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Fraud and corruption – definitions and impact

What is fraud?

Fraud is dishonest activity causing actual or potential financial loss to any person or entity including theft of personal identity, moneys or other property by employees or persons external to the University and where deception is used at the time, immediately before or immediately following the activity. This also includes the deliberate falsification, concealment, destruction or use of falsified documentation used or intended for use for a normal business purpose or the improper use of information or position for personal financial benefit.

The concept of fraud involves fraudulent or corrupt conduct by internal parties or external entities targeting the University, or fraudulent or corrupt conduct by the University itself targeting external entities.

What is corruption?

Corruption is dishonest activity in which a person abuses his/her position of trust in order to achieve some personal gain or advantage for themselves, or provide an advantage/disadvantage for another person or entity.

Corrupt conduct can take many forms including:

  • conflicts of interest
  • taking or offering bribes
  • dishonestly using influence
  • blackmail
  • fraud
  • theft
  • embezzlement
  • tax evasion
  • forgery
  • nepotism and favouritism

NOTE: Corruption does not include mistakes or unintentional acts.

Legislature In Nigeria Is The Reason For Failed Democracy

In the 21st century there is ever growing attention to the issues related to democracy and good governance around the world. This results from the increasing acceptance of the fact that democracy and good governance are not luxury, but a fundamental requirement to sustainable development. Legislature as one of the key institutions in a democratic system has a critical role to play in promoting fair governance. As the democratically elected representatives of the people parliamentarians have an honorable task to ensure government is by the people and for the people. By performing the key functions of legislation, representation and oversight the legislature should actively engage in the development and implementation of laws, policies and projects promoting democratic principles of governance.

The legislature, or parliament, plays an important role in the life of a nation. It thus performs three main functions: adopts new laws, amends the existing laws and oversees the activities of the executive to ensure the government is accountable to the people. Achieving of good governance requires existence of an active, strong and efficient legislature. The parliament plays a crucial role in gauging, collating and presenting the views and needs of the people articulating their expectations and aspirations in determining the national development agenda. As an oversight body the legislature helps to identify problems and policy challenges that requires attention and assists in overcoming bureaucratic inertia.

Continue reading “Legislature In Nigeria Is The Reason For Failed Democracy”

Is Your Organisation Creating Full Value From Innovation?

Innovative organisations are marked out by their visionary leadership, licence to explore new ideas, readiness to collaborate and ability to commercialise new ideas quickly.

In our new study, Unleashing the power of innovation, we explore the changing role and nature of innovation in today’s businesses, drawing on responses from a survey of 246 CEOs around the world.

We believe there are five key questions your organisation needs to address if it’s to become genuinely innovative and generate full value from its investment:

  • Does the way you innovate (collaboration, employee empowerment, customer engagement, time horizons etc.) reflect your vision and appetite for innovation?
  • How effectively are you articulating your vision and appetite for innovation to employees, investors and business partners?
  • Do your employees see creating, promoting and executing new ideas as a crucial part of their job description?
  • Are the processes for decision making and organisational mobilisation quick enough to bring new innovations to market ahead of your competitors?
  • How effectively do you measure and track the return on investment and ability to meet customers’ changing expectations?

5 Effects of Poverty

The effects of poverty can be felt at every level of society — from the individual living in poverty to the political leader attempting to provide solutions. Whether it is health conditions or increased crime rates, poverty reaches just about every aspect of life. Let’s looks at the five biggest effects of poverty in order to understand the severity of the problem:

1. Malnutrition

The most common effect of poverty is malnutrition.

This is especially seen in children of poor families. People living in poverty rarely have access to highly nutritious foods. Even if they have access to these foods, it is unlikely that they are able to purchase them. The healthiest foods are usually the most expensive; therefore, a family on a very small budget is much more likely to purchase food that is less nutritious, simply because that is all they can afford.

Sometimes people in poverty are malnourished simply because they do not eat enough of anything. For some people around the world, quality food is a luxury. A total of 14.3 percent of people in developing countries face hunger and about 25 percent of Sub-Saharan Africa is considered malnourished. Poor nutrition causes 45 percent of deaths in children under the age of 5. Malnutrition can also lead to many other health issues as well.

2. Health

One of the most severe effects of poverty is the health effects that are almost always present.

