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Home Blog Page 5515

Understanding The Inevitable Role Of Time Management

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time clock

The last time I checked, countless individuals cum entities across the global community had derailed as regards interpretation of the real essence of time in man’s everyday life.

Oftentimes, a lot of questions had been raised in respect of time. Amazingly, on most occasions, people failed to tender the apt answer to the enquiries, hence this topic. It deserves unalloyed attention, because it is targeted to address several anomalies concerning time management.

We cannot shy away from discussions pertaining to time management if we are really determined to excel, or distinguish ourselves, in our various field of endeavour. It would shock, or perhaps surprise, you to note that adequate time management is arguably the secret behind most successes recorded by mankind.

In his words, Baltasar Gracian said “All that really belongs to us is time; even he who has nothing else has that.” This intends to inform us that with time, one can attain to any height in accordance with his or her aspiration. And, the time itself ‘belongs to us’, meaning literally we can make use of it the way and manner we desire.

Frankly, our inability to utilize our time properly has been the prime reason we have failed on various occasions. It’s noteworthy that most of us are still lagging behind when it comes to utilization of time. Those who fall in this bracket can never move ahead, even a bit, until they fully comprehend how best to manage their time.

An associate of mine, years ago, missed a contract worth millions of naira owing to his inability to abide by the time stipulated in the invitation. He was asked via a text message to report to the firm by exactly nine O’clock in the morning. But as a result of the ‘African time’ mentality, he didn’t take the time seriously, thus arriving at some minutes past ten.

He was, however, granted the interview as planned. He reportedly performed very well after all said and done. But surprisingly, the Human Resources Manager (HRM) said to his face “Mister Ken, you are truly qualified for this job but I am afraid of one thing.”

When he tried to ascertain what informed the HRM’s fear, he was rightly told that the company was not ready to engage or contract anyone that believes in African time. That was how they deprived him of the golden opportunity.

William Penn opined “Time is what we want most, but what we use worst.” Most people spend most of, or virtually all, their time catching funs or engaging in frivolities. They do so, forgetting time waits for no one. Jef  Mallett wisely asserted “If time flies when you are having fun, it hits the afterburners when you don’t think you are having enough.”

It was the famous Nigerian musician, Mike Okiri that sang in the vernacular “Time na money.” In the song, he implored people to use their time judiciously, stressing that good things do not fall from heaven but are acquired by hard work.

Little wonder John Kennedy counselled “We must use time as a tool, not as a crutch”. Among all, it is pertinent to acknowledge that “Lost time is never found again” as opined by Benjamin Franklin.

Hence, we are charged to always take into cognizance that time is invariably of the essence when carrying out any task. This signifies that it is an inevitable tool designed for mankind to be managed and used towards actualizing a conceived goal.

So, no matter how much we make an effort to steer clear of time, we can never succeed. Rather, we will only end up hurting ourselves. It suffices to assert that one who plays with his/her time has played with the future.

“If we take care of the moments, the years will take care of themselves.” This was tendered by Maria Edgeworth, and I concur. She was trying to argue that if we properly handle our present situation, the future will certainly have nothing to fear for. It’s crucial to understand it is only adequate management of time that can enable us to conquer the challenges of today, thereby paving the way for a better tomorrow.

On a daily basis, we are expected to schedule our respective useful activities or consignments, and never play with any of the items in the timetable. Each of the items therein must be given a certain time frame, and you must consciously work not to abuse the schedule. Similarly, if you are working on any project, endeavor to prepare a Gantt chart for it, to guide you as long as the journey lasts. This is a keyword to success for those who truly intend to succeed.

It would interest us to acknowledge that, even those we look up to still don’t joke with their time in spite of the level or height they have already attained. Survey shows that successful individuals are more conscious of their time than the incoming ones. This is because, out of experience, they have realized how powerful the said tool is. This is why each time you see them, their eyes are on their wrist watch.

It’s, therefore, on this note I urge us to invariably bear in mind that time is the conqueror of everything under the Sun, hence the need to adore it. Yes, we must adore and cherish it candidly and strongly, if there’s really a goal to achieve.

At this point, I leave you with the words of Philip Stanhope that says “Know the true value of time; snatch, seize, and enjoy every moment of it… Never put off till tomorrow what you can do today.”

You have all it takes to be in control of your precious time. So, you shouldn’t allow the reverse to be the case. Do not let your time control you, else you will live your entire life to regret your steps. It only takes proper planning to adequately handle or manage the situation. This implies we must always be mindful of how we plan our schedules.

