant parties to recover accordingly.”
He confirmed that the Authority was in advanced talks to resolve the disputes surrounding these amounts, pointing out that all outstanding amounts due to NPA had been accounted for by the end of the year 2022.
Bello-Koko disclosed that the management of the Authority, in a concerted effort to correct the anomalies as seen in the concession agreements, engaged the World Bank to provide consultancy services for its review while an inter-agency committee comprising NPA, FMOT, FMOJ, BPE and ICRC developed a template to address the inherent anomalies in the agreements that allowed for the accumulation of such debts and to forestall a recurrence.”
“This has resulted in the signing of supplemental concessions/legal agreements which will come into effect shortly,” he added.
[Leadership]
A trial of an experimental vaccine across Uganda, Tanzania, and South Africa has been prematurely stopped due to preliminary data indicating its ineffectiveness in preventing infection, according to the trial’s chief investigator.
The trial, a part of the broader PrEPVacc initiative, commenced in December 2020, enrolling 1,512 healthy adults aged 18-40, with an originally planned conclusion in 2024.
Pontiano Kaleebu, the chief investigator for the program, revealed that the independent data and safety monitoring committee recommended discontinuation as continued efforts were unlikely to demonstrate the vaccine’s efficacy.
What you should know
HIV, a virus that has claimed around 40 million lives globally, with an additional 39 million individuals living with the virus, predominantly in Africa, continues to pose challenges in the search for a vaccine.
Although there are drugs available to reduce HIV risk and control the virus, a vaccine remains a crucial tool in curbing AIDS as a public health threat.
The trial, led by African researchers and supported by various European institutions, including Imperial College London, explored two combinations of experimental HIV vaccines.
Additionally, it tested a new form of oral pre-exposure prophylaxis (PrEP), a drug mitigating HIV risk, aiming to assess its efficacy compared to existing drugs. While the vaccine trial was unsuccessful, the PrEP segment of the trial remains ongoing.
Most participants were sourced from high-risk populations, including sex workers, gay men, and fishermen. The outcome underscores the formidable challenges in developing an effective HIV vaccine, as acknowledged in a statement by the vaccine trial program.
It’s worth noting that this trial was the sole remaining active HIV vaccine efficacy trial globally.
In a similar development in 2020, South African researchers terminated another trial involving over 5,000 participants after a vaccine failed to demonstrate benefits.
HIV in Nigeria
The United Nations Office on Drugs and Crime’s report showed that Nigeria has 1.9 million people with HIV/AIDS making Nigeria the country with the highest number of HIV infections in Africa.
According to the Lancet, Benue State has the highest prevalence followed by Rivers and Akwa Ibom.
[Nairametrics]
Popular singer, Daniel Benson, aka BNXN, has warned Nigerian clubs that sell “fake” drinks to desist from the crime, saying they are killing their customers.
The ‘Finesse’ crooner lamented that he recently paid for a drink at a Lagos club and a “fake” one was delivered to him.
He threatened to call out the next club or lounge that would sell “fake” drinks to him.
On his X handle on Sunday, BNXN wrote, “Stop selling us fake drinks after spending so much money on the overpriced drinks. You’re killing us.
“Respect my health , Respect my money. Give me what I pay for. If you don’t have it , don’t bring a fake one!
The next club or lounge that does this to me , I promise i will take that microphone from the hypeman and let you know!”
[DailyPost]
West African leaders yesterday took a step forward in their quest for the restoration of democracy in Niger Republic.
The sub-regional body, Economic Community of West African States’ (ECOWAS) Authority of Heads of State and Government raised a three-man negotiation team to mediate in the protracted political crisis in the country.
Led by President Faure Gnassingbe of Togo, other members of the team are President Macky Sall of Sierra Leone and President Patrice Talon of Benin Republic.
The ECOWAS Authority, which is chaired by President Bola Tinubu, took the decision during its 64th Ordinary Session at the State House Conference Center in Abuja.
The team’s terms of reference are to negotiate Niger’s speedy return to democracy with the junta that seized power from the legitimate government led by Mohammed Bazoum, who is in detention, encourage the coup plotters to release a transition programme and facilitate the monitoring of the programme.
Besides, the ECOWAS Authority resolved to prevent any attempt to break the sub-regional group through foreign-sponsored alliances and set up a standby force for counterterrorism across region.
According to its communique read by the President of the ECOWAS Commission, Dr Omar Touray, the leaders mandated the three-man Committee to interface with the National Council for the Safeguard of the Homeland (CNSP), which is the military administration in Niger Republic.
It said the team was expected to rally the CNDP and other stakeholders to agree to a short transition roadmap and the establishment of transition organs and goals.
The Abdourahamane Tchiani-led CNSP had about a month ago requested that Togolese President Gnassingbe should lead the team to negotiate with it in resolving the impasse.
That followed the ousting in July the democratically elected administration of President Bazoum.
ECOWAS Authority said the outcome of the engagement with the CNSP will determine its subsequent resolutions; either to commence the progressive relieving of the imposed sanctions or sustain the sanctions, including the use of force, as well as requests for more actions against the junta from other international bodies.
The communiqué reads: “On the political situation in the Republic of Niger, the Authority recalled its decision at its extra ordinary summit of 30 July, 2023, and 10th August 2023.