This includes things from diseases to life expectancy to medicine. Diseases are very common in people living in poverty because they lack the resources to maintain a healthy living environment. They are almost always lacking in nutritious foods, which decreases their bodies’ ability to fight off diseases. Sanitation conditions are usually very low, increasing the chance of contracting a disease. Sometimes these diseases can be minor, but other times they can be life-threatening. In general, people living in poverty cannot afford appropriate medicines to treat these illnesses.

Life expectancy and child mortality are greatly affected by poverty. Statistics show that life expectancy in poor nations is up to 30 years below that of wealthy nations, like the United States. Child mortality is shockingly high in poor countries; 13.5 percent of children die before the age of 5 in poor countries. This number is the average for poor countries, however some African nations have a child mortality rate of 20 percent.

3. Education

Education is largely affected by poverty.

Many people living in poverty are unable to attend school from a very early age. Families may not be able to afford the necessary clothing or school supplies. Others may not have a way for their children to get to school. Whatever the reason, there is a clear correlation between families living in poverty and their lack of education. Without the ability to attend school, many people go through life illiterate.

The literacy rates in countries with high poverty levels indicate that these two are linked. Low literacy rates can affect society in various ways including the labor force and politics. Obtaining a basic education could bring 171 million people out of poverty. A bad cycle is created; poverty prevents people from gaining a good education, and not obtaining an education prevents people from escaping poverty.

4. Economy

Among the effects of poverty includes its impact on the economy of the country.

Mainly, the number of people living in poverty influences employment rates heavily. Without an education, people are unlikely to find a paying job. Unemployment hinders a country from developing into a strong economic system. A high unemployment rate can impede a country from progressing in all aspects.

The labor force suffers when a large part of the citizens cannot contribute to economic development. For example, the Indian economy has not been able to develop at a high rate for many years because of the high number of people living in poverty.  About 22 percent of the population in India lives in poverty and their economy can only improve when this percentage decreases.

5. Society

Poverty also has social effects.

Many people living in poverty are homeless, which puts them on the streets. There also seems to be a connection between poverty and crime. When people are unemployed and homeless, social unrest may take over and lead to increases in crime. When people have nothing and no money to buy necessities, they may be forced to turn to theft in order to survive. Homelessness and high crime rates impact of a country’s people and can create many problems within a society.

It is clear that poverty has far-reaching effects on all people. By improving global poverty, economies could prosper, health could improve and countries can develop into strong global presences. All countries will benefit when decreasing global poverty becomes a priority in the world.

The Value of Leadership in the Labour Market and Business Environment

Leadership is a quality that is highly prized by employers. It is difficult to define and even more difficult to measure.

Effective leaders motivate and develop their staff to get the best performance out of them, they have happy teams and low staff turnover rate. So it makes economic sense to employ skilled, talented and gifted leaders.

They create and develop a Vision, encourage a team to engage with the Vision, manage delivery of the Vision while building, developing and mentoring the team.

Managing the delivery and coaching the delivery team is where Leadership meets Management. Often the same person is the Leader and Manager, and the requisite skills sets collide and overlap.

Sometimes the Visionary has a management team around them to handle delivery of the Vision. But the thing that sets Leaders apart from Managers is the Vision.

The Vision
The Vision is about looking ahead, seeing a way to improve things, a transformation, and making the changes happen. It can be a product or a service.

Think of having the vision to create Facebook, the World Wide Web, or Google.

In Politics it is the people who had the Vision of transformational policy change such as Racial Equality, Equality for women, Votes for women, Education for all, Equal pay, Healthcare reform. Continue reading “The Value of Leadership in the Labour Market and Business Environment”

Can Everyone be a Great Leader?

I think a good analogy is that of a talent such as the ability to dance, sing, act, play football or be a successful athlete.

Those people are born with a set of skills and talent that enable them to excel in their chosen field. They may show an inherent ability and interest, and will have some raw skill. But given the correct environment and training the skill will be honed, the talent will blossom and the person will become proficient in their field.

It is very difficult to produce a world class footballer, actor, singer etc. from a person who does not have the inherent ability. It is possible to develop what skill there is within the person, but not to produce a world class performer.

In the same way, there may be people who could potentially be world class, but if they are never shown the way, offered the opportunity, then they will not realize their hidden potential.

So I am saying that to produce a great leader, an effective leader, it is helpful to have the correct raw material to work with, someone who has an inherent talent for leadership. But also, I am saying, everyone can be helped to improve their leadership skills.

What are we learning here?

As in everything, if we analyze the component parts of the skillset required, we can work on them separately and develop and improve our Leadership potential.

