Nigerians seeking admissions to foreign universities spent $340.84m to fund their application between January and June 2023, findings by the PUNCH have shown.
This figure is according to the Central Bank of Nigeria’s data on the amount spent on educational services under the sectoral utilisation for transactions valid for foreign exchange.
The apex bank said that in April 2023, a total of $40.54m was spent on foreign education, while noting that $48.81m was spent in May 2023.
However, in June 2023, there was a significant decrease as the bank stated that $32.61m was spent.
When compared with $218.88m recorded in the first quarter of 2023, which is a decrease of $96.92m or 44.28 per cent.
Also, the quarter performed poorly when compared with figures from the second quarter of 2022 with a performance decrease of $124.42m (50.5 per cent).
The PUNCH reported that the monies remitted to foreign academic institutions were without significant reciprocity in the form of inflows from foreign sources to the local education sector.
Experts however predicted that the poor supply on CBN part meant migrating students had been forced to source dollars from Bureau De Change operators, owing to delays by banks to process respective Form A.
Recent data (which was the last released document by the commission) released by the Home Office of the United Kingdom revealed that the number of study visas released to Nigerians increased by 222.8 per cent, with 65,929 issued as of June 2022 as against 20,427 during the same period in 2021.
The Central Bank has a backlog of accumulated forex demand on the official market, which effectively forces individuals and businesses to head to the black market if they need dollars.
But dollar flows to Nigeria had been falling in the last few years due to declining investment and lower exports of crude oil, which account for more than 90 per cent of the country’s export income.
Speaking in an earlier interview, the National President, Academic Staff Union of Polytechnics, Dr. Anderson Ezeibe, said the failure of the government to invest adequately in the education sector had negatively impacted the education sector.
“You go to tertiary institutions and you see dilapidated buildings, lecturers and students alike are not happy, students do not have access to good equipment for practicals, and at the end of the day, the system continues to churn out half-baked graduates.
“The only solution to this is for the government to invest fully in the sector. If we operate world-class schools in the country, there will be no need for people to go to other countries to obtain a good education.”
A Professor of Education at the Federal University of Technology, Minna, Prof. Alabi Thomas, also blamed the migration on government policies which, according to him, have continued to cripple the education sector.
Importers have returned to the parallel market to source for their forex needs as liquidity challenges persist in the official market, analysts have said.
This is despite the lifting of forex ban on importers of 43 items by the Central Bank of Nigeria recently.
Naira had recorded gains at the parallel market after recent fall. According to figures obtained from Aboki Forex on Saturday, the naira was bought and sold for 1,140/$ and 1,150/$; It had earlier traded at 1,310/$ on Tuesday at the parallel market.
Analysts at Cordros Securities said, “Given the CBN’s unbanning of importers of all the 43 items previously restricted from the NAFEM in 2015, the market realised that FX supply is still minimal at the official market faster than we anticipated.
“Accordingly, importers have returned to the parallel market to fulfil their FX obligations.”
The Minister of Aviation and Aerospace Development, Festus Keyamo, on Sunday, said talks were at an advanced stage between Nigeria and the United States of America on the resumption of direct flights from Houston.
Keyamo in a statement by the Minister’s Special Assistant, Media and Communications, Tunde Moshood, also said efforts were in top gear to attract foreign investment into the aviation industry.
The minister, who was on a working visit to the United States was a guest of honour at the Fidelity International Trade & Creative Connect that held at the George R. Brown Convention Center, 1001 Avenida de las America, Houston, Texas, where he met with the Mayor of Houston, Texas, Sylvester Turner, and his team members.
He stated, “During my visit to Houston, I also took time to visit the fast-developing Aerospace of the city in Ellington. I met Mr Arturo Machuca, Director of EllingtonAirport and Houston Spacesport and his team who did a detailed presentation to us and conducted us round the Aerospace. We were well guided on the development of our own aerospace.”
“I spoke with the Mayor of Houston, Texas, and his team to advance talks regarding the resumption of direct flights from Houston to Nigeria. Another interesting diplomatic consideration the two envoys looked at is the opening of a Nigerian consulate in Houston.”
Former President Muhammadu Buhari, on Sunday, said the country would have paid $15 billion if it had lost the case against the international firm, Process & Industrial Development Limited.
He lamented that such monetary loss could be substituted to finance key infrastructural projects, among others.
Following a 2010 agreement between P$ID and the Federal Government, the firm pledged to build a gas processing plant in Nigeria.
However, the project never materialised, leading P&ID to sue for lost profits. The firm was granted the sizable award plus accumulated interest, which became a point of contention.
