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Vice-Chancellors, ASUU reject new JAMB Cut-off Mark

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SOME Vice-Chancellors and the Academic Staff Union of Universities have rejected the decision of the Joint Admissions and Matriculation Board to peg admission cut-off mark at 120 for universities and 100 for polytechnics, monotechnics and colleges of education.

ASUU said the action, which it described as a “sad policy decision,” was in tandem “with the dream of the present government to destroy public universities in the country.”

Most of the vice-chancellors our correspondents interviewed on the issue maintained that they would not lower admission standards in their respective varsities.

The vice-chancellors stated that the decision would add no value to the nation’s university system.

For instance, in a statement issued by the Vice-Chancellor, University of Ibadan, Prof. Idowu Olayinka, on the issue and released by his Media Assistant, Mr. Sunday Saanu, on Thursday,  the premier university stated that it would never admit any candidate that scored 120 in the UTME.

The statement added, “It should worry us as patriots that candidates who scored just 30 per cent in the UTME can be admitted into some of our universities. Yet, we complain of poor quality of our graduates. You can hardly build something on nothing. The consolation here is that since JAMB started conducting this qualifying exam in 1978, UI has never admitted any candidate who scored less than 200 marks out of the maximum 400 marks.

“This translates to a minimum of 50 per cent. This remains our position as an institution aspiring to be world-class. Reality is that only about four other universities in the country have such high standard. To that extent, apart from being the oldest, we are an elite university in the country at least judging by the quality of our intakes.’’

Olayinka, however, commended the decision of the Federal Government to re-introduce the post-UTME test and exonerated the incumbent JAMB Registrar, Prof. Ishaq Oloyede, from the cancellation of the test two sessions ago.

“It is gratifying to note that the Honourable Minister of Education, Mallam Adamu Adamu, who chaired the meeting, apologised publicly for canceling the post-UTME screening last year.

“In effect, universities are now allowed to conduct the test using modalities approved by the Senate of each institution.

“To be fair to the incumbent Registrar of JAMB, he was not the Registrar when the policy somersault of cancelling the post-UTME test was made last year. As strongly canvassed by us at every opportunity, for UI, the need to admit the best admission seekers is the primary motivation for the test and not money, even though we do not pretend that you can run any university so properly called without funds.”

Speaking to one of our correspondents on Thursday, the Vice-Chancellor, Tai Solarin University of Education, Ogun State, Prof. Oluyemisi Obilade, said that the onus would ultimately fall on parents and employers of labour to decide “between a first-class graduate of a university which takes 120 as its cut-off mark or one that takes 180 as its cut-off mark.’’

Obilade, who said that TASUED would never go below 180, insisted that many of the VCs at the Combined Policy Meeting during which the 120 benchmark decision was made, said they would not go below 180.

She said, “But some universities chose 120 at the meeting. What the JAMB has done is to transfer power back to the Senate of universities to decide their cut-off marks.  What I can tell you is that many public universities and even private universities will not go below 200. We were told that some universities were doing what they called ‘under the table admission’ and then come back to JAMB after four years for regularisation.

“TASUED will not go below 180, not under my watch. Even in the United States, there is what we call Ivy League universities, and there are those you can call ‘Next Level Universities.’ There are also those that are termed community colleges. At the meeting, the outcome is that universities have been given the freedom to decide. It is not general legislation and it is not binding on everybody.’’

Speaking with journalists in Ibadan, the Chairman of ASUU at the University of Ibadan, Dr. Deji Omole, said it was the dream of the present government to destroy education in the country.

He said, “Rather than sanctioning the identified universities that admitted over 17,000 students illegally, the JAMB registrar simply regularised illegality and lowered cut-off marks to favour the interests of the friends of government who own private universities and are hell bent on destroying public education.”

Omole said it was vital for JAMB to be scrapped in order to save the nation’s education and its future. He said the board had outlived its usefulness and that prospective students should apply directly to universities of their choice for admission.

He said, “Where are the students that the JAMB registrar said entered universities illegally? Which universities admitted them? If 30 per cent did not take JAMB and found their way into the university system, is that not corruption and a message that JAMB is not significant anymore? What sanction did those who did the illegal thing receive other than regularisation of illegality.

