Business

LAUTECH Alumni association raises N5.5Million out of N1Billion in nine days

Published

8 years ago

June 22, 2017

Some former students have raised N5.8 million for the Ladoke Akintola University of Technology, LAUTECH, nine days after they set up the #fundlautech Initiative with a target of raising N1 billion in 90 days for the beleaguered institution.

Areo Oyedepo, the president of the students’ union of the university for 2013/2014 academic session, made this disclosure in an interview with PREMIUM TIMES on Wednesday.

He said the Alumni Association launched the initiative to help the university resolve a funding challenge that has crippled it for close to two years.

“As at this moment (Day 9), I can confirm that we have N5.8 million,” Mr. Oyedepo told PREMIUM TIMES Wednesday evening.

Speaking in the same vein, Adebayo Adeyinka, an old student and one of the facilitators of the #fundlautech project, told PREMIUM TIMES that the initiative has received positive response from Nigerians, as a result of which he expects LAUTECH to reopen soon.

“We are not asking people to bring millions, people donated N1000, N500 even N200 and it goes a long way.

The big donations we got were from Ooni of Ife, Oba Adeyeye Ogunwusi, and (a former governor of Oyo State), Rasheed Ladoja.”

According to Mr. Adeyinka, the Ooni of Ife pledged #500,000 but gave a cheque of #250,000, which will clear on June 27, while Mr. Ladoja gave a cheque of N 2 million.

He said the former governor also pledged his pension for six months totalling N644,000.

He explained that #fundlautech is a bailout to enable the university pay salary of workers while the owner state governments proceed with their move for auditing of the finances of the university.

“We have short term and long-term objectives,” Mr. Adeyinka explained further.

“The short-term objective is to raise N1 billion, which is for payment of three months salaries. It is just a bailout.

“Our long-term objective is an endowment fund so that when their salaries are paid by the government, we will take it back from them and use it to build an ICT hub,” that would generate funds for the university.

He enjoined the alumni associations of other institutions to support their schools by adopting the initiative and encouraged tertiary institutions to look beyond government funding for the betterment of the education sector in Nigeria.

“Can we have a community-based university where everybody who is working in a particular state has check-up dues which could be below N1000 or above that will go into an endowment fund?

“This will enable your child to go to university free of charge after a period of years. This is possible, it is similar to the pension scheme we have today,” Mr. Adeyinka said.

Akeem Olatunji, the Accord Party spokesperson in Oyo State, on Wednesday confirmed to PREMIUM TIMES that Mr. Ladoja also pledged his six months pension to the #fundlautech initiative.

“The (members of Oyo State House of Assembly) in Accord Party also pledged one million naira,” he further disclosed.

“We are working on how the school can open soon because they have not mobilised students since 2014.”

He also said Mr. Ladoja had promised to get in touch with major stakeholders to intervene and put an end to the crisis in the school.

Business

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

Published

17 hours ago

December 21, 2024

Sahara Weekly

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

…As Dangote Refinery partners MRS to sell PMS at N935 per litre nationwide at its retail outlets

Sahara Weekly Unveils That The Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country.

To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.

In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.

Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.

Business

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

Published

1 day ago

December 21, 2024

Sahara Weekly

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

NNPC Debunks Shutdown Rumors, Confirms Port Harcourt Refinery Fully Operational

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports circulating in certain media outlets claiming that the Old Port Harcourt Refinery, which was re-streamed two months ago, has been shut down.

In a statement released by Olufemi O. Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company clarified that the refinery is fully operational. The statement noted that the facility’s operational status was recently verified by former Group Managing Directors of NNPC during a site inspection.

“Preparation for the day’s loading operation is currently ongoing,” the statement confirmed, emphasizing that allegations of the refinery’s shutdown are baseless and intended to create panic or artificial scarcity in the fuel market.

NNPC Ltd urged members of the public to disregard such misleading reports, labeling them as the work of those seeking to exploit Nigerians.

The Old Port Harcourt Refinery has been in operation since its re-streaming, and the company remains committed to ensuring stability in the supply of petroleum products across the country.

Business

Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

Published

2 days ago

December 20, 2024

Sahara Weekly

Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

In a show of solidarity, the Committee of Banks in Nigeria has extended a helping hand to victims of the September 2024 floods in Jigawa State. On Thursday, a high-profile delegation led by Dr. Oliver Alawuba, Chairman of the Committee and Group Managing Director/Chief Executive Officer of United Bank for Africa Plc (UBA), visited Dutse, the state capital, to present relief materials to the state government.

The donated items, worth several million Naira, included essential food supplies such as rice and cooking oil, along with mattresses and beverages. Dr. Alawuba highlighted that the gesture aimed to alleviate the hardship faced by flood victims and support critical institutions, especially public hospitals, in their efforts to assist those affected.

“We stand in solidarity with the people and government of Jigawa State during this difficult time. This donation is our way of expressing empathy and supporting those who have lost loved ones, properties, and livelihoods,” Dr. Alawuba stated.

The delegation included notable banking leaders such as Mr. Roosevelt Ogbonna of Access Bank Plc, Dame (Dr.) Adaora Umeoji of Zenith Bank Plc, and Dr. (Mrs.) Nneka Onyeali-Ikpe of Fidelity Bank Plc, among others. Their collective presence underscored the banking sector’s commitment to corporate social responsibility and national development.

Governor Malam Umar A. Namadi expressed profound gratitude for the donation, describing the visit as a rare and commendable act of compassion. He assured the delegation that the relief materials would be judiciously distributed to the intended beneficiaries, emphasizing the importance of partnerships in rebuilding lives and communities.

The Committee of Banks also reiterated their commitment to supporting Nigerians during emergencies, drawing attention to previous interventions, including relief efforts during the 2011 and 2013 floods, the COVID-19 pandemic, and security initiatives like the Lagos State Security Trust Fund.

This humanitarian gesture reflects the collective resolve of Nigeria’s financial institutions to foster social and economic growth, making a meaningful impact in times of need.