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School Fees: Stanbic IBTC Offers Payment Solutions to Parents, Guardians

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By Dipo Olowookere

To help parents minimize the financial burden of school fees as schools reopen for a new term, Stanbic IBTC Bank, a member of Stanbic IBTC Holdings, has encouraged parents to take advantage of its bouquet of payment solutions.

Stanbic IBTC Bank listed its educational payment solutions to include, Short Term Loans, Salary Advance (SALAD) for salaried workers as well as its Credit Cards that parents can take advantage of to pay the school fees of their children/wards without negatively impacting the family income.

The bank said its prepaid cards are available to load pocket money for children/wards while the credit cards, which currently offer a 55-day interest moratorium, can be used to seamlessly pay school fees.

The school fees payment solutions underline the importance the financial institution attaches to education, it added.

Executive Director, Personal and Business Banking, Stanbic IBTC, Mr Babatunde Macaulay, said the educational development of children is the key to unlocking a prosperous future for the family and the bank is desirous to offer the necessary assistance to parents/guardians to ensure they bequeath their children this important legacy.

“Stanbic IBTC understands the pivotal role education can play in transforming a society, which is why we have developed these products tailored to the needs of our customers as they strive to provide quality education for their children/wards,” Mr Macaulay said.

“Stanbic IBTC, will continue to develop products and services to support the attainment of quality education.

“The school fees loan is a fast, simple and convenient way by which customers can meet their short term financial obligations to educate their children. And the repayment terms are very convenient,” he added.

Other benefits of the school fees loans, according to Mr Macaulay, include low interest rates, access to a revolving line of credit, flexible repayment terms, and the opportunity to access credit up to 100% of the customer’s income.

With schools resuming for a new term, the school fees loans will help to alleviate the financial burden parents and guardians may face in paying school fees.

On how to access the products, Mr Macaulay said the beneficiary must be a salary account holder with Stanbic IBTC Bank after which the customer can walk into any branch of the bank and apply for any of the loans in a few easy steps. The application is then processed within one week and the customer is contacted with feedback.

“Stanbic IBTC Bank will continue to leverage the expertise of the Stanbic IBTC Group to provide services and develop products that address the specific needs of our customers,” Mr Macaulay said.

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management.

Standard Bank Group is the largest African bank by assets. It is rooted in Africa with strategic representation in 20 countries on the African continent, including South Africa.

Standard Bank has been in operation for 153 years and is focused on building first-class, on-the-ground financial services organisations in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, globally.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Education

Dangote Refinery Gives Scholarships to 473 Students

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Dangote Refinery Scholarships 473 Students

By Modupe Gbadeyanka

No fewer than 473 students from 10 secondary schools and seven tertiary institutions have been awarded scholarships by the Dangote Petroleum Refinery and Petrochemicals, in partnership with Dangote Fertilisers Limited.

The beneficiaries were from the host communities of the organisations located in the suburb of Ibeju Lekki, Lagos State.

Students, parents, teachers, and community leaders expressed their immense joy as the scholarship certificates were presented to the beneficiaries, alongside educational materials, including textbooks and notebooks, as part of the 5th Dangote Scholarship Award Programme

“Education, as we all know, is the passport to the future. At Dangote, we believe education is not just a privilege but a right every child deserves.

“This belief has fueled our dedication to supporting students and schools in our host communities since the year 2019 when we launched the Scholarship Award Programme as a key pillar of our Community Development Plan, with year-on-year progress,” the Group Vice President of Oil and Gas at Dangote Industries Limited, Mr Devakumar Edwin, said,

He remarked that the initiative is not merely a celebration of achievements but a reaffirmation of the group’s commitment to nurturing potential, empowering communities, and shaping a brighter future for the leaders of tomorrow.

Praising the students for their academic dedication, which he acknowledged has resulted in remarkable growth over the years, Mr Edwin highlighted the impressive year-on-year progress—from 56 students in 2019 to 450 beneficiaries in 2024.

He also noted that the decision to donate the 804 tables and chairs to schools was part of the company’s broader commitment to enhancing the learning environment. This gesture, he emphasised, is a testament to the company’s dedication to ensuring that every child has access to a conducive environment for learning, where they can grow, dream, and thrive.

“To the scholars here today, you are at the heart of our initiatives. Your dreams, aspirations, and hard work inspire us to continue making a difference.

“As you embark on your academic journeys, remember that the support you receive today is a seed sown in fertile ground. Nurture it with dedication, perseverance, and a spirit of excellence, and it will yield remarkable fruits in your future.

“I would like to extend my heartfelt gratitude to our community leaders, and dedicated school administrators who work tirelessly to ensure the success of these initiatives. Your partnership and support are invaluable, and we are honoured to work alongside you in empowering the next generation,” Mr Edwin added.

The Managing Director of Dangote Industries Free Zone Development Company (DIFZDC), Mr Olayinka Akande, urged the beneficiaries to uphold excellence, which he identified as one of the core values of Dangote Industries Limited.

Emphasising the importance of dedication and diligence, he encouraged the students to aim high, noting that with such attributes, some of them could rise to become governors, ministers, captains of industry, or even the next ‘Edwin’ in the future.

The Head of Social Performance at Dangote Petroleum & Petrochemicals, Ms Ogunleye Mojisola, highlighted that the education intervention is one of the four pillars of the Community Development Plan, which was jointly designed with the community.

“The increase in the number of beneficiaries each year is a clear indication that the initiative is fulfilling its purpose, motivating students to study hard and achieve academic excellence,” she remarked.

