Economy


EFCC summons Odili, Okereke-Onyiuke, 5 others PDF Print E-mail
News Headlines
Written by Administrator   
ABUJA—The Economic and Financial Crimes Commission, EFCC,  has summoned the former governor of Rivers State, Dr Peter Odili, Director general, Nigerian Stocks Exchange, NSE, Dr. Ndi Okereke-Onyiuke and five directors of TRANCORP over alleged debts owed the five banks whose Managing Directors and board were removed recently by the  Central Bank of Nigeria, CBN.

It was reliably gathered yesterday that the anti-graft agency had concluded plans to quiz Dr. Odili, Dr Okereke Onyiuke and five unnamed directors of  TRANSCORP.

Odili, according to the source, is  owing  N189million while TRANCORP is owing well over N30billion.

The source further explained that if by Wednesday, the debtors do not show up at the EFCC office, they will be declared wanted and placed on the watch list to forestall their travelling out of the country “though they have been placed under 24 hours surveillance nation- wide.

“One thing is certain, they cannot escape the EFCC dragnet as our operatives are stationed in all the airports and  borders  of the country and it will be fool-hardy for any of them to make such an attempt.”

When contacted, Head, Media and Publicity of the agency, Mr. Femi Babafemi confirmed that the agency is expecting the former governor and others by Wednesday.

It would be recalled that five banks namely: Oceanic Bank Plc, Intercontinental Bank Plc, FinBank Plc, AfriBank Plc and Union Bank Plc had their CEOs and boards fired for alleged fraud, insider trading and non-performing loans.

Meanwhile, the CBN weekend, said that it acted within the existing laws in injecting N420 billion into the five troubled banks, saying the facility is neither equity or bailout.

In a statement signed by the apex bank’s Corporate Affairs Manager, M. M.Abdullahi, the CBN said: “The Central Bank of Nigeria had noted with interest and concern comments on the legality or otherwise of the injection of N420 billion into the five banks whose Managing Directors were removed and the suggestion that the CBN Act be amended in view of an alleged conflict with the constitution and wishes to clarify as follows: The core mandate of the CBN among others, are monetary policy formulation and implementation and the promotion of a sound financial system.

It was in pursuance of these objectives that the CBN provided liquidity support to the five banks. The injection of N420 billion  into the five affected banks is neither equity nor a bailout by government but the normal and statutory central banking function of lender of last resort to deposit money banks facing acute liquidity problems.

“The loan is an accommodation facility intended to improve the liquidity position of the banks to enable them meet their obligations and will be repaid.

“The CBN Act empowers the CBN to manage money supply in the economy through different mechanisms.  The CBN, as banker to other banks, has been increasing money supply by lending money to the banks through the Expanded Discount Window (EDW) and the injection of the N420b into the five banks is similar to that function.

The money is not from the government treasury and the CBN does not require any appropriation by the National Assembly in order to perform this function which in any event, is not often foreseeable.

“It should further be noted that the Constitution of the Federal Republic of Nigeria, 1999 authorizes the expenditure of public fund outside the Consolidated Revenue Fund of the Federation and outside appropriation, provided such expenditure is authorized by an Act of the National Assembly.  In this regard, Section 42(2) of the CBN Act, which is an Act of the National Assembly provides as follows:

“Notwithstanding the provision of Section 29 (1)(c) and 34(d) of this Act, the Bank may grant loans and other accommodation facilities at such rate of interest and on such terms as the bank may determine, to any bank which may be having liquidity problems.

“Therefore, the call for the amendment of the CBN Act is rather unfortunate as there is no conflict whatsoever between the relevant sections of the CBN Act regarding liquidity management/liquidity support for distressed banks and the relevant sections of the constitution regarding appropriation by the National Assembly of all government expenditure.”
 
Vanguard Newspaper 
 
NNPC, oil multinationals count losses over militants' attacks PDF Print E-mail
News Headlines
Written by Yakubu Lawal   
BARELY two months after the cessation of hostilities in the Niger Delta, oil multinationals may have begun to take stock of their losses during the era of attacks on their facilities and kidnap of their workers.

A source revealed to The Guardian at the weekend that following improvement in oil production, the oil companies have started evaluating the cost implications of the destruction of oil and gas facilities in the Niger Delta.

Specifically, the companies operating the joint venture with the Nigerian National Petroleum Corporation (NNPC) are currently updating their data with a view to submitting their report to the NNPC, the senior partner in the venture, so as to address issues on cost and how project implementation will be pursued without affecting output.

