Yaba College of Technology (YABATECH), is set mark its 73rd anniversary with the launch N50bn endowment fund .
The Rector of YABATECH, Engr. Obafemi Omokungbe, disclosed on Tuesday at a roundtable Editorial Chief luncheon organized by the college management, reiterated that establishment of an endowment fund in tertiary indtitutions remained the best practice around the globe.
He noted that the college’s governing council and management are aware that government alone cannot salvage the current situation, hence the desire to institute an endowment fund.
Engr. Omokungbe said, ” The idea of an endowment fund to better the lot of the Yaba College of Technology came up in 2018 when this management assumed office, having observed the poor state of infrastructure in the college and the dwindling resources from the government.
“With the approval of the governing council, instituting an endowment fund for the college became a reality with an assurance that the proceeds from the fund will resolve critical issue of infrastructural and other development concerns for the present and future as Malcom X has observed correctly too that the future belongs to those who prepare for it.
“YABATECH will be 75 years old in September 2022 with attendant challenges of dilapidated infrastructure and obsolete as well as non – functional equipment in our laboratories and workshops. These require a lot of funds to reposition the college a world- class standard”, Omokungbe explained.
YABATECH endowment fund project has the capacity to contribute to the high quality of education, research and general infrastructural development of the college. The donations to the endowment fund project from alumni, friends of the College, parents, investment from public and private corporations and donor agencies will help YABATECH realize its dream.