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First Bank, Access, Take Steps To End CBN Forex Dependence  

By
Tosin Olatokunbo
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Commercial banks in the country are taking steps to end their dependence on the Central Bank of Nigeria, CBN for forex allocations.

This becomes necessary, sources in the money banks say, due to the acute forex shortage in the country and the decision of the apex bank to end forex allocation to banks by December.

The CBN Governor, Godwin Emefiele, had in February directed banks to look for other means of generating foreign exchange, warning banks that the apex bank will end forex allocation to them by the end of the year.

For instance, Emefiele suggested that the banks could generate forex through export proceeds, as their continued dependence on the apex bank for forex is no longer tenable.

Emefiele said, “The era is coming to an end when, because your customers need 100million dollars in foreign exchange or 200 million dollars, you now want to pack all the dollars and pass it to CBN to give you dollars.

“It is coming to an end before or by the end of this year. We will tell them don’t come to the Central Bank for foreign exchange again go and generate your export proceeds.

“When those export proceeds come, we will fund them at 5% for you and they will earn rebait. Then you can sell those proceeds to your customers that want 100 million dollars. But to say you will continue to come to the Central Bank to give you dollars, we will stop it,” the CBN boss said.

“Nigeria cannot continue to depend on FX earnings to fund its import obligations from revenue coming from earnings from products where we cannot determine both price and quantity.”

In line with this, First Bank and Access Bank have already notified their customers that they would no longer disburse dollar cash for Business Travel Allowance, BTA, and Personal Travel Allowance, PTA to customers.

Forex purchases, the banks said would now be disbursed through dollar debit cards.

“We think this is the best way going forward in other to save the Naira and reduce customers’ forex arbitrage. Through the use of debit card funny or criminal dollar transactions will be reduced to the barest minimum,” a top bank executive said on Wednesday.

According to FirstBank in a statement, “The full Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) of $4,000 and $5,000 respectively will now be disbursed into your FirstBank Travel Card. All applications will be in line with Regulatory Requirements.

“Kindly ensure that all PTA/BTA applications along with the approved Form A are submitted at the branch exactly 14 days before your proposed travel date. Sales is limited to two quarters a year.”

On its part, Access Bank said, “We would like to once again inform you that we disburse authorised personal and business travel allowance FX requests through our Access Travel Debit Card. The Access Travel Debit Card has been created to enable you to transact seamlessly when you travel abroad.”

Mamu, A Terrorists; On Way To Saudi To Meet Terrorist Commanders – DSS; What The Service Recovered

By
The Source
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Tukur Mamu - Bandits Negotiator

By Gideon Njoku

The Department of State Services, has alleged that Tukur Mamu, the self-appointed negotiator and intermediary between the murderous Terrorists who attacked, killed and abducted passengers on an Abuja-Kaduna bound Train, is a Terrorists.

Proof, according to the DSS: Mamu, contrary to the belief that he was on his way to Saudi Arabia to perform the Lesser Hajj when he was intercepted by the INTERPOL in Cairo, Egypt, was billed for a meeting with Commanders and top terrorist organizations.

The DSS, also, revealed what they recovered from a search its Operatives carried out in Mamu’s residence and office in Kaduna. The items recovered, the Service said, include high caliber guns and Military accouterments.

The Service also disclosed that Mamu is neck-deep In the supply of logistics to Terrorists, as well as in aiding and  abetting them.

These allegations were contained in an affidavit sworn-to by the DSS which it filed before a Federal High Court in Abuja on Tuesday, 13th September, 2022. The affidavit was deposed to by the Service’s Legal Officer, Hamza Pandogari.

Noted Pandogari: “That upon his interception and subsequent repatriation back to Nigeria, a duly signed search warrant was executed in his residence and office at No 4 Ladan Street Sabon Kawo GRA and  No 14 Mamona Road, Anguwan Sarki, Kaduna State and various exhibits and items to establish his complicity with terrorists were recovered.

The items recovered during the search, the DSS said, include: $151, £20 Sterling, 1,530 Indian Rupees, One Saudi Riyald, 70 Dirham, N1, 506, 000, and 16 assorted coins.

