As he attains the Platinum age of 70 on October 10, 2024, Is’haq Olanrewaju Oloyede’s public service trajectory has marked him out as a rare breed Nigerian, who is apparently immune to the general malaise bedevilling the nation’s socio-economic milieu. Here is a university don whose entire public service record radiates transparency, accountability, single-minded commitment to service excellence, administrative acumen, dogged commitment to the achievement of set goals, undiluted integrity, effortless exhibition of leadership by example and unapologetic insistence on fairness to all!

In the face of a national feeling of hopelessness, despondency and unending apprehension over whether anything good could ever come out of Nigeria, fuelled by a near general belief that the country is probably primed for failure or even decidedly doomed to perdition, the actions of a few exceptional Nigerians tend to elicit a glimmer of exultation. The Registrar of the Joint Admissions and Matriculation Board (JAMB) is one of these rare breed Nigerians, who have rejected the way we do things here and are frantically proving to us all that Nigeria, our own dear fatherland, can indeed be made to work for Nigerians, function properly and take its rightful place in the committee of sane nations.

This audacious public servant became a household name nationwide during his tenure as the Vice-Chancellor of the University of Ilorin between 2007 and 2012, having largely succeeded in turning the second generation University to a world class institution. This, he achieved by dint of hard work, resilience, consistency, tenacity of purpose, innovative ideas, and unparalleled team spirit.

As Registrar/Chief Executive of JAMB, Oloyede is leaving no stone unturned in his relentless pursuit of academic excellence through which he ensured that admission into tertiary institutions in Nigeria is transparent and credible. Apart from ensuring and sustaining the unassailable integrity of the tertiary institutions’ admission process, another remarkable feat of JAMB under Oloyede’s watch is the yearly remittance of huge funds, running into billions of naira, to the Federal Government’s coffers.

Born on October 10, 1954 in Abeokuta, in the present Ogun State, Oloyede graduated in 1981 with a First Class Honours from the University of Ilorin where he also bagged his Master and Ph.D degrees in 1985 and 1991, respectively. He became a Professor of Islamic Jurisprudence in 1995.

Oloyede was the first alumnus of the University of Ilorin to become its Vice Chancellor. So, if a diligent research is to be carried out on the secret behind his super exemplary performance as the head of the University, it may not be surprising to find out that one of the reasons might not be unconnected with a certain innate patriotic zeal to take his alma mater to an enviable height never before witnessed in the annals of the institution. And so, within a period of five years, this celebrated academic and consummate administrator succeeded in turning around the fortunes of the institution from an unranked University to the best in Nigeria and one of the best 20 in Africa.

Among the crucial areas in which he made his marks, which, in turn made the University of Ilorin to become the talk-of-the-town and the toast of admission seekers, were his uncompromising attention to time management, keen focus on technological development, relentless attention to staff training and retraining, commitment to clean and green environment, massive infrastructural development, unprecedented commitment to staff and students’ welfare, strict enforcement of discipline, as well as unwavering attention to innovation. He also instilled academic integrity, financial prudence and general fiduciary transparency in running the affairs of the University.

Oloyede also placed the University of Ilorin on the technological super highway with his deliberate policy of putting Information and Communication Technology on the front burner.

As part of his digitisation efforts, Oloyede initiated and pioneered the Computer-Based Test (CBT) method for the post-JAMB screening of candidates for admission into the University and also for internal large class examinations in the University. This system, which was initially pooh-poohed in many academic circles, has now been adopted by almost all tertiary education institutions and several government establishments and some private organisations in the country not only for examination-related screenings but also for employment purposes.

In his five-year stint as Vice Chancellor of the University of Ilorin, Oloyede literally changed the University’s skyline with the rapid spring-up of physical infrastructure in every nook and cranny of the campus.

Also to the credit of the Oloyede Administration was the establishment of the first campus radio station in the entire North-Central zone of the country, the Unilorin FM radio, in 2009.

Oloyede’s commitment to a clean and green environment invariably turned the University campus to one of the best in the country. With a deliberate attention to environmental cleanliness and beautification, he embarked on massive landscaping of the campus with ornamental flowers planted at strategic areas on campus. Also as part of his green and clean initiative, Oloyede embarked on massive planting of economic trees.

That the University of Ilorin is now entirely cultism-free, could be traced to Oloyede administration’s zero tolerance to the menace of cultism and other anti-social behaviours. He also instituted the dress code, which forbids indecent dressing by students and staff of the University.

Oloyede also instituted the weekly publication of the report of the University’s financial transaction report in the University Bulletin as a mark of his prudence and transparency.

For Oloyede, the JAMB appointment in 2016 was another opportunity to showcase his well-known credentials of administrative acumen, financial discipline and legendary transparency in public service.

Moving to JAMB with that messianic mindset of a missionary, the erudite Professor of Islamic Jurisprudence set off immediately on assumption of office to set new operational standards, literally putting a break to administrative drudgery, financial malfeasance, and general staff lackadaisical attitude to work, it was not long before every staff of that central admission processing agency knew for sure that a new Sheriff was indeed at JAMB. Not a few attempts were made by some of those who were not comfortable with the new wind of change sweeping through the organisation to sabotage the new efforts or even ground its operations to a halt. But, with the timely deployment of his administrative acumen, the new Registrar was able to neutralise all those satanic attempts to thwart the new progressive efforts in no time.

Some of Oloyede’s indelible footprints at JAMB include the introduction of the Central Admissions Processing System (CAPS), which automates the admission process; the institution of Equal Opportunity Group for the conduct of the Universal Tertiary Matriculation Examination (UTME) for Blind Candidates; the expansion of the capacities of CBT centres for standardisation purposes; the introduction of E-Ticketing (for Complaints; the introduction of the Integrated Brochure and Syllabus System (IBASS) for prompt delivery of admissions requirements; the use of Biometric Authentication to confirm validity of registration, the introduction of E-slip printing; the introduction of management dashboard to monitor registration and admission exercise real time; the use of CCTV cameras in all CBT centres to monitor the examination and registration process real time; and exemplary funds management; as well as prudent and judicious use of JAMB’s financial resources.

