The Federal Polytechnic, Ile-Oluji, Ondo State, will on Nov. 28, award certificates to 291 National Diploma students at its maiden convocation of 2016/2017 and 2017/2018 academic sessions.
Prof. Emmanuel Fasakin, the Rector of the polytechnic, who made this known during a news conference at Ile-Oluji on Monday, said 39 of the students scored distinctions.
Fasakin noted that the school was a fast-growing one which was created in 2014 but started in 2015.
He said that the polytechnic successfully established five academic programmes for students admitted in 2016/2017 academic session.
“This polytechnic admitted its first set of students into these programmes: National Diploma in Accountancy; National Diploma in Computer Science; National Diploma in Computer Engineering; National Diploma in Electrical/Electronic Engineering; and National Diploma in Statistics in 2016/2017 academic session,’’ he said.
According to him, the 2017/2018, graduating set had 141 students; and 21 of them graduated with distinction, 48 with upper credit, 61 had lower credit while 11 of them had pass.
He noted that the 2018/2019 graduating set had 150 students, saying 18 of them had distinction, 43 had upper credit, 58 got lower credit while 31 had pass.
Fasakin explained that the polytechnic had obtained approval to teach additional seven academic programmes such as: National Diploma in Science Laboratory Technology; National Diploma Civil in Engineering Technology; and National Diploma in Agricultural Economics and Cooperatives.
Others are: National Diploma in Fisheries Technology; National Diploma in Architecture and Architectural Technology; and National Diploma in Business Administration and Management.
The rector said that the new programmes would be in place with the initial ones, starting from 2019/2020 academic session, saying that the polytechnic had kicked off the process of running Higher National Diploma in the programmes.
He said the institution had collaboration and linkages with some universities in the U.S. and the Federal University of Technology, Akure (FUTA) for exchange of staff and students.
According to him, every student passing through the institution must have additional vocational programme that can be useful after graduation.
The rector noted that the school had zero tolerance for cultism and other social vices, saying that two students were expelled from the school over alleged cultism.
He said that Dr Mas’udu Kazaure, the Executive Secretary of the National Board for Technical Education (NBTE) would deliver the Convocation lecture on Wednesday, saying that other eminent Nigerians would attend the convocation on Thursday.
Fasakin said that funding had been a major challenge impeding development of the school.
He said that the school’s management was exploring the best ways of increasing Internally Generated Revenue (IGR).
Edited & Vetted By: Chioma Ugboma/Adeleye Ajayi
Tokyo stocks close sharply higher on Fed’s corporate debt-buying program
Tokyo stocks closed sharply higher Tuesday, ending a three-day losing streak as the United States Federal Reserve saying it would start buying corporate bonds to help provide economic relief to businesses lifted investor sentiment.
The 225-issue Nikkei Stock Average gained 1,051.26 points, or 4.88 percent, from Monday to close the day at 22,582.21.
The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, added 62.67 points, or 4.09 percent, higher to finish at 1,593.45.
All industry categories closed in positive territory, with iron and steel, marine transportation and transportation equipment issues comprising those that gained the most by the close of play.
Tokyo stocks soar in morning on Fed’s corporate bond-buying program
Tokyo stocks surged Tuesday morning as the market mood was buoyed by Wall Street’s overnight rise after the United States Federal Reserve said it would start buying corporate bonds to help provide economic relief to businesses hurt by the pandemic.
The 225-issue Nikkei Stock Average gained 714.01 points, or 3.32 percent, from Monday to 22,244.96.
The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, added 43.34 points, or 2.83 percent, at 1,574.12.
Marine transportation, steel and iron, and transportation equipment-linked issues comprised those that gained the most by the morning break.
COVID-19 pandemic causes record-high unemployment rate: United States Fed
United States Federal Reserve said Friday that COVID-19 and the measures taken to protect public health have induced a sharp decline in United States economic activity and the severe economic repercussions have been “especially visible” in the labor market.
In its Monetary Policy Report submitted to the Congress, the central bank said the pandemic has led to a surge in job losses, “with the unemployment rate, which had been at a 50-year low, soaring to a postwar record high.”
Since February, employers have shed nearly 20 million jobs from payrolls, reversing almost 10 years of job gains, the Fed said, noting that the unemployment rate jumped to a post-World War II high of 14.7 percent in April and then moved down to a still very elevated 13.3 percent in May.
In a virtual press conference Wednesday, Fed Chairman Jerome Powell pointed out this figure “likely understates the extent of unemployment,” as was stressed by the Bureau of Labor Statistics.
“Accounting for the unusually large number of workers who reported themselves as employed but absent from their jobs would raise the unemployment rate by about 3 percentage points,” Powell said.
The central bank chief voiced his concern that millions of Americans could be permanently unemployed from this crisis, adding that the United States economy will likely need more fiscal and monetary support for a long time.
The Fed also noted in the report that the most severe job losses have been sustained by those with lower earnings and by the socioeconomic groups that are “disproportionately” represented among low-wage jobs.
The number of initial jobless claims in the United States totaled 1.54 million last week as reopening efforts continued across the nation, the Labor Department reported Thursday.
With the latest numbers, over 44 million initial jobless claims have been filed over the past 12 weeks as COVID-19-induced recession sent ripples through the United States labor market, indicating the mounting economic fallout of the outbreak.
The Fed on Wednesday kept its benchmark interest rate unchanged at the record-low level of near zero, and projected interest rates to remain at the current level through at least 2022.
It projected that the United States economy will shrink by 6.5 percent in 2020, followed by a 5-percent gain next year.
According to the central bank’s economic projection, the unemployment rate could fall to 9.3 percent in the fourth quarter of this year, before reaching 6.5 percent by the end of next year.
Fed. Poly, Oko, inaugurates management committee
The Rector, Federal Polytechnic, Oko in Anambra, Dr Francisca Nwafulugo, has inaugurated the institution’s management committee, in line with the new Polytechnic Amendment Act.
Inaugurating the committee on Thursday, Nwafulugo expressed happiness that Federal Polytechnic, Oko was among the first Polytechnics in the country to implement the act.
She said the committee comprised of all the institution’s principal officers including Rector, Deputy Rector, Registrar, Bursar and Polytechnic Librarian, as well as all deans of the schools and directors of units.
The Rector, who is also the chairman of the committee, however, charged members to develop positive attitude towards achieving the set goals of the polytechnic.
“I really want to appreciate you all for working extra hours, especially in this COVID-19 period, to get the institution at the height it is today.
“We need more commitment because with your dedication and commitment, I am certain that we shall take this institution to a greater height.
“Leadership is all about service, and there is every need to show that we are servant leaders,” Nwafulugo said.
The rector further urged them to develop positive attitude in order to achieve the set goals of the institution.
While commending the deans and directors, the rector thanked members of the management for their service to the institution.
Earlier, the Deputy Rector, Dr Izuchukwu Onu, welcomed the new members into the management team, urging them to sustain the institution’s lead on all fronts.
The News Agency of Nigeria , reports that the Polytechnic Amendment Act, as contained in Cap F17, Laws of the Federation of Nigeria 2014, was enacted in 2018 by the National Assembly.
It was then signed into law by President Muhammadu Buhari in June 2019.
The act, among other things, is aimed at enhancing the quality of learning in polytechnics and fostering employment for Polytechnic graduates in the labour market.
Edited By: Edwin Nwachukwu/Nyisom Fiyigon Dore (NAN)