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Lagos State Polytechnic Swears In Olaleye As The New Rector



The Lagos State Polytechnic Governing Council has sworn-in Dr. Oluremi Nurudeen Olaleye as the 11th Rector of the Institution at an inauguration ceremony held at the School of Agriculture Auditorium, LASPOTECH, Ikorodu.

Speaking at the swearing-in-ceremony, Chairman of the Governing Council of the Institution, Prof. Rasheed Ojikutu, stated that the newly appointed Rector will not depart from the institution’s mantra, which focuses on “Fairness and Justice to all”.

He disclosed that LASPOTECH had, over the years, deviated from its set of goals of promoting scholarship and leadership in technology to the community where chaos, rancour and avoidable crises prevailed.

Prof. Ojikutu, however, gave an assurance that the leadership of Dr. Olaleye will bring comfort, peace and posterity to the institution through collective decision and support of the Management and Council Members.

In his response, Dr. Olaleye expressed his appreciation to Governor Babajide Sanwo-Olu and the Governing Council of the Institution, led by Prof. Rasheed Ojikutu, in ensuring that merit was the major criterion in choosing him as the 11th Rector of the great institution, stressing that justice, equity and fairness will be the hallmark of his engagement with all stakeholders during his tenure.

In his words, “Today marks the beginning of a new era in our institution and the journey to change the narratives has just begun. Meanwhile, the countdown of 1,825 days (five years) of my administration starts today. I intend to prioritise staff welfare, academic excellence, employability and entrepreneurial skills for our students”.

“Also, my tenure will strongly enhance shared values in professionalism, excellence, commitment, dedication, integrity, fairness, equity and transparency in our rebuilding process”, he added.

The new Rector promised to establish and maintain a sustainable relationship with world investors in a bid to encourage staff and students with innovative ideas to participate in trade fairs in order to showcase their inventions, creative abilities and skills.

Earlier, the Deputy Rector, Academics, LASPOTECH, thanked Governor Babajide Sanwo-Olu and the Special Adviser to the Governor on Education, Mr. Tokunbo Wahab for the opportunity to serve the institution in an Acting Capacity for the period of six months.

He pledged his total support to the new Rector, Dr. Oluremi Olaleye in order to ensure that he succeeds in his onerous task of leading the institution to greater heights.



54gene Unveils World-Class Scientific Research Laboratory In Lagos State, Nigeria



54gene has unveiled its new lab in Lagos State, Nigeria, capable of human whole genome sequencing and a variety of other scientific investigations.

Hosting a suite of world-class molecular genomics capabilities, including the Illumina Novaseq 6000 and NextSeq 550Dx the lab is part of 54gene’s mission to enable Africans to conduct genomics research and will be fully operational from January 2021. The new lab, recently inspected by the Commissioner of Health for Lagos State, Prof. Akin Abayomi, is geared to crucially expedite internal and external research projects designed to facilitate precision medicine for Africans and the global population.

54gene is currently conducting research to discover novel biological insights based on genetic modifiers, by deriving information from its unique and rich data set. This will allow the company’s researchers to determine the underlying drivers of infectious and noncommunicable diseases prevalent on the African continent as well as genetic variants unique to its population. The new lab strengthens 54gene’s capacity to enable more research that yields insights from the world’s most diverse populations to solve some of the biggest global healthcare challenges.

Commenting on the significance of 54gene’s  advanced molecular capabilities, Founder & CEO, Dr Abasi Ene-Obong said: “Over the last two years, our growth has been underpinned by a supremely experienced world class team, and the collaboration of key stakeholders on the continent. I am proud of the impact our work is making scientifically and economically on the African continent and globally; and the many scientists around the world, who collaborate with 54gene. 

“Our vision is not just to address the health disparities in Africa but to distinctly advance research in some of the most common and rare diseases that affect the global population. To do this we need to scale our operations and continue to collaborate on cutting edge research. The possibilities are immense and we look forward to expanding this impact even more.”

Visiting the Molecular Genetics Operations labs and the Biobank, the Honourable Commissioner of Health for Lagos State, Prof. Emmanuel Akinola Abayomi, said, “This is quite an impressive setup,

and I am happy that 54gene has chosen Lagos as its base. I believe this is going to be a mutually

beneficial arrangement as Lagos is keen to promote a medical innovation hub in the State. We will continue to create an enabling environment for the private sector, like 54gene, to flourish, while ensuring that the public’s interests are adequately protected. We look forward to partnering with 54gene and other stakeholders alike to power innovation and a sustainable bio economy.”

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Fitch Bemoans Nigerian Government Borrowing From CBN



Fitch, a credit ratings agency, has sounded the alarm over Federal Government’s reliance on Central Bank of Nigeria(CBN) for loans through Ways and Means facility, to cover up the shortfall in revenue.

Fitch Ratings stated this in its report on Wednesday titled ‘Nigeria’s deficit monetization may raise macro-stability risks’.

Ways and Means financing is basically the printing of money by the CBN to enable the FG to plug its budget deficit.

“Sustained use of direct monetary financing could raise risks to macroeconomic stability – given the current weak institutional safeguards – but we expect the FGN to reduce its use of the facility in 2021,” the report reads.

The FGN directly borrowed 1.9 percent of GDP from the CBN to fund its fiscal deficit in 2020, estimated by Fitch at 3.6 percent of Gross Domestic Product.

While it says it understands the need for the Federal Government to look for ways to finance the budget against a background of the coronavirus pandemic, Fitch said, the use of central bank financing in Nigeria predates the pandemic shock.”

The report added, “We estimate that the balance of the government’s WMF with the CBN was around N9.8tn (6.7 percent of GDP) at end-2019, up from N5.4tn (4.2 percent of GDP) at end-2018.

“Unlike the government, we include this balance in our metrics for Nigeria’s government debt. Borrowing from the facility accounted for 30 percent of the FGN’s debt at end-2019, on our estimates.”

Fitch Rating stated that repeated central bank financing of government budgets could raise risks to macro-stability in the context of weak institutional safeguards that preserve the credibility of policymaking and the ability of the central bank to control inflation.

The credit rating agency, however, provided a positive outlook for the Nigerian government’s fiscal revenue and expenditure projections for 2021 describing it as broadly realistic, saying “we believe it should preclude further significant borrowing by the FG from the CBN facility this year.”

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Ronaldo Becomes The Highest Scorer Of All Time With 760 Goals



The Juventus superstar netted his 760th career goal against Napoli in the Italian Super Cup final on Wednesday night to move clear of legendary Austria-Czech footballer Josef Bican’s official record of 759.

But according to the Rec.Sport.Soccer Statistics Foundation (RSSSF), Bican is still the highest-scoring footballer ever to play at the top level with 805 goals from 530 games between 1931 and 1955.

Among those goals were 27 for Rapid Vienna’s reserve and amateur teams, hence why many place Bican on 759, but things get even more complicated because records from the Czech second division in 1952 are thought to be missing.

Don’t even get us started on Pele and Romario. Both Brazil legends claim to have scored more than 1,000 career goals, but Pele is generally credited with 757 and Romario with 745 on competitive senior matches alone.

However, the RSSSF has it down as 767 for Pele and 772 for Romario, which would put Ronaldo behind them both despite Wednesday night’s strike.

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