Not only has he instituted an enhanced welfare scheme for JAMB staff members that greatly boosts their morale, and is positively changing their attitudes to work, Oloyede’s messianic tenure has substantially restored the sanctity of the Board’s main mandate: the Unified Tertiary Matriculation Examinations (UTME). And, as evident in all the eight admission exercises he has superintended so far, JAMB’s technology has considerably improved, with high level of transparency and advanced networking. The scrapping of the traditional scratch card system for checking results is another positive rebellion by this audacious JAMB helmsman. And the drastic reduction in the application fees is a serious relief to sundry admission seekers and their parents and guardians.

But by far the most remarkable feat by any non-revenue yielding MDA in the country is the consistent remittance by Oloyede’s JAMB of whopping sums of money in billions of naira to the Federal Government coffers in each of the last eight years. This is indeed novel in a country where even some MDAs that were specifically and originally established to collect revenue for the government often turn round to ask the same government for extra-budgetary bail-outs to augment their overheads!

Indeed, the entire public service career of Oloyede is an open book of worthy lessons for all, especially incumbent and aspiring public servants and political office holders. The erudite scholar exemplifies the very best in moral values that any public official should imbibe. Indeed, he is the face of the new Nigeria that many fervently pray and yearn for.

** Akogun is the Director, Corporate Affairs, University of Ilorin

Chris Kille

Key Takeaways
Low-value tasks can trap business owners in unproductive cycles, preventing them from focusing on high-impact activities that drive growth.
Delegating, automating and outsourcing non-strategic tasks frees up time for more important business activities and decisions and leads to increased revenue and sustainability.
Letting go of control and empowering others to assume certain tasks can be difficult, but it's crucial for growing your business and achieving long-term success.

In the life of every businessman, there is always a time when you glance at the clock and at the list of tasks to be done, and you ask yourself where the time has gone. I had mine when I was fully engrossed in sorting through my emails, arranging my calendar and replying to customers' inquiries. It was imperative to remain productive, but these tasks, although crucial, were not making any difference in my business. I was trying my best, but I was not achieving the results that I had anticipated. I was in a constant cycle of low-intensity movements, and the feelings of aggravation were evident.

Then it hit me: I was getting lost in the details of $10 tasks when I could have been growing a $10 million business.

The trap of low-value tasks

First of all, as business owners, we tend to take on all the work ourselvesbecause nobody knows our business better than we do. It's natural — after all, the business is our baby. But here's the hard truth: It is important to consider that just because one can do something, it does not necessarily mean that one should. Each dollar spent on a $10 project means a dollar not invested in a $10 million idea.

I am referring to those mundane, non-strategic activities that could be performed by any employee at the company, but we do them ourselves because they make us believe we are productive. But what is really being accomplished? Not the large ones, not the priorities, not the plans that could change the entire course of your company. It seems we are only maintaining the status quo without any kind of progression.

1. Delegate the drudgery

The first action that I took was to delegate the activities that had been consuming most of my time. Responding to emails, scheduling my appointments, and addressing some of the customer service-related inquiries were the things that could be easily delegated to someone else and probably done way better by someone else.

Just consider how much your time is worth in the first place. If you are willing to pay $100 for an hour of your time, why invest it in activities that can be delegated to others for $10 or $20 an hour? It is important to note that delegating is not a sign of laziness; instead, it is about getting the most done. This is because delegation empowers you to let go of trivial tasks and instead focus on core business issues, sales and improvement.

2. Automate the mundane

Automation is another game-changer. With the advancement of technology, there are numerous tools available that can help reduce the workload of mundane tasks. For example, appointment scheduling can be done by a scheduling software, and you do not have to waste time on the establishment of dates.

When I started automating my scheduling, I was able to save hours every week on my own. It is time that I could put back into growth opportunities — things that really make the business grow. It is not just about time; it is about the ability to avoid getting lost in the details and having to think about them all the time while you are making strategic decisions.

3. Outsource the chatter

Customer service is the lifeblood of any business, but it doesn't have to be done by you alone. The most effective decision I made was outsourcing the customer service. I was able to hire a team of people who could take and respond to inquiries, solve problems and assist in general, as I focused on expanding the business.

The focus here is to establish credibility. You have to have confidence in your team or outsourced service to convey your brand in the same manner you would. Once that trust is built, outsourcing customer service is a no-brainer. It enables you to concentrate on cultivating business with important clients, bargaining for contracts and establishing yourself in the market.

4. Streamline the creative

Content creation is another area that leaves many entrepreneurs stuck. Yes, it is important, but it is not helpful to spend several hours designing graphics or writing blog posts. I understand that I can write posts, but I am more effective if I decide what should be posted when and what kind of message it should convey, while the professionals do the work.

Whether you employ a content writer or graphic designer or use content creation tools, this optimization gives you time to focus on strategic planning. It enables you to be constantly visible in your target market without compromising on the capacity to manage the company's affairs.

5. Empower your team

Micromanagement is a major waste of time that many business owners get caught in without even realizing it. I was guilty of this, too. This made me think that if I did not participate in making every decision, then things would go wrong. But the reality is that by being overly controlling, I was holding my team members back and was not making the best use of my own time.

Delegating decision-making to your team is not only time-saving but also fosters ownership among the members. Your team will go the extra mile, think out of the box and achieve the goals when they are trusted. It also creates an opportunity to look at the broader perspective of a business and understand that the details are being well handled.

6. Automate workflows

Instead of focusing on individual assignments, consider your overall work process. What operational tasks can be digitized? What measures can you take to guarantee that things are properly managed without your intervention? The automation of workflow is a great tool to improve productivity.

For instance, you can automate the creation of invoices, follow-up emails and setting up of daily tasks, which helps you save time every week. The more you minimize the time taken to perform these processes manually, the more time is available for business growth and development.

7. Prioritize big moves

Ultimately, it comes down to focusing on the activities that are going to be most valuable for your business. This means not being able to agree to work on activities that do not meet the objectives and being willing to work on those that do. To me, this meant focusing on planning, building relationships and seeking additional revenue sources.

As a founder, you may find yourself engrossed in the regular business operations, but if you want to grow the business, you should work on the right activities that will yield high returns. This could be anything from creating new products to venturing into new markets or improving existing operations for higher profitability.

The transformation

After implementing these changes, delegating, automating, outsourcing and empowering my team, my business changed drastically. The revenues began to increase, I was able to sign larger contracts and, most importantly, I had time to ponder over the development of my business.

