Moniepoint injects ₦3 billion into University tech hubs after CEO's 'unemployable' comment sparks backlash

• Moniepoint invests ₦3 billion to build innovation hubs across OAU, UNN, and ABU.

• The move follows heavy backlash over CEO Tosin Eniolorunda’s talent quality comments.

• The hubs will train students in AI, software engineering, and data science.

• This initiative aims to bridge Nigeria's tech talent gap and boost employment.

Nigerian fintech giant Moniepoint Inc. has announced a massive ₦3 billion investment to build state-of-the-art innovation hubs across three major federal universities.

The major financial commitment comes just weeks after the company’s Chief Executive Officer, Tosin Eniolorunda, sparked heavy public backlash by claiming that Nigerian youths lack the global standards required to fill hundreds of open roles at the firm.

Speaking at The Platform Nigeria event in Lagos, Eniolorunda revealed that Moniepoint had roughly 500 open vacancies, which it was struggling to fill. 

He explicitly blamed the quality of local applicants, stating that the company could not find the necessary technical talent within the country.

"Not only could we not find people in the quantity and the quality we needed, but the people we found also were not up to the global standards of quality that we needed," Eniolorunda stated during his speech. 

He went on to question the country's education system, adding: "I am beginning to feel we need to do something for the general IQ of this country."

The comments quickly set the internet on fire. Critics slammed the fintech boss on social media, accusing the local tech ecosystem of wanting "global standards" without offering competitive, global-level wages. 

Now, the digital banking powerhouse appears to be actively trying to fix the very talent gap it complained about.

READ ALSO: ‘We need you badly’ — Moniepoint CEO appeals to Nigerian tech talents after backlash over vacancy comments

The new ₦3 billion initiative will fund the creation of Moniepoint Innovation Hubs over the next three years.

Instead of concentrating resources in Lagos or Abuja, the fintech firm is spreading the investment across three different geopolitical zones to decentralise tech opportunities. 

According to coverage by BusinessDay Nigeria, the chosen institutions are:

• Obafemi Awolowo University (OAU), Ile-Ife (South-West)

• University of Nigeria (UNN), Nsukka (South-East)

• Ahmadu Bello University (ABU), Zaria (North)

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The hubs will focus on practical, cohort-based training. Students will get hands-on experience in high-demand fields, including:

• Software Engineering

• Artificial Intelligence (AI) and Robotics

• Data Science

• Product Design and Development

• Digital Entrepreneurship

The programme is open to students across all faculties, ranging from engineering to the humanities.

Moniepoint plans to offer curriculum support, mentorship from its internal product teams, and direct internship pathways.

Eniolorunda, an alumnus of OAU, adopted a much more collaborative tone during the official project unveiling.

He acknowledged that Moniepoint’s own foundations were rooted in Nigerian universities.

"Nigeria's digital economy cannot run on potential alone; it requires immense, localised talent density," Eniolorunda said. "Before we built anything, universities like UNILAG and OAU built people like Felix [co-founder] and me. This initiative is about paying that trust forward."

University officials have welcomed the multi-billion-naira intervention.

Prof. Adebayo Simeon Bamire, the Vice-Chancellor of OAU, described the move as a major boost that would reduce youth unemployment and accelerate startup incubation on campuses.

The project scales up Moniepoint's existing academic footprint. This already includes the HatchDev programme at the University of Lagos and a ₦100 million engineering lab donation to OAU.

By taking matters into its own hands, Moniepoint aims to build a sustainable, industry-ready pipeline of tech talent. The move could ultimately ensure its next 500 job vacancies can be filled right at home.

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