“We are watching because long before now we have said that JAMB has outlived its usefulness. Let the universities set their unique standards and those who are qualified can come in. Scoring 120 out of 400 marks is 30 per cent. Even in those days, 40 per cent was graded as pass. But now JAMB said with F9 which is scoring 30 per cent you can be admitted.

“They deliberately want to destroy education. Even for polytechnic, 100 marks is 25 per cent. It is sad. And that is where we are in Nigeria. They want to destroy public education at all costs. This is not setting standard for education in Nigeria. It is purely lowering standards and digging grave for the future. This is why ASUU is currently on the struggle to influence the government to do the needful for education in Nigeria.”

Also, the Dean of Students Affairs, Federal University of Technology, Akure, Prof. Kayode Alese, who spoke on behalf of FUTA management, said that the institution would soon unveil its cut-off mark.

“However, I can assure you that FUTA has never gone as low as 120. It has never happened and it will never happen,” he said.

Alese added, “Having spoken for the university, my personal opinion is that the 120 cut-off mark will not add value to our education system.  The Federal Government has just increased the pass mark from 40 to 45 in universities. What that means is that you must score at least 45 for you to pass any course. We have enough candidates and yes you may try to increase access but tertiary education should be for those who have the capability.’’

Also, the Vice-Chancellor, Obafemi Awolowo University, Prof. Tope Ogunmodede, said the institution would not admit any candidate with 120 UTME score.

He said, “Traditionally, OAU has never admitted students who scored below 200 in the UTME. For us, we are sticking to 200. The minimum benchmark is 120 but you can go higher than that. I expect that an institution should be able to determine the quality of its graduates because there are internal exams. What has been done is to provide a leeway for universities to decide their cut-off marks.”

Meanwhile, the National Association of Nigerian Students has described the reduction of the cut-off marks for admission into tertiary institutions as “a gross misplacement of priority and an exercise in futility.”

The organisation said that the reduction by JAMB, from 180 for universities and 165 polytechnics, to 120 and 100 respectively for the 2017 UTME, would translate to a disastrous outcome in the future.

The President of NANS, Chinonso Obasi, in a statement on Thursday, threatened that the decision would be resisted if JAMB refused to adhere to the status quo.

He said, “As critical stakeholders in the educational sector, NANS will vehemently resist the review and call on government to maintain the status quo and endeavour to conduct a comparative study and analysis of policies from other climes that support functional learning and production of young people that can compete with their peers globally.

“Even with the current status, the general phenomenon is that Nigerian graduates are not employable. The lowering of standards will translate to a disastrous outcome in the future by churning out young people who cannot fit into the demands and expectations of the 21st century.’’

According to him, since the 21st century is being driven by innovation and competitiveness, lowering the entry level into tertiary institutions would only further contribute to reducing the productivity and peak performance of young people seeking admission into the country’s higher institutions of learning.

However, the Vice-Chancellor of the Christopher University, Ogun State, Prof. Friday Ndubuisi, said the new admission benchmark would have no negative implication on the quality of education.

He said, “This is not an imposition.  The cut-off mark is a minimum benchmark for admission. This idea of taking the UTME every year without getting admission is worrying. About 1.6 million candidates sat for the examination this year and about 500,000 will be admitted mostly because of the cut-off mark. Most universities will not go below 200, but with five credits obtained in two sittings, a person should be qualified for admission.  This is, however, not an imposition.  Universities still get to decide on whom to admit through the post-UTME.’’

 

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Zacch Adedeji: And The Revenue Keeps Increasing By Rabiu Usman By Rabiu Usman

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Zacch Adedeji: And The Revenue Keeps Increasing By Rabiu Usman By Rabiu Usman

Zacch Adedeji: And The Revenue Keeps Increasing By Rabiu Usman

By Rabiu Usman

 

It was President Bola Tinubu that declared that in the first half of this year, the revenue of Nigeria soared to over N9.1 trillion, compared to the first half of 2023.

Zacch Adedeji: And The Revenue Keeps Increasing By Rabiu Usman

By Rabiu Usman

For instance, N5.2 Trillion accrued into the Federation Account for the period January to June 2023, while a total of N7.3 Trillion accrued into the account for the period July to December, 2023.

However, for June this year, accruals into the Federation Account rose to N2.483 trillion in June 2024. It was N2.324.792 trillion in May, meaning for the two months of May and June this year alone, about N4.8 trillion accrued into the Federation Account while N5.2 trillion accrued into the account for the first six months of last year.

