Upgrades PG school to College

As the nation’s premier university, the University of Ibadan begins the official programme to celebrate the 70th anniversary; the management on Saturday said arrangements have been concluded to adopting a culture of two-pronged revenue generation drive.

The management said the strategy was to reduce the institutions dependency on government funding and also achieve prudent management of available resources.

Vice Chancellor of the Institution, Prof Idowu Olayinka made the disclosure while addressing an International Press Conference to herald the activities lined up for the celebration.

The activities which officially begins on October 5th with a lecture would run through to November 17, 2018.



Prof Olayinka who noted that the 70-year-old would need as much as N30billion annually to achieve its goal of attaining world class standard however said, the institution is already restrategising to open up diverse streams of income to complement what it gets from the Federal Government.

He also stated that the institution’s council has approved the conversion of its Post Graduate School to Post Graduate College, saying, “with this development, the college will now be headed by a provost who will be assisted by two deputy provosts and two registrars.”

Olayinka said, “We are exploring ways that UI can make itself less dependent on government funding. We are adopting a two-pronged approach involving a resource mobilization plan and prudent management of the available resources.

Read Also: Colleges of education shutdown as COEASU joins NLC strike

“Elements of these include a regular income from commercial and increasing the endowment fund, research grants and the strategic funds that UI has available to use as it deems fit, to direct our course through these troubles and difficult times and beyond.

“In particular, we are partnering with industry, government and other stakeholders; strengthen our Consultancy services, encourage grantsmanship, mobilize funds from willing individuals and organisations including alumni, friends and the general public, consolidate the business established by the University such as UI Microfinance bank, UI ventures, UI water, Animal Production Venture, Fisheries and Aquaculture, Sawmilling which also provide training in entrepreneurship for students.



“The UI publishing House, UI endowment fund and the UI bookshop will be re-organised to operate optimally with definite targets. We encourage departments to engage in business sprinted consultancies and support collaboration with industry.

“Following approval by the Council of the University, a holding company Platinum UI Commercial Enterprises limited is being registered with the Corporate Affairs Commission under which umbrella all the commercial-oriented outfits in the university will operate.

“For us to be a world class university, we need to invest heavily in physical and infrastructural facilities, to address the acute shortage of office spaces for staff, classrooms and laboratories.

“Presently the institution’s subvention is about N13b, which is a far cry from what is needed to maintain the institution. Out of this N13b, salaries are paid, electricity bills which run to millions of naira is paid, water and healthcare are provided among other things.

“If the premier university is properly funded, within a shortest possible time, it would be among the top five in Africa and top 100 in the world.”

http://thenationonlineng.net/ui-to-adopt-alternative-funding-to-reduce-dependency-on-govt/

Lalasticlala Codetemplar

This self-funding financial model is the future of university funding all over Africa. Even Nigeria's best ranked uni, CU, that charges around 800k still depends on the owning church for regular injection of funds into the school's finances.

It may interest us to know that even South African university students are currently protesting planned increment in fees. The govt there too is subsidizing folks who aren't ready to repay back with there skills and it is crumbling their standards.

Honestly, the University of Ibadan should be placed on special funding. The govt is just stupid. With mediocre funding the University of Ibadan eclipsed University of Ghana - A flagship university in Ghana in Times 2019 world ranking.
I know scholars in UI that are as highly ranked as those in Ivy leagues e.g Gureje Oye

But since politics and tribalism won't let us be great, then a better approach would be to select 6 universities from six geopolitical zones in Nigeria; UI, Uniport, UNN, UniMaid, ABU, UniIlorin and givethem N50 Billion each in annual funding. This is enough to push each of them(if serious) to the top 500 universities in the world. It would bring back a lot of Nigerian scholars, increase research output and relevance, improve the quality of lecturers being supplied to other universities and stop the need for paying overcharged millions to western universities in the name of scholarships.

It is important to know that the very best around the world are getting billions of USD yearly from private pockets alone and they get it voluntarily.

Most of them have endowment funds in hundreds of millions of USD and above. Harvard has around 20 Billion USD in endowment funds alone.

This is a far cry from ours where the govt attempts to pump in all the money and people who value the certificate issued more than the skills acquired even take advantage of the system to bribe themselves in and enjoy subsidy they have no intention of repaying the society.

HigherEd:



“Presently the institution’s subvention is about N13b, which is a far cry from what is needed to maintain the institution. Out of this N13b, salaries are paid, electricity bills which run to millions of naira is paid, water and healthcare are provided among other things.

UI population of 35,000 students getting N13b averages some 371k per student. Add school fee of about 40-50k to it and that takes it to around N410,000 but people are complaining govt isn't doing enough.
There is also the N1 Billion TETFund money coming into their purses.

