Omega Power Ministry Halts Foreign Scholarships Due to Naira Currency Depreciation
He said, “All overseas scholarship is hereby suspended. We shall continue to pay the school fees, accommodation, and the OPM free restaurant in Benin Republic till graduation.
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The General Overseer of the Omega Power Ministry, Apostle Chinyere Chibuzor, has made the difficult decision to immediately suspend all overseas scholarships provided by his organization, citing the ongoing depreciation of the Nigerian naira as the primary reason.
Apostle Chibuzor conveyed this announcement through a post on his official Facebook page, accompanied by a poignant image captioned 'I'm sorry.' He explained that, until there is a substantial improvement in the naira's exchange rate, the ministry will discontinue its scholarship program at the University of Benin Republic following the current academic session. However, the scholarship program for Nigerian universities will persist.
He stated, "All overseas scholarships are hereby placed on hold. We will continue to cover school fees, accommodation, and the OPM free restaurant in Benin Republic until graduation. But, regrettably, we will not be admitting new students for the time being until the exchange rate between the CFA and the Naira sees improvement. Only the Nigerian university scholarships will continue for now, awaiting a positive shift in the dollar and CFA rates."
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The clergyman extended his apologies to all those affected by this decision and called upon fellow Nigerians to unite in prayer, asking for divine intervention to strengthen the Naira. He expressed, "I am deeply sorry for any inconvenience caused. We all must pray for Nigeria, asking GOD to fortify our Naira so that overseas scholarships can be reinstated. With faith in Him, nothing is impossible."
This suspension of overseas scholarships by the church comes in response to the recent rapid depreciation of the Nigerian naira, which continues to spiral downwards. Magic FM reports that the naira's value had fallen to N1,190/$ as of Monday, largely due to the increasing scarcity of the dollar. A Nigerian student residing in Cotonou, Ayokunnumi Onifade, shared her ordeal, mentioning that as of Tuesday, N1000 exchanged for a mere 500 CFA. She lamented, "I can't exchange money without feeling extremely anxious, so I've chosen to abstain and endure hardship. I'm in severe distress."
