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Stanbic IBTC Reiterates Commitment to Growth of Education in Nigeria

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Stanbic IBTC IDE

To commemorate the 2021 International Day of Education, Stanbic IBTC Holdings PLC reaffirmed its commitment to providing support and ensuring accessible education to the Nigerian child.

The United Nations (UN) proclaimed 24 January as the International Day of Education, to recognise the impact of education in bringing sustainable development across the world. This year’s theme is: “Recover and Revitalise Education for the COVID-19 Generation.”

Stanbic IBTC is keen on positively impacting the education sector to drive national development. With education serving as one of the core pillars of its CSI initiatives, the organisation embark on several initiatives aimed at improving education for the Nigerian child, even in the heat of the COVID-19 pandemic when many students struggled to keep up with learning during the nationwide lockdown.

One of the giant strides taken by Stanbic IBTC to promote effective learning amid COVID-19 disruptions was the active involvement in empowering the younger generation with financial literacy knowledge through its “New School Money Initiative”.

Wealth certified professionals in the organisation educated preteens and teenagers on how to develop a savings and investment culture through virtual sessions. They shed more light on distinguishng between wants and needs, assets and liabilities, and the importance of making the right financial decisions. These were effectively communicated using simple, relatable videos and illustrations.

Referencing the International Day of Education theme, Stanbic IBTC leverages technological innovations to facilitate the provision of quality education in Nigeria.

Through its CSI initiative, the firm prioritises the refurbishment of dilapidated schools to create a more conducive environment for children to learn. The organisation also supports teachers with better welfare and provides e-libraries, books, computers and other digital tools to aid effective learning for students.

Stanbic IBTC has also continued to demonstrate its commitment to the development of education in Nigeria through its various educational products to secure the future of young Nigerians. Some of the products include the Children Educational Savings Scheme Account (CHESS), Stanbic IBTC Education Trust (SET) investment scheme and BluEdge Savings Account, which offer bespoke financial solutions that support Nigerian parents and guardians with various funding options for their children and wards. In the same vein, the leading end-to-end financial institution empowers young Nigerians to access quality education through its JAMB Scholarship Scheme.

Stanbic IBTC understands the importance of education in shaping the future of the nation, and remains committed to providing opportunities that guarantee access to quality education for every Nigerian child.

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 dipo.olowookere@businesspost.ng

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Education

Oyo Threatens to Revoke Unexecuted Contracts

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Revoke Unexecuted Contracts

By Aduragbemi Omiyale

The Oyo State Government has threatened to revoke unexecuted contracts on renovation and construction projects under its 2012-2018 UBEC/SUBEB Intervention Project from defaulting contractors in the state.

This threat was made on Thursday by the Executive Chairman of the Oyo State Universal Basic Education Board, Dr Nureni Adeniran.

Speaking with the 22 contractors in Ibadan, the state capital, Mr Adeniran this action may likely be taken under the breach of contract terms.

He noted that many of the contracts, including those awarded by the previous administration had been dragging since 2018, adding that this is in contravention of the time frame of the contractual agreement which stipulated two weeks for completion of borehole and a maximum of 24 weeks for completion of model schools.

Mr Adeniran said the board would not hesitate to apply appropriate sanctions against these defaulting contractors, who have failed to meet project specifications in the execution of UBEC/SUBEB jobs in the state.

He added that the contractors may answer queries from the anti-graft body, the Economic and Financial Crimes Commission (EFCC), after the November 2021 deadline, adding that they also risk being blacklisted by UBEC for further contracts of UBEC/SUBEB nationwide.

“The message here is clear, the job has taken too long, your failure to deliver on the agreed dates is affecting the wellbeing of our children, we will reverse the contract,” he said.

“We have issued several warnings, this is about the third time. We need to revoke the contract and give those that will do the job. The guideline is clear and we are not going to compromise,” he warned.

