The United Bank for Africa (UBA) has presented an endowment of N52.904million to resuscitate the Professorial Chair of Finance at the University of Lagos (UNILAG).
Speaking at a brief ceremony which held over the weekend in the hallowed chamber of the institution’s Senate Building, the Group Managing Director/Chief Executive Officer of UBA, Mr Phillips Oduoza, said the bank was compelled by its desire to support human capital and infrastructure development in resuscitating the Chair.
He recalled that the resuscitated Chair that was not only the first in the university, but in Nigeria, was first inaugurated in January 1972, adding that the singular gesture about 43 years ago had led to the establishment of Finance Department in UNILAG and subsequently production of the first set of Finance graduates in Nigeria.
According to him, supporting the University and other tertiary institutions represents a major milestone in the bank’s mission to support the development of quality human capital as well as filling the widening infrastructure gap in Nigeria.
Oduoza, an alumnus of UNILAG, assured that the bank would continue to key roles in its corporate social responsibility initiatives in several universities and other tertiary institutions across the country across the country, especially in Nigeria’s universities and colleges of education where it has supported in establishing world-class Information and Communication Technology (ICT) centres.
He said, “We have been financing roads, power, airports and other infrastructures. Beyond financing infrastructures, we have built world class Information Communication Technology (ICT) Centres in various universities and institutions across Nigeria.”
Some of our ICT include: Adekunle Ajasin University, University of Benin, University of Ilorin, and Federal College of Education, Osiele, Abeokuta among others,” he added.
Earlier, Vice-Chancellor of the institution, Professor Rahamon Bello, commended UBA management for the kind gesture to resuscitate the Professorial Chair that served as major catalyst for the establishment in 1973 of the Department of Finance in the Faculty of Business Administration.
The VC promised judiciously apply the fund for the various purposes to be spelt out by a yet to be constituted board of the institution and the UBA organisation.
He praised management of the bank for pioneering the award of scholarships to students in the Faculty of Business Administration between 1969/1970 academic sessions and used the occasion to request for resuscitation of the scholarship and academic support students at the university.