Beyond fundraising: How Igbobi College Alumni plan to build permanent N10bn education legacy

 

 

When alumni of Igbobi College gathered in Lagos for the signing ceremony of a proposed N10 billion endowment fund, the event was about much more than raising money.

For the Igbobi College Old Boys Association (ICOBA), the initiative represents an ambitious attempt to create a permanent financial foundation for one of Nigeria’s most iconic secondary schools, ensuring that future generations of students benefit from quality education, modern facilities, and institutional stability long after current stakeholders have left the scene.

The ceremony brought together trustees, governors, alumni, fundraising committee members and partners in what participants described as a defining moment in the institution’s history. At the heart of the initiative is a belief that educational excellence cannot depend solely on annual fundraising campaigns or government allocations, but requires a sustainable model capable of supporting the institution for decades to come.

Founded in 1932 by the Anglican and Methodist Missions, Igbobi College, Yaba, has occupied a unique place in Nigeria’s educational landscape. Over more than nine decades, the school has produced generations of leaders who have contributed to national development across business, academia, public service, commerce and culture.

Yet like many historic educational institutions, the college has faced challenges associated with ageing infrastructure, underfunding and the demands of modernisation. Alumni say these realities have gradually affected the school’s competitiveness relative to leading institutions within and outside Nigeria.

The newly launched endowment initiative seeks to address those concerns while positioning the college for its centenary celebration, now just six years away.

Speaking at the event, Kule Elebute, chairman of the Endowment Committee, said the initiative had reached a critical stage following months of planning and stakeholder engagement. He stressed the importance of securing broad-based support for the vision and highlighted the work already undertaken by the committee to build consensus around the project.
According to him, the endowment is designed to provide a sustainable funding platform capable of supporting the school’s long-term development goals while preserving the institution’s heritage.
He noted that significant effort had gone into developing the framework, governance arrangements and fundraising strategy, expressing confidence that alumni and partners would embrace the vision and contribute to its success.

Yomi Badejo-Okusanya, the 12th president of the Igbobi College Old Boys Association, described the project as a collective effort to secure the school’s future.

According to him, the initiative is intended to reignite alumni commitment to the institution while supporting efforts to modernise infrastructure and prepare for the college’s 100th anniversary.

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He noted that the current effort builds on previous attempts to establish a sustainable endowment structure, describing the initiative as the third major push by alumni to move the vision forward.

“We must let you know that this is our third attempt at moving this endowment forward,” he said.

Reflecting on the significance of the moment, he challenged alumni to think beyond their own generation and focus on the legacy they would leave behind.

“In another six years, Igbobi College will be 100 years old, and we are asking what kind of legacy we would like to see at that milestone,” he said.

He urged alumni around the world to become active ambassadors for the initiative and to contribute financially and strategically to its success.

“We are planting a seed of a tree that we may never sit under,” he said. “Let the numbers grow. Let us sell this vision like a commodity. There is so much work to be done.”

That theme of long-term stewardship echoed throughout the ceremony.

For Babatunde Sobamowo, Chairman of the Board of Governors, the endowment represents a fundamental shift in how educational institutions should think about sustainability.

Describing the initiative as historic, he said the proposed N10 billion fund constitutes the largest commitment by any old boys’ association in Nigeria to its alma mater.

“This 10 billion endowment fund is historic. It is the single largest commitment by any old boys’ association in Nigeria to its alma mater,” he said.

More importantly, he argued, the initiative reflects a broader philosophy about educational funding and institutional resilience.

“An endowment is not charity, an endowment is vision,” he said. “It says we will not allow the quality of public education to rise and fall with government budgets or annual fundraising.”

The fund is expected to be governed through structured oversight mechanisms involving trustees, professional fund managers and dedicated committees responsible for investment, fundraising, operations and communications.

According to presentations delivered at the event, governance structures have been carefully designed to ensure accountability, transparency and sustainability over the long term.

Sobamowo said these arrangements would ensure that resources are preserved and managed responsibly for future generations.

He described the initiative as a commitment to intergenerational equity, ensuring that students decades from now can benefit from the same level of support and opportunity envisioned by today’s contributors.

The emphasis on governance featured prominently throughout the ceremony.

Badejo-Okusanya highlighted the appointment of Chapel Hill Denham as fund manager, noting that professional management was essential to maintaining credibility and ensuring the successful growth of the endowment over time.

