Bank
Banks Are Not Responsible For Forex for International Students – Financial Expert
Banks Are Not Responsible For Forex for International Students – Financial Expert
A banking expert and financial analyst, Olajide Brown has commented on the recent viral post by a Nigerian final-year student of Greenwich University in the United Kingdom (UK) who threatened to commit suicide if his tuition fee was not paid. The student, who took his lamentation to social media on Twitter via the handle @RealityOflilife, called out a commercial bank and the central bank for not paying his tuition fees in British Pounds. In his post, he threatened to commit suicide if his request was not granted after receiving a mail from the school management of his suspended studentship with a deadline.
Olajide urged the general public not to be swayed by social media outbursts and antics but to treat issues based on facts. According to him, “the young student is just emotional and trying to elicit public sympathy. Due to the scarcity of forex in the country and the sheer number of students currently schooling abroad, it is difficult for the central bank to accede to the requests for foreign exchange for school fees abroad in a short period, as the apex bank will have to source for the forex. Currently, banks have thousands of requests, and because of the scarcity of forex, there is usually an average of about four months waiting time before each request is processed”. Students know this because a good number of banks have communicated this to their customers.
Speaking further, Olajide averred: “when I saw the post on Twitter and read through, it portrayed the student’s mischief or ignorance of how the forex for school fees payment operates. Apart from the fact that he didn’t apply on time, if the request for foreign currency for school fees payment is received by a bank, it will take a minimum of about four months for the central bank to provide the foreign currency because they have thousands of requests from students from universities across the globe. Therefore, it is not banks’ fault; they will only treat individual transactions based on the supply of forex from the central bank”.
Speaking on the student’s threat, Olajide said that it is bizarre that the student is claiming that his studentship is to be terminated on account of failure to pay school fees. The practice is that studentship could be deferred, or a certificate will not be issued until school fees are paid.
Olajide noted that the central bank is magnanimous in providing forex for school fees as this is not one of its functions, and the practice is not obtainable in other countries.
According to him, “if you want to study abroad, you source the requisite foreign currency and pay your school fees; that is what happens everywhere in the world”. Continuing, he noted that the central bank is actually subsidizing the cost of education for Nigerians who are studying abroad, who is subsidizing the school fees of Nigerians studying at home? He, therefore, urged students and parents to begin to think of alternative sources of payment of school fees because the persistent scarcity of forex may lead to the discontinuation of the largesse from the central bank.
He recalled that some time ago in 2018, President Muhammadu Buhari had, in an interview on Al Jazeera TV, hinted that the country could not afford to continue to provide forex for school fees payment abroad. He expressed surprise that the central bank is still providing forex for school fees payment after the president’s remark, especially now that the forex situation has worsened.
He called on the government to resolve the issues in the nation’s education sector to make it more attractive to Nigerians to study at home as it has been proven and demonstrated that Nigeria’s educational system is good enough and competitive, citing the plethora of Nigerians who studied in Nigeria and are excelling around the world. He also advised students currently abroad to apply for school fees payment on time.
ZENITH BANK OPENS MANCHESTER BRANCH TO SUPPORT CROSS-BORDER TRADE AND INVESTMENT
Zenith Bank Plc has announced the opening of a new branch in Manchester, United Kingdom, marking another significant milestone in the bank’s international growth and its commitment to strengthening financial connections between Africa and global markets.
The official opening ceremony, scheduled to hold on Tuesday, March 17, 2026, is expected to attract government officials from Nigeria and the United Kingdom, regulators, investors, customers, and business leaders from both countries, underscoring the growing economic ties and investment opportunities between the two markets.
The new Manchester branch will complement Zenith Bank’s existing operations in the United Kingdom and serve as a strategic hub for supporting businesses engaged in international trade and investment. Through the branch, the bank will provide corporate banking, trade finance, treasury and related financial services to clients operating across the United Kingdom, Europe and Africa.Speaking ahead of the launch, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON, said: “The opening of our Manchester branch represents another important step in Zenith Bank’s growth as a leading African financial institution connecting businesses and markets across continents. Manchester is one of the United Kingdom’s most dynamic commercial centres, and our presence here will further strengthen financial connections between businesses in the UK and opportunities across Africa’s rapidly expanding markets.
”Founded in 1990 by its Founder and Chairman, Jim Ovia, CFR, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a remarkable history of year-on-year profitability. Built on a strong foundation of people, technology and service, the Bank has consistently delivered innovative financial solutions while maintaining a disciplined approach to growth and risk management. The impressive performance of the Bank has consistently earned it excellent ratings, recognition and endorsement from local and international agencies and institutions.Headquartered in Lagos, Nigeria, Zenith Bank operates over 500 branches and business offices across the 36 States of the Federation and the Federal Capital Territory (FCT). The Bank currently operates subsidiaries in several African countries including Ghana, Sierra Leone, Gambia, and Cote d’Ivoire, while maintaining a presence in major international financial centres including the United Kingdom, France, UAE and China.
In recent years, Zenith Bank has continued to expand its international network as part of its strategy to support global trade and investment flows involving Africa.Manchester, widely regarded as one of the United Kingdom’s most vibrant economic centres, hosts a diverse base of businesses across sectors such as manufacturing, engineering, logistics, technology and consumer goods. The city’s strong commercial ecosystem and international outlook align closely with Zenith Bank’s expertise in corporate banking, structured finance and trade finance.The Manchester branch will work closely with the Bank’s London operations and its broader international network to support clients seeking to expand across markets and unlock new opportunities in both the United Kingdom and Africa.
With the opening of the Manchester branch, Zenith Bank continues to advance its vision of building a truly global African banking institution that connects businesses, facilitates trade and investment, and creates stronger economic bridges between Africa and the world.
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
-
society6 months agoReligion: Africa’s Oldest Weapon of Enslavement and the Forgotten Truth
-
news4 months agoWHO REALLY OWNS MONIEPOINT? The $290 Million Deal That Sold Nigeria’s Top Fintech to Foreign Interests
-
society6 months ago“You Are Never Without Help” – Pastor Gebhardt Berndt Inspires Hope Through Empower Church (Video)
-
celebrity radar - gossips2 months agoDr. Chris Okafor Returns with Power and Fire of the Spirit -Mounts Grace Nation Altar with Fresh Anointing and Restoration Grace on February 1, 2026