“The Authority commends the efforts of the Chair of Authority, His Excellency, Bola Ahmed Tinubu, President of the Federal Republic of Nigeria, towards a peaceful resolution of the political crisis.
“The Authority deeply deplores the continued detention of President Mohammed Bazoum, his family and associates by the CNSP administration. The Authority further deplores the lack of commitment on the part of the CNSP to restore constitutional order. Consequently, the Authority calls on the CNSP to release President Mohammed Bazoum, his family and associates immediately and without condition.
“The Authority decides to set up a committee of heads of state, made up of the President and Head of State of the Republic of Togo, the President and the Head of State of the Republic of Sierra Leone, the President and Head of State of the Republic of Benin, to engage with CNSP and other stakeholders, with a view to agreeing on a short transition roadmap, establishing transition organs, as well as facilitating the setting up of a transition monitoring and evaluation mechanism towards the speedy restoration of constitutional order.
“Based on the outcomes of the engagement by the committee of heads of state with the CNSP, the Authority will progressively ease the sanctions imposed on Niger. Failure by the CNSP to comply with the outcomes of the engagement with the committee, ECOWAS shall maintain all sanctions, including the use of force and will request African Union and all other partners to enforce the targeted sanctions on members of the CNSP and their associates.”
The ECOWAS Authority also rejected new moves by external interests to balkanise the region by creating alliances among member-states.
President Tinubu frowned at an attempt to distract the efforts at entrenching democratic culture in the region through the creation the ‘Alliance of the Sahel States’ among military-run member-states.
However, “the Authority rejects all forms of alliances that seek to divide the region and promote foreign interests in the region,” urging . member-states to ensure regional unity of action by strictly adhering to collective decisions taken at the level of the Authority”.
ECOWAS leaders also resolved to urgently review efforts at activating a standby force for counterterrorism operations in areas infested by terrorist groups.
The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, said in a state that the leaders reiterated their commitment to the eradication of terrorism and other threats to peace, security, and stability in the region.
He said they also resolved to hold an extraordinary summit on unconstitutional changes of government aimed at promoting peace, security, and democracy in the region.
Ngilale said ECOWAS leaders directed the commission to embark on deep reflection and explore the possibility of convening the extraordinary summit.
The regional leaders commended the efforts being made by member-states and the ECOWAS commission to work on the consolidation of democracy, peace, security, and stability in the region.
The Authority noted, in particular, the peaceful elections that took place in Nigeria, Guinea Bissau, Sierra Leone, and Liberia.
It hailed the peaceful resolution of the electoral dispute in Nigeria, as well as the peaceful outcome of the dialogue between the opposition and the government in the Republic of Sierra Leone.
On the fight against terrorism and other related security matters, the leaders instructed the commission to convene the meeting of ministers of finance and defence to agree on the modalities for the mobilization of internal financial, human, and material resources on a mandatory basis to support the deployment of the regional counterterrorism force.
”The Authority takes note of the commencement of assignment by the Special Envoy on Counterterrorism, Ambassador Baba Kamara, and directs the commission to facilitate his mission.
”The Authority directs the commission to intensify collaboration with sub-regional counterterrorism initiatives such as the Accra initiative and MTJN and urges member states to increase funding for joint maritime operations and exercises in the region and to improve coordination and collaboration among various ministries, departments, and agencies responsible for maritime security.”
On The Gambia, the Authority implored the government and stakeholders to adopt a new constitution ahead of the 2026 general election and implement the white paper on the recommendations of the Truth, Reparation, and Reconciliation Commission.
The Authority extended the mandate of the ECOWAS mission in The Gambia by one year and instructed the mission to support the country in the implementation of the white paper on defence and security sector reforms.
The leaders condemned the violence that erupted in Guinea Bissau on December 1 and attempts to disrupt the constitutional order in the country.
Hailing the action of loyal members of the security forces in Guinea Bissau, the leaders expressed solidarity with the people and the constitutional authority in the country.
The ECOWAS stabilization support mission in Guinea Bissau was extended, while the commission was instructed to take steps to review the mandate of the mission.
Chiding those behind the attempted coup in Sierra Leone on November 26, the leaders expressed sadness over the loss of lives and destruction of property.
They called for a thorough and transparent investigation to identify and bring perpetrators to justice.
They applauded the signing of the agreement for national unity resulting from mediated dialogue between the government and the opposition party in Sierra Leone, and called on all parties and stakeholders to implement the agreement in good faith within the specified timeframe.
The leaders directed the commission to support Sierra Leone and facilitate the deployment of an ECOWAS standby security mission for stabilization.
The Authority took note of preparations for the February 25, 2024 presidential election in Senegal, urging the government to ensure inclusivity and transparency in the electoral process.
The leaders also called on the Senegalese government and stakeholders to adhere strictly to constitutional norms, ECOWAS protocols, and the rule of law in managing electoral processes.
[TheNation]
The Dangote Petroleum Refinery is set to start producing Automotive Gas Oil, also known as diesel, and JetA1 or aviation fuel in January 2024, while the production of Premium Motor Spirit, popularly called petrol, is being delayed by the supply of crude oil in installments.
