The United Bank for Africa (UBA) has committed a N52.9 million endowment toward the resuscitation of its professorial chair of finance at the University of Lagos (UNILAG), Akoka.
The gesture, which is part of the bank’s Corporate Social Responsibility (CSR) initiative, is geared to stimulate excellence in teaching and research in the institution.
At the formal presentation of the endowment, at the weekend, the Chief Executive Officer (CEO), UBA, Phillips Oduoza said the endowment was to support government in the education sector, adding that there was need to encourage the university with funds to facilitate academic excellence.
He said the bank through its foundation has contributed immensely to the development of universities and other tertiary institutions in Nigeria, some of which are the Ultra-Modern Information Communication Technology (ICT) centers in institutions such as Adekunle Ajasin University, Universities of Benin and Ilorin, College of Education Abeokuta, among others.
Oduoza said the major aim for supporting the initiative was the belief that a sound education secures the future of Nigeria and that a well-fortified human capital was critical for societal development.
In his remark, the Vice Chancellor of the university, Prof. Rahamon Bello appreciated the management of UBA for resuscitating the chair, assured that the institution would make judicious use of the fund and would ensure accountability in its disbursement.
Noting that the fund had contributed immensely to the scholarship in the ivory tower, he recalled that the UBA professorial chair of finance was the first of it kind in UNILAG, having been established on January 13, 1972.
He said the chair is being resuscitated for 3 years tenure, hoping that it would be reendowed when the tenure expires. Bello urged friends of the university, philanthropists and other cooperate bodies to support the institution in its bid to improve its infrastructural facilities and the quality of Education experience.” – Guardian.