Fraud and corruption – definitions and impact

What is fraud?

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

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

What is corruption?

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

Corrupt conduct can take many forms including:

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

NOTE: Corruption does not include mistakes or unintentional acts.

Legislature In Nigeria Is The Reason For Failed Democracy

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

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

Continue reading Legislature In Nigeria Is The Reason For Failed Democracy

The Value of Leadership in the Labour Market and Business Environment

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

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

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

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

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

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

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

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

Can Everyone be a Great Leader?

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

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

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

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

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

What are we learning here?

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

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

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

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

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

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

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

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

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

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

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* THE POWER OF EXCUSES*

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

WHY?

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

WHY?

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

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

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

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

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

  5. I can’t talk (Are you dumb?)

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

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

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

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

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

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

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

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

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

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

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

11 Reasons To Be Transparent On Tax

By Eelco van der Enden , Partner, PwC Netherlands.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    SEVEN LEADERSHIP PRINCIPLES TO LEARN FROM AN EAGLE….

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

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

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

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

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

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

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

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

    BEWARE WHEN YOU NOTICE ALL THESE IN YOUR LIFE

    1. Beware! When prayer becomes a difficult thing for
      you.
    2. Beware! When fasting is becoming a history in
      your spiritual timetable.
    3. Beware! When you no longer enjoy reading the
      word of God.
    4. Beware! When attending church programme is
      becoming a burden rather than a blessing for you.
    5. Beware! When living a life of holiness is
      appearing like extremism.
    6. Beware! When sinful living becomes a lifestyle in
      the name of grace.
    7. Beware! When you crave for earthly things rather
      than the things of God.
    8. Beware! When waking up in the night to pray is
      becoming a thing of the past.
    9. Beware! brethren, when your heart no longer
      desires to see the Lord Jesus one day.
    10. Beware! when you eat more than pray.
    11. Beware! when you no longer share the word
      with others.
    12. Beware! When u start diluting the preaching
      Word of God to keep people around you.
    13. Beware! of all these, brethren, Satan isn’t
      resting. We too must be vigilant.
    14. Beware! When you spend more time on
      Facebook, WhatsApp, twitter, and internet. These
      things become idols and take the place of God.
      Perhaps you’re not even interested in the contents
      Lets prepare, Jesus is coming soon to take those
      who are eagerly waiting for him.
      PLEASE DON’T LET SHARING THIS BECOME A BURDEN LET US ALL BE CONSCIOUS OF THE LAST DAYS.

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    STATEMENT OF FINANCIAL POSITION OF LIFE

                Birth is your
              Opening Stock.
                     
         What comes to you
                       is
                    Credit.
                     
        What goes from you
                       is
                   Debit.

             Death is your
             Closing Stock.

         Your ideas are your
                   Assets.

         Your bad habits are 
             your Liabilities.

         Your happiness is
                    your
                   Profit.

         Your sorrow is your
                    Loss.

            Your soul is your
                   Goodwill.

         Your heart is your
                    fixed
                   Assets

        Your character is
                your
              Capital.

        Your knowledge is
                 your
            Investment

           Your age is your
              Depreciation.
             
              And finally :
    ALWAYS REMEMBER, GOD IS YOUR AUDITOR.

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