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Published On: Tue, Feb 25th, 2014

Kwara govt to probe Tertiary Education Trust fund

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From Olanrewaju Lawal,Ilorin

Kwara State Government has directed the Ministry of Tertiary Education to embark on fact-finding tours of the state owned Colleges of Education to know how Tertiary Education Trust fund was being managed.

The government also transferred its 10% equity in the Kwara Commercial Micro-finance Bank (KWCMB) to Harmony Holdings in order to make the bank more viable.

Briefing Journalists after the council’s maiden meeting of the year, Commissioner for Finance, Alhaji Ademola Banu said the KWCMB was established in 2009 under a public private sector partnership with the state holding a N100million debenture.

Banu explained that with the transfer of the state’s equity to Harmony Holdings, established in March 2012 to oversee commercial investments of the government for efficiency, the bank was expected to operate more profitably and optimum efficiency.

Banu noted that the Micro finance bank has so far given about N3billion to more than 20,000 customers.

In his reaction, the Commissioner for Information and Communications, Prince Tunji Morounfoye said the Ministry for Tertiary Institutions is expected to review the colleges’ curriculum to ensure that the institutions produce well trained teachers with relevance to the primary education level.

He promised that the result would be made public.

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