The Vice Chancellor of the University of Ibadan, Professor Kayode O. Adebowale, emphasized the crucial role alumni play in the sustainable development of tertiary institutions during the inauguration of the board for the N200 million Martins Ifeonukwu Etuokwu Scholarship Fund. The event took place in his office, where he highlighted that universities in other countries rely significantly on their alumni for sustainability rather than on government support.
Professor Adebowale stressed the financial challenges faced by universities and the necessity of a sustainable funding model. “The alumni must be cultivated with sufficient information for them to be able to look back and give appropriately to their alma mater,” he noted. He expressed gratitude to the alumnus who sourced the funds for the scholarship and assured that the funds would be utilized judiciously to ensure the scholarships are awarded perpetually.
The newly inaugurated board members are:
- Professor Olawale E. Ogunkola (Chairman/Convener)
- Mr. Sunday N. Fagbesan (Secretary)
- Mr. Ganiu O. Saliu
- Mr. Adewuyi Popoola
- Professor Abiodun Folawewo
- Professor Adekeye Abiona
- Mrs. Odunola O. Etuokwu
Deputy Vice Chancellor (Administration) and Chairman of the UI @75 Committee, Professor Peter O. Olapegba, described the inauguration of the board as a landmark event in the history of the University of Ibadan. He noted that the committee’s goal is to attract benefactions to the institution by designating alumni and friends of the university as ambassadors and ambassadors extraordinaire.
One such ambassador, a second-generation alumnus passionate about the university, facilitated the donation of the scholarship by the RAMS Charity Foundation in honor of his father, also an alumnus of the university. Professor Olapegba stated that the fund aims to encourage excellence by awarding scholarships to brilliant students and assisting indigent students.
The fund will be managed by the newly inaugurated board, which will advise the university on investment opportunities and ensure the proceeds are awarded as scholarships to students. Professor Olapegba thanked the Vice Chancellor for his support and the UI @75 committee members for their dedication in fulfilling the committee’s vision.
Professor Olawale E. Ogunkola, the chairman/convener of the new board and former member of the university’s governing council, acknowledged the delicate nature of their task in maintaining the value of the fund while achieving the desired outcomes given the current economic situation. He assured that the board would have a robust investment policy, monitor developments, and adjust the portfolio as needed. He also emphasized the board’s commitment to balancing internal requirements, the donor’s desires, and data from the students’ affairs division to ensure fairness in awarding the scholarships.
The establishment of the N200 million Martins Ifeonukwu Etuokwu Scholarship Fund marks a significant step towards the sustainable development of the University of Ibadan, reinforcing the vital role of alumni in the institution’s growth and success.