On his part, the Aro of Lekki Kingdom, Mr Adewale Salami, who represented the Oni of Lekki, conveyed his appreciation for the intervention, affirming that the company is helping to shape the future of the community. He also expressed the kingdom’s continued support for Dangote Industries Limited.

The Chairman of the Lekki Coastal Area Development Association, Mr Wasiu Ayeola, praised the founder of Dangote Industries Limited, Mr Aliko Dangote, for transforming what was once a hunting ground of rabbits and lizards into a multibillion-dollar investment that benefits not only the local community and Lagos but also Nigeria and the world. He emphasised that education is the most effective way to shape the future of the community.

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Education

InterswitchSPAK 6.0 Winner Gets N15m Scholarship, Others

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InterswitchSPAK 6.0 Winner Henry Ndudu Ekong

By Aduragbemi Omiyale

The winner of the sixth edition of the InterswitchSPAK, Henry Ndudu Ekong, has earned a university scholarship valued at N15 million, awarded over five years, including a monthly stipend and a new laptop to support his academic journey.

This has made the student of Pegasus School, Akwa Ibom State, as the best STEM student in Nigeria, beating the other competitors at the just-concluded of the famed national science competition.

The first runner-up was Eric Denyefa Omare from St. Gregory’s College, Lagos and received a N10 million scholarship awarded over three years along with a laptop, while the second runner-up was David Umeojiaka from Graceland International School, Rivers State, receiving a N5 million scholarship for one year and a laptop as well.

Cash prizes were also awarded to students placing fourth through ninth, while the top 18 semi-finalists and 27 dedicated teachers received special recognition awards.

Additionally, the top 200 preliminary qualifiers were granted JAMB e-PINS, enabling them to register for the Joint Admissions and Matriculation Board (JAMB) exams at no cost.

This year, Interswitch increased the total prize pool significantly, raising it to over N30 million, representing a 140 per cent increase from the previous N12.5 million, reinforcing Interswitch’s commitment to advancing education.

InterswitchSPAK 6.0 saw laudable participation, with more than 16,000 students registered nationwide at the start of the competition.

This landmark competition highlights Interswitch’s ongoing efforts to inspire, support and empower Nigeria’s next generation of thinkers and innovators.

As the competition continues to grow, Interswitch remains dedicated to driving the country’s advancement in science and technology by investing in initiatives that foster academic excellence and innovation, ensuring that Nigeria's brightest minds have every opportunity to contribute to a more prosperous and technologically driven nation.

Commenting on the competition, the Executive Vice President for Group Marketing and Communications at Interswitch, Ms Cherry Eromosele, emphasized the critical role of STEM education in Nigeria’s growth and Interswitch’s dedication to cultivating young talent and driving meaningful innovation.

“At Interswitch, we believe that Nigeria’s future lies in the hands of our youth, especially those who are passionate about science and technology.

“InterswitchSPAK 6.0 exemplifies our commitment to empowering these bright minds by providing them with the tools, skills, and resources they need to innovate and excel.

“Our investment in STEM education not only fuels individual success but also drives economic growth and societal progress, building a brighter future for Nigeria,” she said.

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Education

National Assembly to Stop FG from Funding JAMB, Queries N1bn for Meals

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JAMB Registrar Ishaq-Oloyede

By Adedapo Adesanya

The National Assembly comprising the Senate and the House of Representatives has resolved to remove the Joint Admissions and Matriculation Board (JAMB) from the Federal Government’s 2025 budget grant, citing concerns over the board’s financial management.

Lawmakers argued on Monday that it is unjustifiable for JAMB to remit N4 billion to the federation account while receiving N6 billion from the government in 2024.

This decision followed a presentation by JAMB Registrar, Mr Ishaq Oloyede, before the joint committee of the Senate and House of Representatives, led by Mr Sani Musa, during an interactive session on revenue projections for 2025.

Mr Oloyede revealed that JAMB remitted N4 billion to the Consolidated Revenue Fund but received N6 billion from the federal government in 2024, prompting committee members, including Mr Abiodun Faleke and Mr Adams Oshiomhole, to question the rationale behind funding a self-sustaining agency with government grants.

“You remitted N4 billion and received N6 billion from the federal government. Why not keep the N4 billion and stop the government from funding JAMB?” asked Mr Faleke, the Chairman of the House Committee on Finance.

On his part, Mr Oshiomhole criticized JAMB for spending N1.1 billion on meals and refreshments last year, querying, “Are you being freely fed by the government? This money comes from poor students, many of whom are orphans.”

He also questioned the N850 million spent on security, cleaning, and fumigation, and N600 million on local travels, challenging the justification for these expenses.

Further scrutiny was directed at the N6.5 billion allocated for local training and N1 billion for a staff housing scheme.

Mr Oshiomhole then called for a breakdown of these expenditures.

In a related development, the Senate expressed concern over the low remittances from MDAs in 2024, pointing to a significant gap between the revenue generated and amounts remitted to the federation account.

This was disclosed by Mr Sani Musa, the Chairman of the Joint Finance Committee of the Senate and House of Representatives, during an interactive session on revenue projections by MDAs for 2025.

Mr Musa highlighted the Senate’s deep concern over the significant gap between the substantial revenues accrued by these agencies and their consistently low remittances to the federation account.

He pointed out that this discrepancy hampers the government’s ability to fund critical infrastructure projects and social services, raising issues of inefficiency, mismanagement, and potential revenue leakages.

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