The Jim Ovia Foundation Scholarship was founded and funded by Mr. Jim Ovia in 2004, to provide financial aid to outstanding Nigeria youths. The scholarship gave rise to the MUSTE scholarship in 2007, where awardees are given funding for undergraduate study for the duration of their undergraduate program. The award includes tuition and maintenance allowance. The scheme offers an average of 100 opportunities every year. The Financial records show that as at October 2010, Mr. Ovia has invested 100 Million Naira in the program on 1,500 beneficiaries.
In establishing the MUSTE Scholarship, Mr. Ovia hoped to create a network of future leaders within Nigeria who can compete globally with their peers, bring new ideas, creativity and are committed to improving the lives and circumstances of people in their respective communities. All scholarships are awarded on the basis of personal intellectual ability, leadership capability and a desire to use their knowledge to contribute to society throughout Nigeria by providing service to their community and applying their talent and knowledge to improve the lives of others. Over time it is expected that the MUSTE Scholarship beneficiaries will become leaders in helping to address challenges related to health, technology, and finance, all areas in which the foundation is deeply engaged.