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Oyo NUT hails Ajimobi over appointment of education secretaries.

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THE Nigeria Union of Teachers, (NUT), Oyo State Wing has expressed gratitude to Governor Abiola Ajimobi for re -appointing teachers as Education Secretaries for the 33 Local Government Universal Basic Education Authorities in keeping track with the existing tradition in the state.

Contained in a note, addressed to the governor,  Abiola Ajimobi dated 3rd April, 2017 with reference number NUT/OY/G.4/VOL.V/566 signed by the state secretary, Comrade Waheed Olojede acknowledged : “the NUT Oyo State Wing and its leadership have viewed the good gesture of Your Excellency as well directed and as one that is based on consideration for professional ethics and values which in our belief will go a long way in energizing Primary Education”.

“Your Excellency, without being immodest and without necessarily asking for too much but in fulfillment of our urge for career esteem, may we also, with mind of appreciation, call your Excellency’s attention to the vacancies currently existing in four of our six Zonal Offices of TESCOM in the state, this, if addressed will no doubt assist in lifting secondary education to enviable heights in a manner that will encourage educational administration and return the state to her usual track of excellence in students robust performances in external certificate examinations largely of WAEC and NECO in particular”.

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Olojede noted that the recent appointment has cleared all intrigues and mis- representations wrongly informing the NUT and her members that the present administration in the state has since vowed never to fix teachers in such positions again arising from the alleged poor performances of the last crop of secretaries in the sector as widely circulated in some quarters.

The secretary added: “by this gesture, Your Excellency, we are encouraged and have accepted the gesture as one that will permanently keep our detractors at bay and one that will further strengthen our existing robust relationship with Your Excellency’s administration in our collective determination to forge ahead in energizing the state education industry”.

The NUT, however pledged total support and commitment to seeing visionary education policy succeeding in the state without fail. “We shall together get to our pride of place, a hundred percent success in our state education enterprise ”, Olojede assured.

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Labour union protests Heritage Bank’s dismissal of 1,000 workers

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The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.

The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.

Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.

He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.

“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.

 

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Nigeria not using foreign reserves to defend naira, says CBN governor

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CBN governor

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.

Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.

While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.

Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.

He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”

Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.

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He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”

 

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Dangote Slashes Diesel Price Amidst Economic Optimism

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Dangote Petroleum Refinery has made headlines by announcing a further reduction in the price of diesel, dropping it from ₦1200 to ₦1000 naira per litre.

The refinery’s decision comes on the heels of its recent supply at a significantly reduced price of ₦1200 per litre, which was introduced three weeks ago, signifying a remarkable 30 per cent decrease from the previous market price of approximately ₦1600 per litre.

This substantial reduction in diesel prices at Dangote Petroleum Refinery is expected to reiterate positively throughout various sectors of the economy, potentially serving as a catalyst in alleviating the persistently high inflation rate in the country.

In a statement last week, Aliko Dangote, Africa’s wealthiest individual and the owner of the refinery, expressed his optimism regarding the potential impact of the price reduction on inflation in Nigeria.

“I believe that we are on the right track. I believe Nigerians have been patient, and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1900,” he remarked.

As anticipation builds around the implications of this move by Dangote Petroleum Refinery, stakeholders and consumers alike remain hopeful for the positive effects it could bring to the Nigerian economy in the coming months.

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