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Dependant Visa Restrictions Impact UK Universities’ Revenues Amidst Nigerian Preference for Canada

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Dependant Visa Restrictions Impact UK Universities' Revenues Amidst Nigerian Preference for Canada

Most of the universities in the United Kingdom have been experiencing reduced admissions from international students including Nigerians over the dependant visa ban policy.

UK’s Dependant visa ban

Recall that the UK Home Office under the sacked interior secretary Suella Braverman introduced the dependant visa ban policy that restricted Nigerians and other migrants from bringing family members with them starting from January 2024.

The British High Commissioner to Nigeria, Richard Montgomery, while speaking on the policy in June said it was implemented to avoid overburdening the British economy’s s housing infrastructure and to control the inflow of migrants.

Recounting the repercussions of the policy, the universities and business schools said they cannot meet the admission targets for the year 2024, according to a report by 023 Chartered Association of Business Schools (CABS) Annual Membership Survey.

“In what appears to be an early signal of the impact of an important change to UK visa policy, nearly half (44%) of the country’s business schools are reporting that they will miss their non-EU recruitment targets this year,” the report said.

“When reporting on performance against non-EU recruitment targets for the 2023/24 academic year, nearly three in ten responding institutions (29%) said they had either significantly or moderately exceeded their goal. Another 27% said they had met their recruitment target.

“But the remaining 44% said that they fell short of their recruitment goals, of which 22% reported being “significantly below” their target enrolment.

“The survey report adds: ‘There is significant variation in the results by level of study for non-EU international enrolments, as at undergraduate level nearly half of the schools either significantly or moderately exceeded target compared to one-third of schools at postgraduate level.

“At postgraduate level nearly 50% of schools reported recruitment that was either significantly or moderately below target for non-EU international students, compared to 21% at undergraduate level.’”

 

READ ALSO: Barcelona Triumphs in Women’s Champions League Opener as Oshoala Shines Despite Saudi Visa Cancellation

 

It added, “Survey respondents reported that they were seeing some of the most significant increases in non-EU enrolment from India, Pakistan, and Ghana. “All these countries had more business schools seeing increases in enrolments for the new academic year than decreases,” notes the report. “Growth in enrolments from Nepal and Saudi Arabia were also cited by several schools. None of the schools cited decreases in enrolments from Nepal, Pakistan and Saudi Arabia.”

Nigerian and Chinese foreign students

Affected by the dependant visa restriction policy, the report disclosed that Nigerians and Chinese have reduced their admissions to British universities, as it said, “the most frequently cited countries for declining enrolments were China and Nigeria, which could suggest a reversal in the growth in recruitment from these key countries in recent years.

Canada and Australia benefitting from UK’s dependant visa ban

The report further said that the number of international students seeking admission to study Master in Business Administration (MBA) has reduced in number, especially from Nigerians and Chinese. It further said these foreign students have turned to Canadian and Australian universities which are now migrant-friendly destinations.

In May 2023, the British government announced that international students would be prevented from bringing dependants with them as of January 2024 (unless students are in postgraduate programmes with a research focus).

The Home Office said at the time that almost half a million student visas were issued in 2022 while the number of dependants of overseas students has increased by 750% since 2019, to 136,000 people. The move to limit accompanying dependents was explicitly done to curb net migration, and was described by the Home Secretary as the “single biggest tightening measure a government has ever done.”

The vast majority of respondents to the CABS survey said that they expect to see negative impacts on non-EU enrolment arising from the policy.

According to the report, “It is anticipated that enrolments for MBA programmes will be most affected as MBA students tend to be older and often wish to bring their family with them. Other post-experience programmes, such as Executive Education programmes sponsored by a company, are also expected to be more adversely impacted due to students being more likely to have children.

“Many [respondents] mentioned that the change has prompted them to reassess their school’s strategy which includes shifting MBAs and Master’s programmes to online delivery if not already offered in this mode, and focusing on growing international student numbers at an undergraduate level instead. There is also a sense that the recruitment of business schools in competitor countries such as Australia and Canada is already benefitting from the UK’s decision to ban visas for dependents of students.”

The revenue impact

The survey found overall that UK universities remain highly dependent on business school tuition revenue, and that, with the downward pressure on non-EU enrolments for this year in particular, the financial outlook for the year ahead is weakening.

“While 28% and 49% of respondents in 2022 stated that they expected significant and moderate increases in income respectively, these numbers have fallen to 9% and 36% in this year’s edition of the survey. 30% of business schools expect a decrease in income compared to only 2% in last year’s survey,” it added.

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Breaking: MTN Nigeria forfeits shareholder funds after suffering N740 billion in foreign exchange losses.

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Breaking: MTN Nigeria forfeits shareholder funds after suffering N740 billion in foreign exchange losses.

