First, I hope the government will not attack the World Education Forum for producing a report where Nigeria did not make the top 10 countries in Africa in the educational system. Yes, we have that attitude to dismiss any data that we do not like. The fact is self-evident: Nigeria is underperforming across all layers of our educational system.

When I was in secondary school (Secondary Technical School Ovim), it was common for the principal to address us, telling us that some of our math and science teachers would be going to other African countries to deepen their STEM capacities.

My Further Mathematics teacher (Mr. I. Ukene) made two trips to Namibia and Botswana. But recently, it does seem like these countries are the ones that may be sending support to us. Nigeria has missed the top 10 spots in the latest World Economic Forum educational system ranking for Africa; Seychelles was #1 while Namibia is #10 (full list on click).

Yet, this ranking is not balanced. I bring the same argument when you see Norway and many Scandinavian nations ranking top in primary and secondary educational systems, well ahead of the United States. Those nations are monolithic unlike the US with its massive diversity and history. By the time you average high performing and low performing districts in the US, it looks ordinary. But do not be confused by that ranking. Rather, be worried that many are left behind even when it does produce the absolute best.

That takes me back to Nigeria. According to NBS data, Imo State has a literacy rate of 96.43% while Yobe is at 7.23%. If you average both, Nigeria looks bad, but that does not mean that Nigeria does not have excellence. So, ranking, even by WEF, is not the full story. Of course, we need to do more for all to rise!

https://www.tekedia.com/nigeria-missing-in-world-economic-forum-2022-top-10-african-countries-with-best-education-system/

Nigeria, Africa’s largest economy and most populous nation, has a history of poor education system. From elementary to higher education, Nigeria has been bedeviled by academic underperformance attributed to many factors led by underfunding.

This has resulted in the country yearly losing its place in global education ranking. In the 2022 World Education Forum’s ranking involving 140 countries, including 38 African countries, Nigerian education system failed to find a place among the top 10 in Africa.

The ranking, which used the overall level of labor competence as well as the amount and quality of schooling in each country assessed as its criteria, found Nigeria wanting in all necessary factors considered, including digital literacy, interpersonal skills, and the capacity to think critically and creatively.

However, while Nigeria keeps lagging behind, other African countries are stepping up. According to the 2021 data published by the World Education Forum reported by Insider Africa, these are the top 10 African countries with the best education system.

1. Seychelles

An Island country in East Africa with a population of 98,347 people, Seychelles is the first and only African country to fully accomplish UNESCO’s “education for all” aim. The country’s educational system is also the only one in Africa to be ranked among the top 50 systems in the world, placing 43rd overall, ahead of Ukraine, Hungary, Russia, and the United Arab Emirates. It holds the position for the best education system in Africa, with 69.3 points.

2. Tunisia

The Tunisian educational system ranks 71st among the best worldwide, with a 61.4 points rate of excellence. This country has invested 20% of its national budget into the educational sector and ranks 49th position for School life expectancy and 51st for Pupil-to-teacher ratio in primary education.

3. Mauritius

This country is rated the 3rd best in Africa with 61 points in the educational system and ranks 74th in the global education system. Schooling in Mauritius is compulsory up to the age of 16. The country is also ranked 47th in the world in vocational training because of its reputation for providing high-quality programs.

4. South Africa

The literacy rate in South Africa is 94 per cent. This country is rated the 4th best country in Africa in educational development with 58.4 points. It also holds the 84th position in the global education system.

5. Algeria

Algeria is the second country with the best education system in North Africa. It is the 5th best in Africa with 57.4 points, and the literacy rate in the country is 75%.

6. Botswana

Botswana holds the 6th position in Africa with a score of 56.7 points. It is also rated the 92nd best country in the Global education system. With a population of 2.3 million, the literacy rate in Botswana is 88%.

7. Kenya

Kenya ranks 7th in Africa with 55.4 points and is rated the 95th best country in the world, with a 78.7% literacy rate. It is estimated that the Kenyan government invests 17.58% of its budget in the educational sector.

