Yaba College of Technology (YCT) alongside its partner, SIFAX Group has unveiled its N50 billion endowment fund logo.

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The N50 billion Endowment fund will be needed to provide a consistent and permanent funding source for the Institution- Rector of Yaba College of Technology (YABATECH), Mr Obafemi Omokungbe.

Omokungbe made the statement during his address at the unveiling of the College’s N50 billion Endowment Fund logo, held on Thursday in the YABATECH Hall, Lagos.

According to him, YABATECH is a premier high Institution in Nigeria, which has served the nation for 75 years.

The alumni of the college has contributed immensely to the development of the nation in all fields of endeavour.

“We desire to continue to be a major pilliar in this journey, it is expected that having existed for so long, the facilities would have decayed and infrastructures inadequate for the good of students and staff.

“The unveiling of the logo is the first stage launch of the N50 billion endowment fund which will be utilised to support students, department, research and other Programmes for generation to come,” he added.

The YABATECH Rector said it was no longer a secret that the government could no longer fund education, hence the need to rise and rescue the college from collapse.

Omokungbe added that It was necessary for the Institution to continue to fulfill the mandate of it’s founding father of the premier higher Institution and to maintain the standard it’s known for.

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Speaking, Mr Tayo Afolabi, Director, SIFAX Group, who was also the special Guest of Honour, was represented by Mr Bode Ojeniyi, Group Executive Director.

He described the unveiling of the logo as invitation to treat to the bigger thing that is to come.

He commended YABATECH family for the initiative, decision, and process to set up the endowment fund,

“Anything coming into the country, for this project, we will clear it for you, support contractors while the work is going on as regards this project.

“Having gone through proposals utilisation of what the endowment fund intend to achieve, I said to myself that this will lead to a total transformation of a 75-year-old institution.

“The Nigeria of today is a Nigeria of ‘Self Fund’, you generate power, water and you generate funds to ensure that you continue to exist and survive as an Institution,” he added.

According to him, charity begins at home as the alumni of YABATECH including persons who are captains of industries today, and they need to take the first step where the endowment fund is concerned.

SIFAX Group is a transportation company that specializes in logistics, freight forwarding, cargo consolidation, and hire service.