The transition wasn't easy. It involved allowing others to assume certain tasks. However, the outcome was more than worth it. By concentrating on what was important, I was able to create a company that was not only profitable but sustainable as well.

Entrepreneur

A viral post on X, formerly Twitter, sparked discussions among netizens about a Junior Secondary School Three science textbook, which details the process, types, and reasons for abortion, as well as family planning.

Page 135 of the Classic Basic Science and Technology for Junior Secondary School Three used by some schools in Nigeria, partly reads, “There are two types of surgical abortion. Dilation and curettage (D & C): The cervix is dilated (opened and expanded) and a special instrument is used to scrape or scoop some linings and other materials in the uterus. D&C, also called vacuum aspiration, is used when the pregnancy is under 15 weeks.

“Dilation Evacuation (D & E): This involves dilating the cervix and using narrow forceps to evacuate the embryo that has formed bones. It is more difficult and requires more techniques than a simple D & C. It is used for 15-24 weeks old pregnancy.”

An X (formerly Twitter) user Alex Onyia, who posted the book’s cover and page on abortion, raised the alarm over the content, which he described as harmful information for learners.

Onyia wrote, “This book is teaching Jss1 students in Nigerian schools how to do abortion with clear images. Parent wake up and save your children. NERDC approved this!

“Corruption is not just about stealing money, it destroys our coming generation!”

The book, published by Thursmay Publishers, is authored by M. Abdussalam, F.A Ibekwe, D.E Akintelure and B.B Akintelure and has the approval stamp of the Nigerian Educational Research and Development Council on the cover page.

In Nigeria, the approval of school textbooks is primarily overseen by NERDC. The NERDC is responsible for developing and reviewing curricula and ensuring that educational materials, including textbooks, align with the national curriculum and meet the required standards.

Also, NERDC has the statutory responsibility to: develop, review, and enrich curricula at all levels; undertake and promote book development and local authorship for quality assurance; and conduct educational research to inform public policy formulation and implementation.

The book further explains the reasons for abortion, the consequences of unsafe abortion, and others.

However, Onyia’s viral post sparked mixed reactions by X users.

Johnson @Carrotsuite E wrote, “Catch them young. Next is to open Planned Parenthood branches to start harvesting aborted babies. Even the reasons written in the book sound absolutely like indoctrination and an inducement to think positively about it from a young age, already promoting a life of sexual carelessness from a tender age.

“Little surprise that so many don’t see anything wrong with this because they are already indoctrinated through books and movies. If we don’t fight this, we will lose that generation.”

Ogwu Ikechukwu, however, disagreed with Johnson.

“Should teenage girls in JSS3 not be taught about teenage pregnancy and its implications? Should they also not be taught about the dangers of abortion? That is the context of the topic. As stated above, the book is also clearly for JSS3 students and not JSS1.”

Tosin Brown added, “An average JSS 3 student is 13 to 16 years old, and they are teenagers. There is nothing wrong with this information for a teenager, and I see nothing wrong with this book.

“Unless we want to lie to ourselves, we have to teach them, or else the world will do so in a negative way. Most of these kids have access to the internet, watch explicit content, and are even more exposed than we parents think. It’s better to teach them to understand the disadvantages.”

Benjamin Chukwudum, in support of Brown’s comment, added, “With all due respect, ma’am, they don’t understand the challenges we face in the hospital. Such education is very appropriate for that age group. In three years, these young people will be fully integrated into society, and this information will help them navigate.”

Principals, parents react

But the All Nigeria Conference of Principals of Public Schools and the Parents Teachers Association strongly condemned the book for containing a chapter that covered the different types of abortion and how to use family planning in preventing it.

Both groups said such detrimental content was not in the Nigerian curriculum.

The National President of ANCOPPS, Musa Ibrahim, told our correspondent about the efforts they had put in place to investigate the book.

Ibrahim said, “We have set machinery in motion to ensure that any such books brought into schools will be seized immediately. We have liaised with the Ministry of Education to obtain copies for analysis, and we intend to use this as a point of advocacy with the ministry. We find the contents highly offensive, and school principals have already been instructed to take action.

“We’ve also engaged with PTAs at both the national and state levels, urging them to prevent the use of such books. A similar case occurred with an Integrated Science textbook in Kano, which we are currently tracking down to remove from circulation.

“I have also shared this information with all relevant groups, instructing them to be vigilant. Principals are expected to check books thoroughly and remain on the lookout for any similar material.”

He added, “The information in the book is not part of our curriculum. We teach topics like reproduction and a bit of sexuality in JS three and SS one, but the aim is to ensure that students understand they should not endorse such behaviour. These topics are not meant for JSS 1 students, as they are not included in the curriculum

“They labeled it as ‘sex education’ or ‘sexuality education,’ but we made it clear that we do not want it, and they should remove it. In the SS classes, reproduction is taught solely for examination purposes, as the students are semi-adults. ANCOPPS does not support this material, and we are taking steps to ensure it is confiscated.”

Ibrahim stressed the necessity of vetting educational materials in schools and instructing relevant groups to monitor for questionable books.

He advised parents to be cautious when purchasing textbooks not recommended by schools and assured stakeholders that principals in government schools were diligent in scrutinising these materials.

He said, “I have shared this particular book with all relevant groups, instructing them to be on the lookout for similar materials. Principals have also been directed to thoroughly check all books used in schools.

“These books are supposed to be approved by the NERDC, but we’ve discovered that some of the names on these publications don’t exist anywhere. For example, two years ago, we encountered an English textbook with unknown authors and despite contacting various sources, no one claimed responsibility for it.

“Parents should be cautious when purchasing textbooks that are not recommended by the school. In government schools, our principals are diligent in thoroughly scrutinising these materials.”

National chairman, PTA, Haruna Danjuma, stated, “This is completely unacceptable. Our children can’t be taught how to have an abortion. We will take this to the National Council and the Minister of Education. How did this book get into schools? We are going to fight it.”

National President, Association for Formidable Educational Development, Orji Emmanuel, described the book as “damaging information.”

“It is indeed sad. I have called for action on many occasions when it comes to the education of the Nigerian child; we cannot afford to be too busy with other issues and neglect our collective future,” Emmanuel said.

“As President, Association for Formidable Educational Development, I am deeply concerned about the controversy surrounding the book containing graphic content for 13-year-old JSS Two students. AFED prioritises the well-being, safety and education of our children.

