Business

LAUTECH Vice-chancellor begs lecturers to resume work after 8-Months strike

Published

9 years ago

January 31, 2017

Prof. Adeniyi Gbadegesin, the Vice-Chancellor, Ladoke Akintola University of Technology (LAUTECH), Ogbomoso, on Monday appealed to the striking lecturers of the institution to return to work.

Gbadegesin told journalists in Ogbomoso that the problem facing the university, jointly owned by Oyo and Osun, was “almost over as the owner state governments had pledged more commitment to fund it’’.

The News Agency of Nigeria (NAN) reports that the institution was closed barely eight months ago as a result of industrial action by the academic staff of the institution.

NAN also reports that management of the institution had earlier announced that the university would re-open on Jan. 27 after eight months of closure, but the Academic Staff Union of Universities (ASUU), LAUTECH Chapter, refused to resume academic activities.

Gbadegesin said that the institution was being owed subvention arrears amounting to N7.1 billion by the owner state governments, with Oyo owing N1.8 billion, and Osun owing N5.3 billion.

“The N5.3 billion owed by Osun was from 2014 till date, while the N1.8 billion owed by Oyo was between 2015 and 2016.

“N296 million is our monthly subvention, Oyo pays from January to June, while Osun pays subvention from July to December every year,” he said.

The vice-chancellor commended Gov. Abiola Ajimobi of Oyo State for initiating a meeting with the management and the university unions, which led to the payment of two months salaries.

“The union agreed with the governor at the meeting that the N250 million each to be paid by the owner states will not be enough for the payment of two months.

“They requested for additional N84 million which Gov. Ajimobi approved immediately.

“Oyo State Government has paid its N292 million, while the remaining N42 million from Osun will be paid any moment from now,” he said.

Gbadegesin said that the monthly wage bill of the institution on the average was N360 million, adding that they had been augmenting the payment with not less than N80 million.

Speaking on resumption, he said that many students had resumed and trying to settle their accommodation, while others were busy with the registration.

Gbadegesin said that in spite of the current economic challenge, Ajimobi had assured at the meeting that the agreement was tentative.

“The governor also promised to set aside some amount for the institution as soon as the state receives its share of the Paris Club excess fund,” the vice-chancellor said.

He said the institution could not be self-sustaining as a public university, adding that it needed regular subvention to function effectively.

Gbadegesin said the institution had set up a board for LAUTECH Ventures to boost its revenue, adding that the council has also agreed to establish an Institute of Software Engineering with Google Engineering.

The vice-chancellor, while acknowledging that the current hardship was due to the nation’s economic recession, said that he was yet to receive any directive on tuition fee increment.

“We are appealing to the owner state governments to continue funding the institution to achieve the dream of the founding fathers. We thank all our unions for their cooperation so far.

“I will like our striking lecturers to consider the interest of the students and return to work.

“The management and staff are determined to ensure the students get the best from the institution,” he said.

Gbadegesin also thanked parents for their concern and patience during the eight months strike. (NAN)

Related Topics:coverstory LAUTECH STRIKE

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Bank

Union Bank Honoured by ASBON at Nigeria National SME Business Awards

Published

2 hours ago

May 13, 2026

Sahara Weekly

Union Bank Honoured by ASBON at Nigeria National SME Business Awards

Lagos, Nigeria – Union Bank of Nigeria has reaffirmed its reputation as a strong supporter of Nigerian businesses, receiving the Best SME Growth Banking Initiatives Award for 2025 from the Association of Small Business Owners of Nigeria (ASBON) at the Nigeria National SME Business Awards, held recently in Lagos.

The award was presented to the Bank in recognition of its strategic leadership in advancing the growth and resilience of small and medium-sized enterprises, through a differentiated suite of solutions designed to enable business expansion and long-term value creation.

Receiving the award on behalf of the Bank, Ayokunnumi Abraham, Head of SME Segment at Union Bank, described the recognition as a strong endorsement of the Bank’s commitment to supporting small and medium-sized businesses. He said:

“We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible. Through enhancements to our specialised platforms such as Union360, we have meaningfully reduced the time it takes for businesses to come on board and begin transacting. These improvements have shortened onboarding, increased digital adoption among our SME customers, and supported the acquisition of new business clients. Our focus remains on delivering practical solutions that help Nigerian businesses thrive.”