In a ruling on Monday, October 23, Justice Robert Knowles of the Business and Property Court in London held that the process through which P&ID secured the contract was fraudulent.
Reacting to the matter, Buhari recalled that during his administration in 2015, he asked his former Chief of Staff, Abba Kyari, and erstwhile Attorney-General of the Federation, Abubakar Malami, to “get us a fair hearing.”
He noted that the firm, owned by Irish intermediaries who understood the systematics of the Nigerian market, won the contract to build a gas processing plant in Cross Rivers State.
Billionaire businessman, Femi Otedola, has been listed as the largest shareholder of First Bank of Nigeria Holdings Plc, despite the acquisition of 4.7 billion units of FBNH shares by the former chairman of the group, Oba Otudeko, in July.
This was revealed in the unaudited consolidated financial statements for the period ended September 30, 2023, of the financial institution filed with the Nigerian Exchange Limited.
FBN Holdings stated in a statement issued on July 7 that “the company received a notification from Honeywell Group Limited that its affiliate, Barbican Capital Limited, has acquired an aggregate of 4,770,269,843 units of shares from the company’s issued share capital of 35,895,292,791, (35.89 billion) as at the above-referenced date.
“Based on the foregoing, the equity stake of Barbican Capital Limited in the company is 13.3 per cent.”
Both Honeywell Group and Barbican Capital are linked to Otudeko.
FBN Holdings, in its latest report, still listed Otedola as the largest shareholder with a stake above five per cent. Directly, Otedola holds 40,033,982 units of FBN Holdings shares, which is 0.11 per cent and indirectly, it holds 1,989,342,376 units which is 5.54 per cent of the lender’s shareholding as of September 2023.
Otudeko’s share acquisition elicited reactions from the stakeholders in the capital market with minority shareholders calling for a probe by the regulators.
The Securities and Exchange Commission has said that it was investigating the deal.
The Central Bank of Nigeria removed Otudeko in April 2021 as FBNH’s non-executive director/chairman and sacked the board under him over noncompliance with regulatory control.
A fire has broken out at the Rivers State House of Assembly Complex. The fire was reported at about 10 p.m. on Sunday.
As of the time of filling in this report, the complex has been taken over by security agents from the nearby Command of the Rivers Police while a fire truck was also seen on the grounds of the facility.
This is coming amidst rumors of an impending impeachment procedure against the state Governor Sim Fubara.
Attempts to get information from members of the House have proven abortive as the lawmakers have remained tight-lipped on the rumoured plot.
It is unclear if the fire is connected with the political imbroglio, but rumours of a rift between Governor Fubara and his predecessor Nyesom Wike who is now FCT minister have been brewing for some time now.
Senator Ali Ndume of Borno South has defended the purchase of sports utility vehicles (SUVs) for members of the National Assembly, arguing that such a move is not new.
Members of the National Assembly faced intense criticism recently when news filtered in that each of the 469 lawmakers would be getting an SUV valued at N160m.
But Ndume believes the development is not novel, maintaining that public servants have always had official vehicles.
“Buying vehicles for public or civil servants is not a new thing. It is only as you, said, ‘What are the implications? What is the cost and what are the alternatives?” Ndume, who spoke on Channels Television’s current affairs show Sunday Politics, said.
While he concurs that the public has a right to question the purchase of the vehicles especially given Nigeria’s current post-petrol subsidy era, the senator said the cars are needed for official work.
“But for me, I come to serve and in serving the people, my major constitutional rule is oversight and making laws,” Ndume added.
“If I have to do that effectively, then I need a vehicle that would enable me to do that effectively. That is what I think is the idea behind buying the vehicles.”
“But it is not new that public servants, especially in the rank of ministers, and heads of parastatals get vehicles,” he said.
Senator Ndume, however, said over the years, the cost of buying such vehicles has continued to rise.
Away from this, he is calling on President Bola Tinubu to sign an executive order on unexplained wealth.
“I have tried several times [to introduce a bill on unexplained wealth] but you know, there were excuses here and there,” Ndume, the Senate Chief Whip said.
“I think the best way to get this across is when the bill comes from the executive or in the interim, the current president should sign an executive bill on unexplained wealth.”
Germany is eyeing the possibility of importing natural gas from Nigeria, according to comments Chancellor Olaf Scholz made in an interview with Nigerian daily newspaper The Punch.
Scholz is set to arrive in the West African state on Sunday for a trip aimed at strengthening bilateral relations with Africa's largest economy, his office said in a statement.
It is the German leader's first visit to Nigeria since the inauguration of the new government under President Bola Tinubu.
