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ASUU Strike: The University of Lagos and Other 13 Announced Resumption Dates

Upon the suspension of ASUU strike on the 14th of October, 2022, no less than fourteen universities are set to open for both academic and non-academic activities. 

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Upon the suspension of ASUU strike on the 14th of October, 2022, no less than fourteen universities are set to open for both academic and non-academic activities. 

It would be recalled that ASUU embarked on a warning strike on February 14, 2022, to protest the non-compliance to some of the agreements it had with the Federal Government. 

The union however extended the strike for eight months as no breakthrough was reached until the ruling of the industrial court and intervention of the House of Representatives brought the strike to a halt. 

Subsequently, several universities both federal and state-owned have started mobilising for resumption.

Investors King learnt that no less than fourteen universities have released resumption circulars while many have scheduled senate council meetings which will come up with resumption dates. 

Leading the universities with an official resumption date is the University of Lagos. 

A circular released by the university a few days after the suspension of the strike shows that it will resume on the 24th of October, 2022. The University of Lagos had earlier voted for the suspension of the strike.

Other universities which will resume on the same day as the University of Lagos include Bayero University Kano, Federal University Lokoja, and Alex Ekweme Federal University Ndufu-Alike.

The University of Nigeria, Nsuka will resume on the 22nd of October, 2022 while Federal University Dustin-Ma will resume on the 16th of October 2022.

Ladoke Akintola University of Technology, Ogbomoso, University of Port Harcourt, Port-Harcourt, Olabisi Onabanjo University, Michael Okpara University of Agriculture, Umudike, Federal University Owerri and Adekunle Ajasin University Akungba-Akoko will resume on the 17th of October 2022. 

On the 30th of October, Federal University Lafia, Nasarawa will resume both academic and non-academic activities while Sule Lamido University, Karfin-Hausa will open on the 31st of October 2022. 

Meanwhile, educationists and religious leaders have advised both the academic unions and the government to henceforth seek alternative solutions to subsequent disagreements. They argued that strikes do more damage than good to all the stakeholders involved while the innocent students take a large part of the bruise. 

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Banking Sector

FirstBank UK Enhances Fixed-Income Workflow Through Bloomberg Integration

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FirstBank UK, the UK subsidiary of First Bank Nigeria Limited, has announced its onboarding on Bloomberg’s Trade Order Management System (TOMS) to enhance its fixed-income workflow.

The integration with TOMS is expected to provide FirstBank UK with access to a comprehensive suite of data and analytics, communications, order, and execution management solutions, streamlining its fixed-income bonds business.

As a niche market-maker for its customers in Africa, FirstBank UK plays a vital role in providing market liquidity in cash bonds, particularly in Nigerian, Angolan, Egyptian, and Ghanaian Eurobonds, to manage risk and optimize its inventory.

Olukorede Adenowo, CEO-designate at FirstBank UK, expressed enthusiasm about the integration, stating, “Bloomberg TOMS provides FirstBank UK with a complete end-to-end trading workflow covering African bonds in most of our home markets. The solution enables us to focus on expanding our footprint in the African Fixed Income landscape and deliver a first-in-kind service to our customers in Africa.”

Bloomberg’s TOMS is renowned for enhancing operational efficiency across enterprises. Lisa Bravo, Global Head of Sell-Side OMS at Bloomberg, commented, “We are pleased to help FirstBank UK enhance operational efficiency across its enterprise with our award-winning sell-side order management solution TOMS.”

FirstBank UK had previously digitized its order management workflow by offering clients access to liquidity on its Eurobond Single-Dealer Platform.

The recent integration with Bloomberg TOMS aims to centralize order handling, aggregated custom analytics, and liquidity tools within a single interface, facilitating real-time access to liquidity for customers.

Robert Hagenaars, Head of Markets at FirstBank UK, highlighted the unique feature of real-time access to liquidity in their markets, providing a distinct advantage for their customers.

This move signifies FirstBank UK’s commitment to leveraging advanced technological solutions to fortify its position in the African Fixed Income market and deliver enhanced services to its clientele.

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Finance

Retail Investors Could Raise $94 Billion for Climate Change Financing in Nigeria by 2030

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A recent report from Standard Chartered’s Sustainable Banking Report 2023 reveals that retail investors have the potential to raise $94 billion towards climate change financing in Nigeria by 2030.

The report indicates a significant interest among Nigerian investors in climate investing with 95% expressing interest and 91% aiming to increase capital flows towards climate-related initiatives, making it the highest among all markets surveyed.

The research, based on a survey of 1,800 respondents in 10 growth markets across Asia, Africa, and the Middle East, identifies a global potential of $3.4 trillion for climate investing, emphasizing the role of individual investors in combatting climate change.

In the Nigerian context, the report suggests that approximately $60 billion could be directed towards mitigation themes, with renewables, energy storage, and energy efficiency expected to attract the most capital.

Additionally, around $34 billion could be mobilized for adaptation, including resilient infrastructure, the blue economy, and food systems.

While there is a high interest in climate financing, the report notes that various barriers are impacting investor participation.

It recommends concerted efforts from financial institutions, regulators, companies, and individuals to establish a wider range of climate assets, enabling greater retail participation.

The report also emphasizes the role of digital and fintech solutions in simplifying processes for investors and calls for industry-wide alignment on reporting standards and minimum disclosure requirements to boost investor confidence.

Lanre Olajide, Head of Wealth Management and Deposits Nigeria and West Africa, commented on the report, highlighting the critical challenge of financing the collective response to climate change and the need to bridge the funding gap through retail investor capital.

He stressed the importance of improving access to solutions, harmonizing reporting standards, and measuring impact to align investments with areas of interest for a more sustainable future.

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Finance

Rising Fuel Costs Drive Transportation Expenses Up by 75%

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The recent surge in fuel prices has reverberated through the transportation sector, causing a staggering 75% increase in commuting expenses for the average Nigerian.

The National Bureau of Statistics (NBS) revealed the disconcerting statistics in its latest report, shedding light on the pervasive impact of skyrocketing petrol and diesel prices.

President Bola Tinubu’s withdrawal of the federal government’s subsidy on petrol in May, coupled with the ongoing liberalization of the diesel market, has led to an unprecedented spike in fuel prices.

The NBS’s “Transport Fare Watch for October 2023” indicates that the average retail price for Premium Motor Spirit (PMS) or petrol reached N630.63, a substantial 222.92% surge compared to October 2022.

While the Nigerian National Petroleum Company Limited (NNPC) aims to halt fuel importation by the end of 2024 with refinery rehabilitation projects underway, the current scenario presents a daunting challenge for commuters.

Zamfara state recorded the highest average retail price for petrol at N659.38, while Lagos, Oyo, and Delta states witnessed comparatively lower prices at N590.95, N592.19, and N599.38, respectively.

The North-east zone registered the highest average retail price of N644.16, contrasting with the South-west zone’s lowest price of N616.81.

The surge in fuel costs has cascaded into other modes of transportation. Commuters now face a 75% increase in bus fares within cities, intensifying the financial burden on an already strained populace.

Inter-city bus fares rose by 53.04%, exacerbating the economic challenges faced by Nigerians.

As citizens grapple with the aftermath of these price hikes, concerns linger about the broader economic implications and the potential for further adjustments in response to global market dynamics.

The transportation sector’s resilience and adaptability will be tested as commuters seek innovative solutions to navigate this challenging terrain.

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