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🇳🇬 Nigeria /Culture & Society

Igbobi College alumni launch N10bn endowment fund

From The Punch · () English

Summarized and contextualized by DistantNews.

At a glance

News Named sources New plan
  • The Igbobi College Old Boys’ Association launched a N10 billion endowment fund to ensure sustainable funding for the college.
  • The fund aims to support the college's long-term development and inspire alumni and corporate participation in education funding.
  • A nine-member committee will oversee the fund's transparent and accountable management, focusing on infrastructure modernization and curriculum enhancement.

The Igbobi College Old Boys’ Association (ICOBA) has launched a substantial N10 billion endowment fund, aiming to create a lasting financial resource for the college's sustained development. The initiative seeks to address the persistent challenge of education funding in Nigeria by encouraging both alumni and corporate entities to invest in educational institutions.

The initiative aims to inspire alumni and corporate participation in supporting educational institutions.

— Bolaji BalogunThe CEO of Chapel Hill Denham spoke about the fund's objective to encourage support for educational institutions.

Bolaji Balogun, CEO of Chapel Hill Denham, where the launch event was held, emphasized the crucial role well-managed endowment funds play in supporting leading educational institutions globally. He urged Nigerian institutions and investors to adopt similar long-term funding models.

The fund's structure prioritizes accountability and transparency, overseen by a dedicated nine-member Endowment Fund Committee. This committee, supported by specialized subcommittees for fundraising, investments, operations, and communications, reports directly to the National Executive Council and the Board of Trustees. Banwo & Ighodalo, a commercial law firm, will serve as the legal adviser.

Transparency is rigorously enforced through a strict reporting hierarchy running directly from the committee to the National Executive Council, which subsequently reports to the Board of Trustees.

— Kunle ElebuteThe Chairman of the ICOBA Endowment Fund Committee explained the fund's governance structure.

Yemi Badejo-Okusanya, the 12th President of ICOBA, stated that the endowment is designed to foster intergenerational equity, ensuring future students benefit from the same opportunities as past and present ones. It aims to provide a stable and predictable source of support for the college's annual operations.

The endowment was designed to promote intergenerational equity by ensuring that future students enjoy the same opportunities and institutional support as current and past students.

— Yemi Badejo-OkusanyaThe 12th President of ICOBA described the fund's goal of ensuring fairness for future students.

Bode Thorpe, Chairman of the ICOBA Board of Trustees, added that the fund will be managed to generate sustainable returns while preserving its value for future generations. The fundraising strategy will primarily target the extensive alumni network, alongside corporate organizations. A key objective of the endowment is the modernization of the school's infrastructure and curriculum, including the development of a technology hub.

This includes plans to strengthen technology-driven learning through the development of a modern technology hub and other.

— Bode ThorpeThe Chairman of the ICOBA Board of Trustees outlined infrastructure plans supported by the endowment fund.
DistantNews Editorial

Originally published by The Punch. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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