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Standard Chartered, Educare Design Unique Educational Solution

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Standard Chartered Bank SC EduEdge

By Modupe Gbadeyanka

A unique educational solution called SC EduEdge has been developed by Standard Chartered Bank Nigeria Limited and Educare Technology Solutions Limited.

This was made possible by the strategic collaboration between both organisations, who are determined to ensure that education in Nigeria is top-notch.

The initiative was designed by the Business Banking segment of the lender’s retail banking arm with a team of seasoned professionals dedicated to providing relevant banking solutions to meet the business needs of existing and prospective clients.

The 3-years alliance with Educare, an industry leader in school administration software, positions the bank as an industry leader connecting with a wider network of prospects as it offers a compelling value proposition to educational institutions (primary and secondary) in strategic locations across the country including Lagos, Abuja and Port Harcourt.

Speaking at the signing ceremony, Ben Dike, Business Banking said, “We are very excited about this new partnership and the potential benefits it brings to the children of our existing and prospective clients and also to all stakeholders in the educational ecosystem including schools, employees, parents and guardians.

“This is a 360-degree proposition that provides tangible value to the educational sector, a sector that is crucial in the development of the country’s future leaders.

“For us at the bank, this ties in closely with our priority to be the best financial advisers to our clients; it reiterates our commitment to developing countries where we have footprint and serves as one of the many ways we are here for good.”

Some of the current unique offerings to clients under SC EduEdge include a dedicated school account with fee waivers (zero account maintenance and local transfers fees); an opportunity for students to participate in the 2020 Liverpool Football Club (LFC) Youth Cup tournament, with the winning school team traveling to Anfield, United Kingdom to watch a live LFC match (all-expense paid); participation in the Bank’s newly developed SCB Reward for A’s programme (credit of $1 for every A scored by each student, with funds kept in a dedicated account for the pupils/students) and the bank’s annual reward for A’s Scholarship ($1,000 education grant through a draw for students with a minimum of 7 A’s for the session – eligible for SSS 3) open to children of accountholders with the bank.

CEO of Educare, Alex Onyia, added that, “As the best school management system in Nigeria, and a specialist in edutech industry, we are delighted to partner with Standard Chartered Bank (SCB) who have a complimentary/International specialist practice in Banking and are also committed to supporting education around the globe.

“The outcome for this Strategic Partnership (educare-SCB, edu-edge) will grant our customers/partner schools the ability to have the best and most flexible school management portal to run their schools swiftly at a reduced cost.

“In addition to that, our customers/partner schools will be able to participate in the National Robotics Competition and this year’s Liverpool Inter-school football competition which sees the winner school to an all-expense paid trip to Liverpool, United Kingdom.

“Other benefits of SC Eduedge include access to personal loans, mortgage loans, Salary advance (personal overdraft), Credit Card offering to school owners and employees and also School Fees Loans and Credit Card offerings to parents/ guardians.”

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Education

NELFUND Refutes N71.2bn Student Loan Disbursement Fraud

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NELFUND

By Adedapo Adesanya

The Nigerian Education Loan Fund (NELFund) has denied claims of mismanagement in disbursing student loan funds.

This development comes after the Independent Corrupt Practices and Other Related Offences Commission (ICPC) said it was investigating alleged corruption in the disbursement of the funds.

In a statement by the fund’s Director of Strategic Communications, Mr Oseyemi Oluwatuyi, NELFund said ICPC’s comment was taken out of context.

“These reports, which suggest misappropriation and mismanagement of funds, are entirely false, grossly irresponsible, and deeply damaging to the integrity of an institution established to deliver financial hope to millions of Nigerians,” Mr Oluwatuyi said.

“All institutional fees are paid directly to verified institutions, while upkeep allowances go into the verified bank accounts of eligible students,” she said.

“The reports circulating in the public space are based on outdated figures and previous interventions that predate our operations.”

Equally, the ICPC has clarified its earlier statement on the student loan.