Breaking: MTN Nigeria forfeits shareholder funds after suffering N740 billion in foreign exchange losses.

MTN Nigeria Plc has reported a loss before tax of N177.8 billion compared to a pre-tax profit of N518.8 billion a year earlier. The losses resulted in a wipeout of shareholders’ funds.

The company attributed the losses to a massive foreign currency loss of N740 billion up from N81 billion reported in 2022.

This is the company’s first-ever loss since it became a quoted company in Nigeria.

Key Highlights

Total subscribers increased by 5.3% to 79.7 million
Active data users increased by 12.7% to 44.6 million
Active mobile money (MoMo PSB) wallets increased by 163.2% to 5.3 million
Service revenue increased by 22.4% to N2.5 trillion
Earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 12.3% to N1.2 trillion
EBITDA margin decreased by 4.5 percentage points (pp) to 48.7%
Loss after tax was N137.0 billion due to net forex loss
Profit after tax (PAT) adjusted for the net forex loss decreased by 14.3% to N344.5 billion
Earnings per share (EPS) declined to negative N6.38 kobo (N16.56 kobo adjusted for the net forex loss, down 14.1%)
Net loss for the year has resulted in a depletion of our retained earnings and shareholders’ fund to negative N208.0 billion and N40.8 billion, respectively
Company Commentary: “2023 witnessed a very challenging operating environment characterised by rising inflation, currency devaluation and foreign exchange shortages, complicated by geopolitical disruptions and cash shortages in Q1 arising from a redesign of the naira.

These factors created severe MTN Nigeria Communications Plc Audited results for the year ended 31 December 2023 2 | Page headwinds for our customers and our business during the year. The inflation rate increased throughout the year, reaching 28.9% in December 2023 – the highest reading in 18 years – with an average rate of 24.5%.

This was further exacerbated by higher fuel prices, arising from the removal of the fuel subsidy in May 2023, with the average prices of diesel and petrol up by 66.4% and 257.1% in 2023 to N1,416.8/litre and N600/litre, respectively. In June 2023, the Central Bank of Nigeria (CBN) adopted a more liberal foreign exchange management system and reintroduced the ‘willing buyer, willing seller’ model.

This has resulted in a 96.7% unfavourable movement in the exchange rate against the US dollar from N461.1/US$ in December 2022 to N907.1/US$ (Nigerian Autonomous Foreign Exchange Market (NAFEM) rate) in December 2023. This development contributed meaningfully to the upward pressure on the cost of doing business in Nigeria, and for MTN Nigeria in particular, significantly increased the costs in relation to our tower leases.”

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BREAKING: “No more Emilokan”—Ibadan residents protest hardship under Tinubu 

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BREAKING: “No more Emilokan"—Ibadan residents protest hardship under Tinubu 

BREAKING: “No more Emilokan”—Ibadan residents protest hardship under Tinubu

Some Nigerians in Ibadan, Oyo State, are currently protesting the high cost of living, food inflation, and economic hardship under President Bola Tinubu administration.

Recall that Nigerians have continued to face various degrees of economic hardship since President Tinubu announced the removal of the petrol subsidy on May 29, 2023.

The protest, which was staged in the Mokola area of Ibadan, had some placard-carrying youths in their numbers chanting songs to drive home their points.

Some of the placards have inscriptions such as ‘No more Emilokan’, ‘End food hike and inflation’, ‘The poor are starving’, ‘Tinubu, don’t forget your promises’, amongst others.

Armed policemen were seen at the protest scene even as demonstrators held the peaceful rally against the economic hardship in the land occasioned by the removal of petrol subsidies and the unification of the foreign exchange windows.

The police had warned that no breach of peace would be allowed during any protest in the state.

The protest in Oyo followed others in Kano and Minna, among others, over the economic hardship occasioned by petrol subsidy removal, food inflation, and the high cost of living.

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A helicopter carrying Herbert Wigwe and five others crashes on the California-Nevada Border

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Wigwe: Family releases burial rights, excludes RCCG City of David

A helicopter carrying Herbert Wigwe and five others crashes on the California-Nevada Border

A helicopter carrying Herbert Wigwe, Group Managing Director and Chief Executive Officer of Access Holding, and five other people crashed near the California-Nevada border.

No official confirmation has been made from the bank holding company.

However, sources with knowledge of the matter confirm that Herbert Wigwe was on board the helicopter but cannot confirm if he is dead or if there were survivors.

Also on board were his wife and son. Nairametrics also understands that business mogul Abimbola Ogunbajo was also on board the flight.

However, the United States National Transport Safety Board (NTSB) is still investigating the crash, as authorities have yet to access the crash site.

The NTSB also tweeted

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