Organised by ASBON in partnership with the Lagos State Government through the Ministry of Commerce, Cooperatives, Trade and Investment, the event convened stakeholders from the public and private sectors to recognise individuals and organisations driving meaningful impact across Nigeria’s SME ecosystem.

Union Bank remains focused on deepening its support for SMEs through customer-led solutions and processes that strengthen business growth across the ecosystem.

Bank

Atlantian Crown Bank Rebrands as Arizona Global Bank LLC, Begins Licensing for Global Expansion

Published

15 hours ago

May 12, 2026

Sahara Weekly

Atlantian Crown Bank Rebrands as Arizona Global Bank LLC, Begins Licensing for Global Expansion

_By AGP News

*UNITED KINGDOM OF ATLANTIS* — In a move signaling a push into international markets, the Royal Throne of the United Kingdom of Atlantis on Sunday announced the corporate transformation of Atlantian Crown Bank LLC into *Arizona Global Bank LLC*, as part of a wider restructuring to position the institution for global banking and financial innovation.

The announcement was made at a press conference in the UKA capital by *HRM Queen Amb. Cletus C. Leaticia*, Chief Executive Officer of the newly named bank. She told reporters the rebranding marks _“more than a name change”_ and reflects a strategic pivot toward digital finance, cross-border investment, and modern banking standards.

_“This transformation represents our commitment to innovation-driven banking and our vision to become a globally competitive financial institution,”_ Queen Leaticia said.

*Licensing Process Underway*

According to the Department of Financial Administration and Corporate Affairs, which issued the official communication, Arizona Global Bank LLC has formally begun the process of applying for a *Banking Operational Licence* under UKA’s financial regulatory framework.

Once licensed, the bank plans to operate as a modern financial enterprise focused on four pillars:

1. Innovation-driven banking and digital financial solutions

2. Corporate financing and structured investment services

3. International financial partnerships and cross-border trade facilitation

4. Financial inclusion initiatives

Bank officials stressed that the institution will _“maintain strict compliance with all banking regulations and supervisory standards”_ set by UKA financial authorities.

*Strategic Shift Amid Global Ambitions*

Management described the rebranding as part of a broader restructuring initiative to _“strengthen the bank’s international identity, expand its global financial footprint, and align operations with contemporary banking standards.”_

Representatives called the licensing and rebranding process a _“major milestone”_ aimed at supporting economic growth, international trade, and cross-border investment initiatives.

*No Disruption to Existing Commitments*

Addressing potential concerns from clients and partners, management reassured stakeholders that _“all existing institutional commitments, operational objectives, and long-term strategic plans remain fully intact throughout the transition process.”_

The Royal Throne indicated that further updates on the licence approval, commencement of operations, corporate partnerships, and investment programmes will be released through official UKA and Arizona Global Bank LLC channels.

_The Department of Financial Administration and Corporate Affairs, Royal Throne of United Kingdom of Atlantis, issued the official statement._

Bank

Fidelity Bank grows Gross Earnings by 45.6% for FY 2025

Published

16 hours ago

May 12, 2026

Sahara Weekly

Fidelity Bank grows Gross Earnings by 45.6% for FY 2025

Lagos, Nigeria – Fidelity Bank Plc, a leading Nigerian financial institution, has announced its audited financial results for the year ended 31 December 2025, reporting Gross Earnings growth of 45.6% from N1.04 trillion in 2024 to N1.52 trillion in FY 2025, reflecting stronger topline momentum across core business segments.

The Group recorded a Profit Before Tax of N347.7 billion. This performance was underpinned by a 38.7% year-on-year increase in interest income to N1.11 trillion (FY 2024: N803.1 billion) and a 44.7% year-on-year rise in fees and commission income to N113.4 billion (FY 2024: N78.4 billion).

On the balance sheet, total assets grew by 18.6% year-on-year to N10.46 trillion (FY 2024: N8.82 trillion), while customer deposits increased by 16.1% year on year to N6.89 trillion (FY 2024: N5.94 trillion), reflecting continued franchise strength and growing customer confidence in the brand. Net loans and advances declined by 2.4% year-on-year to N4.28 trillion (FY 2024: N4.39 trillion) as customers paid down on their mature obligations.

The Bank also strengthened its capital position during the period, with eligible capital rising to N561 billion, above the regulatory minimum of N500 billion for banks with international authorisation. In addition, capital adequacy remained robust, with Capital Adequacy Ratio of 30.94 percent as at 31 December 2025 (FY 2024: 23.47 percent).

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.