Sunday, October 22, 2017

Forfeiture of Money in Accounts without BVN is ‘almost’ Theft

The news broke recently that the Federal Government is seeking the forfeiture of balances of all accounts without BVN numbers. While the government desperately needs money, I don’t think this is right.

Many people who support this request assume all law-abiding citizens have completed their BVN registration. Therefore, accounts without BVN contain illicit funds — which were stolen from the commonwealth and should be forfeited to the state.

The base assumption above is wrong. Not all law-abiding citizens have completed their BVN registrations. Some accounts hold balances due to people who died before BVN became a thing, and whose estates have not been settled. Other accounts hold balances due to people who are alive, but cannot register their BVNs for a variety of reasons — such as the case below of an elderly citizen with Alzheimer’s. Other accounts have not had BVNs linked for issues such as change of names, errors in bio-data, etc. Therefore, not all accounts without BVNs contain illicit funds.

Tuesday, October 10, 2017

How to Score 740 on the GMAT

The Graduate Management Admission Test, popularly known as the GMAT, is intended to assess analytical writing and problem-solving abilities, in addition to data sufficiency, logic, and critical reasoning skills. Most universities offering graduate management programs use it as part of their admission criteria. The total score ranges from 200 to 800 in increments of 10.

I wrote the GMAT in July 2016, and scored 740 (Q49, V42). For context, that is higher than the average score at the top 5 MBA programs. Since then, I have shared my study plan with several people, and some of them recommended I write this. Here is a quick disclaimer: This is the plan I followed; I do not guarantee it will work for you. In fact, “How I Scored 740…” is a more accurate title, but you would probably not be reading this if it had that title.

Source: The Financial Times and school websites.