DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Blog Page 5491

BIG ISSUE: Has the University of Ibadan Goofed with Only First-Class Graduates Let-In Convocation Ceremony? Evidences Around the World

0
University of Ibadan, a federal university

For a few months in 2019 and over a year now, the world has been battling with the COVID-19 virus, which has impacted and still affecting people’s movement. Local and international businesses were forced to shut down during the first wave of the virus. Educational Institutions were not spared. Despite the severity of the virus during the first wave, a number of private higher Institutions in Nigeria were able to carry out their teaching duties and administrative functions through various online learning and meeting platforms. This was not actually occurred in most public institutions as the leadership failed to come up with resilient strategies and tactics to overcome the emerging challenges and issues.

As people and organisations continue experiencing impacts of the virus, this piece is not about x-raying the impacts and how the stakeholders are addressing them, the piece only interrogates the recent decision of the University of Ibadan that only graduates with First Class grade will be allowed to participate physically for the year 2021’s Convocation ceremony.

According to the University, “Attendance at the International Conference Centre is opened to First Class Honours graduands and recipients of prizes and awards only. Parents and visitors are not allowed into the campus neither will there be any form of partying or social gathering during the period. All graduands are to comply with COVID-19 protocols, including wearing of face masks, physical distancing and use of hand sanitizer.”  This decision has been earlier made and applied by the University of Ilorin which held its 2021 Convocation ceremony recently.

From the news media to the graduates, including their relatives and colleagues, the decision has been framed mostly with negative rhetoric and alternative narratives. While it is obvious that stakeholders across levels and industries and sectors need to be strategic in organizing events that require large gathering of people as the virus continues its spread in Nigeria, it is glaring, according to our checks across HEIs in different continents, that stakeholders are employing virtual playbook for graduation ceremonies.

For instance, information from the University of Regina indicates that irrespective of grades all graduates are being accommodated at the ceremony. According to the institution, “among the initiatives is a special commemorative program for graduates that will be mailed to them together with their parchment. As well, a special video tribute to graduates has been commissioned and will be posted later this month on the University website and broadcast on Access Communications.

A virtual yearbook has been designed that will allow Spring 2020 graduates to share their memories from their time at the U of R and stay connected with their colleagues. The University is also making “electronic swag” (virtual photo frames and backdrops) available on its website so graduates, their family members and friends can create their own special memories. In addition, the University is launching its #UofReginaGrads2020 social media campaign, where all community members are invited to post their congratulatory messages to this Spring’s graduates.”

Some institutions have also followed this approach. The Columbia Climate School, which cancelled in-person in 2020 and this year, adopted a virtual method without discriminating any graduate. The virtual approach was also the main strategy employed by the management of University of Michigan in February, 2021. Instead of denying all graduates opportunity of having shared memorable celebration, schools in New Jersey, the United States of America, were informed by the state government to limit the number of attendees per session and observe COVID-19 containment measures strictly.

Like schools in the New Jersey, the University of Chester, Queen Mary University of London, Cambridge University and Oxford University all had the ceremony in piecemeal, limiting the number of attendees per session/day.  Considering the approaches taken and expected to be adopted by the institutions in the global north, the big question among the different schools of thought that have been commenting on the decision, is why is it difficult for Nigeria’s premier University, which claims to be “a world-class institution for academic excellence geared towards meeting societal needs”, to consider some of the identified global practices for organizing the ceremony in the midst of the pandemic?

From virtual sphere to the physical settings, monitored by our analyst, answers to this question remains mixed according to the emerging different schools of thought. One of the schools has people who believe that telling non-First-Class graduates not to attend physically indicates limiting number of attendees in consonance with a social gathering measure of the government. It is also a way of appreciating the best among the graduates.

