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Though what the Federal Government offered striking members of the Academic Staff Union of Universities, ASUU, fell beyond the lecturers’ expectations, they agreed to suspend their eight months industrial action because of the economic situation in the country and pressures from some stakehoders. The decision was not based on the negotiating ability of the government team which the union has not been comfortable with, checks by Vanguardhave revealed. As ASUU and FG teams met penultimate Friday, the National Bureau of Statistics announced that Nigeria had gone into another round of economic recession, as the Gross Domestic Products, GDP, shrank for the second consecutive quarter. The fact was corroborated by the World Bank which described the recession as the worst in over 30 years. A leader of ASUU, who spoke to our correspondent in confidence, said if the union was to consider government’s handling of the issue, the strike could go on for a very long time. “Though the government trie...

The World Bank on Friday announced the appointment of Cyndo Obre as the new International Finance Corporation (IFC) representative in Benin. A national of Côte d’Ivoire, Mr Obre holds a Master’s degree in International Finance and Business from the Institut Supérieur du Commerce de Paris. As country manager, he will work closely with IFC’s regional representation based in Accra, Ghana, and with the World Bank and MIGA teams. He will coordinate the increase of IFC’s interventions in Benin, particularly in key sectors such as access to finance for SMEs, infrastructure and value chains in the agricultural sector. In Benin, the new director’s most immediate priority will be the implementation of IFC’s COVID-19 response, according to an official statement. With a strong background in investment project structuring and IPP project development, Mr Obre also has transaction expertise covering a wide range of sectors, including industry, agribusiness, financial institutions, health, real estat...