LAPO deepens scholarship scheme for beneficiaries

LAPO Microfinance Bank continues to impact the lives of Nigerian youth with its scholarship scheme. The latest beneficiary of the benevolence of the premium financial institution is Goodluck Agwu, a bright scholar, who received support from the LAPO Scholarship Scheme for his master’s degree programme at the University of Alberta in Canada after graduating as an engineering student from the Federal University of Agriculture, Abeokuta (FUNAAB).

This accomplishment is remarkable, considering that the beneficiary’s parents could barely afford the tuition fees for him and his siblings, who were also studying at tertiary institutions at the time. In a statement announcing it, the bank maintained that the scholarship scheme is aimed at improving lives, solidifying its positive contribution with a multiplier effect of N656.5 m on the lives touched.

The LAPO Scholarship covers tuition fees and other essential educational needs, addressing the issue of the significant 18.3 million children currently out of school.

According to the United Nations Children’s Fund (UNICEF), about 25% of Nigerian children—one in four—are not receiving formal education, largely due to economic challenges. Goodluck’s story exemplifies this issue; his dream was nearly derailed but for the fortuitous support of the LAPO Scholarship Scheme, which reflects a profound belief in humanity, community, and empathy.

The scheme specifically targets indigent students. Goodluck’s journey is similar to that of other alumni of the LAPO Scholarship Scheme who have benefitted from LAPO Microfinance Bank’s scholarship programme. Since its inception in 2008, a total of 4,114 beneficiaries have been impacted through academic scholarships, with 65 individuals receiving vocational training support. This success attests to LAPO’s dedication to fostering education, entrepreneurship, and financial inclusion across Nigeria.

“It was difficult for my parents to pay for the school fees for myself and my siblings. Unperturbed by the circumstances, I refused to let that deter me from achieving my goal of attaining a tertiary education. Hence, I entered for the LAPO Tertiary Scholarship Screening exercise and passed, qualifying me for the scheme,” said Goodluck.

LAPO Microfinance Bank explained that the scholarship scheme ensures beneficiaries receive the necessary support throughout their academic tenure. Despite the loss of Goodluck’s mother in his second year at FUNAAB and the accompanying agony of such a tragic incident, Goodluck received the support needed to achieve his academic goals.

He passionately stated, “Through the LAPO Scholarship Scheme, I have attained an academic height that the situation could have otherwise deterred me from achieving. In addition to my first-degree scholarship support, I am grateful that the scheme also sponsored my master’s degree program in Alberta, Canada, to the tune of N1.8 m.”

In his remarks, Oluremi Akande, the Director of Marketing and Corporate Communications at LAPO Microfinance Bank, affirmed, “The LAPO Scholarship Scheme is a testament to our commitment to supporting the educational aspirations of young Nigerians, ensuring they have the opportunities to succeed and contribute positively to society.

This initiative reflects LAPO’s broader strategy to provide value-driven services that uplift low-income households and promote socio-economic growth. ”It goes without saying that the intervention of the LAPO Scholarship Scheme has impacted lives profoundly, transforming the educational journeys of countless students who, without this support, might not have had the opportunity to pursue their academic dreams. By providing financial assistance for tuition fees and essential educational needs, the scheme not only alleviates the financial burden on families but also empowers students to focus on their studies and achieve their goals. This initiative has created a ripple effect, fostering a generation of educated individuals who are equipped to contribute positively to society, drive economic growth, and inspire future leaders. As the programme continues to expand, its lasting legacy will be felt in the communities it serves, proving that education is a powerful tool for change and a pathway to a brighter future for all.