Standard Lesotho Bank endows professorial chair at NUL

January 12, 2009; Office of Communications and Marketing

Thursday 28 February marked a historic milestone in the annals of the National University of Lesotho as a Memorandum of Agreement (MoA) was signed towards establishment of the first Professorial Chair in Business Administration at NUL by Standard Lesotho Bank. The MoA was signed by NUL and Standard Lesotho bank at the Lesotho Bank Tower, Maseru.

On behalf of Standard Lesotho Bank management, Mr. Colin Addis, Managing Director, thanked NUL for initiating the establishment of the Professorial Chair which will not only benefit the university but will also empower Basotho entrepreneurs. Further, the MD indicated that for the bank, it is an opportunity to give back to the community.

In his response, the Vice- Chancellor, Prof. Adelani Ogunrinade expressed his gratitude to the Bank for responding positively to NUL’s request. The Vice Chancellor further indicated that once appointed, the incumbent of the Chair will provide intellectual and administrative leadership i n Business Administration including banking and finance, as well as developing other academic activities in support of Business

Administration as a discipline in the Kingdom of Lesotho, while at the same time promoting teaching excellence and research in Business Administration. NUL and Standard Lesotho Bank have signed an agreement that in support of the Chair, the bank will provide an annual sum of M500, 000 for an initial period of five years to NUL. The fund will cover salary support, equipment, graduate assistance and secretarial support, travel and other expenses that support the activities of professorial chair.