Chancellor of Ajayi Crowther University, Oyo, Dr. Tunde Afolabi, has donated a sum of N1bn to launch the university’s N5bn development fund.
The launch of the fund was part of the activities for the grand finale of ACU’s 15th convocation ceremony, where 30 persons were awarded Doctor of Philosophy certificates in various disciplines.
The day also witnessed the conferment of honourary doctorate degrees on Dr Taiwo Afolabi; Chairman of Sifax Group, Sir Gbolahan Folayan; and Mrs Kate Isa.
Declaring his support for the fundraiser, the chancellor stated that the major problem of education in Nigeria was inadequate funding, adding that renowned universities like Harvard University had endowment funds that generate billions of dollars.
He said the ACU development fund would be done within five years.
Earlier in his address, the Pro-Chancellor and Chairman of the university’s Governing Council, Dr. Olutoyin Okeowo, announced a number of projections of the school in the near future, describing them as graceful, lofty and achievable.
He, however, noted that the projection could only be achieved with adequate, robust and sustainable funding.
Announcing their contribution to the fund, one of the awardees, Afolabi, donated N20m, while the husband of Kate Isa, announced a donation of N50m.