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AN OPEN LETTER TO THE VICE-CHANCELLOR OF ALEX EKWUEME FEDERAL UNIVERSITY NDUFU-ALIKE IKWO, EBONYI STATE (AE-FUNAI): VOLUNTARY WITHDRAWAL FROM SCHOOL OF POSTGRADUATE STUDIES DUE TO INADEQUACY OF PROGRAM STRUCTURE FOR THE MSC. ACCOUNTING (FORENSIC)


BY NWOGBOJI EMMANUEL USULOR

Let me once more congratulate you on your assumption to office as the third substantive Vice-Chancellor of AE-FUNAI and I pray you achieve your strategic intent of driving the culture of excellence during your tenure.

Sir, I write to you to register my complete dissatisfaction with the program structure for Msc. Accounting (Forensic), the operational complexity of the AE-FUNAI Post Graduate (PG) program, and also my voluntary withdrawal from the school.

Permit me to digress a little to introduce myself. I am Nwogboji Emmanuel Usulor from Ezza in the Ohaukwu local government area of Ebonyi state. I graduated from Alex Ekwueme Federal University (AE-FUNAI) in 2018 with second class upper (4.42 CGPA) in accounting and I qualified as a chartered accountant in November 2019 under the Institute of Chartered Accountants of Nigeria (ICAN). In 2020, I completed my continuing professional education (CPE) in strategic planning, corporate financial statements analysis, financial modeling, and forecasting of financial statements under the National Association of State Boards of Accountancy (NASBA).

In line with my career development plan, I have a keen interest in an advanced University degree that combines accounting, IT, legal, and investigative skills. On 13th February 2020, I applied for my studentship at Alex Ekwueme Federal University, and fortunately, I was offered admission for M.Sc Accounting (Forensic) with reference No: FUNAI/PG/2019-20/00253. I accepted the admission on 3rd June 2021 with Reg No: M.Sc/2020/155. Because of my passion for continuous professional development, I resigned from my Job at Sanni Mohammed & Co (Chartered Accountants) in Abuja on 7th June 2021 to focus on this study. Upon my resignation, Alhaji Sanni Mohammed, the Founder CEO of Sanni Mohammed & Co who is from Illorin in Kwara State withheld my two Months’ salary and have refused to pay me to date, irrespective of several demand notices I have sent to him.

However, my experience in AE-FUNAI since the commencement of my study shows that AE-FUNAI PG school did not review the forensic accounting modalities before introducing the course into the school curriculum. While accounting has always been widely practiced, forensic accounting is a relatively new niche in the accounting profession. The technical nature of this program makes it difficult for most Universities to introduce it in their curriculum. Overseas, only a few universities with specialized lecturers and adequate instructional materials have launched forensic accounting degrees. AE-FUNAI is currently one of the known Universities offering forensic accounting in Nigeria, but with inadequate course outlines.

The program structure for forensic accounting in one of my target institutions, the University of South Wale in the UK, has the following courses:
Forensic Financial Analysis
Audit, Governance and Risk Management
Cyber and Digital Investigation
Financial Crime and Expert Witness
Fraud Examination
Research Methods in Accounting and Finance

On the other hand, the forensic accounting program structure in AE-FUNAI PG school includes typical undergraduate accounting courses which are:
Financial Accounting Theory
Research Methodology
Corporate Finance
Auditing Theory
Taxation
Public Sector Accounting
Management Accounting Theory
Entrepreneurship
If AE-FUNAI PG school continues with the above courses, they will only produce paper qualified forensic accountants who cannot detect or prevent fraudulent activities in an emerging economy like Nigeria.

As an alumnus of Alex Ekwueme Federal University (AE-FUNAI), it behooves me to continuously support the strategic intent of building AE-FUNAI to a world-class university and a unique brand that is synonymous with excellence. As such, I recommend that a sample syllabus for a master’s degree in forensic accounting should cover:
A general course on all types of fraud perpetrated in all walks of life, including identity thefts, telemarketing fraud, investment scams, etc.
A course specifically looking at fraud against organizations perpetrated by employees, vendors, and customers.
A course specifically targeted at discovering financial statement fraud.
A fraud auditing and investigation course, looking at internal and external auditing practices.
A course dealing with gathering surveillance and documentary using digital and IT mechanisms.
A course specifically targeted at providing invaluable insight used by professional accountants in the search for criminal activities in private sector organizations and also in ministries, departments, and agencies in the public sector.
A course targeted at preparing professionals to conduct fraud investigations and give expert testimony and litigation support.
A course specifically targeted at discovering risk management and corporate governance issues.
And finally, a course specifically looking at research methodology in the accounting profession.

Be that as it may, I wish to point out that the current administration of AE-FUNAI PG school is highly discouraging. The operational complexity is eating up the program efficiency and the overhead cost beard by the students for documentation processes is twice the tuition fees. Notwithstanding, I and my colleagues who graduated from AE-FUNAI were charged fifteen thousand nairas each (#15,000) for our transcripts to be transferred from the Exams and Records office to the PG unit. If for no other reasons, the Management should recognize our continued support irrespective of our ugly experience as the pioneer students of the institution. Thus, I implore the Management to overhaul the entire registration and documentation processes to fall in line with the world-class standards and also create a positive studying environment to inspire students from different parts of the world to choose AE-FUNAI for their post-graduate studies.

Sir, AE-FUNAI is my Alma mater and the decision to withdraw from my postgraduate admission is voluntary but orchestrated by the inadequacy of the program structure for my area of interest and also the poor administrative modalities. I regard all the funds spent from the time of my registration to the time of my withdrawal as a sunk cost, and I want to state that wrong is wrong even if everyone is doing it, and right is right even if no one is doing it.

The Management should not hesitate to call my attention should there is any area I would deploy my knowledge and skills in contemporary accounting and managerial issues to structure or restructure the existing system and position the institution for global recognition.

