The Chief Executive Officer (CEO) of Sterling Bank, Abubakar Suleiman, has called on the Federal Government to extend the student loan scheme to private universities.
Suleiman made the appeal in Abuja on Wednesday at a colloquium marking the 50th birthday of Sim Shagaya, Chancellor of Miva Open University.
The event celebrated Shagaya’s legacy of leadership, innovation, and impact under the theme: “Legacy of Leadership: Innovating for Impact and Building the Future through Education and Enterprise”.
He noted that expanding the loan scheme would enable Nigerians who are unable to secure admission into government institutions due to limited capacity to access education in private universities.
He further noted Nigeria’s education crisis, citing a severe shortage of university spaces and academic staff.
“Nigeria faces a crisis. It’s a big one. Even though we now have more private universities than public universities, over 90 per cent of the students are still in government universities.
“Yet, we have less than 2.5 million people in institutions out of a population that is already 230 million.
“There are people who have argued that for you to really become impactful and to industrialise, at least 5 per cent of the population need to be in institutions of higher learning and technical skills,” he said.
Suleiman stressed the need for innovative solutions to address the crisis, suggesting that technology could be leveraged to increase access to quality education while also making it more affordable.
“We can now effectively have access to faculty from beyond Nigeria’s shores, making education more accessible and affordable for millions of people.
“Education needs to be affordable. We’ve been caught in a situation where you either get free education in government universities, which isn’t always effective, or expensive private education, which isn’t accessible to many”.
The Vice-Chancellor of Miva Open University, Prof. Tayo Arulogun, praised Shagaya’s multifaceted strategy in fostering creative thinking, global partnerships, and technology-driven learning.
He explained that the university’s approach was built on several pillars, including creative thinking, global partnerships, and technology-driven education.
This strategy, he noted, had yielded positive results, with over 4,000 students benefiting from the expertise of professionals.
“The university is also leveraging Artificial Intelligence (AI) to enhance the learning experience.
“By incorporating AI into content creation, delivery, and support services, students are equipped with the skills to navigate an increasingly technology-driven world,” he said.
Arulogun further stated that the institution is committed to providing inclusive and accessible education, with plans to establish micro-campuses across Nigeria.
According to him, this initiative aims to foster a sense of community among students while addressing the need for physical learning environments.
The Chancellor of Miva Open University, Sim Shagaya, highlighted the university’s rapid growth, stating that its student population had increased from 500 in its first semester to a projected 18,000 by the end of 2025.
Shagaya emphasised that the institution’s true success lies not in numbers but in its impact on society.
“We’re not just building a university; we’re building a civilisation.
“The ultimate goal is the ascendancy of Nigeria, and Miva is just a vehicle to achieve that,” he said.
A key highlight of the celebration was the endowment of scholarships to 100 underserved students across Nigeria.