However, these are not augur well with the second school which believes the decision is a fundamental way of discriminating and pointing out that those with lower grades are not worthy of celebrating. Examining these reactions, our analyst concludes that the management of the University has once again reaffirmed power distance, masculinity and femininity cultural dimensions associated with Nigerians over the years. Separating the graduates is a clear manifestation of making some superior and the other inferior, which is rooted in the masculinity [superior] and femininity [inferior] dimensions. It also stresses why the non-First Class graduates should see those with the grade classification as leader. This is also embedded in the power distance cultural dimension.

Brazil Opens $9 Billion 5G Network Bidding, Excludes Huawei

0

Countries around the world are returning to deployment off 5G network, following increasing covid vaccine administration. On Thursday, Brazil opened an international tender to build one of the world’s biggest 5G data networks, seeking $9 billion in investment, AFP reports.

President Jair Bolsonaro opened the tender in Brasilia, calling it a “historic” moment, with 15 companies in line for the bidding expected to end on Friday.

Brazil’s 5G roll out has been embroiled in a US- China spat that has put Huawei’s leadership of global 5G deployment in jeopardy. Washington has been pressing its allies to sever ties with the Chinese telecom vendor over national security concerns.

But as noted by AFP, the world’s two largest economies are also Brazil’s two largest trading partners, and the country has been under pressure from both sides over the ground rules for its 5G network, leading it to postpone the tender from an initially scheduled time-slot of early 2021.

Now, Latin America’s largest economy appears to have made up its mind on what path to follow. The Bidding will exclude all equipment from Chinese telecoms giant Huawei.

Brazil is looking to leverage the $9 billion investment to accelerate the development of other sectors of its economy, including the agricultural industry. The pandemic-induced shift to digital life has also triggered a bigger need for fast internet. And with its booming market of 213 million people, the South American country is also looking to leverage the 5G network to provide faster internet for its digital market.

From internet-connected tractors and crop-monitoring drones for the booming agricultural sector to self-driving cars and telemedicine, Brazil hopes that the 5G network will help fill its infrastructure gaps.

“Consumers won’t see that much difference, aside from faster download times for movies and videos. But from the standpoint of industry, this is going to open up a whole new reality for factories, agribusiness, the productive sector,” said Marcos Ferrari of Conexis Brasil Digital, a group representing five of the bidding firms.

The government is seeking total investments of 50 billion reais ($9 billion): 40 billion reais to build the 5G network — one of Latin America’s first — and 10 billion reais that it will pocket for frequency rights and use to boost connectivity for public schools, per AFP.

The tender is for the right to build and operate four “blocks” of the frequency spectrum for 20 years, as well as a separate network reserved for government communications, the report added.

The bidding has attracted a host of big companies with existing operations in Brazil, including Telecom Italia’s local subsidiary, Tim; Spanish group Telefonica’s Brazilian unit; and Claro, owned by Mexican telecom magnate Carlos Slim’s America Movil.

“It is one of the largest 5G tenders in the world. The potential is enormous,” industry specialist Christian Perrone of the Technology and Society Institute in Rio de Janeiro told AFP.

Around the world, some countries are already using the 5G network despite the pandemic setback, and it thus puts pressure on others, especially developing countries with big markets, to put the 5G infrastructure in place.

5G technology requires four to 10 times as many antennas as 4G. The bidding terms require winning companies to roll out service in Brasilia and the 26 state capitals by August 2022, while other cities of more than 30,000 people can expect service between 2025 and 2028.

National statistics institute IBGE said in 2019 that around 40 million people in Brazil still lack internet access. This means that the 5G network will enhance the opportunity for the country’s unserved to receive internet.