8. Cape-Verde

Cape Verde ranks 98th in the global education system and number 8th in Africa, with 53.3 points.

9. Egypt

Egypt is ranked 9th in Africa with 52.8 points. The country is also rated the 99th best country in the world, with the rate of 71% literacy rate.

10. Namibia

Namibia has a population of 2.34 million, and the country is ranked 100th in the global education system and 10th in Africa, with a score of 52.7 points. The literacy rate in Namibia is 88.2%.

It is baffling that these countries with lower economic power than Nigeria have shown more commitment to improve their education system while Nigeria is still wallowing in lackluster.

Industrial actions have characterized Nigeria’s education system. Currently, Nigerian public universities are on strike over the government’s inability to meet the demands of the Academic Staff Union of Universities (ASUU).

The strike action, which has lingered for more than seven months now and has paralyzed academic activities in the universities, has no hope of being called off soon as talks between the ASUU and the federal government have repeatedly failed.

Part of ASUU’s demand is N1.2 trillion funding. The union said the fund is needed to revitalize Nigeria’s poor public university system, updating its obsolete curriculum that does no longer meet modern education standard.

First, they refused to raise money. I met them when they were processing about $10,000 per month. Today, the number runs into millions of dollars, servicing 2.3 million customers.

Touch and Pay (TAP), a Tekedia Capital portfolio startup, just raised $3 million. This fund will help expansion in other African countries; Senegal and Ghana will kickstart that big dance.

TAP, a YC startup, is the leader on microtransactions payment in Africa, making it possible to achieve revenue assurance even on transactions as low as 50 cents: “Today there are two types of transactions in Africa, firstly macro ones like buying a car or house, or payment of tuition, These transactions have been digitised and are processed electronically,” he said. 

“But the other type of transactions are micro-transactions, like payment of transportation fares, getting snacks or a cup of coffee, or buying groceries. These are all cash-based and they account for 70 percent of all daily transactions in Nigeria today.”

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Nigerian fintech startup Touch and Pay is planning expansion into a number of other African markets after securing a seed funding round worth US$3 million.

Founded in 2019, Touch and Pay has developed a suite of near field communication (NFC) based payment solutions for all sorts of situations. Co-founder Michael Oluwole said the startup was trying to move towards a truly cashless society.

“Today there are two types of transactions in Africa, firstly macro ones like buying a car or house, or payment of tuition, These transactions have been digitised and are processed electronically,” he said.

“But the other type of transactions are micro-transactions, like payment of transportation fares, getting snacks or a cup of coffee, or buying groceries. These are all cash-based and they account for 70 per cent of all daily transactions in Nigeria today.”

Even those that have bank accounts, therefore, still have to withdraw cash to perform these microtransactions.

Comment on LinkedIn Feed

Comment: Good ?. Am wondering though….just raised $3m to expand into two countries in Africa. And they are already the leader in microtransactions in Africa?

My Response: We have looked at all the companies in Africa and none processes more microtransactions (note microtransactions) than TAP. Even though it is Nigeria, since no one is processing more than it, it is the leader in Africa. Also, raising $3m is by choice.

They would have raised $30m but as I noted, these guys NEVER want to raise money. It took a lot to get them to raise. Why? They generate really great free cashflow. I do not use money raised as a metric for success. We use real data and one is 2.3 million customers within 3 years!

In trying to set up a company, there is an important position apart from your directors that is also very important for the effective operation of your company – the company secretary.

This article will be looking at the position of the law regarding the role of a company secretary and a couple of other topics ranging from who is eligible to be a secretary to what company secretaries actually do to the circumstances under which a company might not be required to have a company secretary.

What exactly is a Company Secretary position?

A company secretary is an administrative officer of a company appointed to attend to the mandatory company secretarial compliance requirements of a company as well as serve as a secretary to the company’s board of directors.

What is the Regulatory Framework governing the conduct of company secretaries in Nigeria?

