The St. Gregory’s College Old Boys’ Association (SGCOBA) has launched an Endowment and Perpetual Fund to establish a sustainable financial foundation for the historic institution and reduce its reliance on periodic fundraising and levies.
The fund was formally unveiled at the weekend during the Grand Reception organised by SGCOBA at the Naval Dockyard, Victoria Island, Lagos, in honour of the Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Michael Cardoso, and the Inspector-General of Police (IGP), Mr. Olatunji Disu, alongside the conferment of Lifetime Achievement Awards on distinguished old boys.
Speaking at the event, SGCOBA President, Francis Kudayah, said the fund was conceived as a long-term mechanism to provide financial support for the college while preserving its heritage and preparing it for future generations.
Kudayah said the initiative was not intended to be another levy imposed on old boys, but a professionally managed fund designed to generate sustainable income for the association and the college.
“This is not another levy. This is a permanent, professionally managed Fund with two objectives,” he said.
According to him, the immediate objective is to support infrastructure and other pressing needs of the college, while the long-term objective is to create a perpetual financial base that would continue to support the institution for generations.
“So that 20 years from now, SGCOBA will not have to beg to fix a roof. It will have income in perpetuity,” he added.
The SGCOBA president said the fund would support educational programmes, scholarships and student welfare, infrastructure and facilities, staff development, technology and other strategic initiatives.
He explained that the fund would be prudently invested and professionally managed to preserve and grow its capital, while ensuring that its benefits extended beyond the present generation of old boys.
Kudayah also disclosed that the governance structure of the fund would include a Board of Trustees comprising distinguished and independent old boys, external fund managers and external auditors.
He assured contributors that the association would maintain transparency and accountability in the administration of the fund.
“Every kobo will be accounted for, and every project will be visible,” he said.
A major contribution to the initiative came from one of the college’s distinguished old boys, Chief Dr. Ogunkelu Omolayole, who donated an additional 70,000 shares in a company listed on the Nigerian Exchange Group (NGX).
The donation brought his total contribution to 100,000 NGX shares, having previously donated 30,000 shares.
Omolayole, who could not attend the event physically, said through his representative that the initiative represented an important step towards the centenary of St. Gregory’s College, which he said would be 100 years old in 2028.
He encouraged other old boys and supporters of the institution, particularly those with investments in the capital market, to consider donating shares to the endowment.
He also pledged to continue donating some of his shares annually while he remained alive.
The initiative, according to SGCOBA, is intended to create a financial structure capable of supporting the college beyond immediate fundraising campaigns, with emphasis on responsible stewardship, investment growth and long-term sustainability.
The association said the fund would complement its efforts to preserve the heritage of St. Gregory’s College while ensuring that the institution remained capable of responding to changing educational demands.
The Lagos State Government also commended the initiative, describing the establishment of the Endowment, Perpetual and Infrastructure Development Funds as a deliberate effort to strengthen the future of the institution.
The state government urged other alumni associations and educational institutions to explore similar sustainable funding models to complement government investment in education.
The launch formed part of activities marking the grand reception at which Cardoso, Disu and other distinguished old boys were honoured for their contributions to society.
For SGCOBA, however, the launch of the fund represented more than a ceremonial milestone.
It was presented as an investment in the future of an institution that has produced generations of professionals and leaders, with the association urging old boys to support the initiative in order to preserve and strengthen the college for future generations.
