OAU inaugurates board to harness endowments

WITH inadequate funding by the Federal Government constituting a huge challenge for the management of the Obafemi Awolowo University (OAU) Ile-Ife, Osun State, in its bid to reposition the institution, a new board for the 10-member advancement centre was recently inaugurated.
Headed by an alumnus and business mogul, Mr. Victor Osibodu, the new board will create a synergy between the university, the alumni and friends of the institution, who wish to offer support.
The board has been given the task of fostering philanthropic work, ensuring a substantial and steady inflow of resources, as well as to cultivate and groom the alumni and future supporters of the institution.

Speaking at the formal inauguration of the board in Lagos, the institution’s Vice Chancellor, Prof Bamitale Omole disclosed that 80 per cent of all the university’s funds come from the federal government. But the limited cash, he noted, has become “grossly inadequate to meet the needs of the university, which have over the years, continued to skyrocket.”
For OAU to survive, he reasoned, it has to adopt the practices of other top ranking universities in the world in terms of attracting awareness in the areas of research and funding.
Giving a statistics on the magnitude of endowment funds in some Ivy League universities, he said: “ University of Oxford had £3.9 billion as endowment in 2011. University of Cambridge had  £4.3 billion in 2011; Harvard, $30.435 billion in 2012; Yale University had $19.3 billion in 2012; Stanford University, $17.036 billion, and Princeton University $16.954 billion.” Omole said the OAU would adopt the modalities and methodologies of “these great universities.”
Omole, who assumed duty as the 10th Vice Chancellor of the university in 2011, said the advancement office would also celebrate and report on the impact of donations, support academic priorities and harness research outputs for national development.
With the selection of eminent citizens noted for their philanthropy, dynamism and commitment to the highest ideals of the university and the nation, the Vice Chancellor expressed hope that their involvement and support would assist in maintaining and enhancing the development of the university.
Ranked as number one in Nigeria and 14th in Africa, according to the February 6th 2013 Webometric ranking of world universities, Omole said the advancement office would serve as a platform to join the top 10 universities in Africa within the shortest time.
In his address, Osibodu recommended other strategies such as building network of alumni and friends; maintaining current data base of all OAU alumni; strengthening the relationship between the alumni and the university; recognition and encouragement of prominent alumni to contribute to developmental project.
He said: “The board will have a renowned and recognized reward system. Individuals and corporate donors would be recognized and rewarded. There would also be recommendations for awards and landmark edifices such as a Hall of Fame for distinguished alumni.”
Other prominent alumni such as Mr. Kola Awodehin, Mr Isaac Orolugbagbe, Mr. Gboyega Fatimilehin, Mrs. Gloria Essien-Danner, Mr. Adeola Sokunmi and  Omole among others, are also members of the newly constituted board.

Source: www.ngrguardiannews.com