Some other items, allegedly, recovered are: two packs of pump action cartridges, 16 ATM (automated machine) cards from both local and foreign banks, seven cheque books from different banks, six laptops, four tablets, 24 handsets and three international passports belonging to Mamu, one firearm license, eight pieces of Njgerian Army Uniforms, and16 pieces of Nigerian Naval uniforms.

Mamu, a Journalist, is the Publisher of a Newspaper, Desert Herald. But the DSS saw beyond that. The Service alleged that Mamu “has used the cover of his profession as a Journalist, to aid both local and international terrorist groups.” In so doing, the DSS insist that Mamu caused the deaths of “many Security personnel in North-Central and North-east parts of Nigeria.”

The Judge, the Honourable Justice Nkeonye Maha, granted the ex-parte motion brought by Counsel to the DSS, Ahmed Magaji and authorized that Mamu be detained by the Service for a further 60 days.

Mamu, aside from publishing the Desert Herald, is also the Media Consultant to Islamic Scholar, Sheik Ahmad Abubakar Gumi, who, expectedly, has declared Mamu innocent and asked that he, Mamu, be apologized to.

Mamu entered into National consciousness when he became a self-appointed negotiator for the release, in batches, of Abuja-Kaduna bound Train hostages. 23 of them are still in captivity.

Mamu was arrested at the  Cairo International Airport, Egypt, on September 6, 2022,  and brought back to Nigeria on September 7, 2022. He was in the company of his two wives, headed to Saudi Arabia, allegedly, for the Lesser Hajj.

Buhari In Imo, Says Uzodinma Writing His Own History, Commissions Imo Governor’s Three Signature Projects

By
The Source
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Muhammadu Buhari Visits to Imo State

President Muhammadu Buhari has said that Governor Hope Uzodimma of Imo State is already documenting his own history without knowing it going by the numerous infrastructural development projects linked to the Governor’s administration.

He made the comment during his official visit to Imo State on Tuesday, to commission three key signature projects embarked upon by Governor Uzodimma in less than years in office.

The projects include the dualised 35 kilometres Owerri-Orlu road, the first phase of the reconstructed 52 kilometres Owerri-Okigwe road and the rebuilt Imo House of Assembly Complex.

After commissioning and driving through the Owerri-Orlu road to Amaraku to also commission the first phase of Owerri-Okigwe road, President Buhari informed his audience during the unveiling that he had already told Governor Uzodimma on their way coming that he is “writing his own history in Imo State.”

President Buhari’s remarks at the unveiling of the rebuilt Imo State House of Assembly Complex was also savoury as he was full of commendations to the Governor for honouring the third arm of government with such befitting edifice.

Obviously pleased with all that he saw during the one day official visit, the President  told a gathering of Imo and South East leaders of thought who came to receive him at a banquet in his honour at the Government House Owerri that the Federal Government under his watch will continue to support Imo State and other States to continue to provide dividends of democracy irrespective of the differences in political party affiliation.

The President who said he has no regrets visiting Imo State twice in less than one year commended Governor Uzodimma for making the construction of roads and critical infrastructure a top priority. “A good road deserves a second passage.”

He said that “the importance of critical infrastructure in the development of the country cannot be over emphasized” and that “the APC governments at all levels are determined to use road infrastructure to drive the economic development of Nigeria.”

At the federal level the President pointed at such critical infrastructure as the Blue Sea Port, Network of Gas and Power Infrastructure, Improvement on Airport Terminals, Bridges and Roads (such as the Second Niger Bridge), Standard Gauge Railways, Telecommunication Infrastructure, and more.   

He expressed happiness that Governor Uzodimma is doing similar things in Imo State and commended him for living up to expectations even with limited resources at the disposal of the State Governments.

His words: “It is only when a leader is dedicated and focused that he can achieve so much with very little in his disposal.” 

President Buhari recalled that in his last visit to Imo State he encouraged Governor Uzodimma to continue to make his people happy through good governance and expressed happiness that the Governor took his advice and “today,  Tuesday 13th September 2022 he has presented to me three key projects for commissioning.”

On the two flagship roads he commissioned, an excited President  Buhari said “the roads that cover several Local Governments of the State will serve as major stimulants to the local economy and by extension the economy of Imo State.”

President Buhari who turned to the Governor and said “Bravo”, said henceforth he has nicknamed the Governor “Mr. Good Roads.”