“The book is not part of the approved curriculum. AFED condemns the inclusion of explicit or harmful content in educational materials. We urge NERDC, the Federal Government and relevant agencies to review and regulate educational materials. AFED advocates for age-appropriate and responsible education.”

He urged all stakeholders to come together to review and regulate educational materials, promote digital literacy and responsible graphics usage, and support educators and parents in providing quality education.

Emmanuel added, “AFED remains committed to advancing education and protecting the interests of our children. We will continue to engage stakeholders and advocate for responsible education practices.”

The National President, National Association of Proprietors of Private Schools, Yomi Otubela, also confirmed that the content was neither in the national curriculum nor the Lagos State Scheme of Work. He told our correspondent that the book was published by Thursmay Publishing.

“Looking through the national curriculum and the Lagos State scheme of work, I couldn’t find any specific topics that taught abortion or pregnancy prevention. However, some topics cover adolescent reproductive systems and how the ovaries work, among others.

“As for why the author included additional reproductive information beyond the curriculum, I cannot say. The curriculum or Lagos State’s guidelines do not include this. Also, I don’t think Lagos State recommended that particular edition of the book.”

Otubela, however, noted that due to children’s access to the internet and other sources of information, it was necessary to strike a balance in what is taught under sex education in schools.

He said, “I was shocked when I saw the content of the book. It’s not used here, but when I reviewed it, I found that it’s too advanced for children in JSS. Even for senior secondary students, I have reservations about such explicit details. The information should focus on the dangers of abortion, not how the procedure is performed. These students are not medical students, so why should they be learning surgical details?

“Even though it is true that young people have access to information via the Internet, we should still limit what we teach in schools. If they find this information on their own, we can guide them as counselors or discuss it in an appropriate, responsible way. However, we shouldn’t go into explicit detail, especially for teenagers.”

Otubela added, “We also have to recognise that today’s children are exposed to far more information than we were at their age, and while some of them might already know about these topics, it doesn’t mean we should actively teach it in schools without careful consideration.

“In conclusion, there needs to be a balance between cultural values and the realities of the internet age. The explicit details in this book have gone too far, and the Federal Government should review it and perhaps consider recalling the book from students. Sex education is important, but it should be delivered in an age-appropriate way, focusing on the consequences rather than the procedures.”

In a telephone chat with our correspondent, the Director of Press, Federal Ministry of Education, Folasade Boriowo, said, “My response to this media information is as follows: there is no way a book containing such offensive content would be approved by NERDC.

“Many textbooks in circulation have not gone through NERDC’s approval process. Some authors or publishers falsely claim their books are NERDC-approved to attract quick buyers.

“We require additional details, such as the name of the publisher, year of publication, and ISBN, to enable us to properly process and investigate this information.”

Also speaking, a clinical psychologist at the Ladoke Akintola University Teaching Hospital, Ogbomoso, Adebimpe Oluwasayo, said the book’s content was completely inappropriate for young minds.

“While the authors may be attempting to prepare students for puberty, this approach could be counterproductive,” Oluwasayo said.

“Teenagers learn quickly and tend to explore through various means, which can make this method potentially harmful. It’s important to consider that they may find themselves in vulnerable situations, and having prior knowledge of certain topics might diminish their moral judgment.

“The information provided is excessive for children in the 11 to 14-year age range. While sexual education is crucial, these young adolescents are at a stage of identity crisis versus role confusion in terms of psychosocial development.

“This stage, typically experienced during the turbulent teenage years, plays a vital role in developing a sense of personal identity. It will continue to influence their behaviour and development throughout their lives. Adolescents need to develop a sense of self and personal identity. Success in this stage leads to a strong sense of self, while failure can result in role confusion and a weakened sense of identity.

“During this period, children explore their independence. With the right encouragement and reinforcement, they will emerge with a strong sense of self and control. Those who lack clarity in their beliefs and desires may struggle with insecurity and confusion about their future.”

Punch

Three major revenue-generating agencies in Nigeria deducted a total of N533.11bn as costs of revenue collection in the first seven months of 2024.

The agencies include the Nigeria Customs Service, Federal Inland Revenue Service, and Nigerian Upstream Petroleum Regulatory Commission.

This figure, derived from the Federation Accounts Allocation Committee reports published by the National Bureau of Statistics, marks a substantial increase of 99.85 per cent compared to the N266.75bn recorded in the corresponding period of 2023.

The FIRS and NUPRC deducted about four per cent of the cost of revenue collection, while the NCS received seven per cent.

The cost of collection is usually deducted at the monthly FAAC meeting before the federally collected revenues are shared with the three tiers of government and other statutory recipients.

Among the three revenue-generating agencies, the FIRS deducted the largest share of the cost of collection in the first seven months of 2024, totalling N254.82bn, which accounts for about 47.8 per cent of the combined N533.11bn.

FIRS’s share covers Value Added Tax, company income taxes, and other revenue sources critical to the government’s fiscal operations.

In 2024, FIRS deducted N254.82bn as a cost of collection, a 61.55 per cent increase compared to N157.73bn in 2023.

Monthly breakdowns reveal fluctuating trends, with the agency collecting N43.35bn in January 2024, a significant rise from N18.14bn in January 2023.

July 2024 saw the highest spike, with FIRS deducting N55.13bn, an increase of 0.01 per cent compared to July 2023’s similar collection.

The NCS followed as the second-largest recipient, with N147.64bn, representing around 27.7 per cent of the total amount shared among the agencies.

This amount highlights the NCS’s role in managing customs duties and excise collections from imports and exports. The agency’s higher collection costs are likely due to the increase in import duty.

NCS reported a total of N147.64bn as its cost of collection in the first seven months of 2024, showing a marked increase of 114.49 per cent from N68.86bn in the same period in 2023.

The NUPRC deducted N130.64bn, about 24.5 per cent of the total cost of collection. NUPRC’s share is notable given its oversight of the upstream oil and gas sector, which remains a cornerstone of Nigeria’s economy.

NUPRC, which regulates Nigeria’s upstream oil and gas activities, deducted N130.64bn as cost of collection in 2024, a sharp increase of 225.33 per cent from N40.16bn in 2023.