The President attributed the revenue increase to the government’s efforts in blocking leakages, introducing automation, and mobilizing funding creatively, all without placing an additional burden on the people.

A few days after the President spoke glowingly of the considerable increase in the revenue of the country, a process being powered by the Federal Inland Revenue Service (FIRS), under the Chairmanship of Dr Zacch Adedeji, the Nigeria’s Zaccheus the Tax Collector, the World Bank also confirmed the progress being made in the area of revenue generation.

The World Bank projected that following the recent increase in government revenue, Nigeria’s revenue-to-GDP ratio could rise to over 10.5 percent by the end of 2024.

Ndiamé Diop, World Bank country director for Nigeria shared the forecast during an interactive session on ‘Fiscal Reforms for a More Secure Future’ at the 30th Nigerian Economic Summit, held in Abuja last month.

Also, according to data released in September by the National Bureau of Statistics (NBS), Nigeria’s Value Added Tax (VAT) revenue increased by 99.82% year-over-year in the second quarter of 2024.
During this period, total VAT revenue reached N1.56 trillion, a 9.11% increase compared to the previous quarter.

 

The NBS report highlighted that the revenue growth was driven primarily by local payments, which brought in about $484 million, while foreign payments contributed $242 million. VAT on imports generated $228 million.

However, despite the level of progress already made, the FIRS under Dr Zacch Adedeji is not done yet.

Various innovations are daily being introduced to ensure seamless payment of taxes by Nigerians.

Last week, the Taxpayer Services Department of the FIRS launched the new USSD code *829#, aimed at revolutionizing taxpayer engagement and access to essential tax services.

According to the FIRS, the initiative was aimed at “simplifying tax processes and providing a seamless, efficient service experience.”

With the *829# USSD code, taxpayers can now effortlessly access a range of services, including TIN retrieval, Tax Clearance Certificate (TCC) verification, and general inquiries all from the convenience of their mobile phones and with no need for internet access.

Also, Zacch Adedeji is everywhere, explaining the four tax bills currently before the National Assembly, assuring that it will not reduce the funding or operational efficiency of government agencies.
Last week Wednesday, Adedeji addressed the heads of the National Agency for Science and Engineering Infrastructure (NASENI), the National Information Technology Development Agency (NITDA), and the Tertiary Education Trust Fund (TETFUND) at the Revenue House in Abuja. He allayed concerns surrounding the proposal to rename the FIRS as the Nigeria Revenue Service (NRS), clarifying that the change is intended to streamline and improve agency efficiency.

He said the main goal was to align government revenue practices with current fiscal demands to ensure all agencies are well-funded and effective.

Adedeji further highlighted that the proposed legislation would enable government agencies to concentrate on their core responsibilities without the added task of revenue collection.

“The bills, once enacted, will allow agencies to focus on their primary functions instead of managing tax collection duties,” he explained.

Adedeji, who appears to have taken up the job of an Explainer concerning the new tax bills, further pointed out that the bills were the aftermath of President Tinubu’s administration recognition of the need for a unified tax code to reduce complexity and stimulate economic growth.

Perhaps, by the time this is being read, Dr Zacch Adedeji, will be standing before another audience to explain the ideas behind the new tax bills and their capability to further sore up the revenue base of the country, because for him, the revenue must keep increasing.

Usman, a public affairs commentator lives in Abuja.

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Wema Bank Announces Grand Finale of Hackaholics 5.0: Set to Reward Winners With ₦75 Million Worth of Prizes

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*Wema Bank Announces Grand Finale of Hackaholics 5.0: Set to Reward Winners With ₦75 Million Worth of Prizes

 

 

Wema Bank, Nigeria’s foremost innovative financial institution and pioneer of Africa’s first fully digital bank, ALAT, has announced the grand finale of the 5th edition of its flagship youth and startup-focused tech competition, Hackaholics.

Launched in 2019, Wema Hackaholics is a groundbreaking initiative designed to harness the creativity and entrepreneurial spirit of Nigeria’s youth, providing them with a platform to turn their tech-driven ideas into reality. The highly anticipated Hackaholics 5.0 grand finale will take place on November 27th, 2024, under the theme, “Meta Idea: Capitalizing Africa’s Growth Through Innovation.” This year’s theme aims to showcase how tech-driven solutions can fuel Africa’s development by tapping into the continent’s growth potential through innovation and digital transformation.

