Yabatech To Launch N50bn Endowment Fund

 

Yabatech To Launch N50bn Endowment Fund

After being delayed by the Covid-19 pandemic, the Rector of Yaba College of Technology (YABATECH), Mr Obafemi Omokungbe, has revealed that the institution will before the end of this year, officially launch its N50 billion endowment fund tailored to aid the development of infrastructure and enhance research work in the college.

The rector, who was represented by the deputy rector (admin), Mr Uduak Inyang-Udoh, said, “We are yet to go public. By now, we should have gone far with the launching of the fund because we had fixed May 2020 for the launch but we were caught up with the covid-19 pandemic and lockdown.

“Nothing is delaying us again. We have inaugurated the board of trustees backed by the governing council of the college, our solicitors at the advanced stage of registering the board of trustees with the Corporate Affairs Commission (CAC), we have opened an account for the purpose.” Inyang-Udoh revealed.

He, however, said the institution hoped before the year runs out to go public. “We may go full-time public before the year runs out with the N50bn endowment fund for the development and rehabilitation of the infrastructures at both Yaba and Epe campuses respectively.

Inyang-Udoh, while acknowledging with the influence it carries, believes it can help spread the light of all the developments that are taking place either in academics, infrastructure or even in social activities YABATECH embarked on.