Lastly, Sir, I thank you for taking note of my observations. As a leader, you must make sure the culture of excellence is not downplayed. I hope you will make good use of your office(s) to eliminate standards corruption and improve the quality of education.

Cc:
Deputy Vice-Chancellor
Dean, School of Postgraduate Studies
Dean, Faculty of Management Sciences
HOD, Accounting Department

Regards,

Nwogboji Emmanuel Usulor
Qualified Chartered Accountant
+2348063558464 | Nwogboji20@gmail.com

I'm Nwogboji Emmanuel by name. Presently, I am a corps member serving in kwara state and I started my ICAN registration last week. Please add me 08063558464


Should anyone here has the study pack, kindly forward a copy to my Email
Nwogboji20@gmail.com. Honestly, I forever be indebted if you do!!!

I'm a corps member serving in kwara state. I started my registration last week. Plz add me 08063558464

A REVIEW OF EXCESSIVE BANK CHARGES

By Nwogboji Emmanuel

The economy of Nigeria is facing various challenges in almost all the sectors; such as manufacturing, educational, agricultural, oil and gas, pharmaceutical, as well as the banking industry.

In Nigerian banking sector, one of the problems that are hindering the overall performance and growth of commercial banks is lost of customers' TRUST...

According to Albert Einstein, whoever that is careless with the truth in small matters can never be trusted with important matters.

As such, without gaining customers' TRUST, the rate of deposits will definitely be affected in banks that over charge the customers; and such could affect other sectors that rely on such banks in financing their business operations. Similarly, the overall economy will continue to regress because banks are the vessels through which all other sectors maintain adequate working capital level as well as liquidity positions.

One way Nigerian banks are losing customers' TRUSTS is through illegal and excessive bank charges.

Bank charges cover all fees charged on customers' accounts. These charges may take many forms, including:
monthly charges for the provision and maintenance of accounts,
charges for specific transactions,
charges for exceeding authorised transaction limits, charges for messages, and so on.

However, the way these charges are made worries all the bank clients. Some even regard these charges as the ways through which banks defraud the customers. This negative perception is reducing their TRUSTS on banks that engage in such ill act.

On the other hand , this negative perception is being nurtured and strengthened by the level of information gap between banks and the clients.

This hiatus has been successfully enthroned into a hydraheaded grotesque that hampers the operations of many commercial banks in Nigeria. Thus, there is need to close this gap by eliminating information asymmetry.

Banks should not just charge customers, but also disclose the justifiable reasons behind every charge.

Banks should provide the customers with a valid transaction report regarding every debit and credit entries at the end of every month.

Banks should avoid multiple charges by critically reviewing their traditional measures as well as the existing softwares and adopt cost efficient approach.

Students and researchers should carry out research projects concerning bank charges in other to sensitize the general public.

Banks should equally produce monthly journals or periodical memos to educate customers on various banking operations.

Finally, the regulatory bodies should equally stand on their toes and breath new life to Nigerian banking industry by initiating realistic policies that will curb all forms illegal bank charges.

08063558464
Nwogboji20@gmail.com

CATTLE HERDERS VERSUS CATTLE TAXES
(a critical review of constitutional liquation in Nigeria)

By Nwogboji Emmanuel Usulor

In Nigeria, thousands of cows are consumed on daily basis; and almost 95% of the cattle business is owned and managed by herdsmen. Obviously, this cattle business yields returns of roughly trillions of Naira every year. Therefore, it behooves me to ask: "do herdsmen pay cattle taxes and personal income taxes to the local governments and federal government respectively? This is like asking "do terrorists pay taxes?" Honestly, the herdsmen do not pay taxes, but rely on government to provide colonies for them in every nook and cranny of the country. Since they sell their cattle and pocket the money, they should also finance their business themselves by building ranches and colonies for their cattle business.

On the other side of the same coin, these herdsmen move freely with deadly weapons while other businessmen pay bills, dues, rents, interests, royalties, rates, levies and charges. Herdsmen attack, kill, rape and destroy farmlands while other businessmen respect, cherish and contribute positively to the society through corporate social responsibilities(CSR). Other businessmen make their gains in hundreds and still pay taxes to local, state and federal government for societal improvement, but herdsmen make theirs in millions without paying any form of taxes and still take away the lives of law abiding citizens without being brought to book. Is this scarsam or what?

Be that as it may, in section five of the Taxes and Levies (approved list for collection) Act of 1998, it is clearly stated that cattle tax is payable by all cattle farmers to the local governments where they are. I hereby ask again: "why is this section muted? Why did the present and past regimes fail to nostalgically bethink this section? This limns the level of obduracy of the leaders of this country and their unwillingness to do the right thing to promote national interest. It is really a high rate of constitutional liquation and corrosion in a nation of educated derelicts.

In fact, it's a very high level of fundamental contradiction, scatterbrained and unthinking for the federal government to be talking about establishing colonies and facilities to take care of terrorists. Let's call a spade a spade and and save this country from avoidable crises. The legislatures should stand on their toes and breathe new life into the laws of the federation of Nigeria, especially the obliterated section five of Taxes and Levies Act. Similarly, a law should also be made for herdsmen to pay grazing charges to whoever they graze on his land. They can't be making millions from their business on zero monetary cost basis. It's not done anywhere, and should never be encouraged in Nigeria!!!


By Nwogboji Emmanuel Usulor (a. K. a No-Nonsense)
Federal University of Ndufu Alike Ikwo, Ebonyi State (FUNAI).

Nwogboji20@gmail.com
08063558464

MUST WE ACCEPT EVERYTHING IMPOSED ON US?

The former president, Goodluck Jonathan, renamed UNILAG to Moshood Abiola University of lagos in honor of late MKO Abiola. This became a subject of litigation and protests from students and alumni of the institution while a court finally ruled that the change was illegal.

