Loyola College old boys launch N750m endowment fund

The Loyola College Old Boys Association has launched a N750 million endowment fund to finance infrastructure renewal, teacher development and other long-term needs of the Ibadan-based secondary school.

A statement signed by the association’s publicity secretary, Alawode Churchill, disclosed this on Sunday.

The move, the statement said, is aimed at reducing the school’s dependence on periodic fundraising and interventions.

The association said the fund would combine direct investment in priority projects with the professional management of part of the contributions to generate recurring income for the school’s maintenance and future development.

The initiative is intended to address what the alumni described as growing infrastructure, maintenance and capacity development challenges facing the college, amid pressure on public funding for education.

Under the proposed arrangement, contributions will support the renovation and equipping of science laboratories, rehabilitation of critical infrastructure, teacher development, student leadership programmes and sports facilities, among other priorities.

The President of the Loyola College Ibadan Old Boys Association, Gbenga Biobaku, said the endowment would provide a more permanent source of support for the institution and help sustain its educational standards for future generations.

“Loyola College has played an important role in shaping generations of leaders and professionals.

“This initiative will create a permanent foundation that enables the College to continue delivering educational excellence for future generations,” Biobaku said.

The N750m target is expected to be raised through contributions from alumni across graduating sets, as well as individuals, organisations and other stakeholders interested in education and youth development.

The association said fundraising had begun, with some old boys already making commitments as anchor donors.

Unlike conventional fundraising campaigns in which donations are raised and spent on specific projects, LOCOBA said its endowment model would preserve part of the fund as an investment capable of generating income for the college beyond the immediate fundraising period.

It said the fund would operate under a governance framework involving professional fund management, periodic reporting and independent audits.

The endowment assets would also be kept separate from the association’s operational finances.

Founded in 1954, Loyola College, Ibadan, has produced graduates who have pursued careers in business, public service, academia, medicine and other professions.

The association said the initiative was intended to preserve the school’s tradition of academic excellence, character formation and leadership development while providing a sustainable financial base for its future.