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FX Crisis: TETFund Mulls Suspension of Foreign Scholarships

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TETFund

By Adedapo Adesanya

The Tertiary Education Trust Fund (TETFund) has revealed that consultations are ongoing to suspend foreign scholarships as a result of the current FX crisis in the country.

The Naira has performed badly at the foreign exchange (forex) market lately, particularly after the Central Bank of Nigeria (CBN) floated the local currency, allowing market forces to determine its value.

Since this move last month, some students studying abroad have found it difficult to access FX because of its high rate.

The Executive Secretary of the fund, Mr Sonny Echono, at a public hearing on alleged missing N2.3 trillion in TETFund between 2011 to date, organised by an Ad hoc Committee of the House of Representatives, said the tax accruable to the fund is generated by Federal Inland Revenue Service (FIRS) and the fund’s account is domiciled in the CBN.

Mr Echono said that some of the tax comes in foreign currencies to CBN, but when it is time to pay fees for scholars abroad, the apex bank insists TETFund source forex from other channels, making the fund lose value due to the disparity of the rates.

According to him, “We operate a system where our forex is being sold on our behalf at the official rate, and we apply like anybody else to get it, sometimes it leads to additional cost.”

He urged the committee to intervene and compel CBN to allow TETFund access to its forex to pay fees as and when due.

“Currently, as I speak, we are in consultations with all our stakeholders to suspend, for a year or two, foreign training.

“This is because of the recent exchange rate adjustments; we are unable to continue based on our disbursement guideline; the money we allocated in naira cannot cover the dollar requirement for training.

“Those who are currently there, we now need more naira to pay for the dollar that is required for their annual fees,” he said.

Mr Echono said that the fund had l identified courses where Nigerian universities have the competence and the right quality of faculty to run.

He said that the fund had earlier decided that only limited curses “where we do not have the capacity in our institutions will qualify for foreign sponsorship.”

The executive secretary announced that most training will now be done locally through experienced, first-generation universities as well in collaboration with other specialised universities here in Nigeria.

This, he said, will allow the fund to retain revenue to cope with the volatile exchange rate, which is now at the mercy of market forces.

Mr Echono raised worries that no fewer than 137 sponsored scholars have absconded from 40 institutions abroad.

He said that some scholars who are sent for foreign training to acquire higher qualifications have refused to return to Nigeria to serve.

He said that TETFund was working with other stakeholders on stringent measures to ensure this sharp practice is ended. One of which is the signing of a bond agreement.

“The scholar undertakes that you will come back, it is required that you have a guarantor, and in many cases, the guarantor has suffered undue hardship because when you disappear, we hold the guarantor to pay all the money expended on your behalf, but that has not been effective.

“We believe that in a system where we work with our embassies and the institutions, we can enforce the repayment for those who insist they will not come back.

“If they don’t, we will declare them persona non grata. We will write to the embassies, and they will make it available to those countries, and they will not be able to get jobs; they will be seen as fugitives of law from their countries,” he said.

Mr Echono called for the review of existing regulations to ensure that those who benefit from the TETFund programme must come back.

According to him, we are not against people looking for greener pastures but do so on your own, not our scholarship or through our sponsorship.

On the alleged missing N2.3 trillion, Mr Echono said that the revenue accrued to the fund within the period stood at N2.47 trillion.

He said that between 2011 to date, a total of N371.3 billion was borrowed by the Federal Government, and only N48 billion had been repaid.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Education

Tinubu Appoints 39-Year-Old Prof Segun Aina as New JAMB Registrar

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prof segun aina JAMB

By Modupe Gbadeyanka

Professor Segun Aina has been appointed to replace Professor Is-haq Oloyede as the Registrar of the Joint Admissions and Matriculation Board (JAMB). The two-term tenure of his successor expires on July 31, 2026.

Mr Aina was chosen for the position by President Bola Tinubu, and he is expected to bring to bear his vast experience, knowledge and practical insight into the operations of the board, to take the critical educational organisation beyond the laudable heights achieved by his predecessor.

According to a statement on Thursday by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, Professor Aina, who will be 40 in July, is a distinguished academic and systems expert with extensive experience in national examination systems, digital infrastructure, and public-sector institutional reform.

He holds a Bachelor of Engineering in Computer Systems Engineering from the University of Kent, an MSc in Internet Computing and Network Security, and a PhD in Digital Signal Processing, both from Loughborough University, United Kingdom. He has also completed the Senior Management Programme at Lagos Business School.

A Professor of Computer Engineering at Obafemi Awolowo University, Ile-Ife, Mr Aina began his career with JAMB during his National Youth Service, gaining foundational experience in national admissions and data-driven institutional processes. These insights have shaped his ongoing contributions to examination reform and systems optimisation.

With over 15 years of post-graduation experience, Professor Aina operates at the intersection of technology, policy, and institutional transformation, advising federal and state governments on system design, digital transition, and operational reform. At 39, he became one of Nigeria’s youngest Computer Engineering professors and will now make history as JAMB’s youngest registrar.