An Entity Yearning For Panacea

0
A Nigerian youth seen waving the Nigerian national flag in support of the ongoing protest against the unjust brutality of The Nigerian Police Force Unit named Special Anti-Robbery Squad (SARS) in Lagos on October 13, 2020. - Nigerians took to the streets once again on October 13, 2020, in several cities for fresh protests against police brutality, bringing key roads to a standstill in economic hub Lagos. Demonstrations organised on social media erupted earlier this month calling for the abolition of a notorious police unit accused of unlawful arrests, torture and extra-judicial killings. The government gave in to the demand on October 11, 2020, announcing that the federal Special Anti-Robbery Squad (SARS) was being disbanded in a rare concession to people power in Africa's most populous nation. (Photo by Benson Ibeabuchi / AFP) (Photo by BENSON IBEABUCHI/AFP via Getty Images)

In recent times, several unpredictable scenes, such but not limited to as the rapid and abrupt fall of the crude oil price, hike of petrol pump price, reemergence of Biafra agitation, outrageous increment of electricity tariff, the stamp duty charges of the Central Bank of Nigeria (CBN), as well as emergence of drowsy physiognomy of foreign reserves, had in different occasions transpired on the socio-political platform of an entity reckoned to be the ‘giant of Africa’ thereby posing an astronomical threat to its entire citizenry.

The aforementioned seemingly foreseen anomalies had made many of her citizens, both home and in the diaspora, coupled with concerned observers, to unequivocally insinuate that she’s doomed. It’s worthy of note that such a speculation preoccupying the mindset of the majority might not be unconnected with the fact that quick assertion of conclusion to happenings is peculiar to the human nature.

However, every sane being and anyone who thinks good of the affected country ought to be concerned with the needed panacea for this vertex of quagmire that seems not unlike a paradox. To this end, it’s needless to state that this topic was informed by the need to acknowledge the inevitable role of a panacea in a situation like this.

In any circumstance, while searching for the most viable way of settling a crisis or putting a holistic end to any menace, it’s imperative to first ascertain the origin of the plight. Hence, the ongoing societal conundrum in the entity called Nigeria won’t be exceptional. In view of this, there’s a compelling need to look inwards towards unravelling the genesis of this apparently poignant odyssey initiated by a set of unscrupulous elements.

While we seek the way out, the first paramount question is, how did we get here? In some quarters, people are of the view that the predicaments are attributable to the 16-year ‘misrule’ of the People’s Democratic Party (PDP). Whilst many persons are preoccupied with a belief that the plights are attributed to so many promises made by the current ruling party, the All Progressives Congress (APC).

In other quarters, most individuals are of the notion that most of the ongoing crises were occasioned by Nigeria’s unending sole dependence on the oil sector. Among all, some schools of thought are strongly of the opinion that the origin of the state of poignancy is particularly traceable to the presumed high level of docility that marred Dr. Goodluck Jonathan’s leadership.

If I’m bound to be whole and unequivocal, in a concise term, I would say that there are two major factors responsible for the tantrums and brouhahas currently ravaging all facets of Nigeria’s socio-economic and political space. First, those who are negatively affected by the ongoing anti-graft war or who have perceived a ‘witch-hunt’, as the case may be, had vowed to make the country ungovernable.

The second factor is skepticism on the part of the governed. Most Nigerians had been and are still sceptical over the established notion that President Muhammadu Buhari was the awaited Messiah; they are still in doubt over the sincerity surrounding the ongoing anti-corruption war; the electorate are doubting the ability of the present administration to lead the country to the anticipated promised-land.

It’s invariably the prerogative of everyone to nurture any opinion. But for the interest of Nigeria who is already crying foul, we are not meant to be concerned or bothered over people’s personal opinions, rather how to salvage them from this untold hardship irrespective of whose ox is gored. Thus at this juncture, the most consequential and rational question becomes, what’s the panacea?

For the present administration to be thoroughly described and recognized as a responsible and responsive government, it must be ready to absorb constructive criticism, which remains an inevitable veritable tool in nation-building. It’s expected to spread its hands open for any form of criticism that is aimed at addressing any anomaly or ill.

In the same vein, the leadership must at all cost be willing to adhere to the principles guiding the rule of law. If anyone detained by the Economic and Financial Crimes Commission (EFCC) or the Department of the State’s Service (DSS), or other related agencies, has reached or tendered all the required conditions to be bailed, he should be released without much ado prior to when next he would be needed for further scrutiny or interrogation.

