The alumni of Loyola College, Ibadan, have initiated a N750 million endowment fund aimed at securing the school's long-term future. This fund will focus on infrastructure renewal, human capital development, and sustainable institutional funding. The Loyola College Old Boys Association (LOCOBA) announced the launch, highlighting the need to address growing infrastructure, maintenance, and capacity development challenges facing the college.
The endowment fund is designed as a long-term institutional support vehicle, differing from traditional intervention-based fundraising efforts. A portion of the funds will be allocated to priority projects, while another portion will be professionally managed to generate recurring income for maintenance and future needs. This strategic approach aims to ensure the college's continued academic excellence, character formation, and leadership development.
The fund will target several priority areas, including 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. These areas were identified as critical to enhancing the educational experience and maintaining the college's standards.
Fundraising efforts for the endowment fund have already begun, with several alumni committing early support as anchor donors. The association's president, Gbenga Biobaku, expressed optimism about the initiative, stating that it will create a permanent foundation enabling the College to continue delivering educational excellence for future generations.
According to Biobaku, 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. This framework is designed to ensure transparency, accountability, and the long-term sustainability of the fund.
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. The association is mobilising support from alumni, friends of the school, and other stakeholders to strengthen one of Nigeria's longstanding secondary schools.
The initiative is expected to have a lasting impact on the college, allowing it to address its challenges and continue its tradition of academic excellence. With a solid plan in place, the alumni association is confident that the endowment fund will secure the college's future and enable it to deliver quality education for years to come.
Key points
- The endowment fund aims to raise N750 million for infrastructure renewal, human capital development, and sustainable institutional funding.
- The fund will operate under a defined governance framework to ensure transparency and accountability.
- The initiative seeks to create a permanent foundation for the college's continued educational excellence.
