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Black billionaire, banks partner to give HBCU students $1,000 to invest in stocks

Robert F. Smith, the wealthiest Black man in America, with actress Angela Bassett at Morehouse College.

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Robert F. Smith, the richest Black man in America, wants to invest in HBCU students — by helping them invest in the stock market.

In 2019, Smith paid off the loan debt of graduating Morehouse College students and, later, their parents, a gift worth approximately $34 million, which Smith said was part of his personal mission of supporting the success of HBCU students.

A Denver, Colo., native who amassed his multibillion-dollar fortune in the private equity industry, Smith is now providing HBCU and minority serving institutions (MSI) students with knowledge and tools for financial wellness with his Student Investment Program.

The program will provide 500 HBCU and MSI students with $1,000 to invest and hands-on investment education to grow their stock market portfolios. The program is supported by Smith along with financial institutions Stackwell and Prudential.

“This program uniquely provides the tools, capital, education and community support necessary to equip the next generation to take control of their financial futures,” Smith, wrote in a statement announcing the program.

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By addressing the largest economic disparity between Black and white Americans, the racial wealth gap, Smith intends to empower Black college students to take control of their financial futures. Currently, white households have 17 times the wealth of Black households in millennial and Gen Z populations.

“Increasing Black participation and representation in the financial markets is critical to addressing the historic economic and social inequities that have disproportionately impacted HBCU students for decades,” Trevor Rozier-Byrd, founder and CEO of Stackwell, said in a statement.

More than 43 HBCUs and MSIs will participate in the program, which will kick off in 2023.

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‘I’ll never forget it’: NBA star Chris Paul graduates from WSSU

“Graduating from an HBCU is special, but graduating from Winston-Salem State University is even more special,” Paul said.

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He’s a star both on and off the court – NBA player Chris Paul walked across the stage Friday morning after earning his degree.

The player graduated from Winston-Salem State University during fall commencement. Paul, or better yet, CP3, is a guard for the Phoenix Suns. He’s also known for giving back to his community.

Paul was surrounded by his family as he walked the stage to get his diploma. It was a moment difficult to put into words.

“I’m so grateful to all the teachers and everyone who worked with me. But to do this, and to be able to do this at home and to walk and talk to these students today during the entire process is something that I’ll never forget,” Paul said.

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Winston-Salem is a very special place for Paul who returns often to talk with students and with up-and-coming athletes. It’s his hometown and home just means everything.

“I grew up playing Pop Warner football games, going to every Winston-Salem State University football game and all the Winston-Salem State basketball games, to have my parents go to Winston-Salem State, it means a lot,” Paul said.

Paul was even more surprised to find out that he was also graduating with his cousin.

“Graduating from an HBCU is special, but graduating from Winston-Salem State University is even more special,” Paul said.

He graduated from West Forsyth High School. He also played basketball for Wake Forest University before going pro.

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He said he now has to get ready for Saturday’s game against New Orleans.

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Durant’s Donation Will Support Athletic Facility Upgrades and University Athletics Programs

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MEDIA CONTACT: David Thompson, dlthompson@bowiestate.edu, 301-860-4311

(BOWIE, Md.) – Prince George’s County native Kevin Durant and the Durant Family Foundation have committed to joining the Bowie State University Athletics Department in the transformation of the university’s main basketball gym and supporting BSU athletics programs.

 

“We are dedicated to providing resources and possibilities to students for higher education, especially in Prince George’s County,” said Wanda Durant, who leads the Durant Family Foundation. “Bowie State was the perfect place to make a meaningful impact.”

The foundation has committed $500,000 towards renovations of the basketball arena in the Leonidas S. James Physical Education Complex at BSU. Renovations will include installation of a new basketball court, expansion of seating capacity and upgrades to the press box area. The gift will also provide financial support for men’s and women’s basketball and university athletics programs. It also will establish a scholarship for Durant Center College Track students who attend BSU.

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Bowie State President Aminta Breaux expressed her gratitude for Durant’s generosity.

“We’re grateful for the resources that Kevin Durant and his family foundation have generously donated to Bowie State University to advance student success in achieving their academic goals,” said Breaux. “His contributions will go a long way towards updating our facilities and ensure a top-tier athletic experience for all of our students. The foundation has already built a network of community-centric services within the Durant Center in Prince George’s County that is exemplary.”

Durant’s donation to Bowie State is just the latest in the Seat Pleasant native’s philanthropic efforts in Prince George’s County. In 2019, Durant’s foundation partnered with College Track to establish College Track at the Durant Center in Suitland, MD, to help first-generation and low-income students pursue higher education.

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About Bowie State University
Bowie State University (BSU) is an important higher education access portal for qualified persons from diverse academic and socioeconomic backgrounds, seeking a high-quality and affordable public comprehensive university. The university places special emphasis on the science, technology, cybersecurity, teacher education, business and nursing disciplines within the context of a liberal arts education. For more information about BSU, visit bowiestate.edu.

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About the Durant Family Foundation
The Durant Family Foundation is a 501 (c)(3) non-profit organization founded in 2013 by Prince George’s County native Kevin Durant. The foundation’s mission is to enrich the lives of at-risk youth from low-income backgrounds through educational, athletic and social programs. The foundation supports youth athletics, organizations addressing youth homelessness, disaster & emergency relief efforts, renovates basketball courts across the world, and provides educational opportunities for low-income and first generation college students via our partnership with College Track. As of 2019, the Durant Center, based in Prince George’s County, has been the home for Durant Family Foundation charitable programs and community initiatives.

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VSU Student Emigrates From Nigeria And Overcomes Burn Injury To Graduate With 4.0 GPA

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Virginia State University will confer nearly 300 degrees at the 2022 Fall Commencement.

modubonojo.jpg29-year-old Mofolake Odubonojo is one of nearly 300 graduates who will receive a degree from Virginia State University on Saturday, December 10, 2022. Ms. Odubonojo will graduate from the VSU College of Humanities and Social Sciences with an impressive 4.0 grade point average. Her remarkable accomplishments include overcoming injuries from a traumatic burn accident, immigrating to the United States from Nigeria, and maintaining a full-time job throughout her academic career.

Ms. Odubonojo says her higher education academic career began in Nigeria, but it was sidetracked by a hot oil cooking accident that landed her in the traumatic burn unit.

“All I knew was that all of a sudden—my body was burning. The hot oil spewed all over my face, chest, and legs. I was rushed to the clinic for treatment before I was transferred to a burn center,” said Odubonojo.

The accident delayed Odubonojo’s final exams, and she had to repeat the semester to graduate. She eventually graduated with an Associate’s Degree in Science Laboratory Technology. Years later, she moved to America to pursue her interest in psychology. She visited her brother in the U.S. and spoke to her sister-in-law, who attended Virginia State University.

“She told me that VSU is an outstanding school. It feels like you are among people who support each other,” said Odubonojo. “You’re going to feel at home if you go to VSU.”

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Once in America, she received another degree from a local community college and then transferred to Virginia State University. She discovered her “Greater” at VSU. She has a 4.0 grade point average and will receive her Bachelor of Science degree in Psychology on December 10, 2022, from VSU. She also tutors other students and works full-time as a residential counselor for individuals with special needs. She plans to pursue her Ph.D. in mental health counseling. Mofolake Odubonojo is an example of the VSU mantra that “Greater Happens Here.”

The Virginia State University Fall 2022 ceremony will begin at 10:00 AM on Saturday, December 10, 2022, in the VSU Multipurpose Center. The President of the Virginia Region at Truist Financial, businessman, philanthropist, and motivational speaker, Mr. Thomas L. Ransom, will serve as the keynote speaker.

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