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The Rector of Yaba College of Technology (YABATECH), Mr Obafemi Omokungbe, says a N50 billion Endowment fund will be needed to provide consistent and permanent funding source for the Institution.

Omokungbe made the declaration during his address at the unveiling of the College’s N50 billion Endowment Fund logo, held on Thursday in the YABATECH Hall, Lagos.

According to him, YABATECH is a premier high Institution in Nigeria, which has served the nation for 75 years and the alumni of the college has contributed immensely to the development of the nation in all fields of endeavour.

“We desire to continue to be a major pilliar in this journey, it is expected that having existed for so long, the facilities would have decayed and infrastructure inadequate for the good use of students and staff.

“The unveiling of logo is the first phase of the launching of the endowment fund, we want the world to know what we are doing through this platform “

“Therefore, it is conceived out of our desire to address the challenges of infrastructural deficit, obsolete and non functional equipment confronting the college.

“The unveiling of the logo is the first stage launch of the N50 billion endowment fund which will be utilised to support students, department, research and other Programmes for generations to come,” he added.

The YABATECH Rector said it was no longer a secret that the government could no longer fund education, hence the need to rise and rescue the college from collapse.

Omokungbe added that It was necessary for the Institution to continue to fulfill the mandate of its founding father of the premier higher Institution and to maintain the standard it’s known for.

He therefore called on all well- meaning Nigerians to support its N50 billion project and partner with the college by investing in the endowment fund.

Speaking, Dr. Taiwo Olayinka Afolabi, Chairman/Chief Executive Officer (CEO) of SIFAX Group, a multinational conglomerate was represented by Group Executive Director, SIFAX Group, Mr Bode Ojeniyi, commended the management of YABATECH.

He said, “I commend the College for making effort to rebirth the 75 years old premier higher institution in Nigeria via the establishment of the endowment fund program,”.

He therefore urged everyone to come on board and join the development train of the college endowment fund.

“Anything coming into the country, for this project, we will clear it for you, support contractors while the work is going on as regards this project.

“Having gone through proposals utilisation of what the endowment fund intend to achieve, I said to myself that this will lead to a total transformation of a 75-year-old institution.

“The Nigeria of today is a Nigeria of ‘Self Fund’, you generate power, water and you generate funds to ensure that you continue to exist and survive as an Institution,” he added.

According to him, charity begins at home as the alumni of YABATECH included persons who are captains of industries today, and that they need to take the first step as far as the endowment fund is concerned.

Speaking, Mr Uduak-Iyang Udom, Deputy Rector Admin of YABATECH, said that the step was to do something significant to improve the legacy of education in the college through the N50 billion Endowment Fund.

Udom, who is also the Chairman, College Endowment Fund Committee, said the inauguration planned to come in form of cash donation and that a legacy lunch would cover provision of more classrooms, lecture halls, workshops.

He mentioned laboratories, books and scholarships as measures to take more youths out of street and channel their time to education, thereby making the products of the college competitive globally.

The event which took place at the college hall is a prelude to the launching of the endowment fund program coming up on Thursday September 15, 2022 at Eko Hotels and Suits, Victoria Island under the chairmanship of Chief Olusegun Obasanjo, GCFR, former president of Nigeria.