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

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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.

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Folake Soetan, Shettima, Okewale, others to Speak as WHATrybe annual confab holds Sunday

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Dr. Kole A. Shettima, author and Director, The MacArthur Foundation, Africa Office and Folake Soetan, the CEO, Ikeja Electric PLC will lead high-powered speakers at the Women High Achievers Trybe (WHATrybe) 2024 annual conference to be held Sunday 10 March at 4:00pm.
The upcoming free one-day virtual event themed “Breaking Barriers and Building Bridges,” is in commemoration of International Women’s Day.
WHATrybe is a Nigerian non-profit community dedicated to inspiring and empowering women to attain leadership roles in business and management services.
Speaking on the forthcoming virtual gathering, Kiki Okewale, the host and Convener, WHATrybe Community said this year’s conference asides giving women a new reorientation of being a woman with value, it also aims to celebrate the achievements of women while also advocating for gender inclusion and empowerment.
“With a strong emphasis on breaking barriers and fostering connections, this year’s event seeks to inspire women to overcome obstacles and build bridges towards a more inclusive and equitable society. We are coming together to celebrate the achievements of women, break down barriers, and build bridges towards a more inclusive and empowered future,” Okewale stated.
She added that to achieve this, a lineup of distinguished speakers who are leaders and experts in their respective fields have been lined up to share their insights and experiences during the conference.
Other speakers include Dr. Tewa Onasanya, founder,Exquisite Magazine; Josephine Osomwonken Omoniyi, Clinical Psychologist and Entrepreneur; Mabel Adeteye, Head of Brands & Marketing, Wema Bank; Karika Yonreme, Corporate Strategist; and Etemore Glover, Seasoned Development Expert.
The event will be hosted by the dynamic podcaster and coach, The Energetic EJ.
Registration is open now while interested attendees can reserve a spot at the conference by visiting: https://bit.ly/Whatrybe2024 and stay tuned for further updates on WHATrybe social media pages @whatrybe. They can also visit Bit.ly/WHATcommunity to be a member of the community.

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EDE Prize for Language: An Indigenous Language Spelling Bee to Promote Indigenous Literacy and Education

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Rotimi Eyitayo


 The EDE Prize for Language is pleased to announce the launch of our inaugural Spelling Bee, which will encourage literacy and academic excellence among students in Lagos and Ogun states. This first-of-its-kind spelling bee aims to celebrate and preserve the Yoruba language, fostering a stronger sense of cultural heritage and linguistic diversity.
The EDE Prize is proud to lead this groundbreaking initiative in collaboration with Teammasters, a reputable organization that organizes nationwide spelling bees. We hope to empower young people by giving them a platform to demonstrate their language skills and celebrate the diversity of indigenous cultures.
“The EDE Prize for Language represents our commitment to promoting indigenous literacy and preserving cultural heritage,” said Bobo Omotayo, the prize’s creator. “Through our partnership with Teammasters, the Prize’s goal for this event is to inspire the next generation to be proud of their language and culture. 

For the first edition, students from Lagos and Ogun states are eligible to compete for the Prize. We invite schools from both states to participate in this culturally rich educational experience. Participation in the spelling bee is free, and schools can register their students by going to www.edeprize.com.
“The EDE Prize for Language is not just a competition; it’s a celebration of Indigenous languages and traditions,” said Rotimi Eyitayo, Teammasters National Spelling Bee’s founder. 

The EDE Prize for Language will feature several rounds of competition, culminating in a grand finale in which finalists will compete for prestigious awards and recognition. The competition is divided into two categories: (i) Lower Category for children aged 8 to 11, and (ii) Higher Category for students aged 13 to 17.
Schools interested in taking part in this inaugural edition can register their students for free at www.edeprize.com. Registration will open on Monday, March 4, 2024, and close on Friday, March 29, 2024. 

