By Millicent Ifeanyichukwu
Former Vice-President Yemi Osinbajo says educational institutions must deliberately build sustainable financial strength through endowment funding to secure their future relevance, quality, and values.
Osinbajo said this on Monday while delivering the 94th Founders’ Day Lecture of Igbobi College, Yaba, Lagos.
The theme of the anniversary lecture was: “Building Generational Strength for Educational Institutions in Nigeria.”
According to him, endowment funding provides long-term financial stability that enables schools to support staff and students, maintain facilities, expand academic programmes, and withstand economic and leadership transitions.
“We must intentionally build permanent financial strength for schools so they can serve future generations with equal or greater impact,” Osinbajo said.
He explained that educational endowments are long-term invested funds whose returns are used to fund scholarships, staff welfare, infrastructure development, and institutional operations over time.
The former vice president, an alumnus of the school, described legacy as the enduring impact institutions leave beyond their present generation, adding that strong endowments ensure continuity of values and sustained excellence.
Osinbajo cited examples from the United States, noting that institutions such as Phillips Academy, Andover, and other members of the Eight Schools Association maintain endowments valued at about 1.3 billion dollars.
He said many globally renowned schools rely on such funds to remain world-class and relevant across generations.
In his remarks, Lagos State Governor, Mr Babajide Sanwo-Olu, said the significance of Igbobi College at 94 years lies in its sustained relevance, as its alumni continue to contribute to leadership, ethics, and productivity nationwide.
Sanwo-Olu said sustainability had become the true measure of educational excellence, adding that the launch of an endowment fund demonstrated a commitment to long-term stability and quality education.
“Excellence cannot rely on goodwill alone; it must be deliberately financed, nurtured and sustained,” the governor said.
He stressed the need for partnerships among government, alumni, educators, and the private sector, urging legacy institutions to move beyond nostalgia and focus on measurable impact through strategic planning and financial foresight.
Sanwo-Olu was represented at the event by the Commissioner for Basic and Secondary Education, Mr Jamiu Alli-Balogun.
Earlier, the 12th President of the Igbobi College Old Boys Association (ICOBA), Mr Yomi Badejo-Okusanya, said the association had initiated a N10 billion endowment fund to preserve the school’s founding vision of nurturing future leaders.
Badejo-Okusanya said the fund, driven by alumni contributions, was aimed at sustaining academic standards, strengthening infrastructure, and securing the college’s long-term legacy.
“Just as our founders planned for us without knowing us, we must intentionally plan for future generations,” he said.
The News Agency of Nigeria (NAN) reports that ICOBA presented plaques to Osinbajo and Sanwo-Olu at the event, which attracted alumni from across the country and abroad, as well as students and staff of the college.
The Founders’ Day celebration, organised by ICOBA, also featured a Holy Communion service at the Igbobi College, Yaba, jointly founded by the Anglican and Methodist missions.(NAN)(www.nannews.ng)
Edited by Bayo Sekoni
