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…Varsity to give loans to graduates at single-digit interest rates.
From Cyril Mbah, Abuja.
The Central Bank of Nigeria (CBN) has granted an operational license to the University of Abuja Micro- Finance Bank and the necessary approval to commence operations to meet the financial needs of the university community.
When fully operational, the microfinance institution will activate and grant generous loans for graduates of the university to enable them grow and expand their private businesses without suffering the hazzles of depending on commercial banks with high interest rates or remaining unemployed for a long time.
It has already become a mandatory condition that some students of the institution, like those pursuing business studies, must setup, register and nurture one or two companies before graduation day.
Vice Chancellor of the university, Professor Abdul-Rasheed Na’Allah, who disclosed this during a pre-convocation press conference on Thursday stated that everything required for the bank to successfully take off and serve the banking nerds of the university community has been provided.
The university administrator spoke enthusiastically about the potentials of the bank to help students grow and expand their private businesses including developing innovations and new ideas.
He said that already, the university has established a center known as Innovation Hub for the purpose of discoveries, capturing and the development of ingenious ideas by staff and students. The center will help register any idea that requires incubation and development to commercial value.
The vice chancellor disclosed that a total of 7,896 graduands
comprising 7896 undergraduates, 1276 from the School of Postgraduate studies, 971 from the Centre for Distant Learning and Continuing Education and 688 persons from the Institute of Education will pass out of the university during the 28 convocation ceremony on Saturday.
The vice chancellor used the occasion to announce that he would soon complete his tour of duty and exit the university by July this year adding that the level of achievement recorded by his administration was quite satisfactory.
The Register of the university Mallam Yahaya Mohammed, who spoke after the vice chancellor commended him for the transformation in the university adding the Prof. Rasheed has lived up to his pledge to leave the university better than he met it.
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