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Nigeria Plans To Release N30B Revitalisation Fund To Universities Next Week

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University - Investors King

The Federal Government plans to release N30 billion as revitalisation fund to universities next week, according to the Minister of Labour and Employment Chris Ngige.

The minister said that the money was paid in January and remain in the custody of the Central Bank of Nigeria (CBN) pending the conclusion of the audit report of the Implementation Committee on the use of previous funds disbursement to universities by the Ministry of Education and the National Universities Commission (NUC).

Ngige said that the monies will be paid to successful universities based on the evaluation report of the committee while those with shortcomings will be made to make up before accessing the fund.

The revitalisation fund is among seven key issues evaluated at a meeting with the leadership of the Academic Staff Union of Universities (ASUU) on Monday.

A statement by the Deputy Director of Press and Public Relations, Federal Ministry of Labour and Employment, Charles Akpan, said both parties at the meeting expressed satisfaction with the implementation stages of what Ngige termed “work in progress.”

The Minister said some of the items in the Memorandum of Action (MOA) were nearly done hundred percent within the timeline.

He explained the National Information Technology Development Agency (NITDA) was directed to expedite action on the integrity test on the University Transparency Accountability Solution (UTAS) which if successful, will eliminate the challenges posed by the peculiarities of the university system to the current payment platform.

“The report has been turned in, deliberated upon and both the Education Ministry and the NUC have promised to write to the Accountant General of the Federation next week for the release of the money to the NEEDS Special Account for onward disbursement to universities shortly,” Ngige said.

He further disclosed apart from the N40 billion Earned Allowance which the Federal Government has already paid, the Budget Office of the Federation showed evidence that N22 billion Earned Allowances for the year 2021 is already captured in the 2021 supplementary budget of the federation, and will soon be accessed.

“On the proliferation of State universities, a bill has been sent to the National Assembly by the NUC to strengthen its arms in terms of delisting universities where funding and other parameters are inadequate.

“This effort was commended as all the parties agreed that mushrooming and proliferation of state universities, some of which mock the ideals of an ivory tower, should stop.

“The inconsistencies in the IPPIS payment were also discussed. There was good interaction and documents were exchanged between IPPIS and ASUU. ASUU is to go back to its members so that we can have a proper update on the extent of the inconsistencies in payment.

“We expressed our displeasure that these things are happening – amputation of salaries, not-too-clear, foggy things happening over peoples monthly emoluments. So we have asked IPPIS and ASUU to work together over this,” the Minister said.

He also said that evidence was presented to show that promotion arrears have been paid to some universities while the Budget Office of the Federation and the Office of the Accountant General of the Federation was asked to liaise with ASUU to sort out the rest, noting that the standing committee on the matter has been expended to include National Income Salaries and Wages Commission.

“A situation where a university professor is paid N107, 000 out of mistake or over deduction is unacceptable,” Ngige declared.

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Unity Bank Upgrades Corpreneurship Prize Money to N16M Per Stream as 30 New Winners Emerge

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In a bid to boost start-up capital and place more resources at the disposal of aspiring young entrepreneurs in Nigeria, retail lender, Unity Bank Plc has increased the prize money for winners of its flagship Entrepreneurship Development Initiative, known as Corpreneurship Challenge to 16 million Naira per stream.

Consequently, participants who emerge winners in the business pitch will henceforth win N800,000, N500,000, and N300,000 Business grants for the 1st, 2nd, and 3rd positions respectively as against the previous editions in which the sum of N500,000; N300,000 and N200,000 were handed out to respective winners in the Corpreneurship Challenge.

Launched in 2019 with pilots in 4 states – Lagos, Edo, Ogun, and Abuja and scaled to 10 States in 2020, the Corpreneurship Challenge initiative is promoted in partnership with the NYSC Skills Acquisition and Entrepreneurship Development, SAED. The initiative features a business pitch presentation where participants have the opportunity to present their business plans and stand a chance to win business grants.

At the recently concluded edition of the Corpreneurship Challenge for 2024 NYSC Batch A, Stream 1 NYSC service, 30 winners emerged including upcoming entrepreneurs developing innovative solutions in several business value chains such as Poultry farming, Fashion, and Pastries, among others, after participating in the business pitch that took place across the 10 NYSC Orientation Camps in Rivers, Delta, Anambra, Abia, Oyo, Ogun, Kebbi, Niger Sokoto and Zamfara States.

At the Delta State NYSC Orientation Camp in Issele-Uku, Folorunsho Kolade who pitched a Poultry farming business plan emerged as the overall winner to claim the N800,000 grand prize; Samuel Ayodotun. J. whose innovative footwear venture idea, Basky Footprint took the second spot to win the N500,000 cash prize; while another corps member, Udoji Chibuike Peter, whose venture plan on the footwear fashion value chain also emerged as the second runner-up to claim the N300,000 grant.

Also, at the NYSC Orientation Camp at Nonwa Gbam Tai, Rivers State, Dan Betobong Samuel’s business plan on food production claimed the top spot to clinch the N800,000 grand prize; while Linda Christopher’s Lily Pastries’ business plan emerged as the first runner-up to claim the N500,000 grant. Esther Jacob’s business pitch on the poultry value chain emerged as the second runner-up to win the N300,000 cash grant.