We have considered many of the skills required already on this course. Now I propose to revisit the ones that you can work on to improve your leadership potential in this new separate module. I will include the link to the original module, so you can revisit if you want to revise it, and I will briefly summarize the original module for you.

Trait and Situational theory
Leadership trait theory is an early leadership theory, and asserts that there are certain inborn traits or attributes that mean people are more likely to succeed as leaders. So it infers that leaders are born, rather than made.

Early research on the traits of leaders failed to show significantly different traits in leaders and followers. Further studies led to observations that people are not always leaders or followers in different situations. Let’s consider an example.

Two people work in the same business. A is a senior manager in the business, B is an employee at a much lower level.

Both are members of a different group –say a choir, or amateur football club. Here B is the choir leader, or team captain, and A is an ordinary member of the group.

B leads the group, in the same way as A leads the department in the company.

Their behavior in each setting is different. Why is this?

Because they have adopted different roles in each instance, and so assume the authority and command the respect conferred by their position.

Different people take the lead in different situations that require different skills. It is also influenced by the way that teams work together. In teams people tend to assume the role they are best suited to, unless that role is taken already, in which case they will slot in where they fit best.

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* THE POWER OF EXCUSES*

While Many People Dream of Becoming a Better Person Than the Previous Year, Only a Few actually Do it.

WHY?

While Many People Dream of Quitting their Job and Starting their Own Business, Only a Few actually did  it.

WHY?

WHY Is It That Some People Are More Successful Than Others?

BECAUSE the Power of their Excuse is More Powerful than their DREAMS.

  1. FEAR.
  2. I don’t have the Money (who has?).

  3. I don’t have any contacts to start with (Really?).

  4. I’m not smart enough (You have crowned yourself as a mumu)

  5. I can’t talk (Are you dumb?)

  6. I don’t have the time (Yet you have the time to wake up at 5am and get dressed in the traffic)

  7. I’m too busy (Doing what exactly?).

  8. It takes too long to build a business (But you envy Dangote)

  9. I’m afraid. Building a business is too risky for me (Is eating not risky? Is sleeping not risky, people hv died in their sleep).

  10. I don’t like dealing with people ( Mr Island… I greet You your Excellency)

  11. I’m too old ( Colonel Sanders started @ 65yrs)

  12. Waiting for all the lights to be GREEN (lights turn green when you press the button)

  13. MY husband, my wife, my parents didn’t support it (They don’t support You to be broke either but You are).

  14. My job is too demanding and I travel a lot (Arik Wings of Africa)

  15. I’m not good at Marketing (Yet you are king of forwarding religious chains)

  16. No, it’s Network. I can’t do it. (But you spread gossip but can’t spread a business that will better your life?) Continue reading “* THE POWER OF EXCUSES*”

11 Reasons To Be Transparent On Tax

By Eelco van der Enden , Partner, PwC Netherlands.

The European Commission’s proposal for public country-by-country reporting of tax for large multinationals aims to discourage aggressive tax behavior and to get to grips with public unrest on tax avoidance. With this amendment to the Accounting Directive, it meets the public demand for more transparency on the tax strategies of large business and the fairness and efficiency of the tax system—against the backdrop of LuxLeaks and the Panama Papers. France, the United Kingdom, Greece, the Netherlands, and the European Parliament seem to be in favor of public country-by-country reporting.

The German Finance Minister, Mr. Schäuble, is not in favor. He is supported by Malta, Austria, and some tax advisor and business representatives. They claim that fiscal information is only meant for tax administrations. Tax administrations should fight tax irregularities and share information between them.

Tax transparency would lead to a competitive disadvantage for Europe, increase costs of compliance, and disclose “company secrets.” It would also put pressure on tax administrations to levy more tax. “The public will decide the tax bill in the end,” so we hear. Furthermore, there is fear that, under the pressure of US multinationals, the US administration will respond with countermeasures.

The question is whether these arguments are of sufficient substance to counter the public and political pressure for more transparency. Here are 11 reasons to counter the arguments against tax transparency.

  1. For some industries, like extractive and banking, mandatory transparency regulations already exist. This has not resulted in market distortions—confirmed by companies subject to these transparency regulations. Why should these industries be transparent on tax and others not?
  2. Many companies are already voluntarily tax transparent or intend to become so in the near future.