At the beginning of this session, we were imposed a huge amount I termed "Unhealthy Charges", with a threat of voluntary withdrawal of studentship of anyone that fails to pay within a stipulated time frame. We all paid with fear of withdrawal!!

Before the end of last session, we were asked to pay #450 for photo albums, we paid but what we were given was passports... ARU!!! The list of the ill treatments continues...

Now, it is the change of FUNAI to Dr Alex Ekwueme University...
What an arrant nonsense!!!
What a fundamental contradiction!!
This nonsense should stop... I prefer the name FUNAI... And Federal Government should be made to understand the principles of constitutionalism.
I implore all FUNAI students and ALUMNI to rise against this rational irrationalities imposed us...

#I_CAN_NEVER_LIKE_WHAT_I_HATE!!!

phemmyutd:
We shall see where their propagandas will lead them to. If it can win them presidency or their unrealistic Biafra

Don't mind the fools!!!

By Nwogboji Emmanuel {a.k.a No-Nonsense}
08063558464[only text]

Nigeria is in crisis because it was built on faulty foundation whose existence is now threatened. In this case, a multi ethnic, multi lingual and multi religious society such as ours cannot and should not be administered in a highly centralized manner.

Presently, the problem with Nigeria boils down to the 'structure of its defective federal system'. It is surprising that Nigeria only operates federal system on paper. For the most part, the federal system has never existed in Nigeria society. This is because, the arrangements in the last 50 years or so have not served us very well. As such, the need to restructure Nigeria is absolutely beyond political rhetoric and ethnic polemics.

Restructuring is simply a call for the restoration of federalism which is the foundational structure that is encapsulated in the independence constitution of 1960. This constitution was violated in 1966 when General Ironsi emerged as the military head of state after the first coup. He abrogated the federal system and substituted with a centralized structure arguing that the military could only govern by that method.
Consequently, all the ills presently plaguing the country are directly or indirectly a corollary of the anti federalist diversion. Nevertheless, the Nigerian centralized system of administration which we have now is not only an illegal constitutional contraption, but also an unworkable political system and a harbinger of a perverse, chaotic, political and economic conundrum. Under this ill-fated system, Nigerians are subsequently getting poorer and poorer.

Obviously, Nigeria’s restructuring campaign jives with Buhari’s ‘change” agenda. President Buhari, in his campaign manifesto, promised to “Initiate action to amend the Nigerian Constitution with a view to devolving powers, duties, and responsibilities to states in order to entrench true Federalism and the Federal spirit.” In all fairness, Buhari never used the word, “ restructure ”; but it was implied. In that vein, the present demand is to make the Nigerian and its integral parts, more efficient, more acceptable, more productive, more functional and above all, more equitable.

Restructuring Nigeria will definitely bring competition among states and local regions . Competition drives productivity, productivity inspires innovation, innovations drives development. This is exactly what Nigeria lacks; competition, productivity, innovation, efficient and sustainable development.

However, through restructuring, marginalization will become unnecessary as every state and community will be solely responsible for their own development or underdevelopment.

Through restructuring, centralization of political and economic powers will be eliminated thereby empowering the local people and their communities to take charge of their own development. States and local communities will no longer have to depend on federal allocations to survive. Similarly, federal government will no longer be blamed for the underdevelopment of any state or local region.

Therefore, we must begin to sensitize and educate Nigerian youths on the defects of the present system and the need for them to support the campaign for restructuring and denounce agitations for secession in its totality.

Finally, the youths must participate in the restructuring process. We should not allow the restructuring process to be hijacked by the same marauding politicians who have held the country hostage for the past decades.

Thanks!

By Nwogboji Emmanuel {a.k.a No-Nonsense}
08063558464[text only]


The most dangerous untruths are the truths moderately distorted. And the greatest threat to peace is the barrage of rightist propaganda portraying war as decent, honorable and patriotic.

On this date, 11/10/2017, was another notable historical day as pandemonium broke out in southeast when the medically trained military personnel embarked on corporate social responsibility(CSR) for free medical outreach to the public.

The internet is obviously fast becoming a cesspool where false information thrives. As a consequence, we have now sink to a depth at which the restatement of the obvious is the first duty of any intelligent man.

The great panic and confusion in the southeast today has been tracked to be the unhealthy IPOB gossip that has been roaming the media. The groundless and unwarranted rumour states: "please call all your family and friends and tell them not to participate in any free medical care by Nigeria government. They want to reduce southeast population. They did it in Bayelsa and it resulted to monkey pox that is killing children right now..." What an arrant nonsense!!!

Obviously, the enormous gap between what our leaders do and what the citizens (especially the southeasteners) think our leaders are doing is one of the great propaganda accomplishement. However, propaganda is to a democracy what the bludgeon is to a totalitarian state. And today, we are victims because people are not intellectually competent to quickly and critically discern that politaical utterances are tailored to make lies sound truthful and murder respectable by giving appearance of solidity to pure wind

Man, being essentially rational, entails that he ought to be rational at all times. As such, it's pertinent to note that ideal tyranny is that which is ignorantly self administered by its victims. And similarly, the most perfect slaves are those who blissfully and unawaredly ensleve themselves. It is time we make use of our God-given brain in judging circumstances. Else , we continue to sacrifice the needful on the altar of our perceptions.

By Nwogboji Emmanuel {a.k.a No-Nonsense}

08063558464[text only]

Ambitious people create country around nations, but they will always disintegrate. There were empires in the past, but where are they today? The one very popular is the Roman empire —which contained about thousands of different nationalities that speak their own languages. Where is the Roman empire today?

Nationalities are indigestible.... Nobody can destroy them. The only way you can make them live together in one country is to manage their affairs equitably.

