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More Trouble For Nigerian Scholars Abroad As FG Reduces Monthly Stipend By 56%

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More Trouble For Nigerian Scholars Abroad As FG Reduces Monthly Stipend By 56%—-The Federal Scholarship Board (FSB) has announced a significant reduction in the monthly supplementation allowance for beneficiaries of its Bilateral Education Agreement (BEA) with foreign countries, cutting it by 56 percent.

Nigeria’s BEA scheme, a student exchange programmr, includes partnerships with various countries in Africa, Europe, North America, and Asia.

Notable countries involved in this agreement include Russia, China, Hungary, Morocco, Venezuela, and Algeria.

These host countries typically provide annual scholarship slots to the FSB, which then nominates eligible Nigerian students based on merit.

While the host countries cover tuition and housing, Nigeria contributes a yearly allowance of $200 for health insurance, $500 for medical expenses, and a monthly stipend of $500 for nutrition, books, equipment, and transport.

Recently, Nigeria defaulted on paying the $500 monthly stipend for a full year, leaving many students stranded abroad. This issue prompted the National of Assembly to summon the Education Minister for an inquiry, but the stipends remain unpaid as of now.

In a letter dated July 23, the FSB announced a reduction of the monthly allowance for BEA students to $220, down from $500. This letter was signed by Astra Ndajiwo, the director of the board.

In 2023, there were at least 1,532 active BEA beneficiaries, and N6.8 billion was allocated for these scholarships in 2024, based on an exchange rate of N800/USD. However, the exchange rate has since risen to over N1,600, creating a financial shortfall that the federal government has yet to address.

The FSB explained that the reduction was necessary due to the unfavorable domestic exchange rate, which has made it challenging to maintain the original stipend amounts as specified in the award letters given to students.

“The prevailing situation concerning the domestic exchange rate in Nigeria makes it difficult to sustain the payment of BEA allowances as contained in the award letters issued at the point of departure,” the FSB said.

Ndajiwo assured that the stipends for 2023 and 2024 would be paid once the funds are made available by the federal government.

According to a report by The Cable, the additional challenges faced by Nigerian BEA students, include limited student lodging options at destination universities.

Many students are forced to rent apartments for $200 to $300 per month, significantly depleting their stipends. Some resort to squatting with foreign nationals, working menial jobs, seeking aid from non-profits, or even begging for alms to survive.

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Kyari Reacts To Senate Arrest Warrant, Says He Notified Committee of Medical Trip Abroad

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Kyari Reacts To Senate Arrest Warrant, Says He Notified Committee of Medical Trip Abroad

 

….Denies Dodging Probe, Pledges to Appear After Treatment

By Adesina Adeleja

 

Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has described the Senate Committee on Public Accounts’ decision to issue an arrest warrant against him as “deeply shocking.”

In a formal letter addressed to the committee chairman, Kyari clarified that he had earlier informed the panel of his inability to appear due to medical treatment abroad.

“I refer to the news of the arrest warrant issued against me during the proceedings of your esteemed Committee today, 10th June, 2026. I am deeply shocked by the issuance of the warrant,” Kyari wrote.
He referenced a letter sent to the committee on May 11, 2026, in which he notified lawmakers that he was receiving medical care outside the country. In that correspondence, Kyari expressed his willingness to honour the committee’s invitation upon his return to Nigeria and offered to provide written responses to any urgent questions through his legal representatives.

“I also expressed my willingness to honour the Committee’s invitation as soon as I return to Nigeria,” he stated. “I wish to reiterate that I remain very willing and ready to honour the invitation of the Committee and to appear before it once I return to the country.”

Kyari firmly denied any attempt to evade the Senate’s invitation, noting that he had not received any fresh summons before the warrant was issued.

“However, I wish to respectfully state that I have neither received nor sighted the said invitation,” he said. “Had the invitation reached me, I would have gladly honoured it.”

The former NNPCL boss explained that his current medical condition has made it impossible for him to appear in person. He urged the committee to channel any questions or requests for clarification through his legal team to ensure prompt responses while he continues treatment abroad.

