Fagbohun inaugurates 21- man Lasu Financial Sustainability Committee

Success Damian:

Vice Chancellor, Lagos State University (LASU) Professor Olanrewaju Adigun Fagbohun (SAN, NPOM) has inaugurated a 21- man Lagos State University Financial Sustainability Committee to develop strategies for the financial sustainability of the University during and beyond the Covid-19 pandemic.

According to a press statement, Professor Fagbohun, speaking during the inauguration which took place via a virtual meeting on Monday, 11th May, 2020, said constituting the 21- man Committee became imperative in the light of financial challenges that are expected to confront the University in the wake of, and aftermath of the pandemic.

He said "As a management, we do recognize that our institution, like almost every other institution around the world, are already facing and will face serious (financial) challenges. But a lot will depend on how institutions chose to manage their affairs. It is for this reason that the Management of our University felt the need to put in place strategies that will ensure the sustainability of our University; strategies that will endure. That is why we have put together this Committee, more as a think -tank to critically think through all facets of financial sustainability relevant to our now and future," Fagbohun disclosed. 

The Vice Chancellor also revealed that capacity, competence and all-inclusive representation were key factors in deciding membership of the Committee.

"This Committee is one of the most important Committees that we will be setting up for the Lagos State University because the sustainability, growth and progress of the institution going forward will depend largely on it. That is why the university management was focused on selecting the right members. The composition of the Committee is diverse and all inclusive: all our staff unions including the students union are represented. We want to lean on the strength, competence, expertise and goodwill of the members to achieve our goals."

The Terms of Reference of the 21-member Committee include; to identify short and long term income generating opportunity for the University, to develop strategies to implement the identified opportunities to boost the financial capability of the University, to identify possible leakages in the system and to make recommendations on any other matter that may be directly or indirectly incidental to the Committee's assignment. 

Fagbohun further said "Through the effort of this Committee, we must be able to show to the government that we on our own are also thinking outside the box to move forward and deepen our income generation beyond the subvention from government. We also want the government to recognize that we are disciplined and able to develop our own solutions as a University.

"As a management, we can assure you that we will fully support you to achieve your terms of reference. We believe that we can work aggressively to come out of the woods and we can confidently say that we are moving forward," he said.

Responding on behalf of the Committee, former Dean, Faculty of Management Sciences, Professor Banji Fajonyomi appreciated the University Management for deeming them fit for the assignment. He said, "We have accepted this responsibility and we promise that, to the best of our ability, we will give the University the best to sustain itself financially. We thank the University Management and promise to deliver within the time frame given us."

Members of the LASU Financial Sustainability Committee include Prof. Ayo Omotayo as Chairman; Prof. Banji Fajonyomi; Prof. Elias Wahab; Prof.  M. A.  Oludara; Prof. Moses Akanbi; Prof. Shehu Akintola and Dr. Tunji Azeez.

Others are Dr. Toyin Enikuomehin; Dr. Bosede Amoo; Dr. Taiwo Ajala; Dr. Ibrahim Bakare; Dr. O. M. Williams

13. Mr Olabode Akinrinmade; Mr Emmanual Sosu Olaitan; Miss Agnes Sesi; Representative of ASUU and Mr Lateef Salami, Representative of SSANU.

The committee which has Mr Aderemi Fashola as Secretary, also has representative of NASU; Representative of NAAT; Mr. Abdul Basit Ashade, President, Students Union; and Mr Abdul Qayum Aromire, Speaker, Students Parliamentary Council.

The Committee was expected to submit it's report in four weeks.