Based on a monthly breakdown, the three revenue-generating agencies—FIRS, NCS, and NUPRC—recorded a total cost of collections amounting to N78.30bn in January 2024, marking a 129.98 per cent increase compared to N34.05bn in the same month of last year.

In February 2024, collections totalled N66.46bn, representing a 142.03 per cent increase from the N27.45bn recorded in the same month of 2023.

March 2024 saw the agencies share N69.54bn, a 121.79 per cent rise compared to N31.35bn in March 2023.

In April 2024, collections remained steady at N69.54bn, closely aligning with the previous month’s figures but showing a significant increase compared to N31.35bn in April 2023.

May 2024 saw a boost in collections, reaching N80.52bn, which represents a 159.09 per cent increase from N31.07bn in May 2023.

In June 2024, the total cost of collections amounted to N76.65bn, up 100.47 per cent from N38.24bn in June 2023, with FIRS playing a pivotal role through its strengthened revenue drive.

July 2024 recorded the highest collection figures for the period, totalling N92.11bn, which is a 25.85 per cent increase from the N73.24bn collected in July 2023.

While the surge may indicate intensified regulatory activities, it also highlights the effect of inflation and naira devaluation in boosting tax earnings.

Also, the significant increase in the cost of revenue collection by the FIRS, NCS, and NUPRC has sparked calls for a review from state finance commissioners.

According to a recent Agora Policy report, the issue with the cost-of-collection arrangement is not just the agencies collecting more revenue, but the disproportionate allocation at the expense of states facing numerous challenges.

During a stakeholder consultation with public policy analysts and journalists in Abuja, the Presidential Fiscal and Tax Reforms Committee, led by Taiwo Oyedele, recommended reducing the cost of revenue collection to one per cent, aligning with global best practices where even high-revenue countries like South Africa spend less than one per cent.

Oyedele noted that the current cost of revenue collection in the country ranges between four per cent and 35 per cent, a situation he said was totally unacceptable.

Punch

Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission (EFCC), says the commission could not investigate corruption cases in 10 states due to court orders.

Olukoyede spoke in Abuja on Monday at the 6th EFCC/National Judicial Institute (NJI) capacity-building workshop for justices and judges.

The theme of the workshop was ‘Integrating stakeholders in curbing economic and financial crimes’.

However, the EFCC chairman did not list the 10 states where court orders are preventing the anti-graft agency from performing its functions.

Olukoyede said there is a need for collaboration between anti-graft agencies and the judiciary in the fight against corruption.

He said the commission is battling the issues of frequent adjournments of high-profile cases and conflicting court orders in the prosecution of corruption.

“In spite of the energy and commitment of our judges in resolving corruption cases across the country and measures such as practice direction and designation of courts and judges to hear corruption matters, there are still some areas of concern that need to be addressed urgently,” Olukoyede said.

“The spectre of frequent adjournments of high-profile corruption cases arising from frivolous applications, conflicting orders by courts of coordinate jurisdiction in corruption cases, intemperate contempt orders hauled at the commission’s leadership, and undue reliance on technicality in deciding serious corruption cases, unwarranted orders of injunction restraining the commission from investigating graft cases, are among a plethora of issues that bother the EFCC, which should be on the table for frank conversations over the next two days.

“The incidence of suspects facing criminal investigation rushing to court to obtain orders of injunction restraining the commission from inviting, investigating, interrogating, and arresting them, including some state governments, has become rampant and worrisome.

“At the last count, the commission is unable to conduct an investigation in at least 10 states of the federation.

“This is in spite of the clear pronouncements by appellate courts that law enforcement agencies cannot be restrained in carrying out their statutory duties.”

The EFCC chairman urged the judicial officers to use the platform to engage with the commission and “speak frankly on how corruption cases can be speedily determined”.

He said without a “committed, patriotic, and courageous judiciary,” EFCC and other agencies would not make any headway in the fight against corruption.

The Cable

Israel tallies a year of Gaza war: 40,000 targets bombed, 4,700 tunnels hit

In the past year in the Gaza Strip, Israel has bombed more than 40,000 targets, found 4,700 tunnel shafts and destroyed 1,000 rocket launcher sites, the military said on Monday's one-year anniversary of the Hamas-led militant attacks that triggered Israel's assault on the enclave.

Tallying troops whose names it received permission to publish, Israel's military said 726 Israeli soldiers had been killed since Oct. 7, 2023. Of those, 380 died in the Oct. 7 attacks and 346 in Gaza combat starting Oct. 27, 2023.

Injured troops numbered 4,576 since that date. Fifty-six soldiers died as a result of operational accidents, which the military did not define.

In data to mark the Oct. 7 anniversary, the Israeli military said it enlisted 300,000 reservists since the start of the war - 82% men and 18% women and nearly half of them aged 20 to 29.

Since the start of the war, 13,200 rockets were fired into Israel from Gaza. Another 12,400 were fired from Lebanon, while 60 came from Syria, 180 from Yemen and 400 from Iran, the military said.

It said it killed more than 800 "terrorists" in Lebanon, where 4,900 targets have been struck from the air along with about 6,000 ground targets. Over the past year, Israel arrested more than 5,000 suspects in the West Bank and Jordan Valley.

The military said it killed eight Gaza militant brigade commanders, about 30 battalion commanders and 165 company commanders over the past year.

The war in Gaza was triggered when Palestinian Hamas militants attacked southern Israel on Oct. 7, 2023, killing 1,200 people and taking about 250 as hostages, according to Israeli tallies. More than 100 hostages remain held by Hamas.

Israel's subsequent military assault on Gaza has killed nearly 42,000 Palestinians, according to Gaza's health ministry.

Reuters

WESTERN PERSPECTIVE

Russian forces reach another key frontline city, Ukraine's military says

Russian forces have entered the outskirts of the eastern Ukraine frontline city of Toretsk, Ukraine's military said late on Monday, less than a week after the fall of the nearby bastion town of Vuhledar.

"The situation is unstable, fighting is taking place literally at every entrance (to the city)," Anastasiia Bobovnikova, spokesperson of the Operational Tactical Group "Luhansk" told Ukraine's national broadcaster.

"The Russians have entered the eastern outskirts of the city."

Russia, which controls now just under a fifth of Ukrainian territory, has been advancing towards Toretsk since August, taking village by village with infantry aided by the increased use of the highly destructive guided bombs.