It was gathered on Sunday that the facility would require a minimum of six million barrels of crude oil to kick-start the full production of refined petroleum products including AGO, PMS, Jet A1 and Dual Purpose Kerosene, otherwise called kerosene.
But what the refinery got last week was one million barrels of crude, while the remaining five million barrels would arrive at the $20bn facility in another five installments.
The Dangote Petroleum Refinery and Petrochemical Project, a subsidiary of Dangote Industries Limited, is a 650,000 barrels per day crude oil refinery, located in Dangote Industries Free Zone, Ibeju-Lekki, Lagos, Nigeria.
Dangote Petroleum Refinery with the capacity to refine 650,000 barrels of crude oil per day covers an area of approximately 2,635 hectares and is located in the Lekki Free Trade Zone in Lagos.
On November 2, 2023, The PUNCH reported that the failure to supply crude oil to domestic refineries, including the multi-billion dollar Dangote refinery, stalled the production of refined petroleum products at the facilities.
The report also stated that the lack of crude oil supply came as the 650,000 barrels per day Dangote Refinery in Lagos missed the October production projection it had earlier set.
It pointed out that the October production target miss made it the second time in 2023 that Dangote Refinery would raise hopes in Africa, especially Nigeria, of a possible end to petrol importation.
Following The PUNCH’s report, the Nigerian National Petroleum Company Limited swiftly declared the next day November 3, 2023, that it was set to provide six million barrels of crude oil to the Dangote Refinery. It, however, has yet to do so.
But on Friday, the management of Dangote Refinery confirmed the receipt of one million barrels of crude oil, adding that this would lead to the production of refined products at the facility.
“In a major step towards boosting Nigeria’s domestic refining capacity and attaining energy security (self-sufficiency), Dangote Petroleum Refinery and Petrochemicals plant has purchased one million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited, one of the largest trading companies in Nigeria as well as globally, trading over eight million barrels of crude oil per day,” the oil firm had stated.
But when contacted on Sunday to confirm whether the company would start pumping out refined PMS based on the one million barrels of crude that it received on Friday, an official of the firm stated that what Nigerians should expect in January would be diesel and aviation fuel.
Six million barrels
The official explained that the facility required a minimum of six million barrels of crude to commence the full production of refined petroleum products, but what it got last week was only one million barrels.
“For a 650,000bpd capacity refinery, it requires a minimum of six million barrels to start production, and what we have done now is to receive one million barrels and it is being discharged,” the impeccable source, who pleaded not to be named due to lack of authorisation to speak on the matter, stated.
“So it is just one million barrels for now, and that means we need to take it in installments for six times, which is six installments of one million barrels each,” the source added.
The official, however, stated that the one million barrels would lead to the production of diesel and aviation fuel, stressing that PMS, kerosene and other refined products would come as the company gets more crude cargoes.
“Ultimately, what that (the one million barrels receipt) means is that by January, maybe in the second week, we should start having diesel, after which aviation fuel will come before we now cascade to PMS,” the source stated.
In the statement from Dangote Refinery on the receipt of its maiden crude cargo, the company stated that the cargo from Shell International Trading and Shipping Company Limited contained one million barrels from Agbami and sailed to Dangote Refinery’s Single Point Mooring, where it was discharged into the refinery’s crude oil tanks.
“The maiden one million barrels, which represent the first phase of the six million barrels of crude oil to be supplied to Dangote Petroleum Refinery by a range of suppliers, should sustain the initial 350,000 barrels per day to be processed by the facility.
“The next four cargoes will be supplied by the NNPC in two to three weeks and the final of the six cargoes will be supplied by ExxonMobil.
“This supply will facilitate the initial run of the refinery as well as kick-start the production of diesel, aviation fuel, and LPG, before subsequently progressing to the production of Premium Motor Spirit,” the company stated.
It said this latest development would play a pivotal role in alleviating the fuel supply challenges faced by Nigeria as well as the West African countries.
The firm stated that the facility was designed for 100 percent Nigerian crude with the flexibility to process other crudes, adding that the 650,000 barrels per day refinery could process most African crude grades as well as Middle Eastern Arab Light and even United States Light tight oil, as well as crude from other countries.
“Dangote Petroleum Refinery can meet 100 percent of Nigeria’s requirement of all refined products, gasoline, diesel, kerosene, and aviation jet, and also have a surplus of each of these products for export.
“The refinery was built to take crude through its two SPMs located 25km from the shore and to discharge petroleum products through three separate SPMs. In addition, the refinery has the capacity to load 2,900 trucks a day at its truck-loading gantries.
“Dangote Refinery has a self-sufficient marine facility with the ability to handle the largest vessel globally available. In addition, all products from the refinery will conform to Euro V specifications.
“The refinery is designed to comply with US EPA, European emission norms, and (defunct) Department of Petroleum Resources emission/effluent norms as well as African Refiners and Distribution Association standards,” the company stated.
The President, Dangote Group, Aliko Dangote, was quoted as saying, “We are delighted to have reached this significant milestone. This is an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects.
“Our focus over the coming months is to ramp up the refinery to its full capacity. I look forward to the next significant milestone when we deliver the first batch of products to the Nigerian market.”
