The Loyola College Old Boys Association (LOCOBA) has launched a N750 million endowment fund to support infrastructure renewal, teacher development and other long-term needs of the Ibadan-based secondary school.
The association’s publicity secretary, Alawode Churchill, disclosed this in a statement on Sunday.
According to the statement, the fund is meant to reduce the school’s dependence on periodic fundraising and interventions.
The association said it will invest part of the money directly in priority projects. It will also have professionals manage the rest, to earn recurring income for the school’s maintenance and future development.
The alumni said the move responds to growing infrastructure, maintenance and capacity challenges at the college, at a time when public funding for education is under pressure.
The fund will support the renovation and equipping of science laboratories, the rehabilitation of critical infrastructure and teacher development. It will also cover student leadership programmes and sports facilities, among other priorities.
The President of the Loyola College Ibadan Old Boys Association, Gbenga Biobaku, said the endowment will give the school a more lasting source of support and help it maintain its standards for future generations.
“Loyola College has played an important role in shaping generations of leaders and professionals.
“This initiative will create a permanent foundation that enables the College to continue delivering educational excellence for future generations,” Biobaku said.
The N750 million target is expected to come from alumni across graduating sets, as well as individuals, organisations and others interested in education and youth development.
The association said fundraising has begun, and some old boys have already made commitments as anchor donors.
LOCOBA said its model differs from conventional campaigns, where funds are raised and spent on specific projects. Part of the endowment will be kept as an investment that earns income for the college beyond the fundraising period.
The fund will operate under a governance framework with professional fund management, periodic reporting and independent audits. The assets will also be kept separate from the association’s operational finances.
Loyola College, Ibadan, was founded in 1954. Its graduates have gone on to careers in business, public service, academia, medicine and other fields.
The association said the initiative aims to preserve the school’s tradition of academic excellence, character formation and leadership development, while giving it a sustainable financial base.
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