The Joint Admissions and Matriculation Board, JAMB, has debunked a viral report alleging that an unidentified lady allegedly got a Unified Tertiary Matriculation Examination, UTME score without participating in the exercise.

DAILY POST reports that an online platform had reported how a Facebook user, Gozie, raised an alarm, alleging that a lady who did not sit for the UTME examination got her scores.

According to the report, Gozie alleged that the girl, who was supposed to take the exam at 7 am, but all the systems at her centre were faulty, mysteriously got scores for her examination.

Reacting, JAMB in a statement issued on Tuesday by its spokesman, Fabian Benjamin, said the report was fake, describing it as malicious and a calculated attempt to undermine the integrity of the Board.

JAMB urged the general public to disregard “such irresponsible publications”.

“In investigating some of these allegations, the board discovered that some of these mischief makers copy results sent to other candidates, edit the details sent to themselves and then parade this as emanating from the board.

“The board challenges any candidate, parent or anybody with such a claim or information to prove it wrong by coming forward with the details of such claims and the phone number with which such results were conveyed.

“The attitude of these mischief makers would only propel the Board to further tighten the process of checking its results to make it more personalized and sure would be stringent when it should actually be a simple and straightforward exercise.

“The board reiterated that neither its results nor any of its processes have been compromised. Hence, it will continue to protect the integrity of its systems against such malicious actors, who are hell-bent on creating confusion where none existed”, JAMB added.

The Nigerian government has ordered all point-of-sale operators in the country to register their businesses with the Corporate Affairs Commission in two months, which aligns with the Central Bank of Nigeria’s requirements.

According to a recent statement from CAC, the decision was reached on Monday after a meeting between Fintechs and the Registrar-General CAC, Hussaini Ishaq Magaji, in Abuja.

The Commission said the action was equally backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, and the 2013 CBN guidelines on agent banking. 

Magaji said the timeline for the registration, which will expire on July 7, 2024, was not targeted at any groups or individuals but genuinely aimed at protecting businesses.

“The Corporate Affairs Commission and fintech companies in Nigeria, better known as PoS operators, have agreed to a two-month timeline to register their agents, merchants, and individuals with the CAC in line with legal requirements and the directives of the Central Bank of Nigeria.

“The Corporate Affairs Commission and fintech companies in Nigeria, better known as PoS operators, have agreed to a two-month timeline to register their agents, merchants, and individuals with the CAC in line with legal requirements and the directives of the Central Bank of Nigeria.

“The agreement was reached today during a meeting between Fintechs and the Registrar-General, CAC, Hussaini Ishaq Magaji, in Abuja,” the statement reads.

According to the Nigeria Inter-Bank Settlement System, merchants and individuals nationwide deploy over 1.9 million PoS terminals.

The development comes amid the surge in fraud in Nigeria’s financial industry.

A recent report by NIBSS said fraud in the financial sector increased by 496.96 per cent from 2019 to 2023 amid the rise of electronic payments.

The Nigerian Exchange Group (NGX) has relieved some staff members of their jobs days after its annual general meeting (AGM) which was held in Lagos.

Multiple sources told Nairametrics that over 40 staff members of NGX Group were affected, with top shots in the organization asked to go.

The affected staff members, according to sources, include regulatory officers, compliance managers, audit managers, the investment team, the chief finance officer, and the general counsel of NGX, among others.

The overhaul was led by PricewaterhouseCoopers (PwC), a multinational professional services firm, Nairametrics understands.

The PwC carried out a staff audit and made recommendations to Group Managing Director/Chief Executive Officer of Nigerian Exchange Group, Mr Temi Popoola, who implemented the downsizing, a source said.

• “Mr Popoola knew that he was in a position to be the next Group CEO when Oscar Onyema (former NGX Group CEO) left. So, as soon as he assumed office, he contracted PwC to overhaul NGX Group,” an affected senior staff member told Nairametrics.
• “However, several times, PwC asked about job responsibilities from the Human Resources (HR) Department. In preparation for the AGM, as Holdco managers, we were in charge of organizing the AGM and we did a lot of leg work to ensure that we got enough proxy shareholders so as to secure enough percentage required to rectify Popoola as GMD.”

The ex-staffer said after the AGM, same day around 5 pm, a virtual meeting was held with all staff members of the group, where the Group Managing Director said that he had got feedback from PwC and that he was going to scrap offices and allow staff members that were no longer relevant to the organization to go.

Mr Popoola noted that he was going to send termination letters to affected staff the same day and have their emails blocked for access, the ex-staff member said.

• “He didn’t give the affected people the opportunity to ask questions. He said consultants did a transparent job but he did not show the results of the review to anybody,” another affected ex-staff member said.
• “We didn’t know the criteria that were used to come to the conclusion of the sacks. That aside, we have a high staff attrition rate, not to forget that the payout to the board level is extremely high.”

Another affected staff member said the decision of the NGX to downsize was greeted with pessimism, noting that there were no clear criteria for the dismissal.

Currently, the affected staff members are demanding reinstatement, emphasizing their contributions and lack of justification for their terminations.

