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Dupe Olusola Launches Next Generation Foundation to Educate Underserved Children Across Nigeria

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Dupe Olusola

Dupe Olusola has announced the launch of the Next Generation Foundation, a philanthropic fund dedicated to improving the lives of underserved and vulnerable children through education.

With this foundation, Olusola, the Managing Director/CEO of Transcorp Hotels Plc, is extending her lifelong commitment to empowering others, driven by a deep belief in the transformative power of education. The foundation’s vision is for every child to have access to quality education, and a chance at a better life.

Reflecting on her motivation to create the foundation, Olusola shared: “Education changes lives—it opens doors to a future filled with opportunities, particularly for children who might otherwise be left behind. Nigeria faces one of the highest out-of-school populations globally. With the Next Generation Foundation, I hope we can make a meaningful difference in changing that.”

To mark her 50th birthday, Olusola has introduced the foundation’s flagship initiative, the 50 by 50 project – a multiyear scholarship program (commencing in the 2024/2025 academic session), for 50 children, between the ages of 6 to 18, from low-income families.

The 50 by 50 project will provide free tuition, books, school uniforms, nutrition programs, access to health services, and mentorship to the beneficiaries, starting in the FCT, Lagos and Ogun states.

This effort will be powered by partnerships with leading social impact organizations focused on education.

Through the Next Generation Foundation, Dupe Olusola aims not only to provide access to education but also to support broader education reform initiatives across Nigeria. More details can be found at www.dupeolusola.com.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Many Nigerians Disappointed as FG Refuses to Subsidise Hiked Passport Fees

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Nigerian International passport- Investors King

Many Nigerians have expressed their displeasure following the announcement by the Minister of Interior, Olubunmi Tunji-Ojo, on Friday that the Federal Government would not reduce nor subsidise the rate of purchasing the international passport in the country.

Justifying the recent increase in passport fees, he clarified that the rise was approximately 45%, attributing the fee adjustment to the exchange rate between the dollar and the naira.

As per the new structure, the cost of a 32-page passport booklet with a five-year validity increased from N35,000 to N50,000, while a 64-page passport booklet with a 10-year validity rose from N70,000 to N100,000.

Meanwhile, some Nigerians who had in August kicked against the new price when the Nigerian Immigration Service announced an upward review of the fees for Nigerian Standard Passports, said it was a ploy by the Federal Government to frustrate efforts by Nigerians to travel out of the country for greener pastures.

They expressed disappointment over the fee hike, accusing the government of making japa (migration) more expensive.

Speaking, a Nigerian, Fidelis Okoro noted that the Federal Government was expected to have subsidized the increment, adding that the Minister’s insistence on the hike fees is not welcome.

Another citizen, Agali, who shared his disappointment with the government in a chat with Investors King, said, “Now the government is increasing taxes and fees and fattening its IGR base on the detriment of poor masses. Even those who struggle to leave the country are not spared. I, for one had expected that the government should have subsidized passport fees but with this announcement by the minister, I am disappointed.”

But, the minister, while speaking at a media briefing in Abuja to mark his first year in office, explained the reason why the government could not subsidise passport fees for Nigerians.

He also clarified that the price increase did not affect the fees for Nigerians living abroad.

The minister explained that the increase in passport fees is a matter of cost-benefit analysis, especially when considering the exchange rate between the dollar and the naira, adding that if the government were to subsidise anything, he doesn’t think it should be passports.

“The increase is just from N35,000 to N50,000 — only about 45%. There has been no increase for Nigerians abroad,” he maintained.

He stressed that the government was not exploiting Nigerians but simply covering the cost of passport procurement.

Tunji-Ojo also revealed that Nigerians in the diaspora, particularly those in the United States, Canada, and the United Kingdom, would soon enjoy more seamless passport acquisition processes.

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ECOWAS Donates $380 Million to Electrify Public Schools and Health Centres Across 18 African Countries

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Ecowas

The Economic Community of West African States Commission (ECOWAS) has announced a donation of $380 million for public schools and health centres in 18 African countries.

The donation was announced by the Senior Adviser on the Regional Off-Grid Electricity Access Project at the ECOWAS Commission, El hadji Sylla, during a stakeholders meeting in Abuja.

According to Sylla, with the move, the ECOWAS aims to promote a new innovative chain to electrify public schools.

Sylla, who stated the goals of the initiative funded by the World Bank, the Clean Technology Fund, and the Dutch government, revealed that the project will kick off from Nigeria and Benin.

He noted that the project covers 15 countries in the ECOWAS region.

According to Sylla “The cost of the project is $380m, and we want to promote a new innovative chain to electrify public institutions. Our target is to electrify schools and health centres to improve service delivery.

“We are piloting the project in Nigeria and the Benin Republic. The project covers 15 countries in the ECOWAS region and four countries in the Sahel region,” Sylla said.

“We are targeting schools and health centres to improve service delivery,” Sylla said, adding that the project is expected to be completed in five years across all participating countries, with the pilot phase in Nigeria and Benin to be executed within 18 months.

In Nigeria, the initiative will begin with electrification projects in selected schools and health centres in the Federal Capital Territory, Niger, and Nasarawa states,” he concluded.

Meanwhile, Minister of Power, Adebayo Adelabu, who was represented at the meeting by Bem Ayangeaor, noted that electrification in Nigeria has seen significant growth.

He, however, attributed the growth to the grants and subsidies flowing into the sector.

“I do not doubt that the rural electrification space in Nigeria, thanks to grants and subsidies, has grown significantly and will soon reach a stage where public support leverages private sector financing at higher efficiencies than it is presently done.

“A stage where the private sector would be more excited in investing in the electrification space because of the benefits to be gained,” Adelabu said.

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Federal Government Approves 133% Allowance Boost for NYSC Members, Now ₦77,000

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NYSC

The National Youth Service Corps (NYSC) has announced an increase in the monthly allowance of corps members in Nigeria.

The news was announced on Wednesday by the Director General of the NYSC, Brigadier-General Yusha’u Ahmed through the Acting Director of Information and Public Relations of the NYSC, Caroline Embu, following the federal government’s approval.

In a statement sighted by Investors King, the NYSC revealed that the monthly allowance of corps members has been increased to ₦77,000 after the recent increase in the national minimum wage.

This represents a 133.33 percent increase from the ₦33,000 previous monthly allowance.

According to Embu, the increase was in line with the enactment of the National Minimum Wage (Amendment) Act 2024 by the President Bola Tinubu-led government.

The service expects the increase to boost the morale of corps members and motivate them as they serve their motherland.

As detailed in the statement, the new allowance will take effect from July 2024.

The statement reads, “The Federal Government has approved the increase of corps members’ monthly allowance to N77,000 with effect from July 2024.

“This is in line with the enactment of the National Minimum Wage (Amendment) Act 2024.

This was contained in a letter from the National Salaries, Incomes and Wages Commission, dated 25th September 2024 and signed by the Chairman, Mr. Ekpo Nta”.

“Before this, the Director General, NYSC Brigadier General YD Ahmed, had paid an advocacy visit to the Chairman in which he solicited for a robust welfare package for corps members.

“The NYSC boss is thankful to the Federal Government for the timely gesture and is optimistic that it will not only bring much-needed succour to the corps members but also boost their morale and motivate them to do even more, in their service to the nation.”

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