The University of Abuja Micro-Finance Bank has received an operational license from the Central Bank of Nigeria (CBN), enabling it to meet the financial needs of the university community.

This move aims to alleviate the challenges faced by graduates in accessing funds for business ventures, as the microfinance institution plans to offer generous loans with favorable terms. It has been made mandatory for certain students, particularly those pursuing business studies, to establish and register one or two companies before graduation, emphasizing entrepreneurship and self-reliance.

During a pre-convocation press conference, Professor Abdul-Rasheed Na’Allah, the vice chancellor of the university, expressed optimism about the bank’s potential to support students in growing their businesses and fostering innovation. The university has also established an innovation hub to nurture creative ideas and facilitate their transformation into reality.

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A total of 7,896 graduands, including undergraduates, postgraduates, and students from various educational programmes, are set to graduate during the upcoming convocation ceremony. Professor Na’Allah announced his forthcoming departure from the university in July, noting the administration’s satisfactory achievements during his tenure.

The registrar of the university, Mallam Yahaya Mohammed, commended Professor Na’Allah for his transformative leadership, affirming that the university has seen significant improvements under his stewardship.