On his part, the Country Chairman, Shell Companies in Nigeria, Osagie Okunbor, said, “We welcome the startup of a refinery that is designed to produce gasoline, diesel, and low-sulphur fuels for Nigeria and across West Africa and are happy to be enabling it.”
A document detailing some of the attributes of the facility, obtained by one of our correspondents, showed that tank farms in the facility have a total of 177 tanks with a cumulative capacity of 4.74 billion litres, and total tanker loading of 2,900.
For product evaluation, the report stated that the dispatch facilities by road (tanker) for the products (gasoline, diesel, kerosene/jet fuel, propane and slurry) was up to 80 percent of the total production and up to 75 percent through marine facilities.
It stated that the plant would operate a year-round operation for road loading operations, adding that on logistics, over 1,029 trucks would improve the capacity of the local logistics.
On employment generation, the document stated that over 100,000 indirect employment would be created at retail outlets, adding that 26,716 filling stations and 129 depots would come onstream in Nigeria.
It stated that the facility would ensure the ease of availability of products and help open up service stations, while 16,000 trucks for transportation would create additional jobs.
“In terms of employment generation, over 30,000 are currently working at the petroleum refinery project site, through various contractors. When operational, the petroleum refinery is going to generate over 100,000 direct and indirect jobs for Nigerian youths,” the company stated in the document, adding that the refinery would create a $21bn market annually for Nigerian crude.
The facility has its own power plant with a capacity of 435 megawatts.
“The refinery has its own dedicated steam and power generation system with adequate standby units for reliable/uninterrupted utility supply to operating plants,” the company stated in the document.
It stated that Dangote Industries had developed a port and constructed quays with a load-bearing capacity of 25 tonnes/sq.m to bring Dimensional Cargoes close to the site directly to handle liquid cargoes.
“The Jetty is situated at a distance of 12.3km from the refinery thereby effectively reducing the travel time,” it stated.
Otedola commends refinery
Reacting to the development, billionaire businessman, Femi Otedola, said Dangote Refinery would champion energy security in Nigeria.
Otedola said this on Sunday on his X (formerly Twitter ) handle, where he congratulated Africa’s richest man and his “bestie,” Aliko Dangote, on the commencement of production of the refinery, which was commissioned in May, before the expiration of the tenure of the former president, Muhammadu Buhari.
He said, “By meeting our requirements for all refined petroleum products, it will champion energy security and independence for our nation and act as a catalyst for a new era of prosperity for the subcontinent. It promises economic transformation for Nigerians today and for generations to come.”
Otedola started off his piece on the social media platform by congratulating Dangote.
650,000 barrels
“I heartily congratulate my bestie #AlikoDangote as the 8th Wonder of the World – the $20bn #DangoteGroup Refinery – officially commences production. The Dangote Petrochemical Complex, which consists of the world’s largest single-train 650,000 barrels per day petroleum refinery, one million metric tonnes of polypropylene per annum facility, and two of the world’s largest fertiliser trains, with a capacity of producing three million tonnes of urea, is much more than just an industrial milestone; it’s a testament to the visionary leadership and relentless pursuit of excellence of one of Africa’s finest and most dogged patriots,” he said.
Providing more details, Otedola revealed that he had a front-row seat in the conceptualisation and process of establishing the refinery, saying “I am familiar with the sleepless nights you’ve had to work through over the last decade to bring this dream to fruition.”
He added, “This refinery is a beacon of hope for millions of Nigerians and Africans. It is also at the vanguard of championing environmental sustainability. With its carbon capture technologies and storage processes, it will capture up to 90 percent+ of the CO2 emitted and also play a significant role in reducing well-to-tank carbon emissions from crude oil maritime transportation, thereby playing its own role in helping Nigeria meet its target for net-zero emissions by 2060.
“The refinery re-circles 100 percent of its water. The heat coming out of the process is fully captured to produce 50MW of power. Dangote is also producing Euro-5 to replace the bad Euro-5 that has been dumped in Africa for a long time.
“Shipping 65,000 barrels per day of crude out of Nigeria and 650kbpd in refined products to Nigeria and nearby countries which is 480 ships of one million barrels per day will save 1.5m to 2.5m tonnes of CO2 emissions. This will help the environment.”
Also speaking on the development, the National Public Relations Officer, Chief Ukadike Chinedu, said the move by the management of Dangote Refinery was commendable.
“We are optimistic to see the commencement of refined products from the facility and we are ready to party Dangote in ensuring the distribution of these refined products across the country,” he stated.
[Punch]
The manufacturing sector suffered a 400 percent increase in net foreign exchange loss to N466 billion in nine months ending September, reflecting the severe impact of the foreign exchange (Forex) market regime.
Sector operators said the current forex situation has compounded the pressures emanating from the removal of oil subsidy, Russia/ Ukraine war among other adverse developments.
The operators said the sector now bleeds from multiple points as a result of exchange rate revaluation losses.
Consequently, information contained in the financial reports of the top 17 manufacturing companies listed on the Nigerian Exchange Limited, NGX , indicated that while their gross earnings rose as they increase the prices of their products, their profits crashed as a result of the multiple pressure points eroding their financial stability.
