Students at the freshers fair by Thomas AngusDue to the capital restrictions being placed on personal bank accounts by the Central Bank of Nigeria (CBN) the CBN may require funds, being sent out of the country, for the purposes of living costs for higher education funding, to be received by the institution.

For those students affected by this the College is able to assist in receiving these funds as part of the Student Global Relief Fund.

There are some important items, listed below, if you wish to use this facility. Once you are happy you have understood the below please complete an application form.

Student Global Relief Fund Application 2018-19Specific Terms and Conditions for Nigerian Bank Transfers 2019-20

Accordion widget: information

Eligibility
  1. This facility is available to current students and offer holders
  2. The student must be registered in order to receive the disbursed funds
  3. The student or parent application to the CBN must be successful
How to apply
  1. The student or their parent’s will make an application to the CBN to transfer funds out of Nigeria. Once this application has been successful the College would allow the money to be paid into a College bank account.

    If the CBN does not grant permission to transfer funds from Nigerian then unfortunately there is no other recourse to funding with the College. There are other mechanisms within Nigeria which you can utilise, although these may carry a less competitive exchange rate.

  2. The amount transferred for living costs will capped at £20,000 to be received in one academic year. This will be pro-rated if your degree is due to be completed in less than 12 months of the College receiving the funds.

    If a student wants to transfer money above the capped amount they will need to satisfactorily explain their intentions for that money which will be assessed on a case by case basis.
Anti- Money laundering protocol

In order to comply with Anti- Money Laundering regulations due diligence will be performed and documentation will be required from the owners of the Nigerian bank account and the UK bank account; it is understood that these may be different people, i.e. parents of the student transferring money to their child.

 The following documentation is required. The corresponding name and address must match across all documentation relevant for that bank account.

  1. a scanned passport
  2. full bank account details
  3. proof of address and
  4. a letter from the sender confirming their relationship to the recipient (if the sender is not the same person)
How will I receive my money
  1. Funds will only be disbursed to the student once the money has been successfully transferred into the College’s bank account.
  2. The College will pro- rate and apply any interest to the students bank balance and pay this with the last disbursement of money.
  3. The currency conversion will be set as per College’s bank and no adjustments will be made to mitigate any losses either for the exchange rates or other fees set by the sender’s bank.
  4. The funds will be disbursed on a monthly basis; on the 7th of each month.
  5. The funds will be distributed to the student over a pre-agreed length of time which will either be:
    1. their academic year, so long as they are registered
    2. or a full 12 months, so long as they are not completing their degree within that 12 months.
  6. If a student goes on Interruption of Study we will confirm with the student to either suspend payments, or have their remaining funds returned in full, but only to the original account it was transferred from.
  7. If a student Withdraws we will return any remaining funds, but only to the original account it was transferred from.