IIT launches N200m endowment fund
FUNKE ODUWOLE
Institute for Industrial Technology (IIT), a nonfor- profit organization catering for the education needs of less privileged indigent students in Lagos has launched a N200million endowment fund to address the challenge of funding its various programmes. Chairman ,Governing Council of the institute, Otunba P.A Adegbesan while speaking at the sixth graduation ceremony of IIT said the endowment fund was being set up to address the biting funding challenge facing the institute. According to him, the yield of the fund raising drive would be the source for scholarship grants to the indigent students. “To this end, we already have a donation of N20 million from Intercontinental Bank, we appeal to other well meaning individuals and corporate organizations to support this noble cause”. IIT is a project of the African Development Foundation (ADF), it is a social welfare foundation established in 1994. The ADF aims to address the widespread poverty in the country through the IIT and to provide the industries with skilled technical manpower through technical-vocational education and training.

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