Connect with us

Uncategorized

Banks Are Not Responsible For Forex for International Students – Financial Expert

Published

on

Banks Are Not Responsible For Forex for International Students – Financial Expert

A banking expert and financial analyst, Olajide Brown has commented on the recent viral post by a Nigerian final-year student of Greenwich University in the United Kingdom (UK) who threatened to commit suicide if his tuition fee was not paid. The student, who took his lamentation to social media on Twitter via the handle @RealityOflilife, called out a commercial bank and the central bank for not paying his tuition fees in British Pounds. In his post, he threatened to commit suicide if his request was not granted after receiving a mail from the school management of his suspended studentship with a deadline.
Olajide urged the general public not to be swayed by social media outbursts and antics but to treat issues based on facts. According to him, “the young student is just emotional and trying to elicit public sympathy. Due to the scarcity of forex in the country and the sheer number of students currently schooling abroad, it is difficult for the central bank to accede to the requests for foreign exchange for school fees abroad in a short period, as the apex bank will have to source for the forex. Currently, banks have thousands of requests, and because of the scarcity of forex, there is usually an average of about four months waiting time before each request is processed”. Students know this because a good number of banks have communicated this to their customers.
 Speaking further, Olajide averred: “when I saw the post on Twitter and read through, it portrayed the student’s mischief or ignorance of how the forex for school fees payment operates. Apart from the fact that he didn’t apply on time, if the request for foreign currency for school fees payment is received by a bank, it will take a minimum of about four months for the central bank to provide the foreign currency because they have thousands of requests from students from universities across the globe. Therefore, it is not banks’ fault; they will only treat individual transactions based on the supply of forex from the central bank”.
 Speaking on the student’s threat, Olajide said that it is bizarre that the student is claiming that his studentship is to be terminated on account of failure to pay school fees. The practice is that studentship could be deferred, or a certificate will not be issued until school fees are paid.Olajide noted that the central bank is magnanimous in providing forex for school fees as this is not one of its functions, and the practice is not obtainable in other countries. 
According to him, “if you want to study abroad, you source the requisite foreign currency and pay your school fees; that is what happens everywhere in the world”. Continuing, he noted that the central bank is actually subsidizing the cost of education for Nigerians who are studying abroad, who is subsidizing the school fees of Nigerians studying at home? He, therefore, urged students and parents to begin to think of alternative sources of payment of school fees because the persistent scarcity of forex may lead to the discontinuation of the largesse from the central bank.
He recalled that some time ago in 2018, President Muhammadu Buhari had, in an interview on Al Jazeera TV, hinted that the country could not afford to continue to provide forex for school fees payment abroad. He expressed surprise that the central bank is still providing forex for school fees payment after the president’s remark, especially now that the forex situation has worsened.

He called on the government to resolve the issues in the nation’s education sector to make it more attractive to Nigerians to study at home as it has been proven and demonstrated that Nigeria’s educational system is good enough and competitive, citing the plethora of Nigerians who studied in Nigeria and are excelling around the world. He also advised students currently abroad to apply for school fees payment on time.

ReplyForward

10 / 100 SEO Score
Continue Reading

Uncategorized

Lagos Assembly Charges Security Agencies To Redouble Efforts In Combating Extortion By Miscreants

Published

on

By

Lagos Assembly Land Bureau Summon

Acknowledging that the scourge of brazen extortion by miscreants on Lagos streets was on the increase, the Lagos State House of Assembly has called on the Commissioner of Police, CP Olohunda Moshood Jimoh, and heads of other security agencies to intensify intelligence gathering with the latest security apparatuses, increase surveillance on black spots across the metropolis, and, where necessary, arrest such miscreants, and have the state rehabilitate them.

Hon. Sanni Okanlawon (representing Kosofe Constituency 1) raised the alarm at plenary Tuesday, May 6, under ‘Matter of Urgent Public Importance’ stating; “The unlawful extortion of stranded and innocent motorists by miscreants remains a growing concern that demands urgent attention. Nobody on the streets of Lagos is immune to their activities. If left unchecked, they could render the state unsafe.” He painted different unsavoury scenarios of how the street urchins operate brazenly, which he described as unacceptable, and called for urgent intervention to protect road users.
Hom
Supporting the motion, Hon. Kehinde Joseph (Alimosho Constituency II) noted that this particular trend threatens the safety and sanity of road transportation in the state. Hon. Desmond Elliot (Surulere Constituency 1) corroborated this and emphasised the need for active surveillance by security agencies. He also suggested the involvement of the National Drug Law Enforcement Agency (NDLEA), noting that many of the offenders act under the influence of illegal substances.

