Following the prolonged crisis rocking Ladoke Akintola University of Technology, LAUTECH, Ogbomoso, the alumni association of the university on Monday, June 12 pledged to raise N1bn within 90 days to help the institution out of its current financial constraints.
Adebayo Adeyinka, the brain behind the initiative stated 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.
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.