SECURITY CHALLENGES: Implication on African Economic Development and Integration

By ORSHI TERHEMBA EPHRAIM

Abstract
This article examines the prevailing situation of insecurity in Africa. The phenomenal rise in shameful or deplorable action or state of affairs generated much concern to scholars and policy makers. Findings show that the state of insecurity in Africa has been identified as an obstacle to economic development and integration of the continent. After over 50 years of independence, implementation of developmental policy has been elusive, considering the state of insecurity currently experienced in the continent. These significantly affect the economies of African Countries and possess the capacity of undermining and fueling insecurity across the globe. While the decline of development is not notably dropped, integration among African countries has descended. The article also examined the probable underpinning reasons causing Africa as an underdeveloped continent. With many reasons, it is noted that insecurity is not supporting the economic development and integration of Africa. With narration, this article proposes a policy change towards security challenges. The paper recommends the philosophy of Balance Scorecard, aimed at improving the prevailing security situation experience in Africa. It is therefore no doubt that economic development can only thrive in an atmosphere of peace.

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EARLY WARNING AND CONFLICT PREVENTION IN NIGERIA

By ORSHI TERHEMBA EPHRAIM

Abstract
There is no shortage of adages about the merits of prevention. An ounce of prevention is worth a pound of cure. Lawrence W. (2009) simply put it “Prevention is the best medicine”. Perhaps the unimpeachable logic of those aphorisms should suffice to move government and international organisation to develop robust capacities to prevent violent conflict and to deploy them strategically. This paper discusses the concepts of conflict prevention focusing on preventive measures. Symptoms of conflict early warning are also identified as well as the cost of late response to early warning. Advancing the conflict prevention agenda will require navigating a series of challenges, including the rapidly changing context in which prevention strategies are applied. The research went ahead to determine if preventive measures have an impact to prevent ongoing and escalation of conflict. A set of difficult political and institutional factors that militate against vigorous prevention action were also examined, as well as the changing role of Nigeria. Policy recommendations are offered to provide effective early warning system. To be effective, conflict prevention capacities will not necessarily require pronouncement, institution and new offices, but they will require focused attention, resources, and a process to spur action in response to warning signs.

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Capital Asset Pricing Model and Arbitrage Pricing Theory: A Comparative Analysis

By YOHANNA G. JUGU and
YUNISA SIMON AMODU

Abstract
The study compares Capital Asset Pricing Model (CAPM) with Arbitrage Pricing Model (APT) as effective decision models in asset pricing with a view to identify the more appropriate and efficient one. CAPM and APT have emerged as two famous models that have tried to scientifically measure the potential for assets to generate a positive or negative return. Both of them are based on the efficient market hypothesis, and are part of the modern portfolio theory. The methodology of the study is basically on theoretical review of extant literatures. Findings indicate that the major flaws of the CAPM are that it is based on several simplifying assumptions which appear to be unrealistic in real world. Moreover, CAPM is said to be incorrect in respect of its description of expected returns, and also that its’ market proxies are not mean-variance efficient; therefore, a multi-factor model like APT offers a better explanation. APT provides a better warning of asset risk and estimates of required rate of return compared to CAPM which uses beta as the only market risk. APT remains the newest and most promising explanation of relative returns as it gives a more complete description of returns, hence, is said to naturally out-perform CAPM. The study recommends that investors rely more on the APT model because it is based on a simple and intuitive concept and has shown to be more efficient in asset pricing.

Keywords: Arbitrage Pricing Model, Capital Asset Pricing Model, Asset Pricing.

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Pre-employment Screening and Occupational Fraud in the Public Sector

By OBAL USANG EDET USANG

Abstract
The cost of occupational fraud in Nigeria is enormous and there is need to do more to stem the tide. The Independent Corrupt Practices and Other Offenses Commission and the Economic and Financial Crime Commission are doing their best at chasing offenders. However, it is better to defend public treasures from being plundered in the first place than trying to recover losses later as most victims in organisations including the public sector never recover all the losses. In order to be on the proactive, basic pre-employment screening should be introduced into the recruitment process in the public sector in addition to other government efforts. This process would help weed out potential fraudsters before they have opportunity to hatch their cruel schemes.
Keywords: Occupational Fraud, Pre-employment Screening, Public Sector, Recruitment.

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NIGERIA: Edwin Clark Canvasses Support For Buhari

Edwin Clark, a former federal commissioner of information, has canvassed support for President Muhamadu Buhari.

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Chief Edwin Clark

The Punch reports that Clark spoke on June 3, Wednesday, at his residence in Abuja when he received a group known as Probity Ambassadors Organisation of Nigeria.

The Ijaw leader, who was one of the biggest supporters of Goodluck Jonathan, has stressed that the new president is capable of leading the country forward.

Clark admitted that he was among those who campaigned against the emergence of Buhari.

However, he added that since Nigerians voted for the incumbent president, he must be supported. He also noted that the way Jonathan conceded his defeat had also made the task of running the country easier for Buhari.

I have congratulated President Buhari and today, he is our president. He’s not the president of a section of the country. Buhari is fit for the job and he’s capable of leading us. We will support him.

“Campaigns are over and a winner has emerged. We must come together after the election and give our support to the president.

“The loser of the election, who had all the powers to do and undo, came out to congratulate the president.

That action of the former president is the best thing that has happened in this country,” he noted.

Clark called on Nigerians to learn from the attitude exhibited by the people of the United Kingdom, who, according to him, had forgotten about their last election, held in May. He added that members of both the Conservatives and the Labour Party have been living together in peace after the elctions.

Commenting on his decision to speak in support of Buhari, an elder statesman explained:

Those who think I would die because of the outcome of election are missing it. Why should I die? I’m a Nigerian.

“I will support whoever wins. My advice to the president and the All Progressives Congress is that they should have regard for the country and work with all.

“The issue of winner takes all is not in our interest. People are bound to vote for or against you. Those who voted for you believed in you and those who voted for another person believed in another person.

It would be recalled that shortly after the presidential elections, Clark stated that Muhammadu Buhari had his full backing the same way he supported the late president, Alhaji Umaru Yar’adua.

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