Nigeria Deposit Insurance Corporation (NDIC) has disclosed that it has spent over N230 million as grant to tertiary institutions for the funding of Corporate Social Responsibility based projects.
As part of it, the Corporation yesterday alleviated water supply problems in University of Abuja with the commissioning for use Campus and Students hostels water supply improvement project funded by the Corporation with a grant of N10 million.
Mr. Ganiyu Ogunleye NDIC chief executive/ managing director, who explained at the commissioning that it was part of the Corporation’s project based corporate social responsibility assistance to institutions of higher learning, added that about 23 institutions had benefited from the scheme.
He said under the scheme, institutions were elected from each of the six geo-political zones and granted assistance towards the enhancement or provision of facilities in the nation’s tertiary institutions.
The NDIC chief executive who was represented by Alhaji Umaru Ibrahim, Corporation’s executive director (Corporate Services), lamented that inadequate funding, ill equipped laboratories and dearth of research facilities had become the bane of the nation’s higher institutions.
Given the poor state of infrastructures, he said "it has become necessary for corporate organizations to commit resources to assist our tertiary institutions as the burden of reviving the educational sector can no longer be borne by government alone.
"I therefore call on public spirited individuals, organizations and groups to join with government and educational institutions by investing in projects that would revamp the educational system".
Mr. Ogunleye who urged the students to be law abiding by desisting from any acts capable of undermining the peace and progress of the University, further commended the University authorities for making judicious use of the money.
He appealed to them to continue to strive in promotion of academic excellence and human capital development which are critical for the realization of the Vision 2020 economic agenda of the Federal government.
In respect of its core functions, the NDIC boss said the Corporation had effectively resolved cases of 45 banks failures while four other cases were yet to be resolves due to litigation in Nigerian courts.
Also, he enumerated that the maximum guaranteed sum payable to account holder in event of failure in conventional bank had been reviewed from the level N50,000 to N200,000 while depositors of Primary Mortgage Institutions and Microfinance Banks are adequately protected with N100,000 per account holder.
Responding, Prof. Nuhu Omeiza Yaqub University vice-chancellor, who expressed appreciation to the NDIC noted that the project started since November, 2006.
He said the project sited in three locations within the University, is contracted to Gorimi Nigeria Limited in July 2005 at a cost of N9.9 million.
The Vice-Chancellor requested the NDIC to come to their aids in establishment of Faculty of management sciences for training of manpower.
