Osinbajo Advocates Endowments To Tackle Education Underfunding

Former Vice President Yemi Osinbajo has called on Nigerian educational institutions to adopt endowments as a vital strategy to combat the persistent underfunding plaguing the sector. Speaking at the 94th Founders’ Day celebration of Igbobi College in Lagos on February 2, 2026, Osinbajo emphasized that endowments represent more than just financial aid—they ensure the long-term preservation of institutional standards, cultures, and values.

“Many great institutions are backed by large endowments that sustain their operations for decades,” Osinbajo stated during his keynote address titled “Endowment for Legacy: Building Generational Strength for Secondary Schools in Nigeria.” He described an endowment as a dedicated pool of funds or assets contributed by individuals or organizations to support schools indefinitely. “Endowments are not just about financial provision; they are about sustaining standards, cultures, values and norms. It is not just continuity, but continuation of an ethos and a world.”

Reflecting on Igbobi College’s origins, founded in 1932 by Anglican and Methodist missionaries, Osinbajo highlighted how the school was established through endowment support. “This institution was not built by the government; it was built by an endowment,” he said, noting that while the school collects fees, its moral and civic foundation stemmed from philanthropic efforts that shaped generations of students.

Osinbajo, a proud alumnus of Igbobi College from 1969 to 1975, lamented the broader neglect of Nigeria’s education system. “Nigeria is paying a heavy price for decades of underfunding,” he warned, pointing out that many schools remain dilapidated and under-resourced. He stressed the critical role of secondary education in molding future leaders, adding, “The discipline of waking up at 5:30 AM and the ‘lights out’ rules in secondary school are what actually build great leaders. The habits that sustain adults are formed in school, not improvised later in life.”

The former vice president further argued that ethical foundations are largely set by age 18, and that leadership failures in Nigeria often trace back to deficiencies in early education. “Every investment in a school is an investment in the future of the country,” he urged, reminding attendees that early Nigerian leaders were products of well-nurtured institutions shielded from economic instability.

Osinbajo credited Igbobi College for his own achievements, including the State Merit Award and the African Statesman Intercollegiate Best Speaker’s Prize, which he attributed to the school’s disciplined and value-oriented environment.

The event, moderated by Professor Anthony Kila of Strategy and Development, featured the launch of a ₦10 billion Endowment Fund by the Igbobi College Old Boys’ Association (ICOBA). ICOBA’s 12th President, Chief Yomi Badejo-Okusanya, explained that the fund would fund new hostels, upgraded science labs, and advanced learning technologies. Managed by professional asset firm Chapel Hill Denham, the initiative aims to ensure transparency and accountability. “We don’t want anyone to ‘use the money anyhow,’” Badejo-Okusanya quipped, invoking an Igbo proverb: “Good soup na money kill am,” to underscore the need for sustained investment.

NaijaChoice News gathered that the fund has already shown remarkable progress, crossing the ₦1 billion mark within just seven days of its launch, thanks to generous contributions from alumni.

Representing Lagos State Governor, Commissioner for Basic and Secondary Education Jamiu Alli-Balogun pledged government backing for such efforts. “When a school like Igbobi produces disciplined individuals, it helps the government save money on social problems and strengthens the leadership pipeline for the nation,” he said.

Event Chairman Ademola Adeyemi-Bero described endowments as a move toward “long-term institutional stability,” away from short-term fixes. As Nigeria grapples with educational challenges, Osinbajo’s advocacy, combined with ICOBA’s ambitious fund, signals a potential shift toward sustainable funding models for schools nationwide.