CBN grants provisional approval for LAUTECH Microfinance Bank, plans establishment of radio station

CBN grants provisional approval for LAUTECH Microfinance Bank, plans establishment of radio station

Yinka ADETUNJI

Ladoke Akintola University of Technology (LAUTECH), Ogbomoso, Oyo state, is set to establish both a microfinance bank and an FM radio station.

This new direction was unveiled Thursday by the Vice Chancellor, Prof Rasak ROM Kalilu, during the press conference to herald the 18th convocation ceremonies of the university held at the Council Chamber.

According to Prof Kalilu the Central Bank of Nigeria (CBN) had granted provisional approval for the microfinance bank. He disclosed the initiative was to increase the financial base of the institution.

“As a way of growing the resource base of the University, the University planned to establish a bank and Approval-in-principle for LAUTECH Microfinance Bank has been granted by the Central Bank of Nigeria in January this year.”

Speaking on the radio station, he said, “Furthermore, the University’s commercial radio station is almost completed and will commence operation before the end of the year.”

Prof Kalilu VC LAUTECH

The university under Kalilu has been expanding in many directions especially with the welfare of staff made paramount.

“This administration prioritizes staff welfare. Over the last one year, a good number of members of staff, over 200 of them, have enjoyed sponsorship for further training and advancement opportunities both within and outside the country. Forty-seven of them were sponsored by TETFUND and the remaining were sponsored by the University.”

“Also, over the last one year alone, with the approval of the Governing Council, over N3.1B was expended on payment of arrears of emoluments to staff and pensioners as well as third party deductions that have accrued over the years before we came on board.”