Igbobi College alumni launch N10bn endowment fund

The Igbobi College Old Boys’ Association has launched a N10bn endowment fund aimed at creating a sustainable source of funding for the college and supporting its long-term development.

The launch, which brought together corporate leaders, industry executives, and alumni, was held at Chapel Hill Denham in Lagos.

Speaking at the event, the Chief Executive Officer of Chapel Hill Denham, Bolaji Balogun, noted the significant challenge of education funding in Nigeria, adding that the initiative aims to inspire alumni and corporate participation in supporting educational institutions.

Balogun noted the role well-managed endowment funds play in sustaining leading educational institutions around the world.

He consequently urged Nigerian institutions and investors to embrace similar long-term funding models.

The event featured the formal signing of the endowment fund documentation by key stakeholders.

A commercial law firm, Banwo & Ighodalo, was affirmed as the legal adviser to the fund, guiding governance, compliance, and regulatory matters.

The Chairman of the ICOBA Endowment Fund Committee, Kunle Elebute, said the structure of the fund had been designed to ensure accountability, transparency, and effective management.

According to him, the fund will be overseen by a dedicated nine-member Endowment Fund Committee, supported by specialised subcommittees responsible for fundraising, investments, operations, and communications.

“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,” he said.

The 12th President of ICOBA, Yemi Badejo-Okusanya, said 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.

He added that the fund would help provide a stable and predictable source of support for the college’s annual operations.

The Chairman of the ICOBA Board of Trustees, Bode Thorpe, said the fund would be managed to generate sustainable returns while preserving its long-term value for future generations.

He noted that the fundraising effort would focus primarily on mobilising support from the college’s extensive alumni network while also engaging corporate organisations and other stakeholders.

Thorpe also disclosed that all members of the newly inaugurated Endowment Fund Committee had made personal commitments to support the initiative.

He added that a key component of the endowment fund is the modernisation of the school’s infrastructure and curriculum.

“This includes plans to strengthen technology-driven learning through the development of a modern technology hub and other projects aimed at enhancing the educational experience of students,” he said.

In his remarks, ICOBA First Vice President, Femi Soremekun, expressed appreciation to alumni, partners, and supporters who contributed to the launch of the initiative.

He described the endowment fund as a significant milestone in securing the future of Igbobi College and strengthening its capacity to deliver quality education for generations to come.

Members present also highlighted the importance of strong governance and professional fund management in ensuring the long-term success of the initiative.