The authorities of Yaba College of Technology (YABATECH), Lagos is awaiting the approval of the nation’s apex bank, the Central Bank of Nigeria (CBN) for the establishment of a primary mortgage bank by the institution.
The move to establish the bank is part of its efforts to train students of the institution on industrialisation.
The Head, Public Relations Unit, YABATECH, Mr Charles Oni, said the capital deposit for the bank had been paid to the CBN.
He said that the bank would provide an all-encompassing training and would also be used for the collection of tuitions fees. “The process is ongoing now; once we get the CBN’s nod, we will float it.
“So many members of staff are investors; shares were sold to staff, so that they can be part of the venture. We publicised the availability of shares over time and as at today, the capital outlay has been perfected and all that is being awaited now is the CBN’s nod, to ensure that the bank operates as required,” Oni said.
He said the college had put in place a Banking and Finance Department, to handle the bank and train the students and that the college was introducing the bank, to provide comprehensive knowledge for students on how to go into industrialisation, production, marketing and banking.
“Presently, students pay all their fees online; the Bursary Staff do not handle cash any more. Everything is done online; so, the bank will help in the collection of fees. The bank will be situated within the college, and a site has been located for the project. Technically, the college is ready for the take- off of the bank,” he added.
Oni said the bank would be able to sustain itself and would also serve as an additional revenue earner for the institution.
“The original concept is that it will be used as a training platform for students in the Banking and Finance Department. We are a very pragmatic institution; we practice what we teach.
“But when you look at the systemic thing, when you look at production, marketing, promotion and every other facet, we have what it takes to be an industrial giant.
“We are awaiting the approval of the CBN, we are eager to start the bank,” the head, public relations unit added.