It’s only the military that does not understand the language of bail. To restrict the person’s movement afterwards, they ought to endeavour to seize his/her International Passport coupled with other travelling documents.

Similarly, anyone who is still in detention that pleads to be allowed to see his doctor abroad or claims to be passing through a severe medical condition, should be allowed to travel out, but in custody of a reliable security team. Better still his doctor should be invited to attend to him in the cell.

It’s noteworthy that the person’s health condition is very crucial in such a situation; a detainee must be medically sound to enable them pass through any stress during arraignment. In other words, one must be alive to attend to any query.

More so, the government ought to be prepared to charge accused persons to court without much ado. Constitutionally, it’s only the judiciary that has the immunity to tender justice. Alleged looters or corrupt individuals cum organizations shouldn’t just return stolen monies and be allowed to get away scot-free. If such practice is being upheld, subsequently public office holders would attempt to steal funds in their custodies since they would only be asked to return them if caught in the process.

In the same vein, the judicial custodians or members of the bench must endeavour to give speedy hearing to any prosecution with a view to salvaging the electorate from the bondage of unending suspense invariably witnessed during court proceedings.

Regarding the renewed Biafra agitation, the government is enjoined to handle the matter with optimum diplomacy. First, it ought to endeavour to unravel what actually prompted the reemergence of a protest believed to have faded off long ago. It ought to equally be noted that the aggrieved group has a constitutional right to ask for freedom if it felt marginalized, hence the need to grant its members a fair hearing. Thus, the treasonable felony established against the leader of the Indigenous People of Biafra (IPOB), Mr. Nnamdi Kanu should be reviewed in earnest for the interest of Nigeria at large.

It’s worth noting that the budget remains the bedrock of any nation’s quest for development. Taking into cognizance that currently, none of Nigeria’s fiscal budget could be aptly financed without indulging in borrowing, it’s obviously highly time the government thought outside the box. To ensure a feasible budget, the government must not compromise every effort targeted towards diversification of the country’s economy as it has unabated been sung in various quarters and fora by well-meaning analysts and social commentators.

Against this backdrop, I enjoin the government to take sectors such as education, health, power, science and technology, tourism, agriculture as well as solid minerals, as priorities. These areas that have hitherto been maltreated and relegated need to be strengthened and resuscitated headlong.

Taxing the poor masses by outrageously hiking their electricity tariffs as well as imposing stamp-duty charges on their transactions isn’t the panacea. Honestly, if the needful is done or taken care of as expected, there won’t be any need to sub-charge ordinary citizens; also, the ongoing continuous decline of the crude-oil value would be seen as a blessing in disguise.

The education arena requires a drastic upgrade or total overhaul in order to encourage entrepreneurship among our young ones. Isn’t it ridiculous that among the best one thousand universities in the world, no Nigerian university is included?  Yet, on a daily basis, millions of naira are being transported to foreign countries by most Nigerian parents or guardians, who are mostly serving/past government officials, to cater for their wards’ tuition fees.

The health sector too, cannot be neglected because billions of naira are equally invariably sent to foreign nations by the rich, for payment of medical treatments at the expense of our foreign reserve.

Nigeria is tremendously blessed with enormous cultural heritage, thus it’s time she harnessed the viable and lucrative ones for the sake of tourism. Similarly, it’s so pathetic that the farmers are still using farming implements used by their forefathers.

The governors, rather than depending solely on the federal allocation, ought to be mandated to follow suit as regards diversification of the Internally Generated Revenues (IGRs) in their respective states, to enable them not to see payment of the current national minimum wage as a far-fetched consignment as it’s presently witnessed.

Inter alia, the leaders are expected to note that Nigeria requires meritocracy in a bid to actualize her anticipated change or economic turnaround. People should be considered important and relevant based on their abilities and competence rather than their wealth, social statuses or political affiliations.

