Alumni of Loyola College, Ibadan, have launched a N750 million endowment fund to support the long-term development and sustainability of the school.

The initiative, announced by the Loyola College Old Boys Association (LOCOBA), is aimed at raising funds from old students, friends of the college and other stakeholders to strengthen infrastructure, develop teachers and support educational programmes.

The association said the fund was introduced in response to growing infrastructure, maintenance and capacity development needs at the college, as public funding for education comes under increasing pressure.

Unlike conventional fundraising efforts, LOCOBA said the endowment is designed to provide long-term financial support for the school.

Under the arrangement, part of the funds raised will be used for priority projects, while another portion will be professionally managed to generate regular income for maintenance and future needs.

The priority areas include the renovation and equipping of science laboratories, rehabilitation of critical infrastructure, teacher development, student leadership programmes and sports development.

The fund will also support projects aimed at improving learning outcomes and strengthening the overall quality of education at the college.

Fundraising has already commenced, with some alumni making initial commitments as anchor donors.

President of LOCOBA, Gbenga Biobaku, said the initiative was designed to preserve the legacy of the institution for future generations.

“Loyola College has played an important role in shaping generations of leaders and professionals,” Biobaku said.

“This initiative will create a permanent foundation that enables the College to continue delivering educational excellence for future generations.”

LOCOBA said the endowment would be managed under a defined governance structure, with professional fund management, periodic reporting and independent audits.

It added that the endowment assets would be kept separate from the association’s operational finances to ensure transparency and accountability.

The association is targeting N750 million through contributions from alumni across different graduating sets, individuals, organisations and partners interested in education and youth development.

Founded in 1954, Loyola College, Ibadan, has produced graduates who have pursued careers in business, public service, academia, medicine, technology and other fields.

LOCOBA urged alumni, friends of the college and other interested stakeholders to support the initiative and help secure the institution’s future.