Commenting on the rebuilt Imo State House of Assembly Complex he also commissioned earlier that was abandoned for years by past administrations, the President commended the Governor for embarking on the rehabilitation, noting that “the importance of the House of Assembly in the sustenance of democracy cannot be overemphasized.” 

“By giving the Honourable Members a befitting place for their activities it is a form of according due respect to that Arm of Government,” he added and described the infrastructural programmes of Governor Uzodimma as “Infrastructural Revolution.”

A peep into what President Buhari wrote in the Governor’s Guest Register which he personally signed summarises his feeling.

His words: “This is my second official visit to Owerri in just one year, affirming my support for infrastructural development, as we see happening in Imo State. Without infrastructure, there can’t be sustainable development. I urge Governor Hope Uzodimma and his team to keep the flag fying. It’s the way to go. Ndewo!!!”

Before departing for Abuja, the President urged Imo people to continue to support Governor Uzodimma.

Earlier in his address, Governor Uzodimma who was elated on Mr. President’s visit in the face of detractors and distractions expressed gratitude to him for accepting to come and commission the projects which he said are  dear to him. 

The Governor said that the measure of these achievements is predicated on the fact that administrations before his own had abandoned the roads to the mercy of the citizens.  

He then acknowledged that his administration’s ability to realize the projects were as a result of the support his government got from President Buhari.

Governor Uzodimma informed the President and the audience that his government has done more than 105 roads that are aimed at connecting various Communities to motorable roads in the State, adding that the Government of Shared Prosperity has recently flagged-off two new Federal Roads: the Owerri/Mbaise/Obowo/Umuahia road and the Orlu/Mgbee/Uruala/Akaokwa/Uga road, all of which can be described as “economic arteries of the State.”

Governor Uzodimma reiterated that the goal of his administration is to leave Imo State far better than he met it, noting that he has refused to be distracted or succumb to social media blackmail, but instead continues to “concentrate on those things that improve the lives of Imo people.”  

Recalling those unique benevolence of Mr. President to Imo State, the Governor mentioned the recent approval to move Alvan Ikoku Federal College of Education to a University Status, to use Federal Medical Centre Owerri as a Teaching Hospital for FUTO, establishment of a Naval Base at Oguta and most importantly, the prompt intervention of Mr. President that helped to restore peace and security in Imo State.

Governor Uzodimma thanked him profoundly and said but for the intervention of the Armed Forces following the President’s directive “Imo State would have been over-run by bandits and criminals that invaded the State.”

Besides,the Governor expressed his sincere gratitude and that of Imo people to the President for the completion of the second Niger Bridge which has defiled attempts by past Federal Government administrations. 

He highlighted the several infrastructure such as the upgrading of the Emene International Airport, Enugu/ Port Harcourt dual carriage expressway and others as projects Mr. President gave approval for and pledged that the people will continue to be grateful to him and his government.

The Governor reminded Mr. President   that as a payback for all his magnanimity Imo will continue to offer full and undiluted loyalty, will continue to be law abiding to make it easy for Mr. President to govern Nigeria and that as Governor ‘’he will continue to serve Imo with utmost honesty, dedication, accountability and fear of God and on this he will not fail.”

Governor Uzodimma appreciated everyone that came from far and near and called on Imo people in particular to continue to support his government for better dividends of democracy.

In a goodwill message on behalf of Ohanaeze Ndigbo Worldwide, the President General, Amb. George Obiozor thanked the President for his encouragement and support to Imo State and South East Zone and reminded Buhari that the “Governor Uzodimma is indeed a committed and development focused administrator.”

Obiozor reassured Mr. President of Igbo commitment to the Nigerian Project and reiterated that “what the Igbos seek is justice, equity and fairness in a country where they will have acceptance and equality of existence.”

In his welcome remarks, the Secretary to the State Government, Chief Cosmas Iwu thanked the President for coming and said that “Governor Uzodimma has made Imo proud by fulfilling his several campaign promises despite all the distractions and inconveniences he has so far encountered.”

The Deputy Governor, Prof Placid Njoku in his vote of thanks assured Mr. President that soon, he will be invited again to commission more projects in Imo State.

