The Igbobi College Old Boys’ Association (ICOBA), representing alumni of the Lagos-based institution founded in 1932, said it had secured more than N1 billion within seven days of launching a N10 billion endowment fund aimed at long-term institutional development. The initiative was unveiled during the school’s 94th Founders’ Day celebrations in Lagos recently, drawing business leaders, policymakers and alumni from across sectors.
While alumni fundraising is common in UK and US higher education, structured endowments remain relatively rare among African secondary schools. Analysts say the Igbobi effort marks a shift towards self-financing models as inflation, currency pressures and constrained government budgets weigh on public education systems.
Yomi Badejo-Okusanya, president of ICOBA, described the early fundraising success as evidence of strong alumni confidence in the school’s strategic direction. “Crossing the N1bn mark within a week signals not just nostalgia but a willingness to invest in institutional sustainability,” he said at the anniversary luncheon in Lagos.
The proposed endowment will target infrastructure renewal, scholarships, staff welfare programmes and academic innovation, areas widely seen as critical to maintaining competitiveness among Nigeria’s elite secondary schools. Education economists note that recurring funding streams rather than episodic donations are increasingly viewed as essential for maintaining teaching quality and facilities.
Nigeria allocates a relatively little share of public expenditure to education compared with global benchmarks, leaving many institutions dependent on fees, philanthropy and alumni support. Currency depreciation and rising operating costs have intensified financial strain on schools seeking to maintain international standards.
The Igbobi fund’s scale (N10 billion if fully realised), would place it among the larger known alumni-driven education endowments in west Africa. ICOBA officials say the structure is designed to preserve capital while deploying investment returns for operational and development priorities.
Femi Bankole, ICOBA publicity secretary, described the anniversary as a launchpad for renewed alumni engagement. “This milestone is about strengthening alumni networks, supporting teachers, and empowering students to excel academically,” he said, adding that recent achievements, including strong examination results and the construction of teachers’ residential blocks, reflect sustained investment in excellence.
Jimi Agbaje, an alumnus and former Lagos governorship candidate , described the initiative as part of a significant effort to maintain the school’s historical role in leadership development. He argued that sustained funding would help ensure the institution remains competitive regionally.
“Igbobi College has shaped leaders across sectors. ICOBA’s endowment initiative ensures that this legacy will not only endure but grow stronger,” Agbaje said.
Igbobi College counts prominent figures in business, politics, academia and the professions among its graduates, reflecting the longstanding influence of missionary-founded schools in Nigeria’s elite formation. Such networks increasingly function as financial ecosystems capable of mobilising capital quickly when institutional projects are framed as legacy investments.
Anthony Kila, a political economist and alumnus, noted that the endowment signals confidence not only in the school but in education as a driver of social mobility. He described the fund as linking respect for tradition with future competitiveness.
“The N10 billion fund is a testament to our respect for the past, our faith in the present, and our desire to shape a brighter future for Igbobi College,” he said. “We believe that by raising the endowment fund, we can shape the future of this school to be one of the best in Africa, if not in the world. A society that values education trains people who believe they can shape society — and that is what this is all about”, the popular don added.
Recent improvements cited by alumni officials include stronger examination performance and investment in staff housing, developments they say help retain teaching talent in a competitive labour market.
Another notable aspect is the adoption of governance structures more typical of corporate foundations, including defined investment objectives and long-term capital preservation mandates. Specialists say such frameworks are increasingly necessary to reassure donors concerned about transparency and impact.
The Founders’ Day luncheon began with a church service and concluded with dining and dancing, as distinguished alumni, many of whom were once schoolboys together, celebrated shared history and renewed commitment to their alma mater. With over N1 billion already secured within a week, ICOBA’s ambitious N10 billion target signals not only financial aspiration but a broader determination to safeguard the future of one of Nigeria’s most historic educational institutions
The Igbobi model is poised to encourage replication among other legacy schools seeking financial autonomy. Several prominent Nigerian secondary schools have explored similar funds, though few have publicly disclosed targets at comparable scale.
