Authorities of the Yaba College of Technology (YABATECH) in Lagos on Thursday said it would float a mortgage bank, to train the students on industrialisation.
The Head, Public Relations Unit, YABATECH, Mr Charles Oni, told the News Agency of Nigeria (NAN) in Lagos that the capital deposit had been paid to the Central Bank of Nigeria (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 to also train the students.
The official said 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, YABATECH is ready for the take- off of the bank,” the official said.
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 theorise.
“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.