YABATECH set to launch N50bn endowment fund

News Agency Of Nigeria

September 7, 2022 9:21 PM

The Yaba College of Technology (YABATECH) has concluded arrangements to launch its N50 billion Endowment Fund project, which is to be chaired by a former President, Chief Olusegun Obasanjo.

Yaba-College-of-Technology-Yabatech

Mr Joe Ejiofor, Deputy Registrar of Yaba College of Technology, told the News Agency of Nigeria (NAN) on Wednesday in Lagos that the event would hold Sept. 15, at Eko Hotels & Suites, Victoria Island, Lagos.

Ejiofor described the Endowment fund project as a clarion call on the alumni, friends, corporate bodies and donor/intervention agencies to come on board the developmental train of the college.

“Over the years, the college, established 75 years ago, has continued to grapple with obvious and peculiar problems.

“These deficits include infrastructure, obsolete and nonfunctional equipment in the laboratories, space constraints, increase in the number of academic programmes and rise in student population.

“This Endowment fund project is to enjoin friends of the college to join the train and be counted as developmental partners so that these obvious and peculiar problems are bridged and reduced to the barest minimum,” he added.

The deputy registrar said that the College has a second campus sitting on 45 acres of land at Odoragushin in Epe.

He said that the land was acquired with the support of the Lagos State Government, during the administration of Sir Michael Otedola.

According to Ejiofor, development in the Epe campus is going on full swing.

He said the School of Technical Education, Department of Agric Technology, Leisure and Tourism and Marine Engineering were currently functioning for the Epe campus.

Ejiofor said that the Endowment Fund, which started in 2018 under the current management led by Mr Obafemi Omokungbe, was to improve the lot of the institution.

“This was given full approval by the Prince Lateef Fagbemi-led governing board, which led to the constitution of the college endowment fund committee.

“Aside from financial donations, support is also expected in the form of legacy projects, scholarships and study fellowships, and donations of books, journals and teaching aids,” he said.

Ejiofor, who doubled as the Head of Public Relations, said that the endowment fund would be managed by a Board of Trustees comprising of credible Nigerians who have made giant strides in the public and private sectors.

According to him, the mandate of the Board is to administer the fund in perpetuity and ensure judicious utilisation for the benefit of the college and the donors.

“The main hope of a nation lies in the proper education of its youths, the N50 billion Endowment is, therefore, an idea whose time has come, an investment in the future,” he said.

News Agency Of Nigeria