The joint venture operators include the Shell Petroleum Development Company of Nigeria Limited (SPDC), Mobil Producing Nigeria Unlimited (MPN), Chevron Nigeria Limited (CNL), Nigeria Agip Oil Company (NAOC) and Total Exploration and Production Company.

The Guardian's source also hinted that those companies in Production Sharing Contracts (PSC) with NNPC are equally evaluating their losses with a view to presenting them to the NNPC's National Petroleum Investment Management Services (NAPIMS) for consideration.

"So many oil facilities were touched during the period; some we could put back as quickly as possible, others we could not and since we are in partnership as operators of different fields, the companies are putting the affected projects together and what it will take to bring them fully on stream," the source said.

The source added: " A budget was approved by NNPC for oil and gas operations this year. We are already in the ninth month. Most part of the year was characterised by heavy attacks on oil facilities. So, we have to sit back and take a holistic view of our gains and losses and see how all can be accommodated in the approved budget."

The source noted that report from the industry indicated that Nigeria, through NLNG, could not export over 80 cargoes of Liquefied Natural Gas (LNG) to its client in different parts of the world as a result of the shut-down of Shell's Soku gas plant towards the end of last year.

According to him, each of the consignments cost the country about $15 million revenue (about N2.2 billion), adding that Shell supply to NLNG went down by 40 per cent coupled with reduction in supply by other gas producers which ultimately brought the gas export firm to be operating at 50 per cent installed capacity.

The Guardian learnt that the NLNG exports about 40 to 50 cargoes of LNG to different parts of the world on a monthly basis.

Meanwhile, the Group Managing Director of NNPC, Mr. Mohammed Sanusi Barkindo, has said that the ongoing implementation of the presidential amnesty to militants in the Niger Delta has triggered what might be the most cheering news in the oil and gas industry in Nigeria with daily crude output in the region hitting a record high in nearly one-and-a-half year.

Barkindo, who spoke during a working visit to the Utorogu Gas Plant in Delta State, disclosed that crude oil "production level has today risen to over 1.7 million barrels per day (bpd), which is the highest in 16 months."

Also, for the first time in a long while, Nigeria crude production level has exceeded its current quota from the Organisation of Petroleum Exporting Countries (OPEC) in over seven months, he revealed.

Similarly, gas production has risen appreciably with the SPDC-operated Utorogu Gas Plant alone now producing over 300 million standard cubic feet of gas and condensate daily, thereby hitting its target for the last quarter of this year - about three months ahead of projection.

More than 600 million cubic feet of gas is now being produced in the country, he said, while calling on all hands to be on deck to sustain the amnesty and general peace efforts in the Niger Delta.

According to him, a significant implication of this development is that it raises new hopes for the actualisation of the Federal Government's target of 6,000 megawatts (mw) of electricity by December, this year, which is expected to positively jolt the public energy supply situation in the country.

This development, Barkindo noted, was a visible reflection of the relative peace that has returned to the creeks of the Niger Delta, especially following the formal take-off of the amnesty on August 6, 2009.
 
The Guardian Newspapers 
 
We will continue with our strike- ASUU declares PDF Print E-mail
News Headlines
Written by Ishola Micahel and Rana Baok, in Kaduna   
The Academic Staff Union of Universities (ASUU) Abubakar Tafawa Balewa University Bauchi Chapter has denied allegations  that ASUU demanded 109 per cent pay rise from the Federal Government and vowed to continue with the industrial action even if it means its members across the country losing their jobs.

A member of the Federal Government/ASUU negotiating team, Dr Suleiman Abdul who stated this yesterday at the Abubakar Tafawa Balewa University said that the 15 per cent budgetary allocation by the Federal Government is grossly short of the mandatory International recommendation for funding education.

Suleiman Abdul also accused the Federal Government of avoiding its responsibility by blackmailing ASUU’s only demand for what he called “African Average” to curtail the country’s perennial brain-drain problem.

Speaking at a symposium organized by ASUU titled: Why ASUU is on Strike; Suleiman Abdul said the conditions of service in Nigerian Universities has left only desperadoes and those with passion in education to teach.

He then condemned appeals by President Umaru Yar’adua for ASUU to suspend the strike in the spirit of Ramadan as the worst dimension to the lingering problem saying that ASUU and by extension NLC have become the common Nigerian’s hope of any opposition in the country. 

