The Lift Above Poverty Organization Microfinance Bank (LAPO MfB),was on Thursday given a merit award by the Tertiary Education Trust Fund (TETfund) in recognition of its contributions to tertiary education in the country.
Mr Remi Akande, Head, Communications, LAPO MFB, who disclosed this in a statement made available to the News Agency of Nigeria (NAN) in Benin, added that the award was presented to the Bank at a ceremony held in Lagos, on Thursday.
He said: “the recognition was given to LAPO MfB due to its consistent contributions to the development of tertiary education in the country, through the payment of education taxes”.
Akande further said that LAPO remained faithful to its values of integrity, in spite of the various socio-economic challenges, explaining that it viewed the award as a testament to its genuine quest for social and economic empowerment of Nigerians.
“We believe strongly that access to quality education is a collective responsibility of both state and non-state actors.
“LAPO MfB shall continue to impact society in a responsible manner; especially knowing that our tax remittance is directly or indirectly helping to bridge the human capital deficit and contributing to national development”, Akande said.
He enjoined all stakeholders to take advantage of the TETfund tax remittance to improve the nation’s tertiary education system.
NAN recalled that the TEFfund establishment Act 2011, mandated companies registered in Nigeria to remit two per cent of their accessible profit to the Federal Inland Revenue Service as education taxes, for the rehabilitation, restoration and consolidation of tertiary education in the country. (NAN)