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First Bank Lauds OAU’s ‘Vigitab’ e-Learning Model

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First Bank said it believes teaching and learning conducted through electronic media, such as laptops, tablet devices and mobile phones, typically via the internet is gradually gaining inroads into Nigeria’s tertiary institutions with improved technology, a development which worth huge investment and necessary to boost the country’s system of education.

For instance, the Centre for Distance Learning, Obafemi Awolowo University (OAU) recently partnered with EduTech Software Solution, an indigenous education software technology company, and Huwaei also ICT solution provider- on solutions that will increase its student base drastically and give 50,000 people annually the opportunity to receive certified undergraduate and postgraduate degrees from the university.

This pact gave birth to “Vigitab” a customized tablet device with eLearning management solution that allows students to receive lectures, upload and download assignments, relate with peers and lecturers, participate in group discussions and have access to endless books online anywhere they are in the country using the device.

According to the some financial and education stakeholders at the official presentation of device in Lagos, the millions of dollars that might be invested into the project is worth it acknowledging that leveraging on ICT latest innovations with broadband internet will drive development and growth in education in Nigeria.

Bisi Onasanya, chief executive officer, First Bank Nigeria, though represented, believes that “e-commerce evolution in Nigeria is a reality and it is equally noteworthy to know that the educational system in the country is also leveraging on technology solution to combat challenging to get access to university education. So I think invest on the project is worth it and the solution will be impacting.”

Speaking earlier, Prof. Bamitale Omole, vice chancellor of OAU, said that “The Nigerian Universities Commission (NUC) has approved its eLearning study program for some selected degree courses which contents can be streamed live over broadband internet or recorded for later online or offline access using the Vigitab introduced into the distance learning program”.

According to the Vice Chancellor, each student will be required to acquire the customized tablet from which their course materials are handed over to them. Their lectures will be received both in online and offline mode.

Prof Essor Omole who was optimistic that by 2015 more degrees and some M.Sc study programes will also be approved for eLearning scheme, a digital recording studio was built so that lecturers could conveniently record their lecture which was uploaded on the devices.

He explained that “The tablet was designed such that it can automatically connect to the school’s Centre for Distance Learning e-learning portal to download lectures and update student status based on level of classes attended, forums and assignments.”

 “The mission of OAU online and the ‘Vigitab’ solution is to develop and provide through emerging network technologies, responsive and quality distance leaning opportunities that meet diverse local, national and global needs,” he said.

Prof Omole further noted that “The eLearning program is guided by the NUC’s policies within the frame work of the university general regulations governing admission for higher education, saying that” he explained.

According to Professor Olabode Asubiojo, OAU director, Centre for Distance Learning (OAUCDL) students on this platform will be taught by the same lecturers teaching the on-campus students and that all admission processes are online.

Olabode who spell out that “B.Sc degree programs for Accounting, Economics Education, Social Studies Education and Nursing was approved” said practical sessions and examinations will be taking on campus.

He reiterated that “The same core lecturers and Professors teaching in the traditional environment have provided their courses content and lectures in form of videos for the eLearning environment.

On her part, Professor Abiola Awosika, general manager, Edutech Business Solution, explained that the device was built to suit Nigerian environment saying that will help to overcome the twin problems of internet access and power supply.

She said “The tablet battery has a nine-hour capacity thus minimizing the problem of power outages. Connectivity will not be an issue for the student as the Tablet comes with its own network for which the subscription is renewed with every session’s registration.

“The classes are designed in such a way that the bandwidth needed is not too large and does not take too much time for it to be downloaded unto computers and other devices. Lectures (notes and video) and assignments downloaded can be viewed offline at student’s own time, and assignments submitted as requested by instructors”.


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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