With Ukraine now losing more and more territory, President Volodymyr Zelenskiy has ordered his top brass do "everything that can be done" to minimise Moscow's advance along the frontline.

For Ukraine, Toretsk has been a frontline city for 10 years now, as it is close to Ukraine's territories seized by Russian-backed separatists in 2014. It has since become an anchor of Kyiv's fortifications.

For Moscow, seizing the town, known until 2016 under the Soviet name of Dzerzhinsk, after Felix Dzerzhinsky, the founder of the Soviet secret police, would bring closer President Vladimir Putin's goal of taking the Donbas region.

The fall of the hilltop Toretsk, Ukrainian military analysts say, would let Moscow obstruct key logistical routes connecting the operational rear of Kyiv forces in the area with the combat zone, including the major Pokrovsk-Kostyantynivka road.

After failing to capture the capital of Kyiv when launching Moscow's full-scale invasion in February 2022, Putin focused on taking the old industrial heartland in Ukraine's east known as Donbas, which covers the Luhansk and Donetsk regions.

Donbas has since become the war's main theatre where some of biggest battles in Europe for generations have taken place.

RUSSIAN PERSPECTIVE

Iskander strikes Ukrainian brigade base – Russian MOD

The Russian military has targeted a field camp of the Ukrainian 72nd Separate Mechanized Brigade in the city of Pavlograd with an Iskander ballistic missile, the Defense Ministry in Moscow announced on Monday.

The 72nd was decimated in the battle for Ugledar, giving up the fortified Donbass town last week in a retreat the media in Kiev have described as chaotic, costly, and long-overdue. There was speculation that the brigade had orders to hold until Vladimir Zelensky finished his visit to the US, so as to avoid disrupting his “victory plan” narrative.

The mauled brigade was apparently withdrawn to an industrial area in Pavlograd, about 100km west of Pokrovsk, another frontline flashpoint. The 20-second video released by the Russian Defense Ministry appears to have been taken by a reconnaissance drone using night vision, and shows a large factory building going up in smoke.

The Iskander-M is a tactical ballistic missile with a confirmed range of 400km. It was unclear when exactly the video was taken.

Ukrainian media announced on Monday that the 72nd, also known as the ‘Black Zaporozhians,’ had received a new commanding officer, Colonel Alexander Okhrimenko. The new leader previously commanded the 14th Mechanized Brigade, but was reassigned to head the Odessa regional recruitment office in July 2023, after revelations of widespread corruption in the Black Sea port.

Reuters/RT

Morgan Smith

Laura Mae Martin has taught some of the world’s brightest engineers and executives how to work smarter.

Martin is Google’s executive productivity advisor. It’s her job to help employees and C-suite leaders at the tech giant get more done — without burning out. 

When it comes to productivity, she says, the most common problem isn’t a missed hack; it’s that people try to take on too much work.

The most productive people share one skill that gives them a competitive edge in the workplace, according to Martin: setting specific, concrete priorities instead of vague, indefinite goals.

Accomplish more with a 3-item priority list 

Goals can feel abstract and “far off,” while priorities are more specific and immediate, Martin says, making them easier to tackle. 

The way Martin sees it, a goal could be to get promoted to a managerial position within the next year, while a priority could be to develop leadership skills by volunteering to take on a team project this quarter.

In this case, the priority (leading a team project) is an immediate, strategic action you’re taking to achieve a more opaque goal (getting promoted).

Martin suggests choosing three priorities to focus on at a time as “very few of us can focus on 10 large things.”

Once you have your priorities, list them somewhere that’s visible to you. Write them on a Post-it note and stick it on your laptop or add a recurring reminder to your calendar to encourage yourself to be consistent in following them. 

Martin also suggests communicating about your top three priorities with your teammates and manager, to avoid confusion or conflict.

Manage distractions

Of course, other smaller priorities — like cleaning up your email inbox or scheduling a meeting — will arise. Martin encourages people to visualize their tasks like rocks, pebbles and sand in a jar.

It’s easier to put the large rocks (big priorities) in the jar first and let other small things fill in the space around them instead of trying to add big rocks to a jar that’s already filled to the top with sand (smaller tasks and distractions). 

When anything “urgent” pops up, ask yourself whether these tasks align with your priorities and could benefit your career long-term before getting sidetracked. 

In some cases — like a client emergency or an assignment from your boss — you’ll have to shift your focus. But in other cases, declining an unnecessary calendar invite or politely refusing to assist a co-worker on a task can help you stay focused and accountable for the work you already have on your plate.

Say ‘no’ 

Part of prioritization is learning how to say “no”more, Martin says.

There’s a delicate balance between protecting your time and maintaining positive relationships with your colleagues. Sometimes, you have to be a team player. Other times, you simply have too much on your plate, or the task just doesn’t align with your interests or priorities. 

“I am a recovering yes-sayer and found it really hard to say ‘no’ because I wanted to maintain social capital,” says Martin. “But it’s worse to overcommit and underdeliver.”

The best way to say no is to give a specific reason why you can’t do what someone is asking or to start by telling the requester you need to think about it. For example:

• “It was great to hear about the new project you’re spearheading. I’ll get back to you with the level of commitment I can provide, if any, given my current priorities.” 
• “I see Amy from my team is already attending this meeting and she has more context on this, so I won’t be attending.”

“You want your colleagues to feel supported and respected,” Martin says. But you also need to protect your priorities, she adds, because “time is a finite resource.”

CNBC

All through the 5 working days of last week, NewsScroll did a

series of analyses on why the Naira won’t likely perform better than it’s now (https://dsh.re/b8043), why petrol prices aren’t likely to reduce (https://dsh.re/6d09cd), why inflation won’t abate significantly (https://dsh.re/37054d), why poverty and hunger will likely worsen (https://dsh.re/353df9) and why insecurity might actually get worse (https://dsh.re/3e620).

Today, we present the final in the series, which is about the immediate and medium term solutions to these serious economic challenges. The proposed solutions for tackling these problems are crucial, addressing systemic issues like oil theft, mismanagement of fuel resources, porous borders, and inadequate electricity supply for industrial growth.

These recommendations are integral to achieving Nigeria’s economic revival.

