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OAU increases tuition costs

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On Wednesday, the authorities of Obafemi Awolowo University in Ile-Ife, Osun State, made an official announcement regarding adjustments to the fees required for the upcoming academic session.

This decision, communicated through a statement by the university’s Public Relations Officer, Abiodun Olarewaju, was reached during an emergency meeting held by the Senate on Tuesday, September 12, 2023.

Olarewaju provided details of the revised fees, stating, “Freshers in the Faculties of Arts, Law, and Humanities will now pay N151,200, while returning students in these faculties will pay N89,200.”

Before this adjustment, returning students in these faculties were paying N20,100. Faculties of Technology and Science previously had fees of N28,100, and the Faculty of Pharmacy had fees of N31,100 per session.

Additionally, Olarewaju explained that in the Faculties of Technology and Science, new students will be required to pay N163,200, while returning students will pay N101,200.

Students newly admitted into the College of Health Sciences and the Faculty of Pharmacy will have fees set at N190,200, with returning students paying N128,200.

The university management extended their best wishes for academic success to the students and emphasized that these fee adjustments are applicable for a single academic session.

It’s worth noting that on March 24, 2023, the Students’ Union Government of the university held a crucial meeting in response to the introduction of a new “professional fee” at the university’s College of Health Sciences.

This fee, amounting to N100,000, was announced by the college’s administrators, prompting the union to convene an emergency meeting to address the issue.

Back in 2018, medical students at the college had unanimously rejected the introduction of an N85,000 professional training fee.

Comprehensive Compilation of 2023 MTV VMAs Victors

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The recently concluded MTV Video Music Awards celebrated artists from all corners of the world. In the 2023 edition of the show, history was made with not only an all-female nominee in the ‘Best Artist’ category but also the introduction of the ‘Best Afrobeats’ category, where Nigeria’s Rema secured a victory with the song ‘Calm Down,’ featuring Selena Gomez.

This remarkable event took place at the Prudential Center in Newark, New Jersey, USA, on a Tuesday.

Here’s the comprehensive list of winners across various categories:

**VIDEO OF THE YEAR**
– Taylor Swift – “Anti-Hero” – Republic Records

**ARTIST OF THE YEAR**
– Taylor Swift – Republic Records

**SONG OF THE YEAR**
– Taylor Swift – “Anti-Hero” – Republic Records

**BEST NEW ARTIST**
– Ice Spice – 10K Projects / Capitol Records

**PUSH PERFORMANCE OF THE YEAR**
– TOMORROW X TOGETHER – “Sugar Rush Ride” – BIGHIT MUSIC / Republic Records

**BEST COLLABORATION**
– KAROL G, Shakira – “TQG” – Universal Music Latino

**BEST POP**
– Taylor Swift – “Anti-Hero” – Republic Records

**BEST HIP-HOP**
– Nicki Minaj – “Super Freaky Girl” – Republic Records

**BEST R&B**
– SZA – “Shirt” – Top Dawg Entertainment / RCA Records

**BEST ALTERNATIVE**
– Lana Del Rey ft. Jon Batiste – “Candy Necklace” – Interscope Records

**BEST ROCK**
– Måneskin – “THE LONELIEST” – Arista Records

**BEST LATIN**
– Anitta – “Funk Rave” – Republic Records

**BEST K-POP**
– Stray Kids – “S-Class” – JYP / Republic

**BEST AFROBEATS**
– Rema & Selena Gomez – “Calm Down” – Mavin Global Holdings Ltd / Jonzing World Entertainment / SMG Music / Interscope Records

**VIDEO FOR GOOD**
– Dove Cameron – “Breakfast” – Columbia Records

**BEST DIRECTION**
– Taylor Swift – “Anti-Hero” – Republic Records – Directed by Taylor Swift

**BEST CINEMATOGRAPHY**
– Taylor Swift – “Anti-Hero” – Republic Records – Cinematography by Rina Yang

**BEST VISUAL EFFECTS**
– Taylor Swift – “Anti-Hero” – Republic Records – Visual Effects by Parliament

**BEST CHOREOGRAPHY**
– BLACKPINK – “Pink Venom” – YG Entertainment / Interscope Records – Choreography by Kiel Tutin, Sienna Lalau, Lee Jung (YGX), Taryn Cheng (YGX)

**BEST ART DIRECTION**
– Doja Cat – “Attention” – Kemosabe Records / RCA Records – Art Direction by Spencer Graves

**BEST EDITING**
– Olivia Rodrigo – “Vampire” – Geffen Records – Edited by Sofia Kerpan and David Checel

Rema emerges as the inaugural winner of the Best Afrobeats Award at the 2023 MTV Awards, surpassing competition from Davido, Burna Boy, and Wizkid

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Nigerian music sensation Divine Ikubor, who is widely recognized as Rema, clinched the inaugural Best Afrobeats accolade at the 2023 MTV Video Music Awards held in Newark, New Jersey, USA, on Tuesday.