Company secretaries are required to keep in line with the compliance requirements of the Companies and Allied Matters Act (CAMA) 2020 through its established agency for the regulation of company registration and operation in Nigeria, the Corporate Affairs Commission (CAC) as well as the Nigerian Code of Corporate Governance 2018.

Are company secretaries a compulsory requirement for all companies in Nigeria?

Typically, all companies are required to have an apponted company secretary, but under the new Companies and Allied Matters Act (CAMA) 2020, the following companies are exempted from having an apponted company secretary:-

– Companies with an annual turnover level of below 120 Million Naira.

– Companies with a net assets value of below 60 Million Naira.

It should be noted that while companies under this category do not have to appoint company secretaries, but it is advisable to do so as all companies in Nigeria are still required to render post-incorporation returns to the Corporate Affairs Commission (CAC) constantly.

Who is eligible to be a company secretary in Nigeria?

While under the CAMA a person with a general knowledge of company secretarial services can be appointed as a company secretary , it is advisable for private companies and mandatory for public companies (PLCs) to appoint any of the following individuals as a company secretary :-

– A lawyer as properly defined under the Legal Practitioners Act.

– A member of any professional body of accountants created by law.

– A chartered secretary/member of the Institute of Chartered Secretaries and Administrators of Nigeria? (ICSAN).

– A corporate structure/body corporate/firm/company made up of any of the individuals previously mentioned.

– Any individual who has held the office of a company secretary of a public company for at least 3 out of the 5 years before his appointment.

What exactly are the functions of a company secretary in Nigeria?

Company Secretaries have the following functions :-

– Advising on and ensuring compliance of a company with all provisions the CAMA and the Nigerian Code of Corporate Governance.

– Giving notices of and attending all meetings of the company and its board of directors.

– Rendering compliance returns and required post-incorporation filings to the Corporate Affairs Commission

– Maintaining the register of the company and its statutory records.

– Advising on and ensuring compliance with the company’s MEMART (Memorandum Articles of Association).

– Ensuring the documentation and recording of the minutes of all meetings of the company and its board of directors as well the documentation and co-signing of all company/board resolutions.

– The carrying out of all Administrative and Secretarial functions as directed by a company’s board of directors.

Must a company secretary be appointed in a full-time capacity?

No. Company secretaries can be appointed on a part-time or outsourced basis. In fact it is possible to render Company Secretarial services to many companies at the same time. This is a cost-saving means of retaining company secretarial services for either start-ups or companies working on a relatively tight budget or looking to hire highly-experienced and usually self-employed professionals that cannot be engaged on a salaried or full-time basis.

Can a company secretary operate from outside Nigeria?

No, a company secretary must be resident in Nigeria.

Can a company secretary also operate as a director of a company?

Yes. An eligible individual can be appointed in a dual capacity as a Company Secretary and also a Company director, but such an individual can only sign any company document (a resolution, contract, notice etc) as either a Company Secretary or a Director, which will require another director to provide the second signature.

Is it possible to combine the duties of a Company Secretary with other specialized Administrative functions?

Yes. A lawyer that is appointed as a company secretary can also be appointed in a multiple capacity as a :-

– Human Resource Manager.

– Legal Adviser/Legal Manager/Litigation Manager.

– Independent Director.

– AML(Anti-Money Laundering) & CFT(Combating the Financing of Terrorism) Compliance officer.

– Data Protection Compliance Officer(DPCO).

Who has the power to appoint a Company Secretary?

Company Secretaries can be appointed by a company’s Managing Director, the Board of Directors of a company or its founders.

What are the steps involved in appointing or removing a Company Secretary?

This usually involves filing to the CAC a Notice of Appointment /Change of a Company Secretary(usually within 14 days of appointment or removal).

Conclusion :- It is hoped that a better understanding of the position of Nigerian law on Company Secretaries and the conditions surrounding the appointment and removal of a Company Secretary has been achieved by this article in order to enable business persons make better-informed decisions regarding the appointment of key staff going forward.