The minister of education, Tahir Mamman, has called on private individuals and philanthropists to assist the government in funding education in the country.
Mr Mamman made the plea in Abuja at an event organised in honour of Emeka Offor and his wife, Adaora Offor, who were honoured with doctorate degrees.
They were awarded the degrees in Business Administration and Social Advocacy (Honours), respectively, by the University of Nigeria Nsukka (UNN) and Nnamdi Azikiwe University (NAU), Awka, Anambra.
The minister said that though the government had spent so much on funding education, private individuals and philanthropists needed to emulate what Emeka Offor and her wife had done through their Foundation to support education.
“The ministry is encouraged by this kind of recognition because the government cannot finance education alone, just as it has contributed a lot.
“That is why people like Emeka Offor and her wife have stepped in, and what they are doing should be encouraged by others. I believe this is an excellent example of resources well used and I urged others to take a cue from what they have done,” Mr Mamman said.
The couple, through the Sir Emeka Offor Foundation (SEOF), created an endowment fund of N150 million for research and scholarly enterprise in the faculties of business administration and social science at UNN and NAU, respectively.
While UNN received N100 million for research activities and scholarly enterprise that will impact the Faculty of Business Administration, NAU received N50 million for the welfare of widows, children with special needs, and other vulnerable members of society.
The minister commended the donors for their kind gesture, expressing the hope that the endowment funds would be judiciously used for what they were meant for.
“The good thing is that the endowment is tied to particular activities in the universities; there are clear terms for usage and I believe that the institutions will utilise the money,” he added.
Mr Mamman urged philanthropists and kind-hearted individuals to also invest in the federal government’s Safe School Initiative to protect schoolchildren from attacks and other forms of violence.
The celebrant and donor, Emeka Offor, said the endowment funds would be restricted, and the principal sum would be held in perpetuity unless otherwise decided by SEOF and the universities.
Mr Offor said the earnings from the invested assets would be expended according to the donor’s specifications, i.e., funding of research and scholarly enterprise in the Faculty of Business Administration and Social Science of both universities.
“This gesture is our desire to support higher education in Nigeria and strengthen the bond of friendship between the SEOF and the UNN/NAU.
“By creating opportunities just like we have done for these universities, you are reducing the suffering of the masses by creating opportunities for the youths to get the right job.
“We gave those monies as endowment funds and there are conditions attached for their usage; what that means is that the funds will be invested in high-yielding portfolios, not risky ones.
“We don’t want to hear that the money was lost in a bank because they were looking for higher yields; what we want from this N150 million is to remain in the university system to support research and encourage professional exchanges with other countries to acquire knowledge.
“The principal sum shall be maintained on a high-yielding but legitimate investment platform wherein SEOF and UNN/NAU shall nominate the signatories.
“There shall be a committee to be set up between SEOF and UNN/NAU to manage the funds and take decisions as appropriate,” he said.
Mr Offor added that there must be a status report made available by the committee to both parties every 12 calendar months.
Romanus Ezeokonkwo, the acting vice chancellor of UNN, assured that the funds would be judiciously used.
He said the donors mentioned what they want to do with the money and we will follow it judiciously and there will be no diversion.
“It will be used to do what it was meant for, I assure you that.”
(NAN)
