By – Victor Ogunyemi

The Vice-Chancellor of the University of Ibadan, Professor Kayode O. Adebowale, on Wednesday, May 15, 2024 reiterated that the University Alumni network remains vital, for the sustainable development of the institution.

The Vice Chancellor made the statement during the inauguration of the board of the 200-million-naira Martins Ifeonuka Etuokwu Scholarship Fund in his office on Wednesday.

The Vice Chancellor noted that lack of funds posed challenges to universities, as the need to have a sustainable funding model becomes compelling.

The Vice-Chancellor said that the universities in other climes of the world depend largely on the Alumni for sustainability and not on the government.

Expressing his appreciation to the alumnus who helped to source the funds, Professor Adebowale assured that the funds would be judiciously expended.

For effective utilisation of the fund, a committee of seven persons was convened.

The members of the newly inaugurated board are: Prof. O. E. Ogunkola- Chairman/Convener; Mr. G. O. Saliu- Member; Mr. A. Popoola- Member; Prof. Abiodun Folawewo- Member; Prof. I. A. Abiona – Member: Mrs Odunola O. Etuokwu- Member; Mr. S. N. Fagbesan – Secretary.

The Deputy Vice-Chancellor (Administration) who doubles as the Chairman of UI @75 Committee, Professor Peter O. Olapegba, FNPA, described the inauguration of the board as a landmark celebration in the University of Ibadan.

“The aim of the UI @75 Committee was to attract benefactions to the University of Ibadan which was achieved by searching and designating UI Alumni as Ambassadors and friends of UI as Ambassadors Extraordinaire” the Deputy Vice Chancellor noted.

Professor Olapegba stressed 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.

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.

“The board will have a robust investment policy, monitor developments, and adjust the portfolio appropriately” Professor Ogunkola said.

Professor Ogunkola added 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.