He has served as a consultant to major examination bodies, including NECO, NABTEB, and various State Ministries of Education, providing expertise on ICT systems, examination integrity, and digital process optimisation.

Professor Aina is a member of several professional bodies, including the Council for the Regulation of Engineering in Nigeria (COREN), the Nigerian Society of Engineers (NSE), the Institute of Electrical and Electronics Engineers (IEEE), and the Institution of Engineering and Technology (IET).

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Education

Egbin Power, FIPL to Host Sahara Power Academy

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Sahara Power Academy

By Modupe Gbadeyanka

A transformative initiative designed to equip young Nigerian engineers with the technical expertise and practical experience needed to drive sustainable power generation nationwide has been launched by Sahara Power Group.

This programme, known as the Sahara Power Technical and Innovation Academy (SPTIA), will be hosted by Egbin Power and First Independent Power Limited (FIPL), two of Nigeria’s leading power generation companies and members of the Sahara Power Group.

It was created as part of the company’s vision to deliver reliable and sustainable energy through a combination of infrastructure investment and human capital development, ensuring that Nigeria’s energy future is powered by both innovation and indigenous expertise.

Fifty graduate engineers will undergo a rigorous 10-month programme that combines intensive classroom learning with hands-on, on-the-job training across critical generation assets.

Participants will be exposed to real-time plant operations, maintenance systems, and industry best practices, positioning them for impactful careers in the power sector.

A strong emphasis will also be placed on safety as a core pillar of the academy.  The trainees will undergo mandatory safety modules covering industry standards and safe work practices, complemented by practical, scenario-based sessions.

This approach is designed to instil a safety-first culture and ensure that all participants are equipped to operate confidently and responsibly beyond compliance within the Plant environment.

At the end of the programme, top-performing trainees will be deployed across Sahara Power Group’s businesses, including Egbin Power, FIPL, and upstream operations, while others will be released into the broader Nigerian electricity labour market as part of the Group’s commitment to strengthening sector-wide capacity.

The Managing Director of Sahara Power Group, Mr Kola Adesina, said the initiative represents a deliberate investment in Nigeria’s future and a strategic response to the sector’s talent needs.

“We are committed to powering Nigeria not just through infrastructure, but through people. This academy reflects our belief that the future of sustainable energy delivery must be driven by skilled, young professionals who understand the local operating environment,” he stated.

“Egbin Power and FIPL provide the ideal platforms for this initiative, given their track record of operational excellence and technical depth. By leveraging these assets, we are creating a pipeline of engineers who are not only technically sound but also industry-ready from the outset,” he added.

Mr Adesina further charged the trainees to work as a team and ensure that the training programme brings out problem-solving skills that will enable them to contribute to human development and the progress of the power sector.

“We are here to truly and responsibly make a difference. We are here to look around our environment, and we are curious enough to see how we can make things better. We believe you are to make things better and add value to the sector,” he said.

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Education

Conference on Investing in Boys for Stronger Families, Communities Holds in Ibadan

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Boys Aid Network

By Aduragbemi Omiyale

A conference with the theme Flourish and Thrive: Investing in Boys for Stronger Families and Communities will take place at the Local Government Training School, Secretariat, Agodi, Ibadan, Oyo State, on Thursday, May 14, 2026.

The programme, in its second edition, is part of activities lined up to mark the 2026 International Boys’ Day Conference. It is being put in place by Boys Aid Network to confront a question many institutions have quietly ignored: Who is intentionally preparing the next generation of boys for the realities of leadership, responsibility, and manhood?

Expected to grace the occasion are educators, mentors, advocates, parents, and students.

The speakers include Jesudamilare Adesegun-David, Co-founder of Enovate Lab; Samson Folarin, Editor of Punch Newspaper Weekend Titles; Oluseye Joseph, Founder of EnterpriseCEO; Barrister Dotun Akinsanmi, Managing Partner at Dotun Akinsanmi LP; and media personality, Folakemi Arowolo, popularly known as Folakemi Mighty.

The convener, Barrister Olufunke Oyinlola, described the initiative as a deliberate effort to create safe and transformational spaces for boys to learn, reflect, and engage in meaningful conversations about their future.

“Too many boys are growing up without guidance, without safe spaces to express themselves, and without people intentionally helping them navigate the realities of life. This conference is our response to that challenge. We want boys to know that they are seen, valued, and capable of becoming responsible men who positively influence their families and communities,” she stated.

She added that the conference is ultimately about helping boys see possibilities differently and exposing them to conversations that can shape their confidence, choices, and sense of purpose.

More than 300 secondary school boys from across Oyo State are expected to participate in the event, which is organised in partnership with the Oyo State Ministry of Education, Science and Technology. The programme will combine keynote sessions, mentorship conversations, interactive learning, and a spelling bee competition aimed at boosting confidence and intellectual engagement.

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