Speaking at the NYSC Orientation Camp in Rivers State, the Divisional Head, Retail and SME Banking, Mrs. Adenike Ambimbola commended the participating Corps Members for the quality of their business plans and pledged the Bank’s commitment to sustaining the Entrepreneurship Development Scheme.

While congratulating the winners, Mrs. Ambimbola said, “Unity Bank is proud to associate with the Skill Acquisition and Entrepreneurship Development (SAED) scheme of NYSC in providing interventions and support to budding entrepreneurs with promising ventures through the business grants to help turn these ideas into reality. We recognize the importance of investing in our youths and empowering them to drive positive change within our economy.”

Also speaking at the grand finale held in Delta State NYSC Orientation Camp, Dr. Opeyemi Ojesina, Head of SME Banking, Unity Bank expressed delight at the Unity Bank Corpreneurship Challenge’s growing profile as a leading business incubation platform and catalyst for entrepreneurship development in Nigeria.

He said, “Over the past five years, Unity Bank has steadfastly supported the Corpreneurship Challenge, witnessing its profound impact on youth empowerment and job creation nationwide. The programme has earned a reputation for its innovative approach, seamlessly integrating financial backing, mentorship, and skill development to nurture aspiring entrepreneurs.”

Ojesina further underscored the invaluable mentorship offered to participants, connecting them with seasoned professionals who provide crucial insights, guidance, and a roadmap for success. He emphasized Unity Bank’s belief that true empowerment extends beyond financial aid to the cultivation of entrepreneurial acumen.

So far, Unity Bank has invested over N120 million in the initiative, which has now produced 369 winners since it was launched in 2019.

In 2021, the leadership of the NYSC bestowed on Unity Bank the “Icon of Youth Empowerment” award in recognition of the impact of the initiative.

The Corpreneurship Challenge continues to elicit growing interest among the corps members, attracting over 4,000 applicants and participation in every edition.

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WAEC: Over 8,000 Candidates Register for First Series of Computer Based-WASSCE in Nigeria

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Over 8,000 candidates have registered for the inaugural Computer Based-West Africa Senior School Certificate Examination (WASSCE) in Nigeria.

Dr. Amos Dangut, the Head of National Office for the West African Examinations Council (WAEC), made this announcement during a press conference held in Lagos.

Scheduled to commence from January 31 to February 17, 2024, the Computer Based-WASSCE for private candidates represents a significant shift in examination methodology.

WAEC, in November 2023, had revealed its plans to conduct the WASSCE for private candidates using a computer-based model.

Dr. Dangut, while addressing the media, expressed WAEC’s commitment to implementing this innovative approach despite initial resistance.

He noted that the acceptance of the innovation, as evidenced by the substantial number of entries received, bolstered the council’s resolve to move forward with the computer-based examination.

Out of the 8,285 candidates registered, 47.66% are male, while 52.3% are female, indicating a relatively balanced representation across genders.

The examination will cover 19 subjects comprising 26 papers in a hybrid mode, blending objective and multiple-choice questions with essay and practical components.

Dr. Dangut urged candidates to familiarize themselves with the requirements for the CB-WASSCE by accessing WAEC’s e-learning portal.

He underscored WAEC’s collaboration with educational authorities, security agencies, and stakeholders to ensure the seamless conduct of the examination and maintain its credibility.

The advent of the Computer Based-WASSCE heralds a new era in standardized testing in Nigeria, marking a significant stride towards modernization and adaptability in the education sector.

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Canada Raises Cost-of-Living Requirement for Study Permit Applicants

IRCC Announces Adjustments to Financial Guidelines and Student Work Hours Effective January 1, 2024

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EU-Canada Trade Deal

The Immigration, Refugees and Citizenship Canada (IRCC) has revealed changes to the cost-of-living requirement for study permit applicants, effective January 1, 2024.

The new requirement, set at $20,635 for a single study permit applicant, more than doubles the existing amount of $10,000 established in the early 2000s.

The adjustment aims to align with the rising cost of living in Canada, preventing instances where students’ funds fall short of covering their expenses.

This financial guideline applies to study permit applications received on or after January 1, 2024, and is in addition to the first-year tuition and travel costs.

Furthermore, IRCC states that the cost-of-living requirement will now be annually adjusted based on Statistics Canada’s updates to the low-income cut-off (LICO), reflecting the minimum income necessary in Canada.

In addition to the financial adjustments, IRCC has extended the waiver on the 20-hour-per-week work cap for international students until April 30, 2024.

This extension applies to students currently in Canada and those who submitted a study permit application by December 7, 2023.

The waiver, initially introduced on November 15, 2022, allows students to work more than the standard 20 hours per week during the academic term.

Minister Miller also announced two updates related to the Post Graduation Work Permit (PGWP).

The provision allowing international students to include online study terms toward their future PGWP, as long as it doesn’t exceed half of the total program duration, will be extended until September 1, 2024.

However, there will be no further special extensions for PGWPs beyond this period, emphasizing IRCC’s commitment to maintaining clarity and stability in its policies.

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