Earlier in his comment, ATBU Branch Chairman of ASUU, Ibrahim Garba called on the Umaru Musa Yar’adua led Federal administration to forget vision 20:20202 since government’s negotiating team had resorted to series of lies and blackmail to address the rot in the nation’s education sector.
However to Babayo Jibril, a teacher with General Hassan Usman Katsina Primary school,said that teachers are willing to co-operate with ASUU in their struggle.

Meanwhile, the Vice President of the Nigerian Labour Congress (NLC),and General secretary of the Textile Union Comrade Isa Aremu has called on the Academic Staff Union of Universities (ASUU) to suspend the ongoing strike action and create an environment for a renewed negotiation.According to him, if ASUU refused to call off the strike now, there is the tendency that it may loose the sympathy of Nigerians and this might lead to the strike collapsing on the leadership of the union.
In a paper he delivered at a public lecture titled “Labour strikes and the Nigerian economy”  organized by the Nigerian Economic Students Association, Ahmadu Bello University (ABU), Zaria chapter yesterday, the labour leader drew the attention of  the leadership of ASUU to the at fact thtthe problems in the nation’s educational system is a national problem which must involve all stakeholders.
Aremu pointed out that the ongoing strike by ASUU has made the government to admit that there exist problems in the education sector which need urgent attention, stressing that the government must also revisit its strategies regarding the strike and negotiate with the striking lecturers.
 “With a two weeks warning strike and indefinite strike of 8 weeks, ASUU is recording serious casualties.
“The first casualties are the students. Some have died through road accidents. Some are now engaged in criminal activities. Some within ASUU, their ranks have been broken. Some of the universities refused to join the strike and some have even called off the strike.
 “The most dangerous thing for a union is for strikes to collapse on its hand. This means ASUU must think of suspending the strike to create environment for a renewed negotiation”Aremu said.
He said further that if the strike fails to achieve the desired the desired result, the ASUU should seek other options for achieving its goals by involving stakeholders in their negotiation with the government.

“On the part of the unions, the way forward is that they have put education agenda for discussion. Even though government has not addressed the issue, there is no denying the fact that education sector is in crisis.
“Again, even as they have not addressed those issues… the gain to the two parties is that we are discussing Nigeria universities and they are 90 in number. All the parties must look at the remaining issues as challenges and not problems.
“If we see them as problems, they will look insurmountable, but when we see them as challenges, we try to find solution to them”.
He called for compromise between the government and the striking lecturers, pointing out that compromise is not a sign of weakness, but a sign of strength” Aremu said.

 
EFCC recovers N25.6b from debtors, Arrests 16 bank executives, 68 defaulters PDF Print E-mail
News Headlines
Written by Ibe Uwaleke, Enitar Ugwu and Bertram Nwannekanma   

IN an unprecedented debt recovery drive in the country, the Economic and Financial Crimes Commission (EFCC) has recovered the sum of N25 .6 billion from some of those owing the five banks whose managing directors were sacked recently by the Central Bank of Nigeria (CBN).

      The commission's boss, Mrs. Farida Waziri, who disclosed this in Lagos yesterday at a media briefing also announced that16 bank executives and about 68 loan defaulters were currently in its custody.

      Also, hearing of the suit by the sacked former Chief Executive Officer (CEO) of Intercontinental Bank Plc, Dr Erastus Akingbola, to reclaim his position was yesterday deferred by a Federal High Court, Lagos till September 14, 2009.

      But there were indications from the EFCC's Awolowo Road, Ikoyi Lagos office, yesterday that all the bank chiefs being held by the anti-graft agency on account of the alleged bad loans, may stay in custody longer than they had expected.

      Besides, the chairman of Global Fleet Group, Jimoh Ibrahim and Sani Dangote, chairman of Dansa Group of Companies were at the anti-graft agency yesterday over their alleged indebtedness.

      A breakdown showed that N7.7bilion was recovered from those indebted to Intercontinental Bank Plc; N1.6 billion (FinBank Plc), N7.6bilion ( Afribank Plc), N8.03 billion ( Oceanic Bank Plc), N659.2 milion ( Union Bank Plc).

      Meanwhile, Waziri also pledged that the commission would obey the two orders from the Lagos High Court in respect of the applications by Sebastian Adigwe and Okey Nwosu, former CEOs of AfriBank and Fin Bank.