Rema’s victory stemmed from his collaborative work with international superstar Selena Gomez on the track titled ‘Calm Down.’

This new category was introduced by the event organizers for the 2023 edition of the awards.

In the running alongside Rema’s ‘Calm Down’ were other notable nominations, including Burna Boy’s ‘It’s Plenty,’ Davido featuring Musa Key’s ‘Unavailable,’ Ayra Starr’s ‘Rush,’ Libianca’s ‘People,’ Wizkid featuring Ayrra Starr’s ‘2 Sugar,’ and Fireboy DML’s ‘Bandana.'”

The Minister has announced that Nigerians can now obtain passports within a two-week timeframe

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The Minister of Interior, Bunmi Tunji-Ojo, reported on Tuesday that 55,000 out of the 200,000 passport applications backlog have been successfully processed.

He expressed confidence that more would be cleared before the two-week deadline assigned to the Immigration chief.

Once these backlogs are resolved, Nigerians should expect to receive their passports within a two-week timeframe.

He made these remarks during a visit by the Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, to his office in Abuja.

This information was shared in a statement by the Director of Press at the Ministry of Interior, Afonja Ajibola.

Minister Tunji-Ojo emphasized the importance of not denying Nigerian citizens their passports and stressed the need for efficient passport issuance services.

He assured that steady progress was being made, with 55,000 passports already cleared out of the instructed 200,000 within two weeks.

In her remarks, Minister Edu pledged to provide soft loans to widows of personnel from various security and civil services, including the Nigeria Security and Civil Defence Corps, Immigration Service, Nigerian Correctional Service, and Federal Fire Service.

She also committed to empowering inmates in correctional centers through skill acquisition programs.

Furthermore, Minister Edu expanded on her ministry’s mandate, which now covers approximately 16 million Nigerians vulnerable to insecurity and displacement, leading to humanitarian crises.

 

She expressed readiness to provide soft loans to widows of deceased personnel from security and civil services, as well as implement skill acquisition programs for correctional facility inmates.

Additionally, her ministry will focus on disaster response, especially concerning the Federal Fire Service, and activate the security intelligence role of the NSCDC as part of a joint partnership effort.

Nigerian residents will commence the process of retrieving their imported goods from the ports in Cotonou, according to the Customs authorities

The Acting Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi, announced on Tuesday that Nigerian importers will soon have the opportunity to clear their goods at the ports in Cotonou, Benin Republic.

This announcement came at the conclusion of a two-day working visit by the director-general and senior officials of the Benin Republic Customs Service in Abuja.

During this meeting, customs personnel from both countries entered into various agreements to bolster trade relations between Nigeria and Benin Republic and combat smuggling.

In response to a question, Adewale stated, “We are establishing trust in the system provided by the Republic of Benin. Our importers are using their ports, and vice versa.

This agreement means that Nigerian importers interested in using the ports in Cotonou can now have their goods cleared there, with the opportunity to pay the necessary duties on goods subject to such fees at the ports of arrival.

This will allow them to freely enter Nigeria.”

Addressing concerns about vehicle smuggling, he explained, “It’s not limited to vehicles; any goods arriving at Cotonou ports can have their duties assessed and paid before entering Nigerian territory, much like when goods arrive through Lagos or Port Harcourt.

We have agreed in principle to operationalize this, and we will work on establishing timelines to achieve this milestone.”

Adewale emphasized that this partnership between both nations would enhance customs administration, facilitate trade, and promote regional cooperation within the West African region.

I am not reliant on a title to contribute to Tinubu’s administration, Fashola emphasized

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Former Minister of Works and Housing, Mr. Babatunde Fashola (SAN), expressed his willingness to serve in the President Bola Tinubu-led administration without the need for a formal title.

He emphasized the importance of this administration in nurturing the next generation of leaders during an interview with the News Agency of Nigeria (NAN) at Lagos State University, Ojo, where he delivered a keynote address at the institution’s fifth research and innovation fair.

Fashola, a trusted associate of Tinubu, who previously served as Lagos State Governor and as Tinubu’s Chief of Staff during his gubernatorial tenure, addressed his role in the current federal administration and the possibility of an appointment.

