Igbobi College old students initiate 10 billion naira trust fund

The Igbobi College Old Boys’ Association has embarked on an ambitious initiative, establishing a N10bn endowment fund designed to provide a sustainable financial foundation for the college, while also supporting its long-term development goals.

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This significant undertaking was marked by a launch event held at Chapel Hill Denham in Lagos, which drew together prominent corporate leaders, industry executives, and alumni to lend their support to the cause.

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According to Bolaji Balogun, Chief Executive Officer of Chapel Hill Denham, the prevailing challenge of education funding in Nigeria underscores the importance of such initiatives, which aim to encourage alumni and corporate entities to contribute to the development of educational institutions.

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Balogun highlighted the crucial role that well-managed endowment funds play in maintaining the excellence of leading educational institutions worldwide, and urged Nigerian institutions and investors to adopt similar long-term funding models.

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The launch event featured the formal signing of the endowment fund documentation by key stakeholders, solidifying their commitment to the initiative.

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A commercial law firm, Banwo & Ighodalo, has been appointed as the legal adviser to the fund, tasked with guiding governance, compliance, and regulatory matters.

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Kunle Elebute, Chairman of the ICOBA Endowment Fund Committee, explained that the fund's structure has been carefully designed to ensure accountability, transparency, and effective management.

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Elebute noted that the fund will be overseen by a dedicated nine-member Endowment Fund Committee, supported by specialised subcommittees responsible for fundraising, investments, operations, and communications, with transparency enforced through a strict reporting hierarchy.

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Yemi Badejo-Okusanya, the 12th President of ICOBA, stated that the endowment fund is intended to promote intergenerational equity, ensuring that future students have access to the same opportunities and institutional support as current and past students.

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Badejo-Okusanya added that the fund will provide a stable and predictable source of support for the college's annual operations, thereby enhancing its overall stability.

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

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Thorpe noted that the fundraising effort will focus primarily on mobilising support from the college's extensive alumni network, while also engaging corporate organisations and other stakeholders.

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Thorpe also disclosed that all members of the newly inaugurated Endowment Fund Committee have made personal commitments to support the initiative, demonstrating their dedication to the cause.

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Additionally, Thorpe highlighted that a key component of the endowment fund is the modernisation of the school's infrastructure and curriculum, including plans to strengthen technology-driven learning through the development of a modern technology hub.

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ICOBA First Vice President, Femi Soremekun, expressed gratitude to alumni, partners, and supporters who contributed to the launch of the initiative, describing the endowment fund as a significant milestone in securing the future of Igbobi College.

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