In that case, the fundamental problem is that Nigeria is not and can never be a nation. It is a country of many nations. These nations had long existed thousands of years before the British came and amalgamated them together to form a country. The only hope for this country to live harmoniously and progressively is for us to recognize and respect each nation. Let's shun hate speeches, it helps not, and has never helped since the era of IGBOPHOBIA.

But however, Nigeria as a country is constantly producing protest of people who feel they are being marginalized, cheated and even targeted at destructions. If you ask me whether I want Nigeria to exist as a country, my response will and will always be YES! I love Nigeria, and I don't want it to break up.... Hoohaa. But, I don't believe it will live long based on the way it is being managed. Up till now, we are still operating constitution given to us by the military in 1998. They put together all the commands and call it a constitution, and that is why there is no constitutionalism in Nigeria. The president is a dictator and we surely cannot rule ourselves in such manner. As such, for us to get ride of the present challenges in Nigeria, we need to restore the beauty of 1963 constitution. And that calls for restructuring...
Restructuring Nigeria will definitely bring competition among states and local regions. Just as before the military destrupted our political system; we were buoyant in palm produce in the east, cocoa in the west, and tin/ copper in the north. Where are they today?

Obviously, we need competition to restore the integrity of our country. Competition drives productivity, productivity inspires innovations, and innovations brings development. That is what Nigeria lacks; competition, productivity, innovation, efficient and sustainable development. And it's only true restructuring that can guarantee such.

I don't want Nigeria to balkanize. And I can not purge myself of the feeling that Nigeria can become the world power tomorrow.

Say no to agitation...
Say yes to unity in diversity!!!!

A Message To Nigerian Youth's

On this date, 1st October, 1960(57years ago), after tugging dialogues with British government, a country that is naturally blessed with numerous human and non human resources was granted freedom from political control of other countries. That is, Nigeria became a moral reality which exists where people live in a definite territory and are unified under a government which remains an organ for expressing sovereignty in an internal matters; and in an external matters, is independent of other governments(Prof. Gilchrist).

However, considering the current situations on ground, Nigerians should be reminded that it takes good families to form a good nation. As such, moral realities (as capture in the lines of Prof. Gilchrist) can be attained by simply subscribing to the fact that "changes begin with you and me".

A cursory and retrospective look into various damages recorded as a result of the various agitations(which started few years after independence), one may be quick to ask "what have we achieved"? The answer to that is not farfetched. We have achieved high rate of bloodshed. We have achieved damages to our oil pipelines, burning of houses and property, we have equally achieved insurgencies, corruption and other challenges that have collectively pulled the integrity of the giant of Africa to mud.

Consequently, majority are denouncing Nigeria government, but if care is not taken— I mean if we don't change our perceptions now, many will at last denounce Biafra. In that vein, no one should see balkanization as a solution to these self-made challenges on ground.

Be that as it may, there are numerous reasons to celebrate Nigeria's independence by the Nigerian youths. The number one reason remains that we were all born as Nigerians. This reason should wake us to be mindful of our individual responsibilities towards promoting the integrity of our dear nation. Let's be more rational in all our actions so that we gonna live as one indivisible entity.

Happy Independence Day, my fellow patriots!!!!

By Nwogboji Emmanuel.
Federal University Ndufu-Alike Ikwo(FUNAI)
08063558464
nwogbojie@gmail.com

