The Federal Government on Friday
apologized to Nigerian students and
parents over the prolonged strike
embarked upon by the Academic Staff
Union of Univetsities, ASUU

The leadership of the public University
teachers early hours of Friday
conditionally suspended the eight
month strike it embarked upon on
February 14 as a result of the
government’s failure to attend to some
of their concerns.

The federal government through the
Ministry of Labour and Employment
expressed gratitude to all Nigerians
who participated in various ways in
the negotiations leading to the calling
off of the strike.

A statement by the Deputy Director
Press in the Ministry, Olajide
Oshundun, assured Nigerians that with
the steps the federal government is
taking, Nigerian students will be saved
the unpalatable experience of
intermittent, prolonged industrial
actions in future.

According to the statement, “In a
special way, the Minister of Labour
and Employment, Senator Chris Ngige
expresses gratitude to the Honourable
Speaker, Hon. Femi Gbajabiamila and
the leadership of the House of the
House of Representatives.

“We particularly recognize the
patriotic efforts of the Sultan of
Sokoto, Alhaji Saad Abubakar III, the
former President of the Christian
Association of Nigeria, Rev. Supo
Ayokunle, all members of Nigeria
Inter Religious Council (NIREC) and
the Catholic Bishops Conference of
Nigeria whose wisdom and
intervention raised a ray of hope while
the strike was at infancy but for
ASUU’s intransigence to negotiation.


“We were forced to migrate the matter
to the National Industrial Court of
Nigeria (NICN) created by the 1999
Constitution as amended, for the
settlement of industrial disputes
because every channel of negotiation
including the tripartite plus, in which
eminent Nigerians participated in
failed. We were left with no other
option than to trigger Section 17 of the
Trade Disputes Act .CAP T8, Laws of
the Federation of Nigeria 2004 on
dispute resolution mechanism in
seeking the intervention of the
National Industrial Court .

Mary00:
Good

The Central Bank of Nigeria (CBN) has
barred foreign banks operating
representative offices in Nigeria from
providing services designated as
‘banking businesses’ among other
aspects of services.


The apex bank disclosed this yesterday
in its Guidelines for the regulation of
representatives offices of foreign banks
in Nigeria.



The guideline, according to the CBN,
complements its regulation on the
scope of banking activities and
ancillary matters.



Listing the non-permissible activities
for foreign banks operating in the
country, the guideline stated:
“Approved Representative Offices shall
not engage in the following services/
activities; Provision of services
designated in Nigeria as banking
business;


Provision of any commercial
or trading activity that may lead to the
issuance of invoices for services
rendered; and Acceptance of orders on
behalf of the foreign parent; and
engage directly in any financial
transaction.’’



However, the CBN guideline added:
“Representative offices of foreign
banks serve an important purpose of
showcasing the brand and services of
its parent company. It can also
stimulate foreign direct investment to
the host country by connecting capital
to various investment opportunities.



“It is in view of these that the CBN
issues these guidelines, to specify the
requirements for the licensing and
operations of approved representative
offices of foreign banks in Nigeria.”