He stressed that he doesn’t require a formal title to contribute to the nation, highlighting that there are limited positions in government for a country as populous as Nigeria.

He underscored the importance of all citizens playing their part in nation-building, especially as they consider the needs of the next generation of leaders.

Fashola also expressed his hope for a more youthful presence in the administration, emphasizing the importance of bringing in outstanding, public-spirited individuals to fill important roles as the nation continues to evolve.

Tinubu Encourages Volkswagen and Other Manufacturers to Return to Nigeria

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During the G-20 summit in India, President Bola Ahmed Tinubu held a meeting with German Chancellor Olaf Scholz, aiming to strengthen Nigeria’s automobile manufacturing sector.

Ajuri Ngelale, the President’s Special Adviser on Media and Publicity, revealed this in a statement on Sunday.

Tinubu emphasized the importance of expanding Nigeria’s economic partnerships and urged the German government to consider new incentives for foreign investments in Nigeria.

He emphasized that it’s not just about designing the financial framework for an enhanced economic partnership but also about aligning the perspectives of major manufacturers like Volkswagen with the incentives his government is providing across various sectors in Nigeria.

Chancellor Olaf Scholz recognized the mutually beneficial nature of deepening economic ties with Nigeria and expressed gratitude for the discussion.

He praised Nigeria’s unique market and the business-friendly reforms in place.

Scholz also announced his intention to visit Nigeria in October to further advance these initiatives.

Abuja Court Sentences 15 Individuals Involved in Internet Fraud to Prison

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Justice O. I. Adelaja, presiding over the Federal Capital Territory (FCT) High Court in Kubwa, has rendered verdicts in a case involving 15 individuals charged with internet fraud.

These individuals, found guilty, include Emmanuel Ndubuisi Junior, Obinna Favour, Azuh Chidubem, Christopher Enaho, Abdullahi Sani, Atoyebi Damilare James, Chinonso Peter, Israel Samuel, Matthew Gideon, Eugene Joseph Boniface, Derick Beshel, Suleiman Dauda, Aliu Dauda, Ikechukwu Idris, and Godwin Ifeanyi.

One of the charges against them revolved around Emmanuel Ndubuisi Junior, who operated under the alias Daniel Howard in 2021.

He was accused of fraudulent impersonation, misrepresenting himself as Daniel Howard, a Brazilian citizen and crypto investment manager, using the Gmail address danielhowardsteve@gmail.com.

In this scheme, he deceitfully obtained $7,800 from a victim named Sophia.

This act constituted an offense as per Section 321 of the Penal Code Act (Abuja) Cap 532, LFN 2004, punishable under Section 324 of the same Act.

All the accused individuals pleaded guilty to the one-count charges brought against them.

Consequently, Justice Adelaja sentenced Emmanuel Ndubuisi Junior to a one-year jail term or the option to pay a fine of N2 million.

He was also required to forfeit the $7,800 to the Federal Government.

Similarly, Obinna Favour received a one-year jail term or a fine of N1 million, Azuh Chidubem was sentenced to one year in jail or a fine of N1 million, and Godwin Ifeanyi was handed a one-year jail term or a fine of N500,000.

The remaining convicts received non-custodial sentences, involving various hours of community service supervised by officers of the Correctional Service.

Additionally, all the convicted individuals are obliged to forfeit their phones to the Federal Government.

Exploration: Should the Central Bank of Nigeria Oversee Banks’ Foreign Exchange Profit Oversight?

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The recent directive issued by the Central Bank of Nigeria (CBN) regarding the treatment of banks’ foreign exchange (FX) revaluation gains has triggered a significant response from the Nigerian public.

As the regulator of banking and financial institutions, the CBN has instructed lenders not to utilize FX revaluation gains for purposes such as paying dividends or covering operational expenses.

To understand this directive better, it’s essential to grasp the concepts of devaluation and revaluation.

According to the CBN, when the domestic currency’s value falls (or rises) concerning other foreign currencies in a fixed exchange rate system, it’s termed revaluation (devaluation) following the direct convention.

The CBN plays a pivotal role in formulating exchange rate policies.

The decision regarding exchange rate policies ultimately rests with the Central Bank of Nigeria’s Board, which considers proposals from the MPIC (Monetary Policy Implementation Committee).

The Trade and Exchange Department (TED) of the CBN mainly manages Nigeria’s exchange rate policy, with all stakeholders sharing the responsibility for implementing these policies.

The CBN’s circular explicitly states that banks must exercise caution and set aside foreign currency (FCY) revaluation gains as a counter-cyclical buffer to safeguard against potential adverse movements in the FX rate.