CURBING SUBSTANDARD PRODUCTS IS ESSENTIAL FOR THE DEVELOPMENT OF NIGERIA ECONOMY
By Nwogboji Emmanuel
Promoting made-in-Nigeria products remains the surest strategy to gain economic growth. But it’s provoking that Nigeria has been deliberately turned into “a dumping ground” of all kinds of products. According to Dr. Joseph Odumodu, the former Director General of Standard Organization of Nigeria (SON), about 60% of these products are fake. They include vehicle spare parts, foods and drugs, phones and accessories, building materials, electrical appliances, furniture and other equipment, both home-made and imported goods. These fake products are extremely dangerous and undermine the nation’s economy.
However, several factors have been identified which are responsible for the proliferation of this filthy practice. They include poverty— which has weakened the purchasing power of most of the Nigerian populace; unsteady electricity supply—which has subjected many industries to high production cost; negotiable boarder—which opened several illegal routes through which smugglers make their ways into the country; likewise ineffective legislation and poor regulatory framework. Some unpatriotic Nigerians have also been accused of colluding with foreign manufacturers to lower the quality of goods to be imported into Nigeria.
Be that as it may, there is the need to ensure quality control of home-made and imported products in Nigeria. It was in the light of this fact that the federal government established various regulatory agencies such as National Agency for Food and Drug Administrative and Control (NAFDAC), Standard Organization of Nigeria (SON), Consumer Protection Council (CPC) and others. These agencies are all saddled with the primary responsibility of ensuring that our markets are not flooded with fake products that could be detrimental to health and the nation’s economy.
A cursory and retrospective look into the unrelenting efforts of these agencies, one may be eager to know why our markets are still engulfed with substandard products. As a consequence, many patients have lost their lives as a result of intake of substandard drugs. Many harmful goods have been innocently consumed by the citizens that end up causing injuries to their organs. Many of the fire disasters that razed down many houses and destroyed many lives and property have been traced to fake electrical cables and other electrical appliances.
In the same vein, substandard tyres could burst suddenly with the car in motion. A report by the Federal Road Safety Commission states that out of 8986 accidents recorded in 2015, 722 were due to tyre blowouts, resulting in the death of 446 persons.
In addition, importation of fake products has negative effect on the economy. A very good example of this is the death of the Nigeria textile industry which used to be the second highest employer of labor. This industry suffered competitive injuries from the massive influx of such imported products into the country.
There cannot be economic prosperity without standardization and quality assurance. Low quality products have contributed to the rejection of made-in-Nigeria products in the international markets. Standard products ensure value for money, promote employment opportunity, ensure wellbeing of consumers and equally stimulate economic growth. Therefore, the question is ‘how can the battle against fake and substandard products be won?
During the tenure of late Dora Akunyili, as the Director General of NAFDAC, the agency popularized the war against substandard drugs that in less than four years, most Nigerians became conscious of expiration date and NAFDAC approval number on both local and imported goods.
On March, 2017, Standard Organization of Nigeria confiscated five trucks loaded of substandard electrical cables that worth over 40 millions of naira in Anambra state. While on May, 2017, fake products that worth over 450 millions of naira were equally destroyed in Lagos state. Despite the above actions, our markets still remain the centers of gravity for all inferior products.
From the various reports of the sporadic efforts of NAFDAC and SON in curbing the massive influx of substandard products into our markets, it seems the above agencies only raid, seize, carry out public bonfire, close down and reopen markets believed to be hubs for fake products. But the fact remains that seizure or destruction of goods has obviously proven to be insufficient to deter those criminals because they are moved by the super profits they make and do not care about the effect of their activities on lives and our economy.
The lives of many Nigerians are at greater risk. Our economy is at danger, especially now we are considering the promotion of made-in-Nigeria goods as the only strategy for the economic recovery. This formidable enemy therefore should be fought vigorously by the federal government and in conjunction with the conscious efforts of all the citizens.
Our lives and the economic growth should be guaranteed through the following approaches:
First, these agencies saddled with the responsibility to fight this harmful practice together with those appointed to handle the vital functions should be properly examined to ensure they do not compromise the nation’s integrity in the course of discharging their duties.
Second, government should establish and strengthen laboratories and metrology labs to ensure that made-in-Nigeria products are properly tested to avoid been rejected abroad. It is deeply shocking that Nigeria, according to International Standard Organization (ISO) has only 84 accredited laboratories where South Africa has 340, China has 337033, United State has 13000, South Korea has over 7000, and other prosperous countries have vibrant and certified laboratories to give their locally manufactured products and services the required competitive edge in international markets. According to development experts, countries with higher number of accredited labs have higher economic performance and productivity than those with lower accredited laboratories. As a result of inadequate accredited labs in Nigeria, made-in-Nigeria goods hardly gain acceptance in international trade. What many of our Nigerian farmers do before they can take their products to foreign countries is to first take them to nearby countries for proper certification. Once the products are tested, they are been sent abroad in the name of those countries and those countries equally take the glory.
Third, the federal government should give adequate support and other incentives, such as adequate power supply, to local manufacturers in a bid to promote made-in-Nigeria products. Fourth, industries should ensure proper training of their human capitals as to meet the Nigeria Industrial Standards (NIS) which is the benchmark for quality of products and services in Nigeria, like British Standard and American National Standard.
Finally, the regulatory agencies should be overhauled and backed with adequate policies to enable them carry out their duties accordingly. Setting ablaze seized products should not be the only punishment, the penalty for this crime should be determined by the National Assembly.
The above approaches will boost Nigeria external reserve. It will make Nigeria to export products than relying on importation. It will increase employment rate instead of exporting jobs and importing poverty into the country. It will increase the level of our GDP and finally guarantee the safety of all citizens of Nigeria.
Forward your comments and questions to:
Federal University Ndufu-Alike Ikwo (FUNAI)
Accountancy department
08063558464
nwogbojie@gmail.com

Hello!!! Is this program(dssc/ssc) conducted annually?

Tomasboy:
Fp material

What's the meaning of fp material?

Treasury Single Account (TSA) is obviously one of the factors that triggered the recession, but the major factor is the decrease in international price of oil - the only source of revenue to the nation!
In my recent article, Nigeria@56:The Celebration of Recession (in details visit www.noelsculturalentertainment.com , or check my Facebook timeline), it was stated that TSA led to increase in interest rate, but never advocated for its deletion.
It's irrational and a Hasty Generalization for anyone to confidently conclude that the stoppage of TSA will ensure better and great nation! Rather, one should constructively criticise the administration and advice the Federal Government to see into DISCOUNTING RATE —the interest rate charged to commercial banks and other depositing institutions for loans received from central bank(CBN)

Corruption is really the bane of the nation, and Mr. President - Buhari, has clearly made his passion known - to fight it to the last core! According to him, "we shall strongly battle another form of evil that is even worse than terrorism - the evil corruption! We cannot build an economy where corruption is the working capital". And our elders equally say, "where the blacksmith peers at the iron is where the difficulty of the work lies". With TSA, all federal funds from MDAs, lodged into commercial banks, can be traced right from the moment and purpose of its payment, who approved it and if it was taxed.

However, In chapter six, section 162, subsection one of Nigeria constitution; "The Federation shall maintain a special account to be called 'The Federation Account' into which shall be paid all revenues collected by the government of the federation... " Evidently, Federal Government had for years, breached the constitution regarding the collection and management of national revenues. In the same breadth, Ogunyemi, who lectures in department of economics at Obafemi Awolow University(OAU), in his article - Trouble with Nigeria fiscal federation, stated that "The past administration had allegedly basterdized the TSA through arbitrary operation of illegal accounts.

In respect to the provision in section 162 of Nigeria constitution, Buhari(who once said: " I swore by the Holy Quran to protect and obey the constitution, and that he cannot change the past but could change the present and the future) recently, on September 15, 2015; ordered all MDAs, to lodge all national incomes to the 'federation account'. It's also important to note that the same Buhari, during his military regime, adopted the same measure to ensure proper check and balance - what a visionary leader!

