The Central Bank of Nigeria (CBN) presented six pioneer beneficiaries of the Tertiary Institutions Entrepreneurship Scheme (TIES) with N5 million cheques to assist them grow their businesses, create jobs, and contribute to economic progress.

Mr Godwin Emefiele, Governor of the Central Bank of Nigeria, said the initiative was aimed at pushing students and graduates of Nigerian higher institutions away from white-collar occupations and toward entrepreneurship growth.

According to Emefiele, the goal is to make Nigerian graduates become job creators rather than job seekers, as is the case in several other countries.

Who got the 5million?

According to the News Agency of Nigeria (NAN), the  six pioneer beneficiaries of the TIES as announced by the apex bank were:

Aisha Sulaiman, a graduate of Bayero University, Kano.
Chukwudi Ukpabi of Federal Polytechnic, Ebonyi.
Zainab Muhammed, a graduate of Federal Polytechnic, Bida.
Nura Abdullahi of Kano State Polytechnic.
Simeon Ojopane of Kogi State University.
Adebowale Olaoye, an accounting graduate of the University of Lagos.

What the CBN said 

The CBN governor advised the loan recipients to put the money to good use in their enterprises in order to spur growth and job creation.

The beneficiaries’ academic certificates would be held as collateral and returned to them once the loans were paid off, he said.

He said, “What we are doing today is something that is taken for granted in other climes. At the CBN, we are concerned about the level of unemployment within the youth population and we are taking steps to address it.’’

The CBN Governor has established an 11-member Body of Experts to steer the scheme, which is Chaired by Mr Abubakar Suleman, the Managing Director of Sterling Bank Plc.

Mr Boss Mustapha, Secretary to the Government of the Federation (SGF), praised the CBN for beginning the scheme in a goodwill message.

TIES is one of the many efforts of the CBN to empower young Nigerians, according to Mustapha, who affirmed the Federal Government’s support for it.

He urged tertiary institutions to ensure that recipients were chosen only on the basis of merit.