The electorate on their part must desist from a cantankerous lifestyle. They can’t continue sitting on the fence and expect miracles to happen. However, they ought to deploy the use of civil language while tendering or pouring out their lamentations, criticisms, protests, commentaries and what have you, if truly they pray and earnestly seek a salvaged Nigeria. 

Company Directors, Pay Attention to This Central Bank of Nigeria Playbook

2

The Central Bank of Nigeria (CBN) noted: “the Global Standing Instruction (GSI) started with personal accounts but we are expanding to corporate accounts and microfinance banks. We understand that an individual can take a loan with commercial banks and choose not to fund his account and take his money to OFI [Other Financial Institutions]. Microfinance banks are going to be part of the Global Standing Instruction (GSI) policy but that phase would come gradually”.

Simply, the apex bank of Nigeria will expand GSI to corporate accounts and microfinance banks in the country: “Standing Instruction (GSI) policy is meant to facilitate improved credit repayment culture in the country; reduce non-performing loans (NPLs), and promote watch-listing of chronic loan defaulters in the Nigerian Banking System”.

In other words, your company cannot borrow from Bank A and intentionally refuses to fund the account therein while doing banking with Bank B. With this new playbook, Bank A can go after your balance in Bank B. This is good policy in a trust-challenged ecosystem.

But it opens risks to company directors. In Nigeria, corporate accounts are largely tracked in banks by the BVNs of the directors, and not necessarily by the Corporate Affairs registration (CAC) numbers. So, if you are a director in any company with your BVN in the bank account, this is the time to ask questions even if you are not actively running that business!

  • The Financial Policy and Regulation Department of the Central Bank of Nigeria (CBN) announced the operational guidelines for the new policy for individual bank customers in the country in circular No. FPRD/DIR/GEN/CIR/07/056 to all banks and other financial institutions on July 13, 2020.

  • The CBN released recommendations for all banks and other financial institutions on August 28, 2019, to ensure successful implementation of the GSI process, including eligible loans given by banks.

  • Under the GSI, a bank client will no longer be able to accept a loan or credit from one bank and refuse to pay it back while maintaining many other bank accounts with sufficient credit balances to pay off the amount owed to the first bank.

The Lessons from Zillow And The Limits of Algorithm

3
Real estate theme with person using a smartphone

Automation works VERY well under a controlled environment. Every other place is yoyo. Yes, you can automate a car assembly line because you can control nearly all the variables. But building an autonomous vehicle with infinite ways weather can perform or other drivers can behave, you have a real challenge at hand. Then add events like valuing houses which theoretically have unbounded variables to consider! I mean, a small bill in Washington can change the prices of homes.

A small sneeze from the US Federal Reserve can have huge impacts on interest rates. Then local politics and many elements including gangs on streets, construction rate growth, etc.

Zillow, a leading real estate company with technology DNA has learned hard lessons: algorithms have limits. The company’s AI for buying homes messed up and it has shut it down with 2,000 people losing their jobs: “a painful move that will result in 2,000 employees losing their jobs, a $304 million third quarter write-down, a spiraling stock price (shares are down more than 18%…)” in hours”.

Yet, the destination is that more things will become more automated including buying homes, over time. It may not be right now but over time, humans will get there. The rule remains: do not be too early and do not be too late as patterns emerge.

But optimizing that timing separates the legends from the commoners. Humans continue to WIN – and we need to respect them in companies.

Just because a business process can be automated, doesn’t necessarily mean it should be automated. And maybe — just maybe — there are components of business that are not better served with AI algorithms doing the job.

That’s a key takeaway after Zillow Group made the unexpected decision on Tuesday to shutter its home buying business — a painful move that will result in 2,000 employees losing their jobs, a $304 million third quarter write-down, a spiraling stock price (shares are down more than 18% today), and egg on the face of co-founder and CEO Rich Barton.

Zillow’s move also represents a big loss for the algorithms that powered its nascent iBuying business, and it is a warning sign to other businesses — both in real estate and other industries — that rely heavily on the almighty algorithm.