As regards to short term financial plans of MDAs, my profession(ACCOUNTANCY) has what we call PETTY CASH BOOK and IMPRESS SYSTEM.
In any organization that has divisional sectors, petty cash book is maintained by the divisions for recording small disbursements i. e expenses. It helps to eliminate fraud, ensures versatility, accountability, practicabilty, limitation of theft, ease of use and limitation of frivolous expenditures. While the main cash book( in this discourse, federation account) is maintained at the centre.
In the words of Frank wood and Alan Sangaster(2012), "It's all very well having a petty cashbook", but where does the money paid out for the expenses come from?—Impress system is the method of controlling petty cahbook by keeping a float which is reimbursed for cash disbursed for the period concerned — thus bringing the cash balance to the formal amount. This is apparently while the incumbent Accountant General of the federation, Ahmed Idris, opined that TSA will boast revenue collection, block leakages and ensure transparency and timely disbursement of funds to beneficiaries, likewise the immediate past Accountant General, Jonal Otula, stated that TSA would bring about transparency, efficiency, and accountability and that the benefit of TSA implementation far outweigh the cost. In the same vein, the CBN had in 2013( before PMB became the president) called for urgent implementation of the TSA in order to properly manage the country's revenue.
So, in all said and done, TSA ensures production of timely and reliable financial statement— beyond transparency and accountability — it really does more good than harm!

By
Nwogboji Emmanuel Elobuike
Accounting Department, FUNAI.
Nwogbojie@gmail.com

babz007:
well said my brother but our people are so blind that they can barely see the truth staring them in the face but do not blame them oooh some of this our own traditions are wicked and unforgiving. what do you have to say about the killing of twins in calabar before mary slessor came?

That's a good question from a rationalist!
As regarding our traditional ways and styles, we should always think of modification and development! Many a profession, system, process and belief are equally subject to development. The ill-starred ideology of seeing foreign religion as the best, is actually the reason why our ancestors allowed evil to befall us... With the massive acceptance of this ROARING NOISE (Christianity and Islam), our country should have wore a new look! What's the evidence to prove the assertion that foreign God is omniscience, omnipresent and omnipotent? During the days when there was no gap between us and our ancestral God, there was no corruption, bribing and other negative attitudes that are presently dragging the nation's integrity to mud... My people, let's open our eyes and questions some obvious facts. Thanks!

Those who do not understand the African way of life condemn, or in most cases, look down on whatever they see in our society.
Why do we continue selling our birth rights for a mess of pottage?
We have totally lost the sense of who we are - our identity, value, and essence.
For over 100yrs today, Nigerians became frustrated dependents - existing under the canopy of foreign religions. These religions have shackled us, put us in bondage, enslaved our minds, thoughts, reasoning, and our social, economic and political lives. Our marriage and family system is adulterated and corrupted by foreign influence and values. Lessons taught and learned mold us into parroting zombies.
Ask yourself, ask your neighbor, why do we live our daily lives modeled after the ways and lifestyle of the foreigners? They jilted ours like a plague. We spurned ours like an abomination.
When I told a friend of mine about my idea of reawakening our demising patterns of thought and action(culture), her response marveled me. She said, "go to the shrine in your village and talk to that your so-called gods whether they will respond to you. I'm advising you to watch your steps because worshipping gods will do you more harm than good..." Now, my question is - foreign religions(Christianity and Islam - The opium of the masses) and African religions(which tinctures love, respect and understanding - protected and preserved our forefathers for good number of years before they gave up to ghost), which one does harm than good? No copy can ever be as good as the original, no matter how desired. According to Chinua Achebe, Things Fall Apart; page 141, line 11-19, "But he(white man) says that our customs are bad; and our own brothers who have taken up his religion also say that our customs are bad. How do you think we can fight when our brothers have turned against us? The white man is very clever. He came quietly and peaceably with his religion. We were amused at his foolishness and allowed him to stay. Now he has won our brothers, and our clan can no longer act like one. He has put a knife on the things that held us together and we have fallen apart"
In the first place, does the Christian Church know/tell the truth? It believes in a fictitious God, devil, heaven and hell. And it has no evidence for for them. What truth does it guard? Virgin birth - is it a truth? It's only amoebas that have immaculate conceptions! Why the insistence on immaculate conception just to make JESUS very special being? Things Fall Apart;Page 142, line 2-3, "The white man had indeed brought a lunatic religion "
It's a pity that foreign affairs have taken place of our cultural awareness. Ask a man/woman of 25-30years about the culture and practices of his/her community. The response will epitomize how foreign religions have blindfolded most Nigerians that failed to contemplatively enquire the unfeigned source of their existence...
In the act of obscuring our memories with the ill-starred practices, they termed the God of our ancestors(Chukwu) 'small God' - with lower case alphabets(god) whereas theirs is fabled using upper case alphabets(God).
Foreign religion is the poison killing the peaceful coexistence of Nigerians, likewise the bane of Nigeria development - as a great nation. If we chuck it(foreign religions) out and practise our God given and ordained traditional religion and culture, we shall become truly independent and liberated as individuals - having a common sentiment of patriotism.
By:
Nwogboji Emmanuel
09095584222
Nwogbojie@gmail.com

(Years of freedom in captivity)

