Youths and Development in Nigeria.

 

While surfing through the internet months ago, I came across a report by Mc. KInsey a leading consulting firm in the world. This report stated that by 2050 "NIgeria's greatest export will not be crude oil but human capital." Having gone through this report , I asked myself a defining question taking cognizance  of the grammaitical bunder; What type of export will Nigerian youths be in 2050? On 12th may 2012, an article by Still Africa, a leading journalistic firm known for astute journalism, projected that by 2050, "Nigerian youths will comprise 28% of her population." This report shows the enormous responsibility of the government to effectively utilize her youthful potentials. The report went further stating that the best policies that must be promoted must be targeted at ensuring the empowerment of the youth. It should be noteworthy that such recommendations are not finding their way to Aso rock for the first time. But, when you have a nation bereft of a better understanding of her youthful potentials and the plight of her citizens, the results are not far fetched from the sadonic and baleful experiences of our dear nation.

One major factor that I find as a stumbling block to a realistic national development is the mobility of our youths. A recent study shows that the youths in sub saharan Africa are the most mobile set of people in the world, and Nigeria, a major country loosing her youths to foreign and neighbouring countries like Ghana. This report reminds me of the lyrics of one of Nigeria great soul musician; Beautiful Nubia, which says "...i see them in europe, America and all over the world looking for home..." The true state of our nation can not be far fetch from that lyrics. Surprisingly, our youths who have achieved unco stride in music, literature, sport etc.  internationally tend to see themselves as more foreign than Nigerian. They spend ample time meandering in foreign lands in the name of professionalism while their hamlet is being fleeced by rudders who call themselves leaders, paddling our nation to extinction.

A few months ago, the name of a book came to my mind; The anatomy of female power and I remembered the author and one of Nigerias most celebrated critics of the 1980's and early 1990's, a man who had no surname: Professor Chinweizu. I sought to know his whereabouts. The responses I got were that he seemed to be residing in Ghana. I was stupefied!!! my response was; "Ghana? Why Ghana for such a brain like Chinweizu and not Nigeria?" I got no answers.

When I look at the literary-world, it shocks me to know that a 82 years old home grown African icon and Africa's highest selling author like Chinua Achebe still resides in US when he should be in his hometown Ogidi receiving visitors like an oracle and advising our youths on how best to hone their literary skills rather than faxing an ethnically tense memo. Have we sat down as a Nation to ask ourself how often our award winning authors like Helon Habila, Ben Okri, Chimamanda Adichie and others frequent their homelands? or do we care to know when our celebarted Bill Gate of Africa (Phillip Emeagwali) will eventually settle in Nigeria? When next you see Chimamnda Adichie remind her that it took people like Camara Laye for her to believe she could exist in the literary world when her books were taking ginger beer.Therefore it also takes her input for the Nigeria-girl dropping out of school at an obnoxious rate to believe in herself that the future holds invaluable resources for her. When this happens and our celebrated heroes sees themselves with the bifocal lense of professionalism and responsibility to mentor and motivate the youths in acheiving their conceive dreams; we will as a nation in the eyes foreign observers experience a shift from what Chimamanda Adichie described as the single story  to what Chinua Achebe called a balance of story.

I've heard our elders talk about the good old days and the glorious beginning of this nation. Well, my history classes never lend a young mind like mine the existence of such a beginning than the military repression, coup de 'tat and senseless wars that deluged us. But, picking the brain of our elders and their testimonies of the historical beginning of this nation, I tend to understand that there was a nation with a glorious beginning. If there was a glorious beginning, I'm not mindful to include that there were glorious youths setting the pace for such an enviable past. What do we say of our head of states who where in their mid 30's driving the wheel of such an epoch- making past. I think history has given us insight to the invaluable height our nation can reach if we effectively engage our youths and give them the right environment with excellent equanimity for them to effect growth.

Many analysts have attributed the lack of development in Nigeria to failed policies, lack of true federalism, corrupt government officials etc. As much as i tend to identify with those factors, it behoves me to emphasize that the true identity of a nation stems from the thought pattern her citizen consistently hold. Many youth have become advocates of the retrogessive cliche " Youths are leaders of tomorrow" when we know that the prophets of our past and the library of the present never prophesied or gave thesis of a future. Many youth lack the ideal mindset relevant to place this nation in its right place and  as Edgar Roberts rightly put it "every mind is a great slumbering power until awakened by keen desire and by definte resolution." The slumbering power of our youths needs to be awakened by definite reslolution on their part not to settle for anything less, they need to see themselves as an entity of change responsible to this nation. They need to see themselves far beyond the prejudice of religion and ethnicity.  