HigherEd:
Honestly, the University of Ibadan should be placed on special funding. The govt is just stupid. With mediocre funding the University of Ibadan eclipsed University of Ghana - A flagship university in Ghana in Times 2019 world ranking.
I know scholars in UI that are as highly ranked as those in Ivy leagues e.g Gureje Oye

If placed on special funding, that alone "can" catapult the school into top 200, but then what is the assurance that the extra funds will be well utilized?
I suggest the govt give extra funds to universities according to their IGR. For example, a school with N2 billion annual IGR should get half another with N4 billion IGR. This should apply to the extra funding alone.
When the uni sit up and improve the govt van then pull the plug and make them accountable.

HigherEd:

Upgrades PG school to College

As the nation’s premier university, the University of Ibadan begins the official programme to celebrate the 70th anniversary; the management on Saturday said arrangements have been concluded to adopting a culture of two-pronged revenue generation drive.

The management said the strategy was to reduce the institutions dependency on government funding and also achieve prudent management of available resources.

Vice Chancellor of the Institution, Prof Idowu Olayinka made the disclosure while addressing an International Press Conference to herald the activities lined up for the celebration.

The activities which officially begins on October 5th with a lecture would run through to November 17, 2018.



Prof Olayinka who noted that the 70-year-old would need as much as N30billion annually to achieve its goal of attaining world class standard however said, the institution is already restrategising to open up diverse streams of income to complement what it gets from the Federal Government.

He also stated that the institution’s council has approved the conversion of its Post Graduate School to Post Graduate College, saying, “with this development, the college will now be headed by a provost who will be assisted by two deputy provosts and two registrars.”

Olayinka said, “We are exploring ways that UI can make itself less dependent on government funding. We are adopting a two-pronged approach involving a resource mobilization plan and prudent management of the available resources.

Read Also: Colleges of education shutdown as COEASU joins NLC strike

“Elements of these include a regular income from commercial and increasing the endowment fund, research grants and the strategic funds that UI has available to use as it deems fit, to direct our course through these troubles and difficult times and beyond.

“In particular, we are partnering with industry, government and other stakeholders; strengthen our Consultancy services, encourage grantsmanship, mobilize funds from willing individuals and organisations including alumni, friends and the general public, consolidate the business established by the University such as UI Microfinance bank, UI ventures, UI water, Animal Production Venture, Fisheries and Aquaculture, Sawmilling which also provide training in entrepreneurship for students.



“The UI publishing House, UI endowment fund and the UI bookshop will be re-organised to operate optimally with definite targets. We encourage departments to engage in business sprinted consultancies and support collaboration with industry.

“Following approval by the Council of the University, a holding company Platinum UI Commercial Enterprises limited is being registered with the Corporate Affairs Commission under which umbrella all the commercial-oriented outfits in the university will operate.

“For us to be a world class university, we need to invest heavily in physical and infrastructural facilities, to address the acute shortage of office spaces for staff, classrooms and laboratories.

“Presently the institution’s subvention is about N13b, which is a far cry from what is needed to maintain the institution. Out of this N13b, salaries are paid, electricity bills which run to millions of naira is paid, water and healthcare are provided among other things.

“If the premier university is properly funded, within a shortest possible time, it would be among the top five in Africa and top 100 in the world.”

http://thenationonlineng.net/ui-to-adopt-alternative-funding-to-reduce-dependency-on-govt/

Lalasticlala Codetemplar

Hi higherEd , quick question cos it seems you know virtually all that is happening in Nigeria higher institution and you are omo covenant.
Do you know how much covenant is paying their ISP (internet service provider) annually for the provision of internet services on Campus and how reliable or should i say how fast is it.

cc:higherEd were are thou?

shegzhkn:


Hi higherEd , quick question cos it seems you know virtually all that is happening in Nigeria higher institution and you are omo covenant.
Do you know how much covenant is paying their ISP (internet service provider) annually for the provision of internet services on Campus and how reliable or should i say how fast is it.

I would find out how much it cost. As for speed that varies. But it is usually average. It certain areas it is very fast ..

asuustrike1:
cc:higherEd were are thou?

I dey o

shegzhkn:


Hi higherEd , quick question cos it seems you know virtually all that is happening in Nigeria higher institution and you are omo covenant.
Do you know how much covenant is paying their ISP (internet service provider) annually for the provision of internet services on Campus and how reliable or should i say how fast is it.

Hmmm . . .

HigherEd:

I would find out how much it cost. As for speed that varies. But it is usually average. It certain areas it is very fast ..

ok man thanks , will be expecting that.

HigherEd:

I would find out how much it cost. As for speed that varies. But it is usually average. It certain areas it is very fast ..

been expecting your response bruv.