The SUBEB boss, who was at the meeting in the company of the management staff of the Board, queried the rationale behind the contractors’ refusal to deliver results, despite the mobilization fee Government had given them.

The educationist noted that as part of concerted efforts to enforce standards, as well as ensure that there are only appropriate executions of projects, the board in 2019 did not revoke their contracts, despite the fact that they were issued by the former administration.

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Education

Katsina Has 775,000 Out-of-School Children—SUBEB Director

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Out-of-School Children

By Sodeinde Temidayo David

The United Nations Children’s Funds (UNICEF) in collaboration with the State Universal Basic Education Board (SUBEB) has commenced a new campaign on the rising number of out-of-school children in Katsina State.

The campaign tagged Back to School and Behavioural Change, is with the aim to prevent the threat that could be caused if there is a high number of children who would lack a formal education.

The scheme, which is targeted at returning over 200,000 out-of-school children, including Al-Majirai to schools in 2021, is supported by the UNICEF and sponsored by Foreign, Commonwealth and Development Office (FCDO).

Speaking at the unveiling of the programme, the State Commissioner for Education, Mr Badamasi Lawal, noted that the outbreak of COVID-19 and banditry had triggered the number of out-of-school children in the state, particularly in Kafur and Kankara Local Government Areas.

According to statistics released by the State SUBEB Director, Social Mobilisation, Mr Abdulmalik Bello, the state has 775,000 out-of-school children across the 34 local government areas of the state as a result of banditry and COVID-19 pandemic.

Mr Lawal further expressed that with the new flagship, the back to school campaign would reduce the number of out-of-school children across the 34 Local Government Areas of the state.

The state commissioner recalled that the state government, under the leadership of Governor Aminu Bello Masari, had prioritised the education sector hence the employment of 10,000 teachers, prompt payment of teachers’ salary and timely provision of instructional materials to schools.

He, therefore, tasked traditional and religious leaders in the state to support the state government’s effort of uplifting the education sector by ensuring the enrolment, retention and completion of school by all children irrespective of gender affiliations.

On his part, the SUBEB Executive Chairman, Mr Lawal Buhari Daura, applauded UNICEF for supporting the state government in curtailing the number of out-of-school children and other educational challenges afflicting the state.

Following this development, UNICEF reaffirmed the goal to reach the most disadvantaged children and adolescents, and to protect the rights of every child, and to advocate for the protection of children’s rights, helping to meet their basic needs, and giving them a fair chance to reach their full potential.

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Education

Kaduna Prioritises Education, Health in N233bn 2022 Budget

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Kaduna Economy

By Adedapo Adesanya

The Kaduna State Government has presented the 2022 draft budget of N233 billion to its House of Assembly, with a capital expenditure of N146 billion and recurrent spending of N87.6 billion.

This was done by the state governor, Mr Nasir El-Rufai, on Tuesday. In the further breakdown of the budget estimate, it was stated that the capital to recurrent ratio stands at 63 per cent to 37 per cent.

Mr El Rufai noted that the 2022 estimates are slightly smaller than the 2021 budget of N237.52 billion, which had N157.56 billion as capital and N79.96 billion recurrent expenditure, a 66 per cent to 34 per cent capital to recurrent ratio.

He said that the priorities of the 2022 estimates are education, healthcare and infrastructure, like the previous budgets.

The Governor noted that the allocations in the 2022 budget estimates reflect the political values and governance principles that have consistently guided the six previous budgets of his government since 2015.

“Most of the capital spending will be in the economic and social sectors, in keeping faith with our stated governance agenda.

“We propose to devote 76.8 per cent of the capital budget to schools, hospitals, and infrastructure, including housing.

“Capital spending on education is N68.4 billion (29 per cent) and for health N35.1 billion (15 per cent),” he said.

According to the governor, “these figures show that the 2022 draft budget estimates express our political values and governance principles in the same consistent manner as our six previous budgets.”

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