The grand finale will bring together the brightest innovators from universities and tech communities across the country. These innovators will pitch their Digi-Tech solutions designed to solve real-world problems and contribute to Africa’s economic and social progress. The event promises to be the culmination of months of intensive competition, collaboration, and mentorship, providing a platform for youth-led tech ideas to reach new heights.

Announcing the date of the grand finale, Moruf Oseni, MD/CEO of Wema Bank, highlighted the bank’s vision for Hackaholics. “Hackaholics is more than a competition; it is a movement to equip Nigeria’s youth with the skills, networks, and resources needed to drive Africa’s digital transformation. The Meta Idea theme for this year is a call to action for young innovators to think beyond the present and design solutions that will capitalize on Africa’s growth. We are excited to see how our participants envision and build the Africa of tomorrow.”

Speaking on the prizes, the MD/CEO said “At the grand finale, participants will compete for exciting cash prizes, grants, and access to Wema Bank’s extensive network of investors, mentors, and industry experts. The total worth of prizes for this year is ₦75,000,000. The winning team will receive ₦30,000,000, the first runner-up will receive ₦20,000,000 and the second runner-up will receive ₦15,000,000 worth of prizes. Additionally, we will be awarding a special grant of ₦10,000,000 worth of prizes to the female-led team to encourage gender diversity in tech innovation.” He concluded.

Wema Bank’s Hackaholics is a testament to the Bank’s commitment to shaping Africa’s future through innovation and entrepreneurship. Hackaholics 5.0 began with a nationwide call for entries earlier in the year and has engaged over 10,000 aspiring tech innovators and entrepreneurs across Nigeria. With 2,297 applications across 8 physical pitch centers and 1 virtual pitch center, 34 innovators across all locations are set to pitch their ideas at the pre-pitch stage ahead of the grand finale scheduled to hold in Lagos.

Through Hackaholics, Wema Bank has provided a platform for youth to channel their creativity and entrepreneurial spirit into actionable tech solutions that address Africa’s most pressing challenges. Over the years, Hackaholics has grown into one of the largest and most influential tech competitions in Nigeria, impacting thousands of young minds.

The competition not only offers winners cash prizes and grants, but also access to mentorship, industry networks, and resources to help scale their innovations globally. This initiative is a key part of Wema Bank’s broader strategy to harness technology as a driver of socio-economic growth in Africa.
Interested individuals can register to attend the grand finale via https://hackaholics.wemabank.com/grandfinale

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ATMs empty as banks ration withdrawals

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ATMs empty as banks ration withdrawals

ATMs empty as banks ration withdrawals

 

The Automated Teller Machines of Deposit Money Banks have consistently remained empty in recent months as banks grapple with a sustained low cash supply.

It was also gathered on Wednesday that some DMBs, particularly in the Federal Capital Territory, have begun another round of cash rationing, restricting maximum over-the-counter withdrawals to a daily limit between N5,000 and N20,000.

While banks struggle to get cash, Point-of-Sales operators have been fulfilling the cash needs of customers.

Speaking at the Facts Behind the Rights Issue Presentation of FBN Holdings at the Nigerian Exchange Limited recently, the Executive Director/Chief Financial Officer of First Bank, Patrick Iyamabo, said that the matter was an industry-wide one and not peculiar to a specific bank.

He said, “It is an industry problem. Most customers after exhausting the options available in other banks, tend to settle at FirstBank to address their cash needs. The challenge differs by location but we know it is a challenge that the regulator is looking into to address. But as we speak of physical cash, we must appreciate that the direction of the industry is to go digital.

“A lot of our customers do most of their transactions digitally, and you heard the GMD speak to this, very often people don’t want to transact in cash. In terms of this new order, your bank, FirstBank is very well positioned so if you look at the statistics and I’m speaking to independent statistics, just pick up your NIBSS report, the bank with the most stable platform meaning availability to always transact digitally is FirstBank. So, all our customers have the benefits of having their cash in First Bank and having access to this cash anytime anywhere and as necessary. It’s a huge advantage.”

Speaking anonymously with The PUNCH, a banker at a tier-1 bank put the blame on the Central Bank of Nigeria.