Data sourced by Financial Vanguard from the financials of the big manufacturing firms on the Exchange showed a net foreign exchange loss of N466.02 billion in the nine months ended September 2023 (9M’23) representing an overwhelming increase of almost 400% from N93.219 billion loss recorded in 9M’22.
The data showed that while the combined gross earnings of the firms grew by 23.4% to N4.4 trillion in 9M’23 as against N3.6 trillion in 9M’22, the companies recorded a 24.6 percent decline in combined Profit Before Tax, PBT, to N505.148 billion in 9M’23 as against N670.089 billion in 9M’22.
Cost of consumer goods
The trend is reflected in the increased cost of producing consumer goods, which are mostly essential commodities used regularly by households.
These include foods and beverages, toiletries, over-the-counter medicines, cleaning and laundry products, plastic goods, and personal care products, among others.
Financial Vanguard findings reveal that while the companies increased the prices of their products in response to the inflationary pressures on their operating cost, this has resulted in low volume of patronage from the consumers whose income has equally been eroded by inflation.
The situation has now combined with losses they recorded in foreign exchange revaluation just as the higher exchange rate also increased the cost of foreign input forcing them to either close some production lines or scale down output below break-even points.
Data from the National Bureau of Statistics (NBS) showed that the inflation rate in Nigeria closed 9M’23 at 26.72%. The figure has since risen to 27.3 %percent as at the month of October 2023 and is projected to rise further this month, possibly sustained to year end.
Also, the Naira value against the US Dollar which stood at N448.04/US$ at the beginning of the year (2023) crashed to N832.32/US$ as at end 9M’23 following the Central Bank of Nigeria (CBN) foreign exchange reforms in mid-June.
Foreign investors in manufacturing pulling out
The protracted foreign exchange scarcity which affected Cadbury Nigeria on raw material imports, has forced its management to pass on costs to consumers by hiking prices.
The same goes for GlaxoSmithKline, GSK, Nigeria. But this has already proved unsustainable, forcing the company to announce plans by its parent company, GSK UK Group, to end manufacturing operations in Nigeria. The Company said further that it would explore a third-party direct distribution model for its pharmaceutical products.
Unilever Nigeria is another multinational consumer goods company discontinuing the manufacturing of its homecare and skin-cleansing brands.
Just last week, Procter & Gamble, P&G, an American multinational involved in manufacturing of fast moving consumer goods (FMCGs), announced its plan to discontinue their manufacturing operations in Nigeria due to the harsh operating environment.
Blue chips bleeding
The blue chip manufacturing companies, most of which are multinationals suffered more from forex revaluation losses.
Leading the pack in this adversity is Nestle Nigeria which lost N127.5billion to forex revaluation loss, thereby eroding its profitability. Consequently, the company recorded loss before tax of N56.7 billion as against profit of N58.4 billion in 9M’22. This is despite the company’s 18.9% increase in gross earnings to N396.6 billion from N333.5 billion in 9M’22.
Dangote Cement recorded a huge forex revaluation loss of N99billion which seems to have dampened what would have been a supper profit in the 9M’23. It however made a surprising 20.5% rise in profit to N404.9billion as against N335.900 billion in 9M’22, at the backdrop of a rise in gross earnings to N1.5 trillion in 9M’23 from N1.2 trillion in 9M’22,
A forex revaluation loss amounting to N86.8 billion eroded Nigerian Breweries’ profitability as giant beverage multinational declared a total loss amounting N78.2 billion during the period despite a modest 2.1% growth in gross earnings to N401.7 billion from N393.3 billion.
Another brewer, International Breweries was hit with N39.9 billion forex revaluation loss which escalated the company’s operating losses before tax to N43.5 billion as against N2.8 billion it recorded last year. This is despite the 14.6% increase in gross earnings to N183.8 billion from N160.4 billion in 9M’22.
BUA Foods reported a forex revaluation loss of N33.3billion which moderated what would have become a super profit growth at 50% to N111.4bilion from N74.3billion in 9M’22, at the backdrop of 81.0% increase in gross earnings to N524.4billion as against N289.8billion in 9M’22.
Similarly, its sister company, BUA Cement posting N24.8 billion in forex revaluation loss which dampened its profitability with a 3.4% decline N85.7 billion from N88.8 billion despite the rise in gross earnings to N335.9billion as against N262.6billion in 9M’22.
Other significant forex revaluation losses were recorded by Cadbury Nigeria which reported N20.7billion revaluation loss which eroded its profit forcing the firm to declare a loss of N10.2 billion as against a profit of N4.0 billion it recorded in 9M’22. This is despite the 39.2% increase in gross earnings to N59.2 billion from N42.5 billion in 9M’22.
GloxoSmithKline seems to be showing heavy bleeding on all fronts. It posted a forex revaluation loss amounting N11.3 billion and its PBT declined 0.8% to N0.722 billion from N0.716 billion just as gross earnings went down massively to N10.9 billion from N20.4billion,
Similarly Lafarge Cement reported forex revaluation loss amounting to N9.4 billion. But the firm also reported increase in gross earnings at N289.1 billion as against N269.9 billion in 9M’22 , with PBT growing by 13.4% to N61.2 billion from N53.9 billion.