The institution’s spokesman, Mr Demola Bakare, said the agency’s move to investigate the disbursement of the funds was due to claims that 51 schools were involved in illegal deductions and exploitation related to the NELFund scheme.

“The ICPC confirmed that a clear case of discrepancies has been established in the administration of the student loan scheme and announced that its investigation will now extend to beneficiary institutions and individual student recipients,” the agency’s statement partly read.

In an update, Mr Bakare clarified that: “Unintentionally, the word ‘NOT’ was missing in the second to the last paragraph of our earlier press release in respect of an ongoing investigation regarding the Student Loan Scheme. The missing word created an erroneous impression that the alleged discrepancies or diversion had been established.

“We admit that this is not the case, indeed, we accept that the same part of the sentence also contradicted the whole paragraph. The paragraph ought to read: ‘The ICPC confirmed that a clear case of discrepancies has NOT been established in the administration of the student loan scheme and announced that its investigation will now extend to beneficiary institutions and individual student recipients.’

“For avoidance of doubt, the commission has only established the total amount of funds received and disbursed so far by NELFUND. The impression of diversion and the issue of discrepancies do not exist at this stage; the investigation would have to move into the receiving institutions and persons before any reasonable deductions could be made.”

It was claimed that out of the N100 billion approved for disbursement, about N71.2 billion was unaccounted for, prompting an investigation by the ICPC.

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Education

NELFUND Scheme: N71.2bn Student Loans Not Missing—ICPC

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Student Loan Programme

By Aduragbemi Omiyale

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has clarified that it has not affirmed claims that about N71.2 billion of the N100 billion disbursed as student loans under the Nigeria Education Loan Fund (NELFUND) scheme were unaccounted for.

Recall that there were reports that no fewer than 51 tertiary institutions were implicated in illegal deductions and exploitation related to the NELFUND scheme.

The schools were accused of making unauthorized deductions ranging from N3,500 to N30,000 from each student’s institutional fees received through the loan fund.

The ICPC had commenced a probe into the matter and in a statement on Thursday, it said investigation revealed that the total money received by NELFUND as of March 19, 2024, was N203.8 billion, with N44.2 billion disbursed to 299 institutions, covering 293,178 students.

In the statement, ICPC said it “confirmed that a clear case of discrepancies has been established in the administration of the student loan scheme and announced that its investigation will now extend to beneficiary institutions and individual student recipients.”

Some hours later, after the revelations raised dust, the agency clarified that it made an error in the statement, noting that, “The paragraph ought to read The ICPC confirmed that a clear case of discrepancies has NOT been established in the administration of the student loan scheme and announced that its investigation will now extend to beneficiary institutions and individual student recipients.”

“The general public is urged to exercise patience as thorough investigations require time and ample resources,” the new statement signed by its spokesperson, Demola Bakare, said, stressing that, “Our investigations are still ongoing, and there are no indictments yet.”

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Education

NIJ to Hold 2025 Convocation Ceremony May 6

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NIJ Ogba

By Adedapo Adesanya

The Nigerian Institute of Journalism (NIJ), Ogba, Lagos, has announced that its 2025 convocation ceremony would take place on Tuesday, May 6, 2025.

According to the official schedule, the convocation lecture will hold on Monday, May 5, at 11 am at the Kesington Adebutu Media Resource Centre, located within the institute’s premises.

The main convocation ceremony is slated for Tuesday, May 6, also at 11 am, and will take place at the NIJ premises.

The convocation will cover graduating students from the classes of 2022 through 2024 across its National Diploma, Higher National Diploma, and Post Graduate Diploma programmes.

Business Post gathered that students who excelled during their academic pursuits at the monotechnic would be recognised and awarded for their feats.

Graduating students are expected to receive their certificates immediately after the convocation.

The event is expected to bring together the management, academic staff, students, alumni, and dignitaries from the media and communication sectors to celebrate the achievements of the graduating students.

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