      However, she said: " In view if the magnitude of the amount involved in this case and the nature of the cases, but consciously balancing the need to uphold the rights of suspect/accused persons especially their presumption of innocence pending trial and the commission as an institution with an avowed commitment for the Rule of law, due process and respect for institutions has decided to forthwith and without further assurance comply with the said court orders by granting bail to the suspects affected in the following terms:

      . Deposit of Bank guarantee in the sum of N1 billion in favour of the Commission to secure the attendance of the accused persons;

      Such Guarantee to be procured from banks not involved in the current CBN/NDIC/EFCC investigations.

      . procurement of Bank guarantee certificate. To provide tax clearance certificate of the preceding three years payable as at when due and in tandem with the amount of the Guarantee.

      . A surety in respect of each suspect/ accused person; such surety must be a serving /current minister of the Federal Republic of Nigeria who will provide a landed property in Victoria island, Lagos, or Ikoyi, Lagos, Maitima in Abuja, Asokoro, Abuja whose title and value will be verified and found acceptable to the commission.

      She said the commission would to extend similar conditions to all other suspects in its custody "in line with appropriate constitutional provisions".

      However on Akingbola's fate, Waziri stated that EFCC learnt that he was abroad, adding that the process of bringing him back would commence soon.

      She said companies mentioned that are allegedly connected with serving and past governors would be checked out through the Corporate Affairs Commission to determine if there is any link.

      She explained out that for the debt recovery exercise, the borrowers have been grouped into two categories.

      The first group are those with legitimate business intentions and have continued to service their loans, while the second comprises those whose loans did not follow due process and are non-performing.

      She said some bank chiefs in trouble at present abused their offices by granting unsecured loans in total disregard to banking regulations to the second group of borrowers.

      The Court, presided by the Chief Judge (CJ), Justice Mustapha Abdullahi, assigned Akingbola's matter to Justice Ibrahim Auta, saying he would soon retire from service.

      Before, the adjournment, yesterday, Akingbola's counsel, Chief Felix Fagbohungbe (SAN), who led a team of 17 lawyers, has asked the court to take the substantive suit together with the preliminary objection (PO) raised by the CBN and its governor, Mallam Sanusi, questioning its jurisdiction to entertain the matter.

      He urged the court to invoke order 29, rule one of the Federal High Court rule by pairing the two separate preliminary objections with the originating summons.

      But the counsel to the CBN's governor, Mr. Konmyinsola Ajayi (SAN) raised an objection, asking the court to hold the question of jurisdiction tenaciously.

      He argued that under order 29, rule one, the Court was obliged to pair POs with the originating summon only if oral evidence would not be given during the trial.

      He submitted that paragraph 9 of the first respondent's affidavit had shown that extensive oral evidence and huge documents of evidence would be used in the case.

      The counsel also cited the Supreme Court decision of 2007, which held that originating summon should not be used to deny the respondent the right to be heard.

      According to him, the case in question did not fall within the specie of those which allow the PO to be paired with the Originating summon since oral evidence is to be used.

      Counsel to the second respondent, Mr Kola Awodein also in his objection said since the applicant was seeking a judicial review of the CBN's action, it would be fair for the judge to rule on the matter and transfer it since he was retiring.

      Justice Abdullahi before deciding to transfer the matter to another judge however said, he did not see why the applications should not be taken together.

      He however transferred the matter "in the interest of fairness to the new judge."

      In the substantive suit, Akingbola is asking for a judicial review of the CBN's action, which sacked him.

      Joined as co-defendant with Sanusi is the CBN.

      However in their preliminary objections, the defendants asked the court to dismiss the suit or in the alternative strike it out for lack of jurisdiction.

      They also urged the court to set aside the leave granted to the applicant to commence the action or in the alternative make an order that leave to serve by substituted service be set aside.

      The reliefs sought by the respondents were based on the following:

      *That the court is Coram no Judice, and if not, that it should decline to exercise its jurisdiction in the matter.

      *That the applicant lacks locus standi to institute or maintain the action against the first respondent and that the applicant has no right to maintain the proceedings and that it will neither be just nor convenient to grant any declaration or injunction.

      The reason for delayed trial, according to a source at the EFCC, may not be because it wants to arraign them alongside the numerous bank debtors who are being arrested by officials of the commission as declared by Waziri on Tuesday, but that it might because of "forces from above who are dictating to her on when to act and how to go about it".

      The source said "madam is being overwhelmed by powerful forces from the CBN and NDIC" which are constraining her to act swiftly in handling the matter.

      The source also said that another reason why they cannot be arraigned immediately as provided by law, was because "the commission is yet to draft charges against the suspects."