By: Edet Samuel

The Danger of a single story by Chimamanda Adichie

Our lives, our cultures, are composed of many overlapping stories. Novelist Chimamanda Adichie tells the story of how she found her authentic cultural voice -- and warns that if we hear only a single story about another person or country, we risk a critical misunderstanding.

SUSTAINABLE LIVING

Is life so sweet or peace so dear

To be purchased at the price of chains and slavery?

Our freedom for a little bread we sell

And drudge under some foolish master’s ken

Who rates us as if we peer with the pen.

At eve should be the time, they said

“To close their dreams in despair”

At that pleasant day

Our work was over

Our toil was done

At the set of the sun

We await our wages

But, the wages of death they did lay at our feet

More strong were it’s stench I could not bear

Someday,I’ll live above this

 In liberty or in death!

In my dreams

A platter of gold laid at my feet

The glory of sun set above my head

And my garden filled with flowers

I bask in such a life incredibly sustainable.

CORPORATE GOVERNANCE AND NIGERIA CAPITAL MARKET DEVELOPMENT

The concept of corporation is foreign to the indigenous customary business practices of pre-colonial Nigeria. The first corporations to operate in Nigeria, British companies chartered in England, arrived in the second half of the 19^th century. One of first and most influential of these was the National African Company (later renamed the Royal Niger Company), which was chartered in 1886. Between 1862 (when colonial rule was formally established in Nigeria) and 1912, all of the corporations that operated in Nigeria were foreign companies registered in England and subject to the law and ideology of the British corporate governance system. The first corporate statute in Nigeria was enacted in 1912. However, corporate governance in Nigeria during the period of colonial rule remained a part of the British system of corporate governance. It was only in the post-colonial period that we began to speak of “Nigerian” corporate governance.

Following independence in 1960, several factors affected the direction of corporate governance in Nigeria. Perhaps, most important among these were the dominant ideological convictions of the post-colonial period, which stressed economic self-dependence. Economic self-dependence was primarily understood in terms of indigenous ownership and control of the means of production and was operationalized into two basic broad areas. First, the government imposed absolute control over public utilities, infrastructure and social service provision by establishing state owned corporations. While there was significant interest among foreign investors, especially British corporations, in many of these areas, the state prohibited foreign ownership. In many instances, the state did not even permit participation by private, domestic corporations. Activities in such areas as electricity generation and distribution, telecommunications, postal and telegraphic services, shipping and ports, and air

travel, among others, were restricted to wholly owned state corporations. Second, the government promoted indigenous ownership in other sectors of the economy, two pieces of legislation served as an impetus to this strategy, viz., the Foreign Exchange Control Act of 1962 and the Nigerian Enterprises Promotion Decree, No. 4 of 1972, often referred to as the “Indigenisation Decree’. The Foreign Exchange control Act prohibited the creation or transfer of any security or interest in a security in favour of a person resident outside Nigeria except with the permission of the Minister of Finance, while the Nigeria Enterprises promotion Decree restricted foreign ownership by creating three schedules of enterprises: (i) enterprises exclusively reserved for Nigerians; (ii) enterprises in respect of which foreigners cannot hold more than 40% of the shares, and (iii) enterprises in respect of which foreigners cannot hold more than 60%. This classification was based on the perceived financial and managerial needs of the country at the time. The second schedule was comprised of manufacturing companies where foreign participation was expected to bring foreign capital and managerial expertise. The third schedule included capital-intensive enterprises.

Although there was a great deal of optimism in 1960 about the development prospects of the newly independent country, fifty-two years on Nigeria is still largely considered a developing nation. The country still lacks an efficient infrastructure (e.g. Communications and transportation systems, electricity, water, etc.), unemployment rates are high and social needs far outstrip social programs. In addition, the country is rife with corruption and divided by ethnic and tribal tensions. These features of Nigeria socio-economic development have major repercussions for business, both in the private and public sector.