The fundraising strategy itself reflects the broad scope of the ambition.

Rather than relying on a single source of support, the committee has developed a diversified approach designed to attract contributions from multiple constituencies.

A major component involves mobilising the college’s global alumni network, which spans more than 5,000 old boys across different countries and generations. Plans include regional and country fundraising targets, legacy class campaigns involving graduates from different decades, old boys’ bond initiatives and project-specific sponsorship opportunities.

The committee also intends to engage corporate organisations through corporate social responsibility partnerships, targeting companies across banking, telecommunications, manufacturing, technology, and oil and gas sectors.

Funding opportunities have been structured around specific needs, including laboratories, dormitories, scholarships and infrastructure development projects.

Faith-based institutions are also expected to play a role through partnerships with Anglican and Methodist development agencies as well as Christian philanthropic foundations that support education.

Beyond Nigeria, the fundraising strategy includes engagement with international development organisations and philanthropic partners.

The committee is also seeking support from government and development agencies, including federal and state institutions responsible for education, technology and innovation.

The fundraising presentation highlighted additional opportunities for major donors through named endowment funds, academic chairs, scholarships, memorial buildings and other legacy projects designed to create lasting impact.

Since the reconstitution of the endowment committee in January, significant groundwork has already been completed.

Presenters outlined a series of milestones, including the formal launch of the initiative in February, the establishment of operational structures, the creation of subcommittees, the development of governance guidelines and the rollout of fundraising and investment frameworks.

The committee also disclosed that financial commitments have already been secured from members involved in driving the initiative.

To support broader participation, plans are underway to launch a dedicated endowment website and digital fundraising platform.

International outreach has also become a key component of the strategy.

Badejo-Okusanya revealed that engagement efforts would continue across Nigeria and the diaspora, including planned visits to Madison, Wisconsin, and Montenegro.

Additional fundraising engagements are expected across North America and Europe as organisers seek to tap into the global reach of the institution’s alumni community.

The significance of the initiative was reinforced by Bolaji Balogun, chief executive officer of Chapel Hill Denham, who made opening remarks virtually while navigating Lagos traffic.

Joining the event later, he reaffirmed his support for the initiative and reflected on the personal significance of the institution in his life.

“Igbobi College is fundamental to everything that I am today,” he said.

He also connected the school’s legacy to his family’s history, noting that his late father’s academic journey was similarly linked to the institution.

Balogun drew comparisons with leading global educational institutions that rely on large endowment funds to sustain academic excellence and long-term development.

He argued that similar structures can help Nigerian institutions build resilience and reduce dependence on uncertain funding sources.

His remarks were accompanied by announcements of initial commitments and support from Chapel Hill Denham and other alumni contributors.

For Bode Thorpe, Chairman of the Board of Trustees, the initiative ultimately comes down to responsibility.

Referencing the school anthem, he urged alumni to contribute to the institution’s future rather than simply benefiting from its legacy.

“Each of us must play our part,” he said. “Let us build before we think of how to consume. Let us create something for future generations.”

His comments reflected a recurring message throughout the event that the endowment is not merely a fundraising campaign but a collective effort to strengthen an institution that has served generations of Nigerians.

As stakeholders signed the endowment framework, the ceremony marked a significant milestone in translating that vision into action.

The objective, organisers said, is straightforward but ambitious: to build a permanent financial platform capable of supporting infrastructure development, academic excellence, innovation and institutional stability for decades to come.

In his closing remarks, Femi Soremekun, first fice president of ICOBA, described the signing ceremony as a defining moment in the association’s efforts to strengthen alumni engagement and secure the institution’s future.
According to him, the endowment initiative represents a practical demonstration of the alumni community’s commitment to ensuring that Igbobi College remains relevant and competitive for generations to come.
His remarks echoed the broader sentiment that ran throughout the event that the fund is not simply about raising money, but about building an enduring institutional legacy.

With its centenary approaching, Igbobi College’s alumni are betting that sustainable capital, professional governance and collective responsibility can help restore the institution’s standing and preserve its legacy for future generations.

Whether measured in naira, buildings, scholarships or opportunities created, supporters believe the true value of the endowment will ultimately be seen not in today’s fundraising totals but in the students who benefit from it many years from now.