Unilever Nigeria recorded forex revaluation loss of N2.9billion as the company’s profitability was making a rebound by 937.4% to N4.9billion from N0.5 billion on the backdrop of a rise in gross earnings to N81.6billion from N64.8billion in 9M’22,
Vitafoam recorded a forex revaluation loss of N3.8billion which contributed to the 14.4% profit decline to N6.2billion from N7.2billion in 9M’2 despite a rise in gross earnings to N52.8billion from N46.3billion in 9M’22, Okumu Oil also recorded forex revaluation loss amounting to N2.9billion. But its PBT grew by18.7% to N29.2billion from N24.6billion in 9M’22 at the backdrop of a rise in gross earnings.
Guinness Nigeria reported that its profit went down 5.6% to N3.8billion from N4.04 billion at the backdrop of N1.9billion forex revaluation loss, despite growth in gross earnings at N59.5 billion as against N52.849 billion in 9M’22.
Notore Chemical recorded a forex revaluation loss of N1.8billion which added to its massive rise in losses amounting N66.2billion as against N0.95billion loss in 9M’22. The bad result also came with a massive decline in gross earnings to N12.7billion as against N32.9billion in 9M’22, and recorded
Nascon Allied reported a slim forex revaluation loss of N.6million and its profit grew massively by 282.0% to N16.3billion from N4.3billion in 9M’22 at the backdrop 45.6% increase in gross earnings to N59.1billion as against N40.6billion in 9M’22.
One of the surprising results is Dangote Sugar which did not record any forex loss, and its gross earnings increased by 7.4% to N309.713 billion from N288.320 billion in 9M’22, but it ended up posting a loss before tax of N41.3billion as against a profit of N36.3billion in 9M’22.
Analysts /Experts react
Reacting to this development, Tajudeen Olayinka, who is the CEO, Wyoming Capital and Partners said: “A long the local foreign exchange market continue to react to the vagaries of demand and supply side imbalances, so long economic agents with net dollar liabilities will continue to be impacted negatively by depreciation and foreign exchange losses.
“This was responsible for the huge losses suffered by those manufacturing companies you mentioned. And it will remain so until the affected companies are able to put measures in place to recover losses through necessary hedging and repricing of earning assets.”
On the implication of these losses, he said: “ The implication of these losses to the companies and economy in general is a continued elevation in inflation and further deceleration in output growth.”
Also reacting, David Adonri, the Executive Vice Chairman, HIGHCAP Securities Limited said: “The nine months increase in forex losses by manufacturing companies in 2023 is due to the huge depreciation of the Naira following deregulation of the foreign exchange market in June 2023.
“The loss was transmitted to the manufacturing account of manufacturers through their outstanding forex liability to foreign suppliers of manufacturing inputs. Notwithstanding the improvement in their revenue, the FX losses overwhelmed their Profit.
“The losses were so colossal that some of the manufacturers have lost their shareholders fund. Many others have wound down their businesses and are at the verge of exiting the country. The losses have become a threat to the existence of many of the manufacturers.”
On the implication of the losses, he said: “Government should not expect to receive income tax from the wounded companies this year. Loss of capital will definitely take a toll on the capacity utilization of the manufacturers affected, resulting in layoffs and scarcity of their products.”
Solution
On the way forward, he said: “Government needs to engage with the manufacturers to address this threat to their existence. However, the losses will be recovered in due course as the economy adjusts to the new market reforms and price level.”
Reacting, Victor Chiazor, The Head of Research of Research and Investment said: “Most of the manufacturing companies suffered severe Forex losses because most of them import their raw materials for production from outside the country.
“And given the floating of the Naira which happened in the second quarter most were forced to provide more Naira to accommodate their production inputs. This exchange rate difference was significant enough to weaken their profit levels and even throw some of the manufacturers into loss after tax for the 9 months period.”
Going forward, he said: “We may see a direct transfer in the cost differential as most manufacturers will have no option than to pass this cost to the final consumer which will eventually lead to lower sales volume and most likely lower profitability for the company.
“This would also slow down activity level in the economy as a continuous rise in the price of goods and services will weaken the purchasing power of the consumer and overall weaken consumption.
“The government will need to find a way to stabilise the FX market to enable businesses plan as well as find incentives for some critical manufacturing businesses all of which would assist in keeping these businesses afloat.”
Popular Yoruba poet, artiste and religious leader, Olanrewaju Adepoju, is dead.
Naija News learnt that Adepoju died at age 83, on Sunday at his Idi Orogbo off Ring Ring Road, Ibadan, Oyo State residence around 7 pm.
The son of the poet, Adejare Adepoju, confirmed the development in a brief announcement on Sunday, saying “Baba has gone to rest. Inna lilahi Wa innaa ilaehi Roojiuuna. My Dad, Olanrewaju Adepoju, Rest in Peace”
He later posted another message on Facebook saying, “In memory of my beloved father, Alhaji Chief Olanrewaju Adepoju (Ewi Exponent), a passionate human rights activist, accomplished author, and gifted poet.
“His life’s work was dedicated to making our country a more just and compassionate place. As we grieve, let’s carry forward his torch of advocacy for a brighter future. Rest in power, Dad.”
The family while confirming his death wrote, “With heavy hearts, we announce the passing of our dear Father, Chief Mas’ud Olanrewaju Adepoju. From Allah we come and unto Him we shall all return.