Those who joined in receiving Mr President include: Deputy Senate President,  Senator Ovia Omo-Agege, the Deputy Speaker House of Representatives,  Rt. Hon. Ahmed Idris Wase, former Military Governor Imo Senator, General Ike Nwachukwu (rtd), wife the Governor,  Barr. (Mrs.) Chioma Uzodimma, the Deputy Governor of Imo State, Prof. Placid Njoku, Speaker, Imo State House of Assembly, Rt. Hon Kennedy Ibe and all members of Imo State House of Assembly as well as  all members of the State Executive Council.

Others include the Minister of State Education, Rt Hon Goodluck Opiah, former Governor Ikedi Ohakim, Senator Osita Izunaso, members of the APC National and State executive, traditional rulers led by Eze Imo, Eze EC Okeke, members of the Imo Elders Council led by Eze Cletus Ilomuanya and many more prominent persons from the State and beyond.

Insecurity: Governor Akeredolu Reads Riot Act, Bans Night Clubbing, Okada Operations In Ondo State

By
Akinwale Kasali
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Rotimi Akeredolu
Governor Rotimi Akeredolu

By Akinwale Kasali

Governor Rotimi Akeredolu of Ondo State is not leaving any stone unturned in curtailing the insecurity bedeviling the State.

As a measure towards securing the State, the Governor has banned night clubbing and motorcycle (Okada) operations in the State.

The ban cuts across the 18 Local Government Areas of the State.

This was contained in a statement issued by the Special Adviser to Governor Rotimi Akeredolu on Security Matters, Akogun Adeleye, on Tuesday, in Akure, the State capital.

The statement noted that with the latest order, night clubs would close operation by 12am while okada would operate between 6am and 6pm.

The statement reads; “In furtherance of the current administration’s efforts to rid the State of criminally-minded persons or groups, law enforcement agencies are to resume enforcement on the ban on motorcycle operations outside 6am-6pm, night club activities beyond 12 midnight, use of vehicles with tinted glasses without permit, unregistered vehicles, use of sticker number plates in lieu of car dealership approved stickers.

“Accordingly, all security agencies are hereby enjoined to impound all such motorcycles and vehicles while the owners or riders would be prosecuted.

“The Government of Ondo State encourages all vehicle and motorcycle owners to register their vehicles/motorcycles as defaulters would be made to face the full wrath of the law

accordingly.”

The statement stressed that the determination of the Akeredolu-ed administration to ensure the protection of lives and property of the people of Ondo State remained top priority.

Mamu: Court Permits Continued Detention Of Mamu By DSS For Another 60 Days

By
Akinwale Kasali
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Tukur Mamu - Bandits Negotiator

By Akinwale Kasali

The hope of former Kaduna Train negotiator, Tukur Mamu to get a lenient verdict from Justice Nkeonye Maha, the Presiding Judge at the Federal High Court sitting in Abuja suffered a setback as the Court granted permission to the Department of State Services to further detain Mamu for another 60 days.

Justice  Maha, gave the ruling on Tuesday in response to an ex-parte motion moved by Ahmed Magaji, Counsel for the DSS.

In the motion marked: FHC/ABJ/CS/1617/2022 dated and filed September 12, DSS urged the court to grant its reliefs to enable it to conclude its investigation on Mamu, who had been leading the negotiation with the terrorists for the release of the Abuja-Kaduna train passengers kidnapped since March, 28, 2022.

It would be recalled that  Mamu was arrested at Cairo International Airport on September 6, 2022, on his way to Saudi Arabia for lesser Hajj. He was flown back to Nigeria sans day, and on arrival at the Kano International Airport, he was arrested by operatives of the DSS.

Following Mamu’s arrest, the DSS on Thursday, September 8, 2022, raided his residence and office, and later the residences of his in-law and a couple of relatives.

Confirming the raid in a statement on Thursday, the Spokesman for the DSS, Peter Afunanya, said, “So far, appropriate security agencies have executed valid search warrants on Mamu’s residence and office. During the processes, incriminating materials including military accoutrements were recovered.

“Other items include large amounts in different currencies and denominations as well as financial transaction instruments.” Two days ago, the DSS warned against making comments on the Mamu case, pointedly revealing that what it has unearthed in its investigation, so far, is mind boggling.