While commenting on the problems of the Nigerian economy, a former Governor of Central Bank of Nigeria expresses frustration felt by many:

           [t]here appears to be a certain built-in stubbornness

         in the attitude of the typical Nigerian

economic agent . . . It manifests itself in a strong

propensity to circumvent laid-down rules of

economic behaviour and to resist control and

regulation . . . it tends to encourage a kind of

softness and lukewarmness in the application and

implementation of legitimate rules of economic

conduct. Hence it provides a fertile ground for

bribery, corruption, idleness and the contrivance

of get-rich quick attitude which are antithetical

to hard work and discipline (Ahmed, 1996, p. 14).

Of course, the nature of Nigeria’s problems is not only rooted in the attitudes of individual Nigerians, but it is also related to larger political and economic structures and practices. Hence, the question of corporate governance in the Nigeria capital market is more of an ethical undertone defining the route of social economic growth of emerging and developed economies. The capital market has been identified as a network of specialized financial institutions with series of mechanisms, processes and infrastructures that in various ways facilitate the bringing of suppliers and users of medium to long term capital for market development of existing securities. The roles of the capital market in the development of the economy include: provision of opportunities for companies to borrow funds needed for long-term investment purposes; creating avenue for the marketing of shares and other securities in order to raise fresh funds for expansion of operations leading to increase in output/production; providing means of allocating the nations real and financial resources between various industries and companies. Through the capital formation and allocation mechanism the capital market ensures an efficient and effective distribution of the scarce resources for the optimal benefit to the economy; It reduces the over reliance of the corporate sector on short term financing for long term projects and also provides opportunities for government to finance projects aimed at providing essential amenities for socioeconomic development; The capital market  aid the government in its privatization programme by offering her shares in the public enterprises to members of the public through the stock exchange; The capital market also encourages the inflow of foreign capital when foreign companies or investors invest in domestic securities, provides needed seed money for creative capital development and acts as a reliable medium for broadening the ownership base of family owned and dominated firm.

The imperative role of the Nigeria capital market in the economy makes the analysis of its development a proper and precinct course of discussion. In recent years the Nigeria capital market has performed fairly despite the numerous challenges and problems cluttering her, some of which include: the buy and hold attitude of Nigerians, massive ignorance of a large population of the Nigerian public of the nature and benefits of the capital market, few investment outlets in the market, lack of capital market friendly economic policies and political instability, private sector led economy and less than full operation of recent developments like the Automated Trading System (ATS), Central Securities Clearing System (CSC), On-line and Remote Trading, Trade Alerts and Capital Trade Points of the Nigerian Stock Exchange. The records also indicate that the market capitalization which is the most widely used indicator in assessing the size of a capital market to an economy; either in a bearish or bullish market has fairly been on the increase. Before 1988, the total market capitalization was less than N10 billion, from 1988 to 1994 it hovered between N10 billion to N57 billion. In 2003 it was N1.3593 trillion, N2.1125 trillion in 2004 and N5.12 trillion in 2006. However, the market capitalization nose- dived from an all time high value of N13.5 trillion in March 2008 to less than N4.6 trillion by the second week of January 2009.Besides, the all share index ( a measure of the magnitude and direction of general price movement) also plummeted from about 66000 basis points to less than 22000 points in the same period; the stock prices have also experienced a free for all downward movement regime with more than 60% of slightly above 300 quoted securities on constant offer (supply exceeding demand) on a continuous basis. A number of factors have been attributed to this sorry state of affairs, such as: global phenomenon in the world economy which has not spare the Nigeria capital market of its global malignant cancer, lack of infrastructure and high production cost; impact of commercial banks following the forced capitalization of banks to a minimum of N25billion; avalanche of private placement offers; bank short term orientation imposed on long term capital market; inability of the federal government to plot a bailout option etc.