Similarly, Hon. Aro Moshood (Ikorodu Constituency II) urged the Commissioner of Police to set up a tactical team dedicated mainly to road monitoring because “It is high time the government took the bull by the horns.” Commending Hon. Okanlawon for moving the motion, Hon. Adebola Shabi (Lagos Mainland Constituency 2) said local government chairmen have a huge role in combating this menace. Effective strategies, she added, have to be devised while recommending the installation of CCTV cameras at identified black spots.

However, Hon. Obafemi Saheed (Kosofe Constituency 2) disclosed that the government has invested heavily in security through the Lagos State Security Trust Fund, LSSTF, and, therefore, should not sit back and watch miscreants take over the city.

Speaker of the Assembly, Rt. Hon. (Dr.) Mudashiru Obasa commended Hon. Okanlawon and the lawmakers who contributed robustly to the debate. He said that the police and other security agencies, including the Lagos Neighbourhood Safety Corps (LNSC), must collaborate to ensure that Lagos remains safe for residents, commuters, and visitors alike.


40
/ 100


SEO Score

Continue Reading

Uncategorized

EFCC arrests suspected internet fraudster over bank account scheme

The EFCC has apprehended Olawole Sunday, suspected of buying bank account details for online fraud, following a £2 million forex scam.

Published

on

By

internet fraudster arrested Nigeria

The EFCC has apprehended Olawole Sunday, suspected of buying bank account details for online fraud, following a £2 million forex scam

 

Operatives of Nigeria’s Economic and Financial Crimes Commission (EFCC) have apprehended one Olawole Sunday, a suspected internet fraudster accused of orchestrating a scheme involving the purchase of bank account details from individuals for the purpose of perpetrating financial crimes.

Also read:EFCC Charges Students to Steer Clear of Cyber Crimes

In a statement released on Monday by the EFCC’s head of Media and Publicity, Dele Oyewale, it was revealed that Sunday’s alleged fraudulent operation involved the recruitment of young individuals to open multiple bank accounts.

Oyewale stated that Sunday purportedly paid these individuals sums ranging between N25,000 and N50,000 for each bank account they opened, subsequently collecting their complete banking details, including their Automated Teller Machine (ATM) cards.

The EFCC detailed how the investigation began when Sunday allegedly utilised the account details of one Uyi Eghosa to defraud an unsuspecting victim of N2 million under the false pretence of engaging in lucrative forex trading.

Following the fraudulent transaction, Eghosa was arrested by EFCC operatives. During the course of interrogation, Eghosa claimed complete ignorance of the illicit use of his bank account.

He informed investigators that he had handed over his account details and ATM card to Sunday in exchange for a payment of N25,000.

Oyewale elaborated on the operation leading to Sunday’s arrest, stating, “Operatives of the Benin Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, have arrested one Olawole Sunday, a suspected fraudster who specialised in buying bank accounts’ details from individuals with which he defrauds unsuspecting members of the public.

Sunday’s modus operandi involved encouraging young people to open multiple bank accounts, pay them either N25,000 or N50,000 for each account and collect their bank details, including Automated Teller Machine cards.”

The EFCC spokesperson further explained, “Sunday allegedly employed the account details of one Uyi Eghosa to defraud a petitioner of the sum of N2 million under the guise of trading in forex.

The account owner, Eghosa, was arrested, and his disclosure that he was unaware that his account was used in defrauding members of the public led to Sunday’s arrest.”

Oyewale confirmed that upon his arrest, Sunday confessed to the alleged crime. He added that the suspect would be formally charged in court as soon as the ongoing investigations are concluded.

 


10
/ 100


SEO Score

Continue Reading

Uncategorized

Epe LG chairman, Hon. Surah Animashaun, celebrates Aare Emmanuel-King at 50

Tributes pour in for Adron Group CEO, Aare Adetola Olaniyi Emmanuel-King, on his 50th birthday, celebrating his dedication to affordable housing and community development.

Published

on

By

Tributes pour in for Adron Group CEO, Aare Adetola Olaniyi Emmanuel-King, on his 50th birthday, celebrating his dedication to affordable housing and community development.

Epe Local Government Executive Chairman, Hon. (Princess) Surah O. Animashaun FHTI, has extended warm congratulations to Aare Adetola Olaniyi Emmanuel-King, Chairman and CEO of Adron Group, on his 50th birthday, praising his significant contributions to affordable housing in Nigeria.

The milestone birthday celebrates Emmanuel-King’s remarkable journey as an entrepreneur and philanthropist, whose dedication has positively impacted numerous Nigerian families.

“Your steadfastness in pursuing your vision, despite challenges, is a shining example of your perseverance and passion.”

Animashaun highlighted his “innovative approach” and “steadfastness in pursuing his vision,” despite facing challenges.

Emmanuel-King’s commitment to making affordable housing accessible has earned him widespread recognition, with his work inspiring others to strive for excellence and community development.

Animashaun concluded her tribute by wishing him “continued good health, wisdom, and success,” as he embarks on a new chapter of life.


5
/ 100


SEO Score

Continue Reading

Trending News