South West PDP To Receive Atiku Abubakar Wednesday

By
Ayodele Oni
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By Ayodele Oni

The South West Chapter of People’s Democratic Party, (PDP) has commended the Presidential Candidate of the Party, Alhaji Atiku Abubakar, on his proposed visit to Ibadan on Wednesday.

During the visit, Atiku is expected to hold a crucial meeting with the Zonal Executive Council of the party, as a strategic move to reposition the Party ahead of the 2023 general elections

The opposition Party stated that the choice of Ibadan as the first point of call by the Candidate was a clear signal that the PDP is one united and indivisible family, which is committed to deliver the zone for the party’s candidate in the February presidential election.

This was contained in a statement by the Zonal Publicity Secretary of the PDP, Chief Sanya Atofarati, on Tuesday  in Ibadan.

“On behalf of members of Zonal executive council of our great party I welcome our candidate, His Excellency Alhaji Atiku Abubakar to Ibadan where he would hold a crucial meeting with all stakeholders of the party

“The visit could not have come at a better time than now in view of the ongoing reconciliation and fence mending moves by top hierachy of the party at different levels to address various interests and agitations within the party which were blown out of proportion by the ruling APC.

“As a truly democratic institution, the PDP welcomes all shades of opinions and interests which sometimes might be misconstrued by the general public as crisis, but the inherent internal mechanism for conflict resolution of our party has set the PDP apart from our main challenger and the outcome of the recent reconciliatory moves has begun to bear fruit.

“I must also commend Governor Seyi Makinde  for his exemplary leadership in the zone as he is billed to receieve the visiting former President on Wednesday and put in place logistics for the success of the event.

“Governor Makinde has once again demonstrated capacity to distinguish between self interest and party supremacy because the PDP umbrella is our defining symbol which must be guided jealously going forward.

“I have always held the opinion that the PDP cannot afford to fail Nigerians because the sufferings in the land is positive campaign to our party in 2023.

“Thanks to APC for mismanaging the country. So the rescue mission of our country begins with the PDP and all hands must be on deck to put our house in order across all geo political zones and reclaim our stolen mandate of 2019.

“I equally enjoined Nigerians who are going through excruciating pains and agony foisted on them by APC led wicked administration to keep their hope alive in the PDP because the storm will soon be over.”

Goldman Sachs To Sack Hundreds Of Workers

By
Tosin Olatokunbo
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The cuts at the financial investment firm could begin as early as next week and impact employees across the company, according to sources.

Goldman Sachs declined to comment, but had mentioned reduced profits in an earnings report in July.

“We have made the decision to slow hiring velocity,” the company’s chief financial officer, Denis Coleman, had said at the time.

The investment bank had warned it might have to cut expenses as the economic outlook worsens.

It reported a 48 percent slump in its second quarter profit as its clients face inflation, rising interest rates, the Coronavirus pandemic, and war in Ukraine. Its investment banking division generated revenues of $2.1 billion, down 41 percent compared to a year ago.

The Wall Street titan usually trims about one percent to five percent of its underperforming staff each year, and the 2022 cuts will likely be in the lower end of that range, a source told Reuters.

Mr Coleman also said the firm is considering, “reinstating our annual performance review of our employee base at the end of the year, something that we suspended during the period of the pandemic for the most part and just being much more disciplined and focused on utilization efficiency of our human capital resources”.

“There is no question that the market environment has gotten more complicated and a combination of macroeconomic conditions and geopolitics is having a material impact on asset prices, market activity and confidence,” according Goldman Sachs Chief Executive David Solomon.

BBC

State Police, Way Out Of Security Challenges – Northern Governors

By
Ayodele Oni
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By Ayodele Oni

Miffed by the unending security challenges confronting them, 19  Governors, under the aegis of the Northern Governors Forum (NGF) have thrown their weight behind the establishment of State Police.

This resolution is coming almost a year after their southern counterpart had canvassed for state controlled police force, in a bid to tackle the activities of insurgents, kidnappers and other criminal activities across the country.

The Northern Governors’ position was contained in a communique issued at the end of the meeting with the Northern Traditional Rulers Council  in Abuja.

The meeting was organized to “review the state of security in the North and other matters relating to its progress and the development of the region.”

