The Vice Chancellor of the University of Ibadan, Professor Kayode O. Adebowale, has reiterated that alumni are vital for the sustainable development of tertiary institutions.
He noted that universities in other climes depend largely on the alumni for sustainability and not on the government
He made the statement during the inauguration of the board of the N200 million-Martins Ifeonukwu Etuokwu Scholarship Fund in his office.
Members of the newly-inaugurated board are Professor Olawale E. Ogunkola- as the chairman/convener, Mr Sunday N. Fagbesan as Secretary and Mr Ganiu O. Saliu, Mr. Adewuyi Popoola, Professor Abiodun Folawewo, Professor Adekeye Abiona, Mrs Odunola O. Etuokwu as members
He noted that a lack of funds poses challenges to universities and the need to have a sustainable funding model is inevitable.
Professor Adebowale stated that the alumni must be cultivated with sufficient information for them to be able to look back and give appropriately to their alma mater.
He expressed his appreciation to the alumnus who helped to source the funds and assured that the funds will be judiciously utilised to ensure the award of the scholarships in perpetuity.
The deputy vice chancellor (Administration) and the chairman of UI @75 committee, Professor Peter O. Olapegba, described the inauguration of the board as a landmark celebration in the University of Ibadan.
He stated that the aim of the committee is to attract benefactions to the institution which was achieved by searching and designating the alumni as ambassadors and its friends as ambassadors extraordinaire.
The chairman said one of such ambassadors, a second generation alumnus, who is passionate about the university facilitated the donation of the scholarship by RAMS Charity Foundation in honour of his father who was also an alumnus of the university.
Professor Olapegba stated that the fund will encourage excellence by giving scholarships to brilliant students and also assist indigent students.
According to Professor Olapegba, the fund will be managed by the inaugurated board which will advise the university on investment opportunities and the proceeds will be awarded as scholarships to students.
He appreciated the VC for his support and the UI @ 75 committee members for their tenacity in fulfilling the visions of the committee.
The chairman/convener of the new board and former member of the governing council of the university, Professor O. E. Ogunkola, said the job of the board is simple but delicate in terms of maintaining the value of the fund while delivering the expected outcomes given the current economic situation in the country.
He said the board will have a robust investment policy, monitor developments, and adjust the portfolio appropriately.
He also stated that there will be a balancing of the internal requirements, the desires of the donor, and data generated from the students’ affairs division giving an assurance that the board will be fair in carrying out its duty.
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