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Violence: Call Aiyedatiwa to order, Akinterinwa’s Campaign Organisation Urges Tinubu

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Wale Akinterinwa

Ahead of the 2024 governorship election in Ondo State, the Wale Akinterinwa Campaign Organistaion has appealed to President Bola Tinubu to call Ondo State governor, Lucky Aiyedatiwa, to order over alleged use of thugs and other ciminally-minded miscreants against other aspirants.
The campaign organisation, in a statement, alleged that supporters and peaceful members of the All Progressives Congress (APC), who turned to receive the president during his trip to family of late Governor Rotimi Akeredolu’s family, were attacked by armed thugs who were working for the state governor.
The statement, signed by the spokesperson of the campaign organisation, Segun Ajiboye, said property and billboards of other aspirants were destroyed by the rampaging thugs during the attack. 

The statement, tagged: “Ugly attacks on gubernatorial aspirants by Governor Lucky Aiyedatiwa’s thugs during President Tinubu’s visit to Ondo State”, said the organisation is being restrained by “the need to save our dear state from an ugly return to the dark days by those who harbor vaulting and mechanical ambition.”
It stated further: “You will recall that the president of the Federal Republic of Nigeria, His Excellency, Asiwaju Bola Ahmed Tinubu, GCFR, was in Ondo state, on Wednesday, February 28, 2024, to commiserate with the family of the former governor of Ondo state, Arakunrin Oluwarotimi Akeredolu, SAN, CON and His Majesty the Olowo of Owo, Alayeluwa, Oba Ajibade Gbadegesin Ogunoye III. The president was also at the residence of Pa Reuben Fasoranti, the leader of Afenifere.

“As expected, the good people of Ondo state, particularly the peaceful members of our great party, the All Progressives Congress *APC), trooped out to welcome the president, who is the leader of the party and father of the nation..
“The people were joined by party leaders, party members. In an effort to give our leader a rousing welcome to the state, the different gubernatorial aspirants vying on the platform of APC mobilised their supporters to receive Mr President at the airport. 

“The atmosphere was carnival-like. But that was until what ordinarilly was planned to be a rousing welcome and celebration of the visit of Mr President was turned to a theater of violence and bloody attack on APC members and supporters of other gubernatorial aspirants by thugs sponsored and fully armed by Hon Lucky Ayedatiwa, the governor of Ondo state. 

“The well-orchestrated and executed attacks were carried out by some well-known thugs as well as members of the NURTW loyal to the governor of Ondo state, led by one Mr Eniba. The thugs, who brazenly fired gun shots into the air to cause confusion, went on a destruction spree as they attacked property, while billboards of other gubernatorial aspirants were defaced, pull down or out rightly destroyed. 

“Party members perceived to be loyal to all gubernatorial aspirants sustained varied and diverse degree injuries resulting from the attacks unleashed on them, while those supporting Governor Lucky Ayedatiwa were spared. T-Shirts, faze caps and other insignia wore by members of the targeted aspirants were torn to shreds. 

“The thugs who carried out the orchestrated attacks were armed with all sorts of dangerous weapons. It is sad to note that many of our supporters with deep cuts are in the hospitals receiving treatments at the moment. It is, however, surprising that no aspirant other than the governor was spared of the attacks.

“Let me state here that the need for this press statement is not borne out of fear or inability to protect our supporters. We have the capacity to give adequate protection to all our members who have remained peaceful in the face of this dastardly attack. We are also not unaware of the overriding need to save our dear state from an ugly reenactment of the dark days by those who harbor vaulting and mechanical ambition. 

“At this juncture as members of the Wale Akinterinwa Campaign Organisation, we would also love to state that as responsible leaders and members of our party with genuine intentions to serve our dear people, we are unable and will not accept the imposition on the party members a regime of panic and fear in other to supplant popular participation in a democratic process aimed at emplacing accountable and responsive leadership.  

“We, therefore, call on Mr President and the national chairman of the APC to prevail on Mr Governor to halt the use of thugs to advance his political interest. The field is wide enough for everyone to operate

“Also, we urge all security agencies to not only to be on red alert against future occurrence but also ensure that those who carried out these dastardly attacks are apprehended and brought o books to serve as deterrent to others who may be emboldened by this barbaric act.”

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