Funmi Ogundare
Vice President, Prof. Yemi Osinbajo, yesterday stressed the need for public/private sector participation through endowment funds to lift the education sector out of its current quagmire.
Osinbajo, who made this appeal at the N50 billion endowment fund launch of Yaba College of Technology, held at the Eko Hotels and Suites Victoria Island, Lagos, emphasised on the importance of public and private sector participation saying that it is no longer realistic to rely on public funds for education.
According to Osinbajo who spoke virtually during the programme, “we can transform our education sector with radical intervention from the private sector. It is a win-win situation for us.”
He described institutions as proven ground for best ideas saying that colleges in America for instance, were able to sustain their institutions by endowment for over 200 years and driven by value.
“The N50 billion endowment fund demonstrates your awareness about what is at stake and mirrors your vision. Yabatech is proof that we can invest in education through public and private partnership, “
Osinbajo, who was a special guest of honour said.
He commended the college’s management for the initiative.
The Rector of the college, Mr. Obafemi Omokungbe who expressed concern about its decayed and inadequate infrastructure, said the endowment fund launch was necessitated by the need to generate funds to improve its infrastructure and ensure continued existence of legacy projects that will make the 75 years old college globally competitive.
According to him, “the endowments will encourage the college to make commitments for the future, knowing that the resources to meet commitments will continue to be available.
“The endowments will also enable faculties and students to conduct innovative research, explore academic fields, apply new technologies, and develop teaching aids and learning methods. This will help the college strategies to strengthen and enhance the quality of its programmes.”
Making endowed gifts, Omokungbe noted, put a responsibility on alumni and friends of the college to ensure the long term well-being of the institution, adding that future generations of students are assured benefits of higher quality education, as well as institutional contribution to national development and better standard of living.
The Chairman, Governing Council, Prince Lateef Fagbemi, noted that with the present economic situation in the country, funding cannot be left for the government alone considering the many commitments begging for its attention.
“There are too many commitments of government begging for the attention of the never adequate resources at government’s disposal. Consequently, it would be a monumental disservice to our generation if we do not all rise up to assist in the funding of these institutions. We all must be partners -in- progress and ensure that our institutions continue to serve the purpose of their establishment,” he said.
