Lotus Bank MD Tasks NUC, NBTE on Entrepreneurship Programme for Youths Devt – THISDAY Newspapers


Funmi Ogundare​
The Managing Director and Chief Executive Officer, Lotus Bank, Mrs. Kafilat Araoye, has called on the Nigeria Universities Commission (NUC) and National Board for Technical Education (NBTE) to make it obligatory for tertiary institutions to infuse at least one module on Entrepreneurship or Business Management in all degree or diploma​

programmes, saying that this will go a long way in ensuring that youths who go into entrepreneurship can be fully equipped for the life of business.
Araoye who made this known while delivering Yaba College of Technology (YABATECH’s) 34th convocation lecture titled ‘Emergence of Successful Young Entrepreneurs in the Current Nigeria Economy: The Place of Integrity’,​ ​recently, said the move will help our society, the youths and our future.​
She advised the graduands and those still​

in school, to consider adopting the options of making themselves more​
attractive to employers through learning and getting professional certifications on edX, Coursera, Udemy, Alison, among others, to distinguish themselves.
According to her, ” sometimes, graduates who are unable to secure whitecollar jobs, now turn to entrepreneurship, but without any adequate training or preparation for the life of a businessman. In quite a number of cases, youths become serial entrepreneurs, because they keep trying their hands on various businesses.

“There is a need for self-development and​ an additional qualification may be all it takes to distinguish yourself. It may make all the difference.”
Araoye therefore appealed to all serious aspiring entrepreneurs​ to consider starting​ by learning, and transiting from intrapreneurship to entrepreneurship, saying that it will make the journey of running one’s business easier.

“However, whether one starts as an intrapreneur or as an entrepreneur, there​
will always be questions and challenges,” she said, while listing some of​ challenges of going into entrepreneurship to include: What specific products or services are to be produced, sold or offered by the business? Where will funding, especially the capital, come from? What if products or services are not well accepted? What is going to be the target market and the marketing strategy? How exactly will the business make money?, among others.
The Managing Director, however, promised that the best graduating student at this year’s convocation ceremony, would get an instant job placement at the bank and a cash prize of N500,000 while the best graduating female student will get a cash prize of N350,000. Aside these, students of Banking and Finance will also have their one year internship at the bank, and the college will get an 18-seater bus.

Earlier in his remarks, the Rector of the college, Mr. Femi Omokungbe said the theme of the convocation lecture was carefully selected as it is the basis of its existence as a polytechnic considering the downturn in the national economy.
Encouraging entrepreneurship in young people, he said , is an important way of harnessing their enthusiasm, energy and ambition to contribute to economic development.

“Young entrepreneurs are no doubt catalyst of change and innovation. They can also act as role models for their peers.”
He noted that the college will continue to provide a platform to generate new ideas and create opportunities for the development of its graduates and young entrepreneurs who desire to be empowered.

Omokungbe stated that the college over the years, have been placing importance on human capital development as a strategy to form it’s cardinal strategic plan, adding that efforts will be made to continually support the trend to ensure knowledge -based performance of staff.

“The incubation centre created by the Centre for Entrepreneurship Development (CED) was established to nurture prototype businesses to encourage and provide support for industrial growth which in the long run, will be of benefit to the young entrepreneurs,” the rector stated.

The Vice-Chancellor of University of Ilorin, Prof. Wahab Egbewole who​ chaired the occasion,​ said the lecture was apt as it will​ be filling the missing link in entrepreneurship. He said there is need to redirect the youths with integrity for a better Nigeria.

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