The Lagos State Government has initiated an autonomous funding mechanism that will ensure that all three of Lagos State’s tertiary institutions are sustainable. Governor Babajide Sanwo-Olu, who announced this on Thursday, said that the Government will set up the Lagos State Tertiary Education Trust Fund, a move that will creatively revolutionise the model for the funding of tertiary education in the country. Sanwo-Olu made the announcement when he received members of the Visitation Panel to the Lagos State University (LASU) led by the former Vice-Chancellor of the University of Lagos (UNILAG), Prof. Abdulrahman Bello, at the State House, Marina. The…
Author: Elvis Eromosele
Serena Williams, one of the biggest names in tennis, with 23 Grand slam titles, the highest in the open era is set to retire. Her rather impressive career spans almost three decades as she began playing when she was a teenager. In that time, she has made more than $350 million in endorsement deals taking her total earnings to $450 million. Serena shared her plans to retire in an essay she wrote for Vogue. She said she couldn’t talk about it with her husband or her family because of how heavy it weighed on her. Only sharing those thoughts with…
The Fiscal Responsibility Commission (FRC) with support from the International Monetary Fund (IMF) has set up a fiscal monitoring framework, a soft tool expected to help raise its oversight efficiency. The critical infrastructure which comes 15 years after the Commission’s establishment will no doubt relief staff who have had to carry out oversight roles with limited templates. A statement issued by Head of Strategic Communications, Bede Anyanwu, said the critical infrastructure was set up following approval by the Minister of Finance, Zainab Ahmed. The setup came into effect after two weeks of intensive training and engagement with the management and…
Employees who perpetrate fraud through stealing in the workplace have been labelled as “Workplace Rats” in a new book, which has just been released to the public. The book which admits that poor business models and financial management contribute to business failures specifically identified stealing as a major cause of bankruptcy in organisations. The book asserts that some employees and executives within the lowest and highest rung of the organizational ladder are pilfered, and often exploit any cavity within the system to generate unearned income for selfish ends. It refers to such employees as Workplace Rats. The book which reveals…
The Federal Government has proposed to borrow N11.3 trillion to fund the N19.76 trillion proposed 2023 budget. The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, disclosed this while presenting the 2023 to 2025 Medium Term Expenditure Framework (MTEF) and Fiscal Policy Paper (FSP) to the House of Representatives’ Committee on Finance chaired by Honourable Abiodun Faleke. According to her, the fiscal parameters for the year showed that oil production volume was pegged at 1.69mbpd, oil benchmark – $70 per barrel, exchange rate – N435.57/$; N8.501 trillion as total oil and gas revenue; N1.105 trillion as derivation; N7.396…
African Industries Group, a steel conglomerate, is set to boost its investment in Ogun State to over $500m. This will mark a huge boost for the investment drive and economic development plans of Governor Dapo Abiodun-led administration in the state. The chairman of the group, Mr Raj Gupta who made this known at the weekend stated that the company, which deals mainly in steel and aluminium, is interested in growing its business in the state. Gupta revealed that the company currently has over 5,000 employees on its payroll and expressed admiration for the level of infrastructural development embarked upon by…
Photo caption: L-R: Professor Ekata Rosemary Isibor of Amachree University, Benin Republic presenting Value for money multivitamin brand of the year 2022 (Reload Multivitamin) to Pharm. Jude Elue, Director, Sales and Marketing, Pharmacy Plus Ltd and Pharm. Ikechukwu Aneke, Head of Marketing at the first edition of Consumers Value Awards/Dinner held in Lagos, last week By Elvis Eromosele The value of a thing is intrinsic. It is hidden yet visible. It is the ‘why’ of a product or service. It is what it is purpose-fit for. It is said that value determines the acceptance or otherwise of a thing. Typically,…
The Central Bank of Nigeria (CBN) has released the sum of $265 million to airlines operating in the country, to settle outstanding ticket sales in a bid to arrest the crisis in the aviation industry due to the inability of some airlines to repatriate their revenue from the country. In a statement on Friday, the regulatory bank said the sum of $230 million was released as special FX intervention while another sum of $35 million was released through the Retail SMIS auction. The statement signed by the Bank Director of Corporate Communications, Osita Nwanisobi said the Governor, Godwin Emefiele and…
Dr Joy Ogaji, Executive Secretary, Association of Power Generation Companies (APGC), last week, revealed that generation companies were being owed about N1.75 trillion for power generated for the electricity market since 2013. Ogaji spoke during a panel session at the Association of Energy Correspondents of Nigeria (NAEC) Strategic International Conference in Lagos. The session’s topic was: ”Power Sector Dilemma: Issues, Challenges, Opportunities and Strategic Key Solutions.” She said the liquidity challenge of the Nigerian Electricity Supply Industry had made operating in the generation value chain very difficult for the companies. Ogaji said GenCos were currently owing their gas suppliers about N1…
MTN Nigeria Communications Plc has started 5G trial services this week to begin its launch of fifth-generation mobile telecommunications in seven cities across Nigeria’s six geo-political zones. Commercial 5G services will become effective from October, less than six weeks away, in Lagos, Abuja, Port Harcourt, Ibadan, Kano, Owerri, and Maiduguri, Nigeria’s biggest operator by subscription and turnover said in a statement. By October, the operator expects to be running its 5G services on no less than 600 cell sites all over Nigeria. It will be recalled that in December 2021, after 11 rounds of bidding that lasted eight hours, MTN…