1. Stopping Oil Theft to Restore Naira’s Value

Oil theft is one of the most significant problems affecting Nigeria’s economy. The country is reportedly losing about 50% of its potential crude oil production due to theft, sabotage, and other forms of oil bunkering. According to the Group Managing Director of NNPCL, Mele Kyari, Nigeria could produce up to 3 million barrels per day, but current official production is around 1.5 million barrels. This shortfall drastically reduces foreign exchange earnings, exacerbating the depreciation of the Naira, which is currently struggling in the currency market.

The impact of oil theft goes beyond reduced foreign exchange reserves; it also affects government revenues and creates fiscal instability. If Nigeria can eliminate oil theft and ramp up production to about 2.4 million barrels per day, as was achieved at the country’s peak, the increase in foreign exchange would strengthen the Naira, potentially pushing its value to N700/$ or better. This improvement would stabilize prices, reduce inflationary pressure, and enhance investors’ confidence in the economy.

Why this solution is critical: Without curbing oil theft, Nigeria’s foreign exchange inflows will remain subdued, making it impossible for the government to maintain fiscal and monetary stability. Oil production used to account for over 90% of Nigeria’s export earnings and about 60% of government revenues, making it the backbone of the country’s foreign exchange supply. Ensuring oil is not stolen is therefore foundational to any economic recovery.

2. Rethinking the Fuel Subsidy Narrative

NewsScroll challenges the prevailing narrative around fuel subsidies, calling it a “lie promoted by Bretton Woods Institutions.” While fuel subsidies were indeed expensive and led to fiscal leakages due to corruption and inefficiencies, their removal has resulted in significant increases in fuel prices, which have crippled many Nigerians’ ability to survive. The removal has also pushed inflation higher, as fuel costs have risen across all sectors. As things are in Nigeria, a price level of more than N200 per litre for each of the four main fuel types (diesel, petrol, aviation fuel, and kerosene) will continue to ruin the economy and lives of Nigerians.

This analysis suggests that with increased oil production, the government could set aside 450,000 barrels per day for local refineries, which would be used to refine petroleum products for domestic consumption. And this is not a novel idea! It’s what the government had done from the military era right to the Buhari government which did crude-for-imported-fuel-swap. It was when crude oil theft worsened and reached its current levels that the crude supply for fuel subsidies became unsustainable. The first duty of government is to protect lives and property of citizens, and securing this crucial natural resource is a critical element of this duty.

By doing this, fuel prices could be stabilized at N200 per litre, which would relieve the population from the crushing burden of high fuel prices.

Why this solution is critical: Affordable fuel is essential for any economy, particularly for a country like Nigeria where transportation, logistics, and industrial production heavily rely on petroleum products. By ensuring lower fuel prices through the refining of crude oil domestically, the government could reduce inflationary pressures, stabilize transportation costs, and improve the purchasing power of Nigerians. Additionally, this would prevent the importation of refined products, which drains the country’s foreign exchange.

3. Building Border Walls to Tackle Smuggling and insecurity

Nigeria’s porous borders are an enormous economic and security liability. Smuggling is rampant, particularly with petroleum products, which are relatively cheaper in Nigeria and therefore attract smugglers who sell them at higher prices in neighboring countries. In addition to the economic loss from smuggling, the insecurity exacerbated by the porous borders has made Nigeria vulnerable to terrorism, banditry, and cross-border crimes. Nigeria shares land borders with four countries:

Benin to the west 773 km, Niger to the northwest 1,497 km, Chad to the northeast 87 km, and Cameroon to the east 1,690 km - totaling 4,047 km. At $1m per kilometer, this is about $4 billion - less than 25% of the white elephant Lagos-Calabar coastal highway. The easiest way to fund this crucial project within four years is to award them to local cement manufacturers (Dangote, BUA, Lafarge, etc) on the basis of tax waivers, a model already in use by the federal government. With border walls, the inability of the government to stop smuggling in and out of the country (particularly subsidized fuel) will reduce by at least 95%. Without the walls, Nigeria will continue to find it difficult, if not impossible, to control its monetary and fiscal policies as well as its national security.

Why this solution is critical:

A secure border is essential for controlling the flow of goods, people, and illicit arms into and out of the country. Nigeria has long struggled to manage smuggling, which drains the economy by taking advantage of arbitrage opportunities like fuel price differentials. Additionally, insecurity and cross-border terrorism have destabilized regions like the northeast. Border control through physical infrastructure is a necessary first step in ensuring economic and national security.

4. Implementing Solar Power Solutions to Drive Industrial Growth

Immediate installation of solar power systems of an average of 10 megawatts in each of the 774 local government areas of the country to power manufacturing and cottage industries currently heavily burdened by high electricity costs. One megawatt of solar system without storage batteries for night use costs just about $350,000 installed on one acre of open space. This price already includes 20% profit for the contractors. For the 774 LGs, that’s a total cost of $2.71 billion, another 21% of the $13 billion Lagos-Calabar coastal highway. Installing the solar system in industrial parks in the 774 LGs will provide cheap electricity at the price of N20 per kwh for at least 9 hours daily for manufacturing, industrial and sundry production across the country. This electricity price, without subsidy, is less than 10% of the Band A charge of the unreliable and highly inefficient power supply from the national grid. This is an urgent project that will be worth every dollar even if funded by borrowing via the expensive crude oil-for-loan facility.

Why this solution is critical: Reliable and affordable electricity is a fundamental requirement for industrialization. Nigeria’s national grid is notoriously inefficient, and the cost of running generators is unsustainable for many businesses. By investing in solar power, the government can create a conducive environment for production, employment, and entrepreneurship. This would also reduce the cost of doing business and help bring down the prices of locally manufactured goods.

Conclusion

The economic challenges Nigeria faces today are a culmination of structural deficiencies that have persisted for decades. The solutions proposed here focus on addressing the root causes of these challenges rather than just the symptoms. Stopping oil theft, rethinking fuel subsidies, securing the borders, and providing reliable electricity are not just piecemeal measures; they are interconnected solutions that can lay the foundation for sustainable economic growth.

It’s with these four fundamental solutions that the President Bola Tinubu government can easily achieve its set goal of 6% annual GDP growth. There are other added solutions that can achieve at least 10% GDP growth rate for the country, but because those ones are dependent on the four fundamental solutions stated here, they are unnecessary to mention and analyze at this point. If these first four solutions are not immediately implemented, all other efforts by this government or anyone for that matter are in vain.