The time has surely and obviously come for us to treat our time with absolute seriousness, if truly we are determined to arrive at the desired destination as it’s being scheduled. 

Nigeria’s Federal Inland Revenue Service (FIRS) Proposes A Road Infrastructure Tax

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FIRS signpost

Nigeria’s Federal Inland Revenue Service (FIRS) is planning to introduce Road Infrastructure Tax to generate funding for road construction, rehabilitation, maintenance, and security, the agency’s Executive Chairman, Muhammad Nami, said in a statement via an aide: “The only way to make the informal sector contribute to building a modern society is by making them pay when they use the roads. That is why we are proposing that government should consider introducing Road Infrastructure Tax in Nigeria.” .

Full Statement

FIRS Proposes Road Infrastructure Funding Scheme For Nigeria

The Federal Inland Revenue Service, FIRS, says it is proposing the introduction of Road Infrastructure Tax in Nigeria, to make the informal sector contribute to building a modern society.

Executive Chairman of FIRS, Muhammad Mamman Nami, disclosed this on Thursday while receiving a delegation of the Nigeria Union of Journalists, NUJ, led by its National President, Chris Isiguzo, in his office, in Abuja.

Nami said the proposed Road Infrastructure Tax to be administered by FIRS, will provide government with adequate funding for road construction, rehabilitation, and maintenance, as well as providing the needed security for roads in the country.

According to the FIRS Executive Chairman, “The only way to make the informal sector contribute to building a modern society is by making them pay when they use the roads.” He stated.

“That is why we are proposing that government should consider introducing Road Infrastructure Tax in Nigeria.“

He noted that “in many jurisdictions, road users pay for the use of road infrastructure as such it shouldn’t be seen as an additional burden on our citizens because it has the potential of making life better for all of us.”

Speaking further, Nami stated that Nigeria’s economy presently relies heavily on non-oil revenues to discharge its statutory responsibility of paying salaries and providing social amenities to the citizenry.

“Without the tax that you pay governments at all levels would not be able to fulfil their mandate to the electorates. Tax money also helps to ensure the roads you travel are safe and always in good condition,” he said.

Nami also stated that despite sharp practices by some companies who were in the habit of evading taxes, by shifting their capital and profits to tax havens, as well as low revenue from Petroleum Profit Tax, due to the shortfall in crude oil production among other factors, the FIRS has been putting forward critical reforms that have been yielding positive impact on the Service’s operations.

“Adopting technology in tax administration is crucial in improving domestic revenue mobilization in view of dwindling oil prices in order to avoid falling into debt crisis. It is against this backdrop that the TaxPro-Max became the channel for filing Naira-denominated tax returns effectively from 7th June, 2021.

“The TaxPro-Max enables seamless registration, filing of returns, payment of taxes and automatic credit of withholding tax as well as other credits to the Taxpayer’s accounts among other features. The technology also provides a single-view to Taxpayers for all transactions with the Service.” Nami explained.

Muhammad Nami also noted that the management of the Service had established two critical units, the Intelligence, Strategic Data Mining & Analysis Department (ISDMA) and the Tax Incentive Management Department (TIMD) as part of institutional reforms to generate more revenue and forestall revenue leakages.

“While the TaxProMax will serve as the flagship tool for mining data, it will be complemented by other tools that the Intelligence, Strategic Data Mining and Analysis Department department may deploy, with the data engineers in the Department carrying out necessary distillations.

“Management also established the Tax Incentive Management Department to manage, implement and report on tax incentives as provided by relevant extant laws and regulations. The TIMD is specifically in charge of the tax affairs of companies/enterprises enjoying tax exemptions and holidays. Companies enjoying Pioneer incentives, Non-Governmental Organizations (NGOs), Cooperative Societies, companies in Export Processing Zones (EPZ), Free Trade Zones (FTZ), Oil and Gas Export Processing Zones (OGEFZ), those engaged in Downstream Gas Utilization and all others enjoying tax holidays are being managed by the TIMD to forestall revenue leakages, such that these companies/enterprises do not use their status as a cover to earn taxable income and refuse to pay tax on such income.” He stated.

Nami added that the service created 10 Value Added Tax, VAT, Regional Coordination Offices across the country to drive collection of VAT.

The FIRS Executive Chairman highlighted that these reforms put in place were already yielding result, including the collection of the sum of N4.2 Trillion between January and September, 2021, the successful facilitation of ISO 27001:2013 Certification of the FIRS’ Exchange of Information Centre, and the achievement of 114.66 percent of the VAT collection target in the first half of the year.