NGF Chairman and Governor of Plateau State, Simon Lalong said the meeting reviewed the security situation in the North and other matters relating to its development.

According to him, the meeting also resolved to support further amendments of the 1999 Constitution (as amended) in the bid to accommodate the establishment of State Police.

Governor Lalong affirmed that the Northern Governors and “Traditional rulers support the review and constitutional amendment to accommodate the establishment of State Police, with a view to effectively and efficiently address the security challenges in the Northern States.

“The Forum reiterated its commitment to the development of solar energy in view of the comparative advantage of sunshine in the region.

“Accordingly, it was unanimously resolved that 2000 megawatts of solar power be developed across the 19 States and FCT.”

The joint meeting also noted regrettably that the ongoing strike action declared by the Academic Staff Union of Universities (ASUU) strike is more punitive in the Northern region as most of the students across the region are attending public universities.

“Accordingly, the Forum appeals to the ASUU to cooperate with the Federal Government in resolving the strike action.”

The Northern Governors also engaged officials of the World Bank to discuss the level of implementation of the Adolescent Girls Initiative for Learning and Empowerment (AGILE) and Nigeria for Women Project which is being implemented in five Northern States.

Oyetola, UNILORIN Alumni Charge New Vice Chancellor, Prof Egbewole

By
Ayodele Oni
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Wahab Egbewole - UNIILORIN VC

By Ayodele Oni

Osun state government and Alumni association of the University of Ilorin, (UNILORIN) have expressed the hope that the appointment of Prof Wahab Egbewole as vice Chancellor designate will bring new dawn for the institution.

Osun state Governor, Adegboyega Oyetola in a congratulatory message described the appointment of Prof Egbewole, SAN, as the new Vice-Chancellor as well deserved.

Governor Oyetola in a congratulatory message by his Chief Press Secretary, Ismail Omipidan, expressed delight over the appointment of the Osun state born Professor of Law.

He noted that the emergence of Egbewole through a rigorous selection and highly competitive process, was a testament to his long years of academic excellence, hard work, and demonstration of great leadership skills.

The governor said he has no doubt that the new Vice-Chancellor would bring to bear his experience, knowledge and leadership qualities in the discharge of his official responsibilities, add value to the institution and improve its ranking.

“On behalf of the government and good people of Osun, I heartily congratulate a distinguished son of the soil, Prof. Wahab Egbewole, SAN, on his appointment as the Vice-Chancellor of the University of Ilorin.

“In Osun, we are delighted and honoured with his appointment, and are confident in his capacity to move the University to greater height

As a thorough bred academic, outstanding legal practitioner and versatile administrator, I have no doubt that the new Vice-Chancellor would bring to bear his experience, knowledge and leadership qualities in the discharge of his official responsibilities and add value to the institution and improve its ranking.

“I wish Prof. Egbewole success in this new assignment.”

The National Secretariat of the University of Ilorin Alumni Association, via a Letter of Congratulation signed by the National President, Dr  Stephen Olawale Fasakin, implores him to see his appointment as an ”act of God” so designed to achieve certain purposes in the upliftment of the image and structure of the University.

The association Urges Prof Egbewole to see his office “as a big pot of soup for meat and bones together to produce delicious meals for the University community to eat and be satisfied.”

The Association charges the new Vice-Chancellor not leave out and noting that other contestants should be carried along in moving the university forward.

“That your administration be fair and firm, embracing dynamism, operating within ‘due process’, ‘open door’ and other edifying policies.

“These are our watchwords for you as we pray that God will ‘walk’ and ‘talk’ the five years of your tenure with you.

“Kindly, consider the welfare of staff and students in everything you do. Every sector of the University community must not remain the same as they were before at the time of your leaving.

“We  urged the staff and students of the University to cooperate with the new Vice Chancellor for an all round development of the University.

“We promise the Vice Chancellor desgnate our total support for him in other to surpass the achievement of his  predecessor in office.”

Union Bank: Customer’s Complaint of the Day

By
Tosin Olatokunbo
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“How long exactly does it take u guys to reverse a failed transactions? Pls refund my money, i’m sorry for using @UNIONBANK_NG, pls reverse my 115k. I’ve made series of complain but no solution, haba.”

@akhams1

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