Amid macroeconomic challenges, Guaranty Trust Holding Company Plc (GTCO) and 11 other financial institutions listed on the Nigerian Exchange Limited (NGX) generated an estimated N3.81 trillion profit before tax (PBT) in the half year ended June 2024. This represents a 108.2 per cent increase from the N1.83 trillion PBT generated by these 12 financial institutions in H1 2023.

In the period under review, financial institutions operating in Nigeria, and Sub-Saharan African countries were faced with inflationary pressure, and sustained hikes in monetary policy parameters that drained liquidity in the banking system, among other challenges.

However, in the period under review, five banks, including GTCO, Access Holdings Plc, Zenith Bank Plc, Stanbic IBTC Holdings Plc, and Fidelity Bank Plc were the only financial institutions that declared interim dividend payout to shareholders.

The five financial institutions declared N198.35 billion as interim dividends for the half year ended June 30, 2024, about a 131.67 per cent increase from the N85.6 billion declared in the half year ended June 30, 2023.FBN Holdings Plc, Ecobank, Wema Bank Plc, FCMB Group Plc, Sterling Financial Holdings Company Plc, and Jaiz Bank were the financial institutions that did not declare an interim dividend for H1 2024.

THISDAY gathered that GTCO, during the period under review, generated the highest profit before tax, followed by Zenith Bank, Ecobank, and FBN Holdings.

GTCO reported N1.003 trillion profit before tax in H1 2024, about 207 per cent increase from the N327.4 billion it declared in H1 2023, to emerge as the first financial institution to cross the N1 trillion mark in profit generation.

The Group Chief Executive Officer, GTCO, Segun Agbaje, in a statement, said: “We are immensely proud of the progress we have made as a leading financial holding company.

“Despite the uncertainties in the operating environment, our performance in the first half of the year, where we recorded our highest profit to date, is a testament to the resilience and adaptability of our business model.

“We remain optimistic about the future and are committed to leveraging our unique strengths as a thriving financial services ecosystem to create sustainable value for all our stakeholders as we continue to position all our business verticals–Banking, Funds Management, Pension, and Payments–for rapid growth across key markets,” he explained.

While the Zenith Bank reported N727.03 billion PBT in H1 2024, representing a 108 per cent increase from the N350.36 billion the bank reported in H1 2023, Ecobank declared N443.5 billion PBT in H1 2024, representing about 195 per cent increase over the N150.3billion it reported in H1 2023.CEO of Ecobank Group, Jeremy Awori in a statement said: “Our half-year results demonstrate the strength of our diversified business model. Despite facing macroeconomic challenges in some of our operating markets, the company increased its net revenues to $994 million and its profit before tax by five per cent to $324 million.

“Our transformation agenda remains our top priority, with a focus on improving customer experience and driving efficiency and productivity. Despite persistent inflation, we achieved an efficiency ratio of 53.6 per cent.

“We continue to right-size our risk-weighted assets, and our deposits franchise remains strong. Customer deposits rose 13per cent in constant currency to $19 billion, with current and savings accounts (CASA) comprising 81per cent of total deposits. With a loans-to-deposit ratio of 54per cent, we have room to take advantage of credit opportunities that meet our risk appetite if required,” Awori said.According to Awori, the bank’s sole focus remains on enhancing the customer experience and meeting their financial needs.

On its part, FBN Holdings posted N411.99 PBT in H1 2024, an increase of 100.9 per cent from the N205.05 billion reported in H1 2023.Commenting, the Group Managing Director, FBN Holdings, Nnamdi Okonkwo in a statement said: “FBNHoldings has again delivered a strong set of financial results despite the complex macroeconomic and operating environment.

“Our Group’s strong performance over the period is underpinned by our robust institutional capabilities, effective risk management practices, and solid business momentum, and it is a testament to the resilience of our institution.

“Notably, gross earnings and profit before tax grew 118.8 per cent y-o-y and a 100.9 per cent y-o-y to N1,402.5 billion and N412 billion respectively for the first half of the financial year, showing a continuous growth trajectory. These results reflect our ongoing commitment to further improving profitability, enhancing performance, and delivering sustainable value to our stakeholders.

“Despite the macro-economic headwinds, we remain resolute and confident of successfully navigating the terrain towards surpassing stakeholders’ expectations.”

During the period under review, UBA reported N411.99 billion PBT in H1 2024, representing about 0.5 per cent decline from the N403.6 billion in H1 2023, while Access Bank announced N348.9 billion PBT in H1 2024, a growth of 108.2 per cent from the N167.6 billion reported in H1 2023.Fidelity Bank closed the period at N200.87 billion PBT, a significant increase of 163 per cent from the N76.33 billion declared in the corresponding period of 2023, just as Stanbic IBTC Holdings posted N147 billion PBT in H1 2024, about 77 per cent increase from the N82.99billion reported in H1 2023.Furthermore, FCMB Group declared N64.21 billion PBT in H1 2024, about a 68 per cent increase from the N38.23 billion in H1 2023.Similarly, Wema Bank announced N30.57 billion PBT in H1 2024, a growth of 153.47 per cent from the N12.06 billion reported in H1 2023.

Sterling Financial Holdings Company generated N17.35billion PBT in H1 2024, representing a 51 per cent increase from N11.46 billion in H1 2023, just as Jaiz Bank, in H1 2024, announced N11.56 billion PBT, an increase of 194.27 per cent from N3.93 billion reported in H1 2023.Commenting on financial institutions’ performance in H1 2024, Vice President, Highcap Securities Limited, David Adnori attributed the banks’ financial performance to the devaluation of the naira.

He highlighted that most banks have international affiliations, with a significant portion of their assets denominated in dollars, adding that the devaluation led to a substantial increase in their profits.“In the history of banking, hardly any bank has ever declared PBT of up to N400 billion in a half-year period. However, due to the devaluation and the transition from a pegged exchange rate to a freely floating one, banks have experienced a significant spike in their declared profits in the first half of 2024,” he said.

He added that a substantial portion of the increased profitability of these banks was attributed to non-interest income.

The devaluation has affected fees, commissions, off-balance sheet transactions, and other non-interest income sources, which now contribute significantly to the banks’ higher profits, he said.

Investment Banker & Stockbroker, Tajudeen Olayinka said a significant portion of the banks’ recent profit gains came from revaluation gains on their net long US dollar income positions.

Thisday