The alumni of Loyola College, Ibadan, have launched a N750 million endowment fund to secure the school’s long-term future through infrastructure renewal, human capital development and sustainable institutional funding
In a statement, the Loyola College Old Boys Association (LOCOBA), said it seeks to mobilise support from alumni, friends of the school and other stakeholders to strengthen one of Nigeria’s longstanding secondary schools and preserve its tradition of academic excellence, character formation and leadership development
It added that the fund responds to growing infrastructure, maintenance and capacity development challenges facing the college, amid increasing pressure on public funding for education
“Unlike traditional intervention-based fundraising efforts, the endowment fund is designed as a long-term institutional support vehicle,” the statement read
According to the statement, a portion of the funds will be deployed to priority projects, while another portion will be professionally managed to generate recurring income for maintenance and future needs
It added priority areas to include the renovation and equipping of science laboratories, rehabilitation of critical infrastructure, teacher development programmes, student leadership initiatives, sports development and projects focused on improving educational outcomes
Fundraising efforts are already underway, with a number of alumni committing early support as anchor donors
The association’s president, Gbenga Biobaku said the initiative will create a permanent foundation that enables the College to continue delivering educational excellence for future generations
He added that the fund will operate under a defined governance framework, professional fund management, periodic reporting, independent audits and strict separation between endowment assets and the association’s operational finances
“The fundraising campaign aims to raise N750 million through contributions from alumni across graduating sets, as well as individuals, organisations and partners interested in education and youth development,” he said