Vividly, this sorry state is being exacerbated by the abuse of share holder rights; it is conceived in terms of principal- agent problem in which the managements (agents) of widely held firms are predisposed to maximize its own interest rather than those of shareholders (principals). In this context, many managers and directors have been able to use corporate opportunities and resources for their own personal benefit at the expense of the corporation and its shareholders thereby resulting into a near extinction of the capital market. An odious example is the case of Lever Brothers Plc., a public listed company in Nigeria.  Between 1996 and 1998, there were reports of abuse by senior management, including insider dealings, shares racketeering and the awarding of supply contracts to companies in which senior management had interests. Sources also disclosed that one of the key officers of the company had up to 18 official cars, while almost all of the company’s major contracts were handled by a company registered in his wife’s name. The reports further revealed that employment and other management decisions were based more on ethnic solidarity than efficiency consideration. Corporate abuse in Lever Brothers culminated in serious financial irregularities. The Nigerian Stock Exchange suspended the company in 1998 for submitting an annual return with irregularities. The company’s turnover in the first quarter of 1997 before adjustment stood at N4 billion, with a profit before and after tax at N791.3 million and N554.7 million respectively. After adjustment, there was a N5.8 billion turnover, while profits before and after taxes were N351million and N244.95million respectively. The Lever Brothers case raises several issues, but most importantly the inability of majority shareholders to monitor management. The buck to institute a woe- free Capital market stops at the desk of productive reforms in corporate governance. The reform process must involve choosing the best form of corporate governance; existing structures and practices like economic liberalization and deregulation (e.g tax cuts, privatizing state-run industries etc) should be streamline while other reforms that directly affect governance, e.g., strengthening company law (to provide greater legal guarantees to investors), reforming the legal system (so that shareholders’ rights can be effectively enforced) and liberalizing capital markets (to allow for a more efficient allocation of capital and attract investment funds) should be initiated. In addition, the liberalization of  foreign investment laws should be encourage in other to facilitate the inflow of foreign capital, which is likely to monitor managers more effectively.

Finally, we should understand that the capital market woes which the corporate government reforms seeks to address are deeply rooted in a socio-economic and political context characterized by ethno-religious tensions, poverty and a history of military rule and human rights abuses. Hence, the reforms are unlikely to be successful if these fundamental issues are not address and if the reforms are not linked to broader governance reforms of the Nigeria state.

MATHEMATICS COLLOQUIUM 2012

                   

                                                                                                           

           Mathematics Colloquium is a creative rostrum set up to serve as an impetus to the growth of Mathematics in Nigeria and to mitigate the spate of mathematics doldrums among students. It is a one day conference dedicated to alter defective trends in the perception of mathematics among people. Mathematics colloquium brings veterans in the field of mathematics ranging from youths with excellent passions to professionals with excellent principles and implementable techniques of teaching as they present adequate, relevant and implementable information. It also honours the presence of season public speakers whose words and wits have proven impactful in stirring the audience in transforming their passion into action.

                                               

 Chizoba Imoka (Founder Unveiling Africa Foundation)

      The aesthetic beauty of the maiden edition of mathematics colloquium has been resonating in terms of student-teachers acuity in demand for the programme, the insight it offers to teachers, the transformation it conveys to the nation and its orientating effect on students. Mathematics colloquium 2011 was informative, educative and entertaining. It had in attendance the best and brightest young minds speaking on; how mathematics statusquo among students can be stymied, the infinite application of mathematics and the role of students in nation building. In attendance was Mr. Oke Tolulope, a national gold medalist winner in mathematics, Miss. Adekaiye Opeyemi, a first class alumnus of the University of Babcock, Miss. Adejole Moronke, the Director of study, Paradigm Consolidation Network (PCN) and Miss. Chizoba Imoka, an alumnus of University of Alberta, Canada and the founder of Unveiling Africa foundation.

 The colloquium also awarded her first winner of the plaque of genius, in person of Mr. Chukwuanieze Samson of Oke-Odo senior high for his excellent performance in the written maths competition. Other students honoured were Mr. Matthew Fortune from Ewoma College (1^st runner up) and Miss. Adenijo Oluwagbemisola from Salvation College (2^nd runner up).

   Edet Samuel, Chukwuanieze Samson, Oke Tolulope                      Mr. Oke Tolulope (National Gold Medalist winner in maths)                   

                                                                                                 

Now, Mathematics Colloquium is back again!!! It promises to be BIG, BETTER AND BRIGHTER!!!

 This year’s colloquium is tagged “FIGURE: MY PASSION AND ITS RELEVANCE TO HUMANITY” this year’s colloquium is aimed at inciting insightful passion for mathematics that are relevant to humanity. We have lined up veterans who we intend picking their wealth of experience on; the harmony of figure in the class room, the relevance of figure to humanity and passion.

