LAPO MFB Marks ₦650m Scholarship Milestone, Assists Over 4,000 Students Since 2008

The Managing Director of LAPO Microfinance Bank, Cynthia Ikponmwosa, has revealed that more than 4,000 students have benefited from the bank’s scholarship initiative, which has invested ₦650m since it began in 2008.

Ikponmwosa, represented by the bank’s Head of Stakeholders Engagement, Amen Akenbor, made this known during the 2025 scholarship award ceremony held in Benin on Thursday, where 451 students were selected for support.

According to her, this year’s beneficiaries include 20 tertiary institution students, 246 secondary school students, and 185 youths undergoing vocational training. She noted that the scheme is designed to nurture a generation of educated and empowered young Nigerians who can uplift their communities, stressing that the programme celebrates excellence, resilience, and the transformative power of education.

She added, “Over 4,000 students have so far benefited from the scholarship scheme, which has gulped ₦650m since its launch in 2008. LAPO Microfinance Bank believes that education and skills acquisition are powerful tools for breaking the cycle of poverty, which is why we continue to support talented but financially challenged youths to pursue their dreams.”

The chairman of the event, Senator Matthew Urhoghide—represented by Emwinghare Osa-Kindness—commended LAPO MFB’s education empowerment efforts, noting that the initiative has enhanced employment opportunities, reduced poverty, and strengthened institutions.

Also speaking, Prof. Christiana Okojie, Chairperson of the LAPO Scholarship Board, explained that the programme initially focused on secondary school students but was expanded in 2011 to include university scholarships to support learners from low-income backgrounds.

Expressing gratitude, beneficiary Kayode Segun said LAPO has supported his education from JSS2 to his current 200-level studies at UNIBEN. Another beneficiary, Adunbiola Anne of Fortune Secondary School, Benin, also thanked the bank, noting that the scholarship has covered her fees from junior school up to SSS3.