The state 'Nigeria' became a British autonomous territory that was protected diplomatically against third parties in 1914. Colonization lasted until 1960,when an independent movement succeeded in gaining Nigeria its independence.
Nigeria is naturally blessed as a country, with a lot of feasible mineral resources, such as; crude oil,gold, salt, limestone, marble, coal, iron-ore etc. Irrespective of these numerous resources, her major source of revenue is crude oil. If any or some of these mineral resources are capitalised on, we can see a shift in movement gradually from the crude oil dependent country it's known at the moment.
The nation also has a rich land that are feasible to agricultural produce when well managed.
Nigeria was regarded as the giant of Africa, not because of absolute peaceful coexistence of ethnic groups that formed the nation, but due to her huge natural and human resources, coupled with her overwhelming population, and also her efforts in successful intervention in the crises within the Africa continent, which earned her some huge respect by the International community. But today, Nigeria has developed from the giant of Africa to caricature of itself.
As Nigeria marks it's 56th independence anniversary, questions and more questions have cropped up. Has the country come of age? Is there need for celebration? What are we celebrating? Are there hopes of better tomorrow? It's very appalling that what we are celebrating is nothing but deplorable achievements; ranging from recession, corruption, insecurity, poor infrastructure, dilapidating education and health system, etc.
In the last 15 months or there about, Nigeria has lost the position of Africa's largest oil producer to Angola after production fell to about 15 million barrels.
Nigeria has also yielded the position of the continent's best destination for investment to South Africa.
The country's economy has also given up its position as the giant of Africa largest economy to South Africa, with figure worth around $301billion and Nigeria comes in at $296billion.
As the recession continues to bite hard in Nigeria, it is quite worrying to know that many still do not even totally grasp how a recession works nor what it really means.
According to the National Bureau of Economic Research (NBER), a recession is defined as "a significant decline in economic activity spread across the economy- lasting more than a few months, normally visible in real gross domestic product(GDP), real income, employment, industrial production and wholesales -retail sales"
The gross domestic product(GDP) is the monetary value of all the finished goods and services produced within a country's borders, in a specific time period.
In a recession, business ceases to expand, the GDP declines for two consecutive quarters, the rate of unemployment rises and housing prices decline.
Nigeria slipped into recession with the latest growth figures showing the economy contracted by 2.06% between April and June 2016. Many factors contribute to an economy’s fall into recession, but the major cause is "a decline in Aggregate Demand".
In macroeconomics, Aggregate Demand (AD) or Domestic Final Goods(DFD) is the total demand for final goods and services in an economy, at a a given time. It specifies the amount of goods and services that will be purchased at all possible price levels. This is the demand for the gross domestic product of a country.
Decline in aggregate demand is majorly triggered by inflation.
Inflation is defined according to Investopedia as a sustained increase in the general level of prices for goods and services. It is measured as an annual percentage increase.
According to National Bureau of Statistics, Consumer prices in Nigeria jumped by 17.1 percent year-on-year in July of 2016, following a 16.5 percent increase in the previous month, compared to market expectation of 17.15 percent rise. It was the highest record since October 2005 as weak naira keeps pushing up food prices.
Published on 2016-08-31
As inflation spawns, every Naira you own buys a smaller percentage goods or services.
According to Economist, two consecutive quarters of negative growth in gross domestic product (GDP) leads to a recession.
The GDP in Nigeria shrank by 2.06 percent year-on-year in the second quarter of 2016, compared to a 0.36 percent drop in the previous period and more than market consensus of 1.5 percent decline. It is the first contraction in 20 years due to decline in oil prices. GDP Annual Growth Rate in Nigeria averaged 4.07 percent from 1982 until 2016, reaching an all time high of 19.17 percent in the fourth quarter of 2004 and a record low of -7.81 percent in the fourth quarter of 1983. GDP Annual Growth Rate in Nigeria is reported by the Central Bank of Nigeria.
In recession, large and small businesses are affected; as production slows down, the country sinks into loss of jobs, a decline in real income, a slow down in industrial production and manufacturing, and a slump in consumer and government spending. Things generally get more difficult and hunger becomes a common language...
At this juncture, the reasons why Nigeria is facing negative growth (recession), which rubbed her the most prominent and enviable position in Africa could be attributed to the following:

Dip in demand of oil in international market: Nigeria is one of the countries that suffered most sever consequences of the slump in crude oil price. Nigeria abandoned everything else because of oil and also created expectations that could be fulfilled only by a continued flow of petroleum dollars. Oil prices began a free fall in 2014 from about $120 per barrel to today's $44 per barrel. The decline in price of oil has lead to decrease in government revenue.

Implementation of Treasury Single Account (TSA) as one of the critical measures of curbing corruption: This policy is only effective in a developed economy. TSA is one of the dead policy of ex-president(Goodluck), but was adopted by the present President (Buhari). Irrespective of its effectiveness in cut backing corruption, it rubs commercial banks the floats from federal reserves and making interest rate high.

Nature of our tax system; Nigeria tax system is lacking adequate enforcement, voluntary compliance, and fair accountability. About 60% of Nigerians income earners do not pay tax and about 70% of the amount collected enters wrong account.

Poor infrastructure; The giant of Africa, Nigeria, is lacking electricity, bad roads, and a moribund railway system.

Dilapidating education system and finally,

Failure to save for the raining day: Our elders say that he who does not know where the rain started, will equally not know where it ended... As things get harder and even to its worst point, Nigerians keep raising loud cries on hardship and hunger; which is the outcome of recession and piling up blames on Buhari, the president. The Federal Government led president Muhammed Buhari has continued to blame past administrations for the the current economic crisis that has left many families struggling to feed and to survive. Nigeria economy is hard hit by the fall in the price of crude oil because the country failed to save for the rainy. Nigeria has nothing to rely on to cushion the effect of this recession due to frivolous expenditures of the past leders. Many other oil producing countries are faring fine, because they saved for the rainy day. According to Minister of Information, Lai Muhammed, "it's important for Nigerians to know where and when the rain started beating them, that no provision was made for any umbrella to shield them".

