The management of the Kwara State Polytechnic, Ilorin, says it has concluded arrangement to establish Kwarapoly Microfinance Bank.
The Rector of the institution, Mr Abdul Mohammed, made this known in Ilorin while briefing newsmen on the occasion of his one year in office.
Mohammed said that the management was committed to the proposed project, given its enormous benefits to the polytechnic community.
“We have taken all necessary steps toward the take-off of the project and we have opened an account with the parent bank for the microfinance bank.
“At present, our proposals are before the Corporate Affairs Commission (CAC), awaiting final registration and approval” the rector said.
He also disclosed that the management’s resolve to establish a bottled water production factory had reached an advanced stage.
According to him, the project is expected to be completed before the end of the year.
“When it is in full operation, it is expected to boost the polytechnic’s revenue generation and stand as the pride of the institution” Mohammed added.
He said that his administration had recorded tremendous achievements within one year, saying they were worth celebrating.
“These include the renovation of staff quarters that had hitherto been leaking and the renovation of some offices, laboratories and toilets.
“We have also restored water in the school campus and ensured the installation of solar light in some strategic locations within the school.
“There is also provision of internet connectivity and construction of horticultural garden.
“I assumed office at a time that the polytechnic was preparing to host the Nigeria Polytechnic Games (NIPOGA) and the 2019 convocation ceremony. The two events were given optimum attention and they were both successful.
“In an attempt to attend to the needs of the students in the lecture rooms, we bought new chairs and tables from the little savings realised from the NIPOGA budget and this helped tremendously in solving the issue of inadequacy of those materials,’’ he said.
The rector noted that management was still engaging government on monthly subvention, adding, however, that government had yet to fulfill its promise.
He added that government had promised to restore the monthly subvention, which had been stopped since 2015, back to the institution. (NAN)