“It is what CBN has given us that we are using. We are confined within the limits of what is available to us. Also, because we are a big operation, we have to deal with many other businesses.

“Have you also noticed that there is a boom in the PoS business? Those people don’t take their money to the banks. The money comes out of the banks and it stays within their circle. They warehouse their funds, unlike you and I who would withdraw money and spend it which will eventually find itself back into the formal banking system. It is not the same with them. They warehouse their funds and distribute it among themselves.”

According to data from the CBN, currency outside the banks hit N4.02tn in September from N3.86tn in August. This brings it closer to the value of currency in circulation which stood at N4.31tn in September.

Meanwhile, some PoS operators on Lagos Island have increased their charges from N200 for cash of N10,000 to N300.

This was observed at both the CMS bus stop and at Obalende. However, off Lagos Island, the rates had remained at N200 for cash withdrawal of N10,000.

It was further gathered that banks have begun cash rationing, restricting maximum over-the-counter withdrawals to a daily limit between N5,000 and N20,000.

Findings by The PUNCH showed that the development is gradually leading to cash shortage, as many ATMs were non-functional, leaving customers with no choice but to seek alternative means of withdrawing cash.

As a result, many people have turned to Point-of-Sale operators, who have become the primary channel for cash withdrawals, albeit often at higher transaction fees.

Major commercial banks visited by one of our correspondents on Wednesday claimed not to have sufficient cash allocation hence the ration withdrawals to serve more customers.

The banks visited include Guaranty Trust Bank, Zenith Bank along Airport Road, and EcoBank at Jabi in Abuja.

A bank customer at EcoBank, who spoke without mentioning her name, said she was only allowed to withdraw N5,000 from N20,000 previously allowed.

“I was just informed that I can only withdraw N5,000 from my account. Can you imagine? The amount will can’t even take me home.”

Our correspondent received the same answer when he attempted to obtain cash.

At GTBank and Zenith Bank along the airport road, customers were permitted a maximum withdrawal of N20,000 from N100,000 previously disbursed as a daily limit.

 

A customer, Mr Faith, who visited the bank expressed shock about the new limit. He said the banks didn’t give any cogent reason for reducing the withdrawal limit.

“I just visited these banks, and I was informed that I can only withdraw N20,000 from N100,000, which was the previous limit. They didn’t even give any reason for reducing, now I have to start looking for cash elsewhere. This country is just so annoying,” He vented.

Cash scarcity became a recurring and widespread issue across Nigeria after the Central Bank of Nigeria introduced a controversial policy in January 2023, which significantly reduced the daily and weekly cash withdrawal limits to N100,000 daily, N500,000 weekly for individuals, and N5m for business entities.

This decision, aimed at encouraging a cashless economy, led to long queues at ATMs, increased difficulty in accessing physical cash, and a general disruption of daily financial transactions for millions of Nigerians.

The policy’s impact was felt particularly by those in rural areas and lower-income groups, who rely heavily on cash for their day-to-day needs, exacerbating economic hardships across the country.

Last week, data from the CBN showed that currency in circulation climbed 56.1 per cent year-on-year to reach N4.31tn, up from N2.76tn in September 2023, reflecting an increase of N1.55tn.

This is just as currency outside banks surged by 66.2 per cent in September 2024, reaching N4.02tn compared to N2.42tn in September 2023, a notable rise of N1.60tn in just one year.

This indicates that the volume of currency retained outside the banking sector outpaced the total released for circulation within the past year.

Compared to August 2024, currency in circulation rose by 4.0 per cent month-on-month, adding N166.2bn from the previous figure of N4.14tn.

The CIC is the amount of cash–in the form of paper notes or coins–within a country that is physically used to conduct transactions between consumers and businesses. It represents the money that has been issued by the country’s monetary authority, minus cash that has been removed from the system.

Earlier in September, the CBN announced plans to sanction banks that fail to dispense cash through their automated teller machines, as part of efforts to improve cash availability in circulation.

The CBN also revealed plans to release an additional N1.4tn into circulation over the next three months to ease cash flow within the banking system.

This strategy aims to ensure that ATMs and bank branches have sufficient cash, addressing ongoing challenges faced by customers over cash shortages.

Efforts to get a reaction from the apex bank on the new situation proved abortive as the acting Director, Corporate Communications, Sidi Ali Hakama, did not respond to enquiries sent to her phone number.

 

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