By Ahmed Rahma
Not less than N34.8 million worth of scholarship has been given to 87 candidates of the University Tertiary Matriculation Examinations (UTME) for their awesome performances in the 2019 and 2020 exam.
The gesture was given by a leading financial institution, Stanbic IBTC Holdings Plc, to encourage hard work and excellent academic performance.
The chief executive of Stanbic IBTC Holdings, Dr Demola Sogunle, while speaking at the presentation of the scholarships on Thursday, said the prosperity of the nation and its citizens was hinged on the youth’s educational development.
He further said the financial institution, which is a member of Standard Bank Group, remains determined to provide the necessary support to brilliant students.
“Stanbic IBTC appreciates the fundamental role education plays in transforming society, which is why we have chosen to institute the scholarship to encourage hard work and academic excellence amongst Nigerian students who desire tertiary education.
“The scholarship will enable them to pursue and realise their dreams of academic excellence,” he said.
“The scholarship will be disbursed to the 87 students in yearly tranches for a period of four academic years.
“However, after the first tranche, subsequent disbursements will be subject to maintaining at least a second-class upper grade and evidence of good conduct confirmed by the school” Mr Sogunle added.
He further stated that, “Education Trust Funds will be set up for the beneficiaries, and thefunds will be accessed through the Education Trust accounts.”
In 2019, the lender announced its scholarship scheme which was introduced as part of the activities to celebrate its 30th anniversary.
The scheme, according to the bank is to support, reward and encourage students who had excelled in their academic pursuit and also in line with its commitment to value-driven corporate social investments, designed to contribute to youth’s educational development. The beneficiaries were effusive in their appreciation of the gesture.
Business Post gathered that the 87 beneficiaries of the scholarships yesterday included physically challenged students and they were picked from the 36 states in the country of which 39 of them participated in the 2019 exam while 48 participated in the 2020 exam.
Expressing his gratitude, one of the beneficiaries, Hammed-Saruk Omogbolahan, said the scholarship would allow them focus on their education, and he assured that they would continue to strive for academic excellence to justify their selection.
Education has remained a key focus area for Stanbic IBTC, and the financial institution has continued to play a leading role in transforming lives through education.
Other scholarship initiatives organised by the financial institution include those awarded to indigent children who have suffered limb losses, under its signature CSI initiative tagged Together4ALimb.