“It will interest you to know that the Service collected a total of N4.2Trillion between January to September, 2021. This feat was achieved as a result of the efficiency and effectiveness of the TaxProMax Solution and intelligence/data we gathered, mined and analyzed in the period under review.

“The Service successfully facilitated both the mock and external audits for the ISO 27001:2013 certification of the Exchange of Information (EOI) centre, to meet international information security management standards,” he said.

While congratulating Isiguzo for his recent reelection as the National President of NUJ, which was a reflection of his uncommon achievements at the NUJ, he urged NUJ Members to be constructive in their criticisms of the operations of the Service urging that they “should always confirm or verify sources and accuracy of information.”

Earlier, the NUJ National President, Isiguzo, said the visit of the union was part of his resolve to engage critical institutions as a key stakeholder in charting a way forward for the country’s collective good.

The NUJ president described FIRS as a vital institution in the country, which “requires all the support it needs especially at a time when the country is security-challenged, adversely affected by Covid-19 and faced with FOREX crisis as well as political intrigues from different parts of the nation.”

He said the NUJ has noted closely the FIRS’ “strident efforts to shore up the country’s revenue by deploying technology and the requisite personnel in this regard. Of interest to the Union is your digital technology solution, TaxPro-Max.

“The numbers show that it has assisted in boosting efficiency in tax administration and collection rates across the country.

“However, with your recent admission that only about 44 million out of a possible 100 million plus that pay tax makes it urgent for a robust integrated media campaign to get more Nigerians into the tax net. This the NUJ is willing to spearhead.”

Isiguzo assured the FIRS Executive Chairman and his management team that NUJ will commend the agency where it has done noble.

He however noted that the union will not shy away from criticizing FIRS constructively as well as hold it accountable to the Nigerian people, in line with constitutional guarantee as contained in Chapter 22 of the 1999 Constitution as amended.

Johannes Oluwatobi Wojuola

SA/ Media and Communication to the Executive Chairman, FIRS

October 21, 2021

Nigeria Needs a Good morning to Break Fast As Terrorists Destroy Railtracks

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The Nigerian Railway Corporation (NRC) has confirmed that terrorists on Wednesday destroyed a section of Abuja-Kaduna rail track with explosives. This is a dreadful moment considering that the train has been considered a safer alternative to the Abuja-Kaduna road. So, if these terrorists can do this, the implication is that a new dimension of dislocation is evolving.

The nation needs to bring order to the land. If not, railtracks could become modern oil pipelines which need to be secured by parallel actors, via government contracts. So, going all the way to arrest this problem immediately will ensure we do not follow that trajectory.

Nigeria needs a good morning.

he Nigerian Railway Corporation (NRC) has confirmed that suspected bandits on Wednesday destroyed a portion of the Abuja-Kaduna rail track with explosives, forcing a disruption of train services on the route.

According to a report by the Nigerian Tribune newspaper, the Managing Director of the NRC, Fidet Okhiria, said the explosives damaged the rail track at a spot between Dutse and Rijana, an area that had recorded numerous bandits’ attacks along the Kaduna Abuja highway.

Mr Okhiria said the Corporation was making efforts to restore train services on the route.

“Efforts are currently ongoing to ensure that the train services along the Kaduna-Abuja route are fully restored,” the official said.

Earlier, a former senator representing the Kaduna Central district, Shehu Sani, had reported on his Facebook page that suspected bandits attacked the Kaduna-Abuja train. He said the bandits planted an explosive that damaged the rail track and shattered the windshield of the train’s engine, Wednesday evening.

Information Security & Digital Forensics – Dr. Francis Nwebonyi

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His job is to secure the integrity of autonomous vehicles for BMW Group’s future diving machines. He is an IAM Engineer (Identity and Access Management Engineer) and holds a PhD in Computer Science with focus on Network and Information Security from Universidade do Porto. He had earned an MSc in Computer Security and Forensics from the University of Bedfordshire. He is part of our Cybersecurity and Digital Forensics Faculty.

Dr Francis Nwebonyi in a team at the forefront of creating the next generation software systems for vehicles of the future. And certainly, when it comes to digital security, we like those who hold extremely critical positions in such domains. Dr Nwebonyi will be at Tekedia Live, the Zoom session of Tekedia Mini-MBA, to offer management-level understanding of the domain.