“Final prayers will be held for Baba tomorrow Monday, by 11 in the morning, at UMB Central Mosque, Old Ife Road, Gate Ibadan.
“May Almighty Allah grant our father the highest elevation in Paradise, Jannatu Firdaus!”
The Aare Ona Kakanfo of Yorubaland, Iba Gani Adams, has tied the knot with an ex-beauty queen from Delta State, Joy Onojaife.
The founder of the Oodua Peoples Congress (OPC) tied the knot with that beauty queen in a private ceremony in Lagos on Saturday.
According to her biography shared on the Oodua Facebook page on Sunday, Joy is the daughter of Lagos-based architect, Lucky Onojaife.
The former Miss Delta is a graduate of Physiology from the Delta State University.
See the photos from the event below.
More...
"Wayward Life, Fornication Don Tire Me" - Blessing CEO Says As She Attends Shiloh In Search Of Husband
AdminControversial relationship therapist, Blessing CEO, has taken to Instagram to disclose that she is tired of living a wayward life and wants to settle down with a man.
Sharing a video of herself fervently praying at a Living Faith Church yearly program, ‘2023 Shiloh’, the single mother of two stated that she’s tired of fornication.
She openly declared her decision to abandon her sinful ways in the pursuit of a meaningful relationship.
She said: “Give me my own husband. I have entered Shiloh to find husband.
“Wayward life don tire me . Fornication don tire me. Give me my own husband.
“This relationship expert without a relationship must end this year 2023. I am aggressive. Prayer point. Lord give us men wey don buy table. We move.”
Watch the video below;
View this post on Instagram
The General Overseer of Living Faith Church Worldwide, also called Winners Chapel, Bishop David Oyedepo, has said that running for presidency in Nigeria is like a demotion for him.
Oyedepo made this know on Saturday, December 9, during the impartation service of the just concluded Shiloh 2023, themed ‘Redeemed to flourish in hard times’.
While preaching on the spirit of faith, the clergyman disclosed that he already saw himself on top of nations, stressing that it would be a demotion for him if called to be Nigeria’s president.
He said, “When I said it would be like demotion if I am called to be Nigeria’s president because I see myself on top of nations from scripture.
“The spirit of faith is action-driven, and its strength is your inner man. The day I saw God’s agenda for my life, I moved.
“If I go to be with God today, you will be surprised that nations will converge here.”
He also urged participants to keep feeding their faith in the word of God, saying, “If you don’t feed your spirit of faith with the word of God, it will turn to trash.”
The Bishop, Roman Catholic Diocese of Sokoto, Bishop Matthew Kukah, has advised young Nigerians wishing to leave the country (the popular Japa syndrome) not to hesitate.
However, he prayed that the right and conducive environment be created so that those left behind can compete favourably with their foreign counterparts.
Bishop Kukah, the Pro-chancellor and Chairman, Governing Council of Veritas University, Abuja, said this while addressing graduands of Veritas University, on Saturday. It was the school’s convocation ceremony.
The Bishop said: “I encourage young people who want to leave Nigeria to please, feel free to leave. The country is big enough. We can assure you that by the time you settle down in the United States of America or wherever you have gone, you will discover that Nigeria needs you.
“And for those you left behind, our hope and prayer is that they will be competing at the same level with you. We have everything that it takes to turn the corner.
‘Change’
“We are Veritas University will continue to inspire and shape the new generation so that the change we expect in our country is not the change we expect from politicians.
“It is the change that will come with a big intellectual understanding of the complex nature of this country. So every graduate who walks out of the portals of Veritas will be truly equipped mentally and intellectually to conquer Nigeria.”
Kukah tasked the graduates to remain focused and remember the school they were leaving behind. He also appealed to teachers to strive to be role models for the students.
According to him, “The quality of help and support you will get from the alumni will be determined by how they left this university.
“As you prepare to spend a new chapter in your life, I encourage you to remain focused on your dream. Do not forget your alma mater because you are standing on the shoulders of those who have gone before you. Do not forget the sacrifices you have made.
“This is why we also appeal to teachers to become sources of inspiration because the quality of help and support you will get from the alumni will be determined by how they left this university. If they leave this university feeling sorrowful, they are not likely to look back.
“So we want to encourage you parents to please endeavour to serve as models and mentors to these young people. Remember it could have been done anywhere. It’s not by accident that they are in Nigeria,” he added.
He noted that some teachers were sacrificing to give their best to the country. Kukah said contrary to the claim that teachers’ rewards were in heaven, they are here on earth, appealing to them not to rest on their oars.
‘How pilot delayed plane for me’
He narrated an experience: “I have a personal experience of coming late to catch a flight to Sokoto. I was the last person to get on the plane.
“Miraculously, the plane continued to wait and when I got to the aircraft, the pilot was waiting at the foot of the plane.
“I tried to take my seat and knelt to greet me. I was quite embarrassed because I had never seen this gentleman in my life. But he said, ‘Well, Bishop, I have to kneel and greet you because you are the one who recommended me over 10 years ago for the job as a pilot’.
“We never know as teachers. Do not fall victims to the claim that your rewards are in heaven. Your rewards are actually here and they will also be in heaven.”
