The Vice-Chancellor, University of Ibadan, Professor Kayode Adebowale has inaugurated a board for the N200 million Martins Ifeonuka Etuokwu Scholarship Fund for students of the institution where he reiterated that Alumni are vital for the sustainable development of tertiary institutions.
He described the efforts as part of the dividends yielded by the celebration of UI @ 75.
He noted that lack of funds poses challenges to universities hence the need to have a sustainable funding model is inevitable.
Professor Adebowale said the Alumni must be cultivated with sufficient information for them to be able to look back and give appropriately to their Alma Mater.
According to the VC, universities in other climes of the world depend largely on the Alumni for sustainability and not on the government.
He expressed appreciation to the alumnus who helped to source the funds and assured that the funds would be judiciously utilised to ensure the award of the scholarships in perpetuity.
The members of the newly inaugurated board are Prof. Olawale Ogunkola (Chairman/Convener), Mr. Ganiyu Saliu (member), Mr. Adewuyi Popoola (member), Prof. Abiodun Folawewo (member), Prof. Adekeye Abiona (member), Mrs Odunola Etuokwu (member) and Mr. Sunday Fagbesan (Secretary).
The Deputy Vice-Chancellor (Administration) and the Chairman of UI @75 Committee, Professor Peter Olapegba, described the inauguration of the board as a landmark celebration in the University of Ibadan.
Olapegba said the UI @75 Committee aimed to attract benefactions to the University which was achieved by searching and designating UI Alumni as Ambassadors and friends of UI as Ambassadors Extraordinaire.
In his remarks, the Chairman of the UI@75 Anniversary Committee 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 added that the fund will encourage excellence by giving scholarships to brilliant students and also assist indigent students.
According to him, 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 Vice-Chancellor 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 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.
