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Sections News Editorial/Opinion Cover Choice Arts & Life Business Politics Sports   Subscription Form Click here         Daily Independent Online.         * Thursday, July 08, 2004. Red Star offers N450, 000 scholarship at foundation launch By Charles Okonji Snr Business Correspondent, Lagos Red Star Express, a courier operator and a licencee of FedEx Express, on Tuesday donated N450, 000 to nine pupils from Oshodi Local Government Area in Lagos, just as it launched its foundation, aimed at encouraging and supporting  pupils in the local government where its operational head office is located. The donation is in line with the company’s scholarship awards initiative for secondary school pupils of Oshodi Local Government Area in Lagos State that have excelled in their academic endeavours. According to the Managing Director of the company, Mr. Issac Orolugbagbe, it is the firm’s philosophy to invest in any community where it operates, noting that it makes a good business sense to do so. Speaking at the launch of the foundation, Orolugbagbe said Red Star has deposited N4 million in a bank for the  foundation and that interest from the said amount would be used in funding the foundation. He expressed the hope that the foundation, which has come to stay, would continue to offer scholarship to students of the community. He said the foundation will never run out of money since the N4 million has already been invested, explaining that Red Star would continue to use the bank interest from the deposit to fund the foundation. The Red Star Foundation gave certificates and donation of N50, 000 each to nine pupils drawn from various secondary schools in the area. Criteria for the selection was through written examination conducted by University of Lagos Consult. Sixteen pupils were selected for the rigorous examination, but it was gathered that only nine scaled through. They were tested in science, arts and commercial subjects, and at the end, a total of five girls and four boys passed the examination.       Copyright� 2002. All Rights Reserved Independent Newspapers Limited Block5, Plot 7D, Wempco Road, Ogba, P.M.B. 21777, Ikeja, Lagos State, Nigeria. www.dailyindependentng.com e-mail: [email protected]

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