These issues with other ones unmentioned, contributed to the economic quagmire we are celebrating today, 1st October 2016.
As we celebrate Nigeria's 56th anniversary of freedom in captivity today, the country is in recession(negative growth). There is no doubt about that.
The government must come with a good blueprint that can give relief to Nigerians. As such, my recommendation on revamping the economy as to restore our position in Africa goes like this :
First, we have started well by turning our attention to rijiging other sectors like agriculture, technology... But it remains one thing! The core, the mover and dictator of strong economy. This is what I termed "Skill Acquisition". To encourage putting a round peg in a round hole /a squared peg in a squared hole, let's consider our education system beyond theories, but practicals.
Secondly, demands of our locally made products should be encouraged by placing incentives before the producers and the middle men. How? Let there be steady supply of electricity to reduce high expenditure on fuel, which is absorbed by the plants used in powering the production and sales machines. This will make the cost of production to decline,likewise the selling price (lower the price, higher the demands).
Let our tax system be properly reviewed to ensure adequate enforcement, compliance, and accountability to boost government revenue.
Thirdly, let's review TSA policy by reducing the rate at which central bank; which is the apex bank, the Banker of all other banks, the lender of last resort* lends to commercial banks - If it can not be blue-penciled in financial system.
Finally, Nigeria is growing old, but not growing up. A nation that dwells in the past will grow old but never grow up. Nigerians should willfully refrain from corruption and religious, tribal and political sentiments. It helps not!
If the little ideas in this cryptic note should be rationaly utilized, I believe that aggregate demand will surely increase - likewise the GDP...
Recession will become an old song...
And our position as the giant of Africa would be restored...
Happy Independence Anniversary!!!
By
Nwogboji Emmanuel Usulor
Accounting Department,
Federal University Ndufu-Alike Ikwo(FUNAI), Ebonyi State.
09095584222
Nwogbojie@gmail.com

"When people need a doctor, or a lawyer, or a certified public accountant, they seek someone whom they can trust to do a good job — not for himself, but for them. They have to trust him, since they cannot appraise the quality of his 'product'. To trust him they must believe that he is competent, and that his primary motive is to help them"-John L. C. As such, these professions( ACCOUNTANCY, MEDICINE & LAW) are the ONLY ethnically inclined and highly demanded disciplines in the world communities. How? Why? These three professions are there to see people through in all there day-2-day activities.
According to one of my colleagues, one of the greatest orator in accounting world, and a prospective accountant - Samuel Dominic - "there are two things that are inseparable in the world - HUMAN BEINGS and MONEY, and it's only the Accountants that ensure their peaceful and successful interdependence". That is to say, Accountants manage both money and humans.
According to Frank Wood's: Business Accounting(vol.one, page3), Accounting is the process of identifying, measuring, and communicating economic information to permit informed judgments and decisions by users of that information.
On the other hand, Oxford Advanced Learner's Dictionary has it that - Accountant is a person whose job is to keep or check financial account. And 'account' was also defined therein as"a written or spoken description of something that has happened".
The world today has been dominated by desire to amass wealth - irrespective of means and methods. As a result, this has made fraud the mother of corruption and corruption, the killer and destroyer of nations. As to mitigate the effect, accounting(the language of business)and accountant(the only speaker and interpreter of the business language) need to be monitored and regulated to avoid misleading individuals, firms and government in all their day-to-day economic activities. For this to become a reality, accounting became ethnically inclined.
According to Oxford Advanced Learner's Dictionary, Ethic is a moral principles or rules that control or influence a person's behaviour.
In International Federation of Accountants Code of Ethics(IFAC code), it is stated that a professional accountant must comply with the following fundamental principles:
1. INTEGRITY: To be straightforward and honest in all professional and business relationships.
2. OBJECTIVITY: To not allow bias, conflict of interest or undue influence of others to override professional or business judgments.
3. PROFESSIONAL COMPETENCE AND DUE CARE: To maintain professional knowledge and skills at the level required to ensure that a client or employer receives competent professional services based on current developments in practice, legislation and techniques and act diligently and in accordance with applicable technical and professional standards.
4. CONFIDENTIALITY: To respect the confidentiality of information acquired as a result of professional and business relationships and, therefore, not to disclose any such information to third parties without proper and specific authority, unless there is a legal or professional right or duty to disclose, nor to use the information for the personal advantage of the professional accountant or third parties.
5. PROFESSIONAL BEHAVIOR: To comply with relevant laws and regulations and avoid any action that discredits the profession.
These disciplinary codes are designed to protect non-accountants and to maintain the reputation of the profession and the demand for its services. On the contrary, any Accountant found guilty of unethical behavior risks the possibility of fines or even expulsion from their professional body(ICAN & ANAN - for Nigerian Accountants).
With all due respect to this cryptic message, scholars who wish to be quoted as authorities in accountancy profession should stringently behave and act in consonance to what the profession stipulated - being ethnically conscious in character and attitude. Let's be known as prospective accountancy REVIVALISTS not DEVIANTS.
By:
Nwogboji Emmanuel Usulor
Federal University Ndufu-Alike Ikwo(FUNAI)
Nwogbojie@gmail.com
09095584222
Saturday, 29/10/016

By Nwogboji Emmanuel Usulor (aka No-Nonsense)
Your ability to see involves your brain as well as your eyes. So, stroke related vision problems can be very complex to understand and treat.
Nigeria, a secularly constitutionalized entity; yet the religious old wives' tales stubbornly and tenaciously exert a strong influence on its governmental day-to-day activities. To make the matters worse, the religious titular heads continually junket themselves in private jets — says Maj-Gen Sam Momah(Rtd), while their naive and gullible flock —the copycats and parroting zombies, wallow in an ocean of abject poverty.
What an entity of blindfolded Patriots!! No wonder therefore that Forbes Magazine currently labeled Nigerians as 'one of the world's saddest people' —masochists!
Nigeria; the most populous country in Africa, the most populous black country in the world, the sixth producer of oil in the world, and the hope of the black race, should not and must not be cartwheeled into moral and intellectual depth while searching for miracles —coincidence of two periodically recurring events! All clean, rational hands of the secularists must be on deck to scavenge her.
Her survival is of essence to the BLACK RACE! Let's eschew religious bigotry!!!

It's obvious that religions (especially Christianity) highly condemn sex before marriage, but how many percentage of these bigots are Virgins?

This message is really informative! Thanks!