UBA endows N52.9 million UBA Professorial Chair of Finance at University of Lagos

UBA has reaffirmed its commitment to improved educational standards in the country with the endowment of a N52.9 million UBA Professorial Chair of Finance at the University of Lagos.

Vice Chancellor, University of Lagos(Unilag), Professor Rahamon Bello and GMD/CEO, UBA Plc, Mr Phillips Oduoza at the formal presentation of N52.9m endowment for the UBA Professorial Chair of Finance to the University of Lagos. 

Phillips Oduoza, the Group Managing Director and CEO of UBA Plc, while  personally presenting the cheque of N52.9 million  to the Vice-Chancellor, University of Lagos, Professor Rahamon Bello, on Friday, July 31, 2015 assured that the bank is committed to the promotion of a globally competitive educational system in the country.

“As an institution, we strongly believe in the future of Nigeria and that a well trained and educated manpower is germane to our growth and development as a nation. We have thus not hesitated in supporting worthy initiatives of this nature.  In fact, Executive Management wasted no time in considering the resuscitation of this endowment and we are pleased to present a cheque for the sum of N52.9million to endow the UBA Professorial Chair of Finance,” Mr. Oduoza said. 

Mr. Oduoza, who is also an alumnus of the school, assured that the bank will continue to promote research and innovation in the Nigerian educational system, to boost man-power development.

“We are also hoping that by initiating this endowment, it will attract more banks and financial institutions to support tertiary education in the country,” Mr. Oduoza said.

He called on other banks, companies, institutions and individuals, which are the first line beneficiaries of quality manpower, to support the pursuit of quality research and education in all Nigerian universities, noting that private sector endowments will result in the creation of centres of excellence in different Nigerian universities, improving the quality of graduates, decision making and leadership in the society.

l-r: Ms Obi Ibekwe, Executive Director, Resources, United Bank for Africa(UBA) Plc ; Vice Chancellor, University of Lagos(Unilag), Professor Rahamon Bello; GMD/CEO, UBA Plc, Mr Phillips Oduoza;  and Professor Duro Oni , Deputy Vice Chancellor, Unilag at the formal presentation of N52.9m endowment for the UBA Professorial Chair of Finance to the University of Lagos

“Government alone cannot make this happen,” Mr Oduoza said. 

The Vice-Chancellor, while receiving the cheque was full of commendations to UBA Plc on the noble initiative.

He expressed his appreciation to the bank for resuscitating the endowment, which was rested in 1998.

The Vice-Chancellor recalled that, UBA in a bid to promote academic excellence in the university through a research based endowment, established the UBA Chair of Finance with special reference to banking on 13th January, 1972.

 "The establishment of this chair, the first of its kind not only at the University of Lagos, but indeed in any University in Nigeria by UBA, served as the major catalyst for the establishment in 1973 of the department of finance in the faculty of Business Administration,” the VC said.

He also disclosed that UBA was the first bank to have a presence on the campus and to support academic excellence at the University with the award of scholarships to students in the faculty of business administration way back in 1969/1970 academic session. 

“UBA was also the first institution to upgrade the value of the two prizes endowed from N1, 000 to N50, 000 cash award each to the best graduating students in the Department of Finance and Accounting in perpetuity,” the VC said.

UBA contribution to education in Nigeria spans several initiatives and cuts across all geographical zones of the country. Some of the Universities that have benefited from UBA educational initiatives include;  Adekunle Ajasin University, Akungba-Akoko, Akure, Ondo State, University of Benin, Edo State, Federal College of Education, Osiele, Abeokuta, Ogun State, and the  University of Ilorin, Kwara State.

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