Kyari assured the Senate of his full cooperation and respect for the legislative oversight process. He pledged to appear before the committee personally as soon as his health permits.

Defence of Tenure

In the letter, Kyari also defended his leadership of the national oil company, stating that his team transformed NNPCL from a loss-making entity into a profitable commercial organisation. He added that all transactions during his tenure were properly documented and remain available for scrutiny at the NNPCL.
“I remain deeply grateful to my country for the opportunity afforded me to serve with utmost diligence and commitment,” he said.

Background

The Senate Committee on Public Accounts issued the arrest warrant after Kyari failed to appear at its sitting. The panel is investigating financial records and transactions of the NNPCL, including allegations surrounding over ₦210 trillion.

The motion for the warrant was moved by Senator Victor Umeh and seconded by Senator Adams Oshiomhole.

Kyari’s latest response appears aimed at dispelling suggestions of deliberate non-cooperation, attributing his absence primarily to health reasons and possible communication gaps regarding subsequent invitations. He has maintained that he has nothing to hide and remains committed to assisting the investigation.

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Alpha Morgan Bank Delivers Historic N1.9 billion PBT in First 10 Months of Operations

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Alpha Morgan Bank Delivers Historic N1.9 billion PBT in First 10 Months of Operations

 

Alpha Morgan Bank has announced a landmark financial performance, recording Profit Before Tax of N1.9 billion in just 10 months of operations, a result that stands as a major milestone in Nigeria’s banking industry and reinforces the Bank’s emergence as one of the country’s most remarkable new-generation financial institutions.

With this performance, Alpha Morgan Bank did not only break-even within an exceptionally short period, but also delivered what is believed to be a record-setting early-profit performance in the Nigerian banking sector, underlining the strength of its strategy, the discipline of its execution and the confidence the market has placed in its business model.

The Bank’s strong debut performance was supported by robust growth across key financial and operating indicators. Highlights of the 10-month financial statement include customer deposit of over ₦103BN, gross earning of ₦13.1 billion, net interest margin of 67%, non-performing loan ratio of 0%.

The performance was driven largely by strong synergy in customer acquisition and branch expansion, a deliberate focus on growth in demand deposits, creation of quality risk assets and balance sheet efficiency. These achievements were further supported by robust operational processes powered by sound technology and systems, management depth and expertise, experience and strategic oversight provided by the Bank’s Board.

Speaking on the performance, the Managing Director, Ade Buraimo, described the result as a significant validation of the Bank’s vision, business model and execution capacity.

“This is more than a financial milestone; it is a strong statement of what is possible when vision, discipline, sound execution, and market opportunity come together. From inception, Alpha Morgan Bank was built to be a commercial bank that is solution-driven and committed to delivering value at scale. To record a PBT of N1.9 billion in our first 10 months of operations is both historic and deeply encouraging. It reflects the dedication of our people, the trust of our customers and the solid foundation we have laid for long-term growth.”

 

 

 

About Alpha Morgan Bank

Alpha Morgan Bank is a customer-centric, innovative, and solutions-driven commercial bank, with a clear commitment to delivering “Satisfying Banking.”

Alpha Morgan Bank commenced operations in March 2025 with the rare distinction of regulatory approval for 14 branches across the country. This early footprint, combined with disciplined market execution, has enabled the Bank to build momentum across key business segments in record time.

Alpha Morgan Bank focuses on:

  • Human-Centred Technology: Digital tools designed for intuitive, everyday relevance and not vanity metrics.
  • Transparent Operations: From pricing to service promises, every process is clear, accountable, and customer friendly.
  • Customer-Centric Innovation: Continuously developing solutions and services driven by customer insights to deliver meaningful value and enhance satisfaction.

More than a financial institution, Alpha Morgan Bank positions itself as a partner in progress. Its vision is to drive possibilities, enable dreams, and reemphasize what it means to experience Satisfying Banking in Nigeria.

More about Alpha Morgan Bank on www.alphamorganbank.com

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