He congratulated the management and staff of the university, headed by the Vice Chancellor, Prof. Ichoku Hyacinth.
Kukah said the VC’s outstanding leadership and qualities “have been very clearly enunciated on how far the university had travelled.
“We hope that this university will achieve the elasticity that all those who started with Veritas will be able to secure the place.”
He appealed to the bodies that regulate university admissions to expand the opportunity for some universities, including Veritas University so that they can contribute their quota to the education of the citizens.
… to parents
Turning to the parents and guardians, Kukah said: “As a chairman of the Council, I’m fully aware of the sacrifices that people have made. (I am) also taking notes of the rising amount of internally generated revenue without necessarily punishing anybody.
“These things, we don’t take for granted. I, therefore, salute the management and staff of Veritas University for their courage and determination in fulfilling their obligation.
“As Pro-chancellor and Chairman of the Governing Council of Veritas University, we assure you of the unequivocal support of the council for the ongoing development of Veritas University.
“Once again, we appeal to you to please let your name be printed somewhere in this university. It doesn’t matter how big and how little. Step forward and make your commitment because it is through this that we can expand the frontier of knowledge through Veritas University.”
[OpinionNigeria]
The best graduating student of the 2022/2023 set of Achievers University, Owo, Ondo State, Rebecca Adama, said she was labelled an unintelligent student during her secondary school education until she encouraged herself to aim for success.
Adama stated this at the 13th Convocation and 16th Foundation Anniversary of the university in Owo.
“Growing up, I was not an exceptional student and I had this teacher back then, who saw me as a dullard and talked me down. The teacher told me that I could not answer a particular question asked because it was meant for intelligent students.
“Before I got to university, I lost my mother. And my siblings and I said we must be diligent and work harder. So, with the help of God, with diligence and hard work, I am what I am today.
“Getting into the higher institution, it was not one of my goals to be among the best students because I didn’t think of it at all but I gave due diligence to my studies and it has paid off now.
“I have come to realize that there are no special people – the result is the same when the principles are right. Whatever your hands find to do, do it with all your might,” she said.
Adama, a graduate of law with the Cumulative Gross Point Average (CGPA) of 4.87, asked her colleagues to put diligence in the centre of their various endeavours in life.
The Pro-Chancellor and Chairman, Governing Council of the university, Dr Bode Ayorinde, said the institution had given the graduands the tools not only to aim high but very importantly to fly and get to the very top of the mountain.
“We have given our students the key to unlock doors of opportunities that abound in the world out there. No doubt, the periods of study, ranging from 18 months for the Masters degree, to four or five years for the undergraduate students, have been very taxing but equally impactful,” he said.
Ayorinde admonished the graduands to demonstrate the leadership attributes imbibed as students of the university, urging them to exhibit good conduct in their walks of life.
The pro-chancellor, who appreciated parents and guardians for allowing their children and wards to have higher and sound education in the institution, promised that the university would continue to provide a very serene and aesthetically beautiful campus and other ancillary services to make teaching and learning conducive.
He promised that the institution’s council, under his chairmanship, would continue to encourage academic staff to embark on innovative, impactful and result-oriented research towards giving the university the much-needed global visibility and provide solutions to the myriads of problems in the society.
Ayorinde noted that the management of the university had taken welfare of its staff and students as a priority for the past 16 years, with all salaries and wages paid.
According to him, the university has successfully implemented the contributory pension scheme and that the university has approved and implemented palliatives to all categories of staff to cushion the effect of oil subsidy removal.
Also, the Acting Vice Chancellor of the university, Prof. Omolola Irinoye, would award degrees to 554 graduates with 520 first degree graduates and 34 with postgraduate degrees.
Irinoye said that of the graduating class, 37 got First Class, 259 had Second Class Upper Division; 195 were in Second Class Lower Division, and 27 had Third Class Honour.
The VC explained that the institution had 27 undergraduate and 10 postgraduate degree programmes, adding that it would continue to pursue with vigour its academic activities in teaching, research and community service.
According to her, the university has received permission to run 11 new academic programmes, including Medicine and Surgery, making its undergraduate degree programmes to be 38.
Irinoye said that for the 2023/2024 academic session, the university’s council had made provision for scholarship to many young people to make education accessible to them.
“Students are offered 100 per cent tuition-free scholarship for 15 programmes in College of Natural and Applied Sciences and College of Social and Management Sciences.
“Students are offered 80 per cent tuition free in 11 other programmes in Faculty of Health Sciences, College of Natural and Applied Sciences and College of Social and Management Sciences.
“Also, students in all the seven engineering programmes are given 65 per cent tuition-free scholarship,” she said.
The VC encouraged parents and potential students to consider the tuition-free programmes, to avoid wasting years of sitting at home for many young people who met the JAMB cut-off scores for universities.
According to her, all academic programmes in the school are fully accredited by the National Universities Commission.
At the convocation ceremony, honorary doctorate degree awards were conferred on the Registrar, Nursing and Midwifery Council of Nigeria, Dr Faruk Abubakar; the former Attorney-General and Commissioner of Justice in Ondo State, Olajumoke Anifowoshe and the Executive Director, Niger Delta Power Holding Company of Nigeria, Ifeoluwa Oyedele.
[Eagleonline]