Consequently, these gains should not be used for dividend payments or operational expenses.

In the words of Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, the CBN’s goal is to prevent excessive liquidity from entering the system.

He explains that the revaluation of liabilities can burden companies, as it increases their financial obligations. In contrast, revaluing foreign currency assets can inflate profits.

The CBN aims to prevent an influx of money resulting solely from revaluation, characterizing it as a liquidity management measure.

Muda emphasizes that, even though these gains technically belong to the banks, there’s an element of moral suasion involved in the CBN’s directive.

The central bank advises banks in the interest of the economy, and if persuasion doesn’t work, the CBN has the authority to take other measures, including debiting banks.

Uche Uwaleke, a professor of Capital Market at Nasarawa State University Keffi, believes that the directive is intended to shield banks from the volatility of the FX market.

Instead of distributing these gains as dividends to shareholders, banks are expected to use them as safeguards against adverse exchange rate movements.

Furthermore, exchange rate fluctuations can impact obligor limits for banks, which are capped at 20 percent of shareholders’ funds according to the Banks and Other Financial Institutions Act (BOFIA).

This means a bank cannot lend more than 20 percent of its shareholders’ funds to a single individual or entity. Asset revaluation due to FX market volatility could potentially breach this Single Obligor Limit (SOL).

Professor Uwaleke commends the CBN for its willingness to grant forbearance rather than imposing sanctions on banks facing such issues.

Akintola Williams: An exemplary gentleman and a guiding mentor

Akintola Williams left an indelible mark with a trail of remarkable achievements. He made history as Nigeria’s inaugural chartered accountant and the pioneer president of the Institute of Chartered Accountants of Nigeria (ICAN).

Additionally, in 1960, he assumed the role of the first president of the Association of Accountants in Nigeria, contributing significantly to the early development of Nigeria’s capital market.

Williams played a pivotal role in the establishment of the Nigerian Stock Exchange, where he served on the board of directors for an extended period.

Beyond his professional accolades, Williams was celebrated for his genteel disposition and his dedication to mentoring budding professionals.

Born in Lagos in 1926, he pursued accounting studies at the University of London and achieved chartered accountant status in 1949.

Subsequently, he founded Akintola Williams & Co., later known as Deloitte & Touche, in 1952, growing it into one of Nigeria’s largest and most successful accounting firms.

Williams’ mentorship extended far and wide, encompassing both his firm’s members and individuals beyond its confines.

His patience, wisdom, and generosity were widely admired.

He willingly shared his extensive knowledge and experiences, always making time for new proteges.

One of his second-generation proteges attested to his unwavering support for young Nigerians working in multinationals during the late 70s and 80s.

Williams provided invaluable guidance, even to those without initial connections to him.

Ibikunle Amosun, the former governor of Ogun State, cherished Williams as a father figure and source of guidance.

He recalled Williams’ support for his administration and the establishment of the Elderly Home Hostel in Abeokuta.

The Senate President, Godswill Akpabio, mourned Williams’ passing, describing him as an icon and the father of accountancy. Williams’ commitment to truth, honesty, accuracy, and integrity remained unwavering.

Williams’ legacy will endure in the hearts and minds of those he inspired.

He was an exemplary figure whose contributions to Nigeria will forever be remembered.

Born into a prosperous family in Lagos on August 9, 1919, Williams attended Olowogbowo Methodist Primary School and CMS Grammar School in Lagos. In 1941, he obtained a Diploma in Commerce from the Yaba Higher College.

He furthered his studies in the United Kingdom, earning a Bachelor’s degree in Commerce from the University of London in 1946 and subsequently passing the final examinations of the Institute of Chartered Accountants in England and Wales in 1950.

Upon returning to Nigeria in 1950, he founded Akintola Williams & Co., marking the inception of the first indigenous accounting firm in Nigeria.

The firm rapidly expanded, becoming one of the nation’s foremost professional services providers, catering to businesses, government entities, and individuals.

In addition to his distinguished business career, Williams played a pivotal role in public service.

He chaired the Federal Income Tax Appeal Commissioners, the Coker Commission of Inquiry, and the Lagos State Government Revenue Collection Panel.

He was also a trustee of the Commonwealth Foundation and the Nigerian Conservation Foundation.

Williams received numerous prestigious awards and honors, including the Order of the Federal Republic and the Commander of the Most Excellent Order of the British Empire.

He was recognized as a Fellow of ICAN.

Akintola Williams passed away on September 11, 2023, at the age of 104, leaving behind a legacy of excellence and mentorship that continues to inspire generations.