Also featuring: music performance, poetry performance, plaque of genius 2012, school presentation, Brain race etc.

There are lots of prizes to be won.

You can’t afford to miss out of this great opportunity!!!

 CATEGORIES OF PRESENTATION FOR MATHEMATICS COLLOQUIUM 2012.

Recitation of factorials:

This presentation concerns the retaining capacity of the student; it deals with the student reciting the factorials of numbers from 1 to 20. The students are expected to recite the factorials and if there are pattern(s) discovered during preparation they are expected to identify such pattern(s) and include it in their presentation. At most 4 students are needed for the presentation. E.g. 1! = 1, 2! = 2, 3! = 6, 4! = 24 etc.

Recitation of root functions:

 This presentation is similar to the first; the students are expected to recite the square root of numbers ranging from 1 to 20. In a situation where the root of a number is not terminating, the student should recite it to 5d.p. An explanation for the lack of termination in such number and the peculiarity it has to a group of number if identified would be an added point. At most 4 students are needed for the presentation.

Construction of solids using cardboard:

In this presentation the student are expected to identify at least 5 solid shapes and construct them using cardboard. Linking the properties of objects from one to the other during construction would be an added point. At most 3 students are needed for the presentation.

Presentation of Historical Background or events in mathematics:

Students are expected to identify an historical event in mathematics or the background of mathematics and present them as playlet. The number of student for the presentation will be regulated by the Representative during visit as time and cast will be considered.

Number presentation:

Students are expected to identify the various types of numbers (at least 20) and are to give a short explanation on the properties and examples (at least 7 examples each). At most 3 students are needed for the presentation.

  Edet Samuel (Coordinator mathematics colloquium)

 Exponential function talk:

The students are expected to give a comprehensive talk on exponential function and to specify the first50 values of exponential. At most 3 students will participate in this presentation.

Pattern and mathematical trees:

Students (at most three 3) are expected to identify some beautiful mathematical patterns, this presentation is all about elegant representation of numbers, the pattern can be in form of tree with a beautiful array. E.g.

1                      x          8          +          1    =    9

12                    x          8          +          2    =    98

123                  x          8          +          3    =    987 …

Environmental Project:

Students are expected to undertake any environmental project, which allows the application of mathematics. They are expected to show the application of mathematics in such project. They are expected to give adequate documentation of the project and its detailed usefulness. At most 3 students are allowed for the presentation.

Mathematical poetry: this presentation is expected to depict a deep connection with mathematics. The students are expected to give an elegant poetical write up that would be performed. Hence they will be judge on the ingenuity of the poem and its performance At most three students are needed for the presentation.

NOTE:

1.         The preliminary stage of presentation takes place simultaneously with the “Plaque of genius” written competition. The time allocated for the preliminary will be decided by the judge, but the time allocated for the final stage of the presentation for the three best schools is 15minutes. This final stage will take place the same day in the symposium proper. Hence, the students are expected to be precise in their presentation. The presentation will be judge base on technicality, elocution, content and logic etc.

2.         Any school interested in presenting should send a mail to paraconsol.net@gmail.com before Saturday, October 27, 2012, stating the name of the school, names of students involve in presentation, category of presentation and summary of the project/ presentation (150 words).

                                                                           Olaide Ebenezer, Oke Tolulope, Adeniran Adewale, Edet Samuel (L-R)

“PLAQUE OF THE GENIUS”:

Plaque of the genius is a written competition that will have students slug it out in brain tasking questions. The contest is open to all participating schools except the HOST SCHOOL. Each school is expected to bring TWO of their best mathematics students for the competition.

Host School:    TOFEK COLLEGE (4-6 AJAAWA STREET OFF OLANIYI STREET NEW OKO OBA,      ABULE   EGBA, LAGOS)

Date:              FRIDAY, NOVEMBER 23, 2012.

Time:             (i) plaque of the genius/ preliminary presentation: 9.00a.m – 10.00a.m.

                        (ii) Colloquium: Immediately after the competition

We plea with all participant to keep to time (No African time).

Thank you.

For more information, you can contact us on:

08090567993 (Chairman organizing c’ttee)

07067991972(Coordinator)

Or send your comment to:

Paraconsol.net@gmail.com

Mathcol2012@gmail.com