As part of the activities for the grand finale of Ajayi Crowther University’s (ACU) 15th convocation ceremony, its Chancellor, Chief Dr. Tunde Afolabi, made a donation of ₦1bn to launch the University’s N5bn development fund.
Declaring his support for the fundraiser, the chancellor, Dr. Afolabi, stated that the major problem of education in Nigeria is inadequate funding, adding that renowned universities like Hard University have an endowment fund that generates billions of dollars. He said the ACU development fundraising will be done within a year period.
Similarly, the Pro-Chancellor and Chairman of the University’s Governing Council, Dr. Olutoyin Okeowo, who earlier announced a number of projections of the school in the near future noted that the projection can only be achieved with adequate, robust, and sustainable funding.
He said, “Sustainable fund is required for the provision of facilities and infrastructure needed for the execution of the projections. Funding in ACu had hitherto come through students’ tuition fees. However, it has become obviously impracticable for any university, public or private, to run successfully mainly on tuition fees.
“The need for developmental fund cannot be over-emphasised, because its development will reposition the University for greatness in terms of physical development and state-of-the-art facilities for teaching.”
At the ceremony, 30 persons were awarded Doctor of Philosophy (PhD) certificates in various disciplines.
The day also witnessed conferment of honourary doctorate degrees on three eminent Nigerians from different walks of life. Barr. Dr. Taiwo Afolabi, Chairman of Sifax Group was conferred with the Doctor of Business Administration, while Sir Gbolahan Folayan was conferred with Doctor of Finance. Founder of Katchey Company Limited, Mrs. Kate Isa was also conferred with the award of Doctor of Science.
Announcing their contribution to the fund, one of the awardees, Barr. Afolabi donated ₦20m while the husband of Kate Isa announced a donation of ₦50m.
Earlier in his address, the Pro-Chancellor and Chairman of the University’s Governing Council, Dr. Olutoyin Okeowo, had announced a number of projection of the school in the near future, describing them as graceful, lofty and achievable. He however noted that the projection can only be achieved with adequate, robust and sustainable funding.