Some are seeking financial compensation, while others are advocating for reinstatement.

The NGX Group did not comment on the downsizing.

More Insights

• The NGX will not be the first Federal Government-led institution to downsize.

On April 8, the Central Bank of Nigeria (CBN) sacked five to eight directors. Those affected were in Trade and Exchange Department, Securities Department, Development Finance Department, as well as Purchasing and Support Services Department, including the Public Affairs Department, Nairametrics earlier reported.  The regulator equally retrenched 32 staff members the same day, striking fear in the staff.

• So far, the apex bank has sacked 117 staff members across its 27 departments, multiple sources said.
• There are fears that more members of staff will lose their jobs at the CBN, as Governor Yemi Cardoso plans to consolidate his position as a radical central banker.

No big deal

Downsizing not new as it is common in several organizations. Recruitment experts say downsizing is sometimes necessitated by economic downturns, lack of productivity, and redundancies, among others.

• “Downsizing is not always a big deal,” said a recruitment expert, Dan Agim.
• “It is forced upon organizations when there is low productivity or over-recruitment. Sometimes, it is caused by economic downturns, but that is mainly for corporates.
• “At times, it is driven by disloyalty for a new sheriff in town or when a new CEO feels that those around are loyal to the previous CEO. It may also be caused by the perception of imbalance, such as when it is perceived that the majority of people in the organization are from one religious, ethnic, or religious group,” he said.

This is a developing story, more details later…

[Nairametrics]

Despite the constant uncertainty surrounding basic needs, Nigerians face their challenges with a characteristic grin and an ingrained resourcefulness. This unwavering positivity stands as a testament to their unyielding spirit, a guiding light in these tumultuous times.

However, a harsher reality lies beneath the surface. Nigerians are entangled in a web of relentless shortages, a constant strain that threatens the very foundation of their lives. Every day feels like a precarious balancing act, a continuous negotiation with a system teetering on the brink.

From essential commodities like petrol and food to critical services such as power supply and security, Nigerians struggle daily with a crisis that undermines their livelihoods and well-being. The scarcity is not a sporadic occurrence but a persistent state of affairs, haunting the nation with each passing quarter.

Q: “From essential commodities like petrol and food to critical services such as power supply and security, Nigerians struggle daily with a crisis that undermines their livelihoods and well-being.”

The scarcity of petrol, in particular, epitomises Nigeria’s woes. Despite being an oil-producing giant, the country struggles to ensure a consistent supply of fuel, leading to interminable queues at petrol stations and crippling economic activity. This chronic shortage not only inconveniences citizens but also stifles businesses, exacerbating the already dire economic situation.

The plight of Nigerians is exacerbated by the greed of petrol hoarders, who exploit the scarcity to profit at the expense of the masses. The government’s failure to intervene effectively only perpetuates this cycle of exploitation, leaving ordinary citizens to bear the brunt of skyrocketing prices and dwindling resources.

The recent surge in transport fares due to fuel scarcity is a stark reminder of its impact on everyday life. As commuters grapple with exorbitant prices, the cost of living soars, pushing many families to the brink of poverty. Yet, amidst this hardship, the government remains largely indifferent, failing to take decisive action to alleviate the suffering of its people.

Moreover, Nigeria’s energy crisis compounds the nation’s woes, with power supply remaining unreliable despite tariff increases aimed at improvement. Frequent blackouts plunge homes, businesses, and industries into darkness, hindering productivity and exacerbating reliance on costly alternatives like generators.

The government’s response to these challenges has been woefully inadequate, with promises of reform often amounting to little more than empty rhetoric. The lack of tangible solutions only deepens the sense of despair among Nigerians, who continue to grapple with scarcity on a daily basis.

In addition to fuel and power shortages, the soaring cost of food further compounds the plight of ordinary citizens. Inflationary pressures, supply chain disruptions, and climate-related challenges have driven food prices to unprecedented levels, pushing millions of Nigerians into food insecurity.

Meanwhile, the scarcity of security poses a grave threat to the safety and well-being of citizens nationwide. With criminal activities on the rise, Nigerians are forced to live in fear, bearing the burden of securing their lives and properties in the absence of adequate protection from the state.

In light of these challenges, it is imperative that the Nigerian government take urgent and decisive action to address the root causes of scarcity and alleviate the suffering of its people. This requires a comprehensive approach that tackles corruption, inefficiency, and neglect head-on while prioritising the needs of ordinary citizens above all else.

Only through concerted efforts to address these systemic issues can Nigeria hope to break free from the cycle of scarcity and realise its full potential as a nation. Unifying the government, private sector, and citizens behind a clear roadmap for reform is crucial.

Investing in infrastructure, tackling corruption, and fostering economic diversification are just a few steps on the path to a more secure and prosperous future.

The time for action is now before the indomitable spirit of the Nigerian people is pushed to its breaking point. By harnessing their collective resilience and directing it towards solutions, Nigeria can emerge stronger and more hopeful than ever before.

[BusinessDFay]