Yes, this will be all management and business insights on how we can build secure businesses in this digital era.

  • Thur, Oct 21 | 7pm-8pm WAT | Information Security & Digital Forensics – Dr. Francis Nwebonyi, Critical TechWorks, Portugal

Tekedia Mini-MBA: learn from the best here.

Central Bank of Nigeria Launches N500m Scheme to Boost Undergraduate Entrepreneurship

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The Central Bank of Nigeria (CBN), in line with its goal to boost youth employment by fostering entrepreneurship, yesterday unveiled guidelines for the implementation of its Tertiary Institutions Entrepreneurship Scheme (TIES).

The scheme comes with a total grant of N500 million, set aside for five top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas, ThisDay reports.

The scheme was also designed to create a paradigm shift among undergraduates and graduates from the pursuit of white-collar jobs to a culture of entrepreneurship development for economic development and job creation.

“The scheme thus aims to provide an innovative financing model that will create jobs, enhance the entrepreneurial ecosystem and support economic growth and development,” the CBN said.

The apex bank explained that the grant shall apply in the areas of agribusiness, information technology, creative industry and science and technology.

Under the term loan component, individual projects would access a maximum of N5 million with a five- year tenor and interest rate of five per cent and nine per cent from March 1, 2022.

Also, for partnership/company projects, loan is limited to N25 million with five-year tenor with a five- year tenor and interest rate of five per cent and nine per cent from March 1, 2022.

The bank said focus shall be on both greenfield (new) and brownfield (existing) projects in ratio 40:60, respectively.

To ensure judicious use of the fund, CBN stated that it would constitute a Body of Experts (BoE) from the private and public sector for the biennial regional and national entrepreneurship competitions to evaluate entrepreneurial and technological innovations submitted by Nigerian polytechnics and universities.

“The BoE shall recommend projects with high potential and transformational impact for the grant award,” the CBN said.

The financial regulator also said to promote gender equality, 50 per cent of the term loan component of the scheme shall be earmarked for female-led or -owned projects.

The bank pointed out that the broad objectives of the TIES framework was to, among other things, enhance access to finance by undergraduates and graduates of polytechnics and universities in the country with innovative entrepreneurial and technological ideas.

Other specific objectives of the scheme included providing an enabling environment for co-creation, mentorship and development of entrepreneurial and technological innovations; fast track ideation, creation and acceleration of a culture of innovation-driven entrepreneurship skills among graduates of polytechnics and universities in Nigeria and promote gender balance in entrepreneurship development through capacity development and improved access to finance, the report said.

Others are to leapfrog the entrepreneurial capacity of undergraduates and graduates for entrepreneurship and economic development in partnership with academia and industry practitioners; and boost contribution of the non-oil sector to the nation’s Gross Domestic Product (GDP).

The apex bank stressed that in order to ensure that the scheme achieved its desired objective and targets, the focal targets under the programme shall include Gradpreneur-led innovative start-ups and businesses where 25,000 businesses would have access to finance under the scheme annually.

It stated that sustainable jobs created by 75,000 gradpreneur-led businesses would be financed under the scheme annually while female-gradpreneurs would account for 50 per cent of total projects financed under the scheme per annum.

Furthermore, the bank stated that agropreneurs financed as a percentage of total projects financed under the scheme would constitute 40 per cent per annum while creative entrepreneurs financed as a percentage of total projects financed under the scheme would account for 20 per cent per annum.

Also techpreneurs financed as a percentage of total projects financed under the scheme would represent 20 per cent per annum while other gradpreneurs financed as a percentage of total projects financed under the scheme would be 20 percent per annum.

The CBN stressed that priority would be given to innovative entrepreneurial activities with high potentials for export, job creation and transformational impact.

On funding for the scheme, the apex bank noted that the take-off capital would be sourced from both the Agribusiness/ Small and Medium Enterprise Investment Scheme (AGSMEIS), adding that the scheme shall be implemented through three components namely term loan, equity Investment and developmental components.

The CBN further stated that the scheme shall be operated for a period of 10 years in the first instance, not exceeding 31st December 31, 2031, depending on the complexity of the project.

The guidelines among other things spelt out penalties for fractions by stakeholders under the scheme.

The central bank stated that the scheme was pursuant to the CBN Act, 2007, and as part of its policy measures to address rising youth unemployment and underemployment.

The framework was developed in partnership with Nigerian polytechnics and universities to harness the potential of graduate entrepreneurs (gradpreneurs) in Nigeria.