UNILAG Unveils N5bn Endowment Fund, Seeks Alumni Support for Development
Funmi Ogundare
The University of Lagos (UNILAG) weekend launched a N5 billion endowment fund to strengthen its financial sustainability, upgrade infrastructure, promote research and innovation, and improve teaching and learning across the institution.
The Vice-Chancellor, Prof. Folasade Ogunsola, disclosed this at the 2026 Young Alumni Stakeholders and Engagement Programme held at MAD House, the Lagoon Front of the university.
She emphasised the university’s Vision 200 campaign, calling on alumni, corporate organisations, friends of the institution and other stakeholders to support its development through financial contributions, partnerships and mentorship.
Ogunsola said the endowment fund was designed to provide sustainable financial support for the university, stressing that its principal would be protected and invested to ensure that the returns generated would continue to support the institution’s needs.
She explained that contributions could come in different forms, adding that while some alumni might be able to donate substantial amounts, others could participate through small, regular contributions.
“The idea is not to spend the principal, but to continue to grow it. There are those who can give large sums. There are those who can say just one naira every month forever. It will add up,” she said.
The VC noted that the university could not depend solely on government funding to achieve its development objectives, emphasising the need to diversify its revenue sources through alumni support, partnerships and internally generated revenue.
According to her, “The campaign aligns with the university’s Future-Ready Agenda, which is built around four major pillars: financial re-engineering, infrastructure development, reputation enhancement and manpower development.
She said the university was exploring ways to expand its financial base through existing ventures, including its microfinance bank and water business, as well as partnerships with small businesses and alumni.
On infrastructure, Ogunsola disclosed that the university was pursuing an extensive digital transformation programme across its three campuses at Akoka, Idi-Araba and Yaba.
She said the institution had partnered with an oil company to establish a fibre-optic network connecting its campuses, adding that the project had been completed.
Ogunsola also revealed that the university had digitised several administrative processes through enterprise resource planning systems covering human resource management, the medical centre and faculties.
She said the ongoing digitisation of academic records, including transcripts dating back to 1967, would address longstanding challenges associated with retrieving students’ records and processing academic documents.
According to her, the initiative would reduce administrative bottlenecks, improve efficiency and enable academic and non-academic staff to concentrate on more productive responsibilities.
Ogunsola further highlighted the institution’s energy challenges, noting that UNILAG spends billions of naira annually on electricity to ensure uninterrupted academic and research activities.
She said the university was exploring alternative energy sources to reduce its electricity costs, although the transition would require significant investment.
On manpower development, she stressed that the quality of university education depended largely on the quality and welfare of its lecturers.
“The buildings don’t teach. It is people that do. Good lecturers will produce good students. Happy lecturers produce happy students,” she said.
She added that the university was committed to strengthening its academic workforce and improving opportunities for staff to participate in conferences, research and professional development programmes.
The VC urged the alumni to see the development of the institution as a collective responsibility, arguing that universities could not achieve their full potential without the active participation of those who had benefited from them.
She noted that Nigeria’s youthful population made investment in higher education imperative, warning that the country could not continue to rely on foreign universities to educate its young people.
She stated; “Retaining young Nigerians within the country’s educational system was not only about providing access to quality education but also preserving their cultural identity and sense of belonging.”
In his remarks, the Chairman of the University’s Advancement Board, Chief Bayo Ojo, called on its alumni to provide the necessary support, networks and resources to help the institution realise its ambition of becoming Africa’s most innovative and entrepreneurial university and rank among the top 800 universities globally.
He stated that the institution’s vision could only become a reality through the collective commitment and support of its alumni, adding: “Ambition without adequate backing would remain a wish.”
He said the advancement board was established to bring together individuals who share a commitment to the university’s development and help it achieve its full potential.
According to him, while governments lay the foundation for institutional development, alumni have a responsibility to build on that foundation by supporting initiatives that advance the university’s growth.
He commended the Vice-Chancellor, Prof. Folasade Tolulope Ogunsola, for providing purposeful leadership and articulating an ambitious vision for the institution.
Ojo expressed confidence in the university’s capacity to achieve its aspirations, noting that evidence of its growing innovation drive could already be seen in the campus innovation hubs, where young innovators were transforming ideas into viable ventures.
“Ambition without support is only a wish. A vision becomes real when people stand behind it,” he stated.
He explained that the programme was designed around three major objectives: celebration, connection and commitment.
According to him, the gathering provided an opportunity to celebrate the achievements of the university and its alumni, strengthen relationships among graduates and encourage them to contribute meaningfully to the institution’s future.