What did Scholz say?
"Nigeria has the biggest gas supply in Africa," Scholz was quoted by the Nigerian newspaper as saying. "German companies are interested in gas deliveries from Nigeria and look forward to cooperation with Nigerian gas companies."
Scholz also said that Germany saw Nigeria, the continent's largest economy, as "a key partner for us in Africa, politically and economically."
The German chancellor added that he was "eager to discover the country and strengthen and deepen our partnership," mentioning economic cooperation, investments, global issues, migration and security.
Scholz is expected to hold talks with Tinubu during his trip. He is also scheduled to open a Nigeria-German business conference and meet with civil society representatives and entrepreneurs.
Hydrogen also needed for energy transition
Scholz said Germany was also looking into "joint initiatives to ramp up the hydrogen market," with hydrogen set to play an important role in the future.
Germany currently imports large quantities of crude oil from Nigeria, but no gas.
"Germany has a considerable demand for natural gas and, going forward, hydrogen to fuel its economy and energy transition. Concrete amounts should be agreed on in negotiations between Nigerian gas producers and German gas traders," Scholz was reported to have said.
Scholz also pointed out that Nigeria was Germany's second-largest trading partner in sub-Saharan Africa, with direct German investments in Nigeria amounting to €150 million ($158 million) in 2021.
He said there was potential for greater cooperation and investment in several areas, from "infrastructure and energy to agriculture business, mineral resources, information and communication technologies, transport and logistics, and beyond."
Following the visit to Nigeria, Scholz is to travel on to Ghana.
While you're here: Every Tuesday, DW editors round up what is happening in German politics and society. You can sign up here for the weekly email newsletter Berlin Briefing.
kb/nm (dpa, Reuters)
Security forces, comprising the Police and Army, have rescued four kidnap victims in Dandume Local Government of Katsina State.
This was revealed in a statement by the Police Public Relations Officer in the state, Abubakar Aliyu, on Sunday October 29, 2023.
Aliyu said the victims regained freedom on Saturday, October 28, following a joint operation by the Police operatives and the Nigerian Army during a routine patrol.
He explained that the victims had since been reunited with their families after undergoing medical examinations.
Alyu explained that the state Police commissioner, Abubakar Musa, commended the professionalism displayed by the team during the rescue operation, stressing that the fight against all forms of criminality in the state continued with unwavering determination and vigilance.
The ICIR reported several kidnapping cases of kidnapping incidents in Katsina state. Earlier this month, this organisation reported that gunmen suspected to be bandits abducted five female Federal University, Dutsin-ma (FUDMA) students in the state.
The abduction came a few weeks after The ICIR reported that over 20 female students of Federal University Gusau, Zamfara State, a state neighbouring Katsina, were abducted by bandits.
The bandits invaded the students’ private hostels in the Sabon-Gida community, Bungudu Local Government Area of the state, in the early hours of Friday, September 22. Sabon-Gida is a few meters away from the university.
[ICIR]
Bandits have abducted the district head of Ruwan Rana under the Bukkuyum Local Government Area of Zamfara State, Alhaji Magaji Makau and five others.
It was gathered that the bandits who were on motorcycles entered the community on Saturday night and started shooting sporadically, forcing residents to scamper for safety.
Police authorities in the state are yet to confirm the latest attack.
A resident of Bukkuyum town, Ilyasu Abubakar told Channels Television that immediately the gunmen entered the community, residents went into hiding because they knew that the bandits were there for abduction
He said the district head of the community, Alhaji Magaji Makau and five other prominent persons were abducted during the house-to-house search by the bandits, adding that the bandits also rustled an unspecified number of livestock belonging to the residents of the community.
“The bandits entered the town on Saturday night and started shooting sporadically, people went into hiding because of the fear of being kidnapped,” the resident said.
“They picked the district head and five other persons in the community; several livestock were also rustled.”
[ChannelsTv]
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President of the Senate, Godswill Akpabio, has described his election into the Executive Committee of the Inter-Parliamentary Union, as an enormous opportunity for Nigeria.
Speaking to newsmen on arrival from the summit, which was held in the Angolan capital, Luanda, Akpabio said his election would impact positively the country through the creation of employment and developmental opportunities for young Nigerians, who are seeking to become diplomats.
“A lot of employment opportunities would be created, a lot of offices would be opened; sub-national offices would be opened and a lot of young Nigerians who wish to be diplomats will have the opportunity of working there.
“This will also attract foreign direct investments in the area of training and retraining and capacity building, not just for legislature but for people who are in different fields. The benefits are enormous, so we thank God for it,” he stated.
