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CSR: Spring Bank channel funding to education sector

The new  management of  Spring    Bank Plc has resolved to partner with government of all levels in the area of funding the educational sector.

The bank’s MD/CEO, Mrs. Sola Ayodele, reiterated the bank’s determination to funding the sector again last weekend at the 10th Inter-House Sports Festival of Dowen College, held at the Sports Complex of the University of Lagos, Akoka-Yaba, Lagos.

The bank chief, who was represented by Mrs. Ori Ogba, Director, Retail Banking, revealed that Spring Bank has, since inception, identified education as the bedrock of development of all nations, whether developed or developing.

She recalled that the bank endowed the Covenant University Entrepreneurial Development Scheme in Otta, Ogun State, and also supported the Faculty of Education of University of Calabar, Cross Rivers State, in the area of landscaping project.

Only very recently, the bank also funded the construction of a hostel block for the Dominican Sisters’ College in Abatete.
Speaking at the foundation stone-laying ceremony for the hostel, Governor Obi thanked Spring Bank for identifying with the state government’s vision for education sector, saying the bank’s gesture would further facilitate the strides towards qualitative education nece-ssary to achieve the Mille-nnium Development Goals.

Ayodele also, last weekend at Dowen College event, said Spring Bank has always supported education for the greater good of Nigerian children in particular, and the larger society in general.

Specifically, she explained that the various sporting activities featured in the Inter-House Sports Festival are meant to develop the participating students mentally and also to make them physically fit.

According to her, being leaders of tomorrow, children must be exposed to sporting activities that would complement their curricular activities.
Based on this, she commended the manage-ment of Dowen College for sustaining the annual event for a decade now because she stated apart from providing quality education to the students, the school has also proved that physical and mental development of a student go hand in hand.
The bank, which won Education Award by the Lagos State in 2008, has also supported the following schools among many others:  St. Anthony Catholic Insti-tute, Agulu, and Monsognor Maduka Memorial Secondary School, Ekwulobia.

It would be recalled that the Governor, Central Bank of Nigeria (CBN), Mallam Sanusi Lamido, had only recently revealed that the bank has returned back to the path of profitability.

The top bank executive also said the return to the path of profitability has been made possible by the continued backing of the CBN and other strategies introduced by the Sola Ayodele-led manage-ment from October last year

The CBN Governor, who was visibly pleased about the development, said that contrary to criticisms, the intervention of the CBN in the banking industry last August has helped immensely to restore and increase customer confidence.

The new strategic direction put in place by the administration essentially focused on effective liquidity management, loan recovery, operational efficiency and corporate governance as well as recapitalization.

Accordingly, the bank has been able to achieve a significant improvement on income during the period, while increasing liquidity ratio to about 50 per cent, thereby, doubling the required regulatory minimum of 25 per cent. It has also recorded a steady growth of the deposit base since the takeover in October 2009.


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