  3. Non-transparency to avoid financial or reputational risks is foolhardy from a professional risk management perspective. It is gambling in the “tax-detection-risk lottery,” and it is not a sign of good corporate governance.

  4. The argument that ”company secrets” would be disclosed appears to be founded on the thought that, currently, data is safe within the company. Much (big) data is already publicly available.

Furthermore, the information to be disclosed will not consist of secret formulas, but merely basic information on the difference between financial and tax accounting.

  1. Tax administrations already have more information than will need to be published.

Dysfunctional tax administrations are not prevented by non-transparency in tax. In fact, tax transparency offers an opportunity to confront the public and politicians with the bad behavior of tax administrations.

  1. The argument that tax is too complicated to explain is not relevant. Try harder or implement less “unexplainable” structures.
  • If transparency prevents tax optimization, and this is seen as a competitive disadvantage, then the question is, “how does this relate to a company’s (tax) governance and corporate social responsibility?”

  • A company needs a functional tax control framework in order to be sure it can file timely, validated, and correct returns. Tax transparency in itself will not lead to serious additional administrative costs. The European Commission has looked into this.

  • Countries are developing initiatives for more tax transparency on a state-by-state basis. Coordination and streamlining of international reporting standards via the European Union and the Organisation for Economic Co-operation and Development is needed to avoid a myriad of transparency regulations.

  • After LuxLeaks and the Panama Papers, NGOs and journalists will keep publishing such information in a format over which taxpayers have no control. Voluntary transparency can result in more public and political understanding of the tax strategy of (transparent) companies.

  • The United States itself has introduced regulations to improve transparency in risk management, reporting, exchange of information, and other areas.

  • In this era, in which tax has become a social media topic, multinationals are advised to develop a communication strategy on tax. The days when tax was the private playground of tax lawyers are over, whether mandatory tax transparency regulations are issued or not. To come to a consistent approach, the Commission’s proposal, therefore, deserves serious attention.

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    Bible Emergency numbers: Build your life with the world of God

    I really luv dis:)
    👇👇👇👇👇
    Bible Emergency numbers:

    ☎📞When in sorrow, call John 14
    ☎📞When men fail you, call Psalm 27
    ☎📞When you have sinned, call Psalm 51
    ☎📞When you worry, call Matthew 6:19-34
    ☎📞In danger, Psalm 91
    ☎📞When God seems far away, call Psalm 139
    ☎📞When your faith needs stirring, call Hebrews 11
    ☎📞When you are lonely and fearful, call Psalm 23
    ☎📞When you grow bitter and critical, call 1 Cor 13
    ☎📞You feel down and out, call Romans 8:31-39
    ☎📞You want peace and rest, Matthew 11:25-30
    ☎📞When the world seems bigger than God, call Psalm 90
    ☎📞When you want Christian assurance, call Romans 8:1-30
    ☎📞When you leave home for labor or travel, call Psalm 121
    ☎📞When your prayers grow narrow or selfish, call Psalm 67 Continue reading “Bible Emergency numbers: Build your life with the world of God”

    SEVEN LEADERSHIP PRINCIPLES TO LEARN FROM AN EAGLE….

    1. Eagles fly alone and at high altitudes. They don’t fly with sparrows, ravens and other small birds.

    MEANING;  Stay away from narrow minded people, those that bring you down. Eagles flies with eagles. Keep good company.

    1. Eagles have an accurate vision. They have the ability to focus on something as far as 5km away. No matter the obstacles, the eagle will not move his focus from the prey until he grabs it.

    MEANING; Have a vision and remain focused no matter what the obstacles and you will succeed.

    1. Eagles do not eat dead things. They feed only on fresh preys.

    MEANING; Do not rely on your past success, keep looking for new frontiers to conquer. Leave your past where it belongs, in the past.

    1. Eagles love the storm. When clouds gather, the eagle get excited, the eagle uses the storms wind to lift itself higher. Once it finds the wind of the storm, the eagle uses the raging storm to lift itself above the clouds. This give the eagle an opportunity to glide and rest its wings. In the meantime, all the other birds hide in the branches and leaves of the tree.

    MEANING; Face your challenges head on  knowing that these will make you emerge stronger and better than you were. We can use the storms of life to rise to greater heights. Achievers are not afraid to rise to greater heights. Achievers are not afraid of challenges, rather they relish them and use them profitably. Continue reading “SEVEN LEADERSHIP PRINCIPLES TO LEARN FROM AN EAGLE….”