Akpabio pointed out that his election was a major political victory for the country as Nigeria had been missing at the decision-making table of the union for the past 59 years.
He said; “On the issues of the IPU, we went there and the delegation realized that Nigeria had not been at the table. Like the deputy speaker of the House of Representatives said, it was a joint delegation of both the Senate and the House of Representatives and he was the first to point out that. And when we looked at the decision makers of the IPU, we realised that the highest organ is the Executive Committee and Nigeria was last seen there in 1964.
“It is actually not a small thing when you take cognizance of the fact that it is a global body and it’s not only one country that votes. The anglophone and francophone sections of West Africa and the rest of Africa decided to come together for a common agenda because of the minority status of the English-speaking West African countries”.
Speaking further, Akpabio noted, “We had to appeal to our brothers and sisters from West Africa and thereafter, we went towards the global community, and at the end, I was given that opportunity and was unanimously elected a member of the Executive Council. It’s for a three-year tenure.”
He dedicated his election at the IPU to President Bola Tinubu, who he said was a key part of the crucial decisions Nigeria took at the summit.
“I give glory to God and I think it is something we should dedicate to the victory of President Bola Ahmed Tinubu because it was happening at the same time. We were consulting with and briefing the president on what was going on and at the point of taking very critical decisions, we made sure that he was fully involved as president of the country.”
The Inter-Parliamentary Union also elected the Speaker of the Parliament in Tanzania, Tulia Ackson as President with the backing of Nigeria.
[NigerianTribune]
NYSC has deployed 1,691 prospective corps members in Bauchi State for the 2023 Batch ‘C’, Stream 1 orientation exercise.
Mrs Rifkatu Yakubu, Coordinator of the scheme in Bauchi State, told the News Agency of Nigeria (NAN) on Sunday in Bauchi that the exercise would begin on Nov. 1 and end on Nov. 21.
It would hold at the NYSC Permanent Orientation Camp at Wailo in Ganjuwa Local Government Area of the state, she said.
Yakubu added that prospective corps members would be allowed into the camp only after certification to ensure that there was no intrusion or impersonation of any corps member and to ensure security.
“Registration dates have been assigned to each prospective corps member and they are advised to adhere strictly to all the camp rules and regulations.
“Defaulters will be sanctioned in accordance with the NYSC by-laws,’’ she said.
Yakubu reiterated that the scheme frowned at late night journeys and urged prospective corps members to comply.
She also advised corps members to be punctual, diligent and to comply with the camp’s acceptable dress code, adding that violation of the dress code would not be tolerated.
[Guardian]
President Bola Tinubu has celebrated his long-time ally, friend and confidant, His Majesty, Oba Rilwan Akiolu of Lagos State, on his 80th birthday.
Tinubu in a statement by his media aide, Ajuri Ngalale, described the monarch as a fountain of wisdom, knowledge and a staunch custodian of the rich culture and traditions of Lagos.
“Oba Akiolu and I have come a long way. He is my confidant, he is a dear friend I hold in high esteem for his integrity, honour, and forthrightness. He is always generous with his wise counsel and always willing to offer his fatherly guidance.
“Baba is a defender of the truth and his people. My achievements as Lagos State Governor are partly due to his support and counsel. His Majesty’s reign has brought peace, progress, and development to the good people of Lagos,” the president said.
He thanked the Eleko of Eko for his unceasing prayers and support, recalling his interventions over the years, even in trying times.
“Today, I celebrate an extraordinary monarch whose wit and foresight are peerless. May His Majesty live long, and may his reign on the throne of his fathers continue to be prosperous,” he added. President Tinubu prays.
The Oba of Lagos is a monarch of many achievements. He rose to the pinnacle of his professional career, retiring as an Assistant Inspector-General of Police. He is a fellow of the Nigerian Law School.
[Leadership]
Manchester United manager, Erik ten Hag has hinted at starting Mason Mount against Manchester City in the Premier League on Sunday.
According to Ten Hag, the former Chelsea midfielder can make the difference against the champions.
He noted that Mount will always improve his team whenever he is selected.
Ten Hag said: “I think in every game, our game would benefit from Mason Mount.
“I don’t have any concern about lining him up. He did come on in a lot of games, he started in a lot of games.
“In the last game [against Copenhagen] he didn’t [play], but definitely he is one we consider for Sunday because he has abilities to be very helpful against City.”
Mount’s only direct goal involvement for United in any competition so far was an assist in the Carabao Cup third round against Crystal Palace last month.
[DailyPost]