The alumni association of Ladoke Akintola University of Technology, Ogbomoso, on Monday unveiled a plan to raise N1bn within 90 days to help the institution out of its current financial crisis.
The initiator of the effort, Adebayo Adeyinka, noted that the target was to raise N7bn as a form of intervention. He said the idea came after a lecturer of the school approached him for financial support.
He said, “The day a lecturer begged me for N1,000 was the day I knew that we could no longer fold our hands. Together with the #fundlautech team, we decided to do something. The easiest thing in the world is to criticise. But we are determined to put our money where our mouth is.
“The unveiling today is the result of that determination to contribute our quota towards solving this problem. After weeks of consultation and brainstorming, the initiators of the project decided to adopt the crowd-funding model where alumni members and friends of the school can send in their donations. This donation will be used to pay the salaries and obligations of the staff of LAUTECH.
“Our aim is to raise first N1bn within 90 days. The current wage bill of LAUTECH is N350m monthly. If we succeed in raising this sum from the public, we will have a foot in the door, which will enable the university to reopen, while negotiations and auditing as recommended by the visitation panel can continue.”