      He said: "Your question is why are those being held by the commission staying longer than provided by law just like in the days of Nuhu Ribadu where suspects are kept for months in custody because the commission was looking for evidence to charge them. That is not the case here. Madam wants every person arrested to be charged immediately, but the authorities at the CBN and NDIC think differently.

      "As I speak to you now, we are still compiling evidence in order to draft the charges against the suspects. Some of them have got court orders asking us to release them on bail and madam is looking into them in order not to disobey any court order.

      "So the suspects will be charged as soon as investigations are concluded on them and their charges drafted."

      Meanwhile the Guardian gathered yesterday that Adigwe and Nwosu may be granted bail in compliance with a Lagos High Court order on Tuesday.

      Chief Wole Olanipekun (SAN) lead counsel to the suspects speaking through one of the lawyers, Dr. Nnamdi Dimgba said Mrs. Waziri "gave her words" that the suspects may be granted bail.

      The duo and other bank executives who were arrested soon after they were removed from office on August 14, 2009 by the Sanusi had been in the EFCC's detention since then.

      With the feelers coming from the commission, it is not yet clear when the bank executives and their debtors now in EFCC custody, will be arraigned.

      In the meantime, the Nigeria Bar Association (NBA) has criticised Waziri's alleged call on the judiciary "not to consider frivolous interlocutory applications from both the ex-bank executives and debtors at this critical time when the commission was doing all within its power to recover huge debts of the affected banks".

      NBA in a statement by its national publicity secretary, Muritala Abdulrasheed, expressed fundamental concern at the "attempt to blackmail and arm-twist the judiciary into injudicious and unjudicial positions".

      The NBA urged the judiciary to "ignore the so-called appeal and the arm-twisting inherent therein and continue to carry out their hallowed responsibilities in the EFCC cases in keeping with their oaths of office and certainly without fear or favour, let or hinderance."

      The statement reiterated NBA's approval of proactive steps taken by Sanusi to stem the rot in the banking sector, but categorically rejected any demonization and criminalization of suspects as it is presently being witnessed.

      "It said: "Indebtedness is not a crime, but it is a hallowed principle of our own criminal jurisprudence that all citizens are deemed innocent until the contrary is proved. We expect and demand no less in the ongoing spectacle."

      Alhaji Sani Dangote was said to have reported at the EFCC early in the morning and left almost immediately. And at about 12.30pm, Ibrahim came in the company of his lawyer, Femi Falana, and an unidentified woman. in a black Toyota Avalon saloon car with plate number FG 274 C43.

      At about 1.00pm, Wale Olanipekun (SAN) who is counsel to Adigwe and Nwosu came in a black SUV with number, Lagos FV 768 EAY.

      Ibrahim who was in a jovial mood when he was stepping out with Mr. Falana at about 1.35 pm told reporters that his company has already paid N3.1 billion to Oceanic Bank, out of the total indebtedness of about N8billion.

      He explained that as soon as reconciliation was done,"if there is any figure against us, we will pay within 24 hours."

      Smiling broadly, he joked: "EFCC doesn't kill people.

      Just come here and explain; if you pay, you become their friend, but if you don't pay you are in trouble."

      A letter whch he circulated shows that on May23,2007 Oceanic bank wrote him, approving the reversal of approximately N2 billion as being excess charges and accrued interest on Global Fleet accounts.

      The letter said: "With this reversal the total exposure of Global Fleet group as at date comes down to N12 billion which we believe will be further reduced with your presence in Lagos and re-commencement of account activity".

      Similarly, when Olanipekun was about to leave the EFCC premises at about 1: 30pm, he spoke with journalists.

      According to him, prior to the briefing by Waziri, the EFCC boss had promised to release his clients (Adigwe and Nwosu) yesterday.

      He added: "We had one-on-one discussion and she said they would be released today. I believe her because she is a colleague in the legal profession."

The Guardian Newspaper, Lagos

 
NUT To Shut Down Primary, Secondary Schools PDF Print E-mail
News Headlines
Written by Moses John and Sunday Isuwa, Abuja   

The nation's educational sector may finally collapse if the Nigerian Union of Teachers makes good its threat and shuts down secondary and primary schools in the country over the non-implementation of the 27.5 per cent Teachers Salary Scale (TSS). The planned strike is scheduled to commence on September 1.

The Federal Government and state governors had agreed in August last year with NUT to implement the new TSS.

This development is coming on the heels of the stand-off between the Federal Government and the Academic Staff Union of Universities over the implementation of agreement, which has crippled the university system for almost two months.

The NUT said yesterday in Abuja that 19 state governors were yet to implement the TSS.

Speaking at a meeting in Abuja, including the management of the Nigeria Labour Congress, Ministry of Education, Ministry of Labour and the representatives of four state governors yesterday, the NUT president, Chief Onem Nelson, said that the union was disappointed by the way and manner 19 state governors refused to honour the agreement, which was reached on August 6, 2008

"We have already stated clearly that if by the end of August 2009 the agreement is not implemented, both the primary and the secondary schools of the 19 states would remain closed until the state governors honour the agreement", Nelson stated.

Speaking further, the president of the NUT disclosed that the representatives of the meeting didn’t have the power and authority to suspend their planned action, adding that the meeting did not give them a concrete issue that would prevent the union from proceeding on the proposed strike.

He, however, said that the 19 governors were not ready to pay. "The Kogi State government said they cannot pay some teachers they termed as unqualified. What would be the fate of the teachers they termed as unqualified? Was it not the state government that employed them in the service? As far as we are concerned, the agreement was reached without exception of certain individuals.

"We reject your sympathy to the teachers because it is not genuine. The government should not play politics with the teachers. The government should not play politics with the future of our children. If the honourable minister said we should adjourn the meeting, we have no objection, but our plans remain unchanged", Nelson stated.

The Minister of Labour and Productivity, Prince Adetokumbo Kayode, the Minister of Education, Dr. Sam Egwu, and his state counterpart, Hajiya Aishatu Dukku, pleaded that the union should suspend the strike.

No date has been fix for further negotiation as NUT said the strike would commence on September 1.

Meanwhile, the Committee of Vice-Chancellors, in their effort to resolve the crisis between the Federal Government and the three unions in the university system - Academic Staff Union of Universities, the Non-academic Staff Union of Universities and the Senior Staff Association of Nigerian Universities - who have been on indefinite strike for over two months, would be meeting with the leadership of the union in Abuja today.

The vice-chancellors arrived Abuja for their meeting yesterday and would be having an emergency meeting with the leadership of the unions in the university today and tomorrow.

However, President of SSANU, Comrade Promise Adewusi, who spoke with journalists in Abuja yesterday on the outcome of the union's NEC meeting, held over the weekend, described the vice-chancellors as "vampires", who are the greatest beneficiaries of the various struggles by unions in the university system, despite their efforts on each occasion to thwart the unions’ collective efforts at ensuring adequate funding of the varsities and good university system.

Adewusi, who confirmed the meeting while speaking with journalists, said the vice-chancellors have become economic and political vampires and that the longer the crisis goes, the more they would be feathering their political nest, adding, "We refused to be used as cannon fodder in this selfish disposition."

He regretted that despite being the beneficiaries of previous crises in the university system, the vice-chancellors were now being used to forcefully break the strike, even when they were aware that the workers were fighting a just cause.

The SSANU President said: "It is also regrettable that some vice-chancellors are now being used to forcefully break this strike even in a democratic dispensation. These vice-chancellors are the biggest beneficiaries of all struggles that have gone on in the universities. An average vice-chancellor now earns over N22 million annually, he earns in excess of N22 million as a so-called political office holder.

"Most of them are politicians who deserve to be flushed out of the system because they are the problems of the system, along with their fellow vampires from the private sector. They have now come to bring their slave-master mentality into the public governance and in an effort to continue to enslave Nigerians. That is why you see the strike, instead of abating, is moving on even stronger.

"These people have become vampires feeding on the proceeds of this crisis. Most vice-chancellors, apart from earning salary that are in excess of N22 million, have unfettered access to the internally generated revenue generated by universities, which they hardly account for."

He pointed out that the vice-chancellors were not bothered if the crisis persisted because their children were not attending Nigerian universities but were all abroad, adding, "They have unlimited access to funds, even when they stop our salaries, they would continue to enjoy because they don't even need the salary. And these vice-chancellors have the effrontery to try to break a strike which is for a genuine cause, which themselves are direct beneficiaries."

He, however, said that SSANU would be well represented at the meeting with the vice-chancellors because they were open to dialogue and wanted the crisis resolved as soon as possible so that the students could go back to school.

 

Leadership Newspaper

 
<< Start < Prev 1 2 3 4 5 Next > End >>

Page 1 of 5
 

Sponsored Links

Make Dollars online

Here are opportunities to make some money online. Click here to read

E- Books for Downloads

CbproAds StoreFront

ADS1