By Elizabeth Osayande

In a heartfelt address at the 55th anniversary of the University of Lagos, UNILAG Alumni Association, the President Worldwide of the association, Engr. Ifeoluwa Oyedele has emphasised the critical role of alumni contributions in shaping the university’s future and supporting current students.

The event showcased a public lecture-themed “Nation Building in a Deregulated Economy: A Clarion Call for Citizens,” aligning with the association’s vision of community involvement and excellence.

“We define what an alumni association should be,” Oyedele declared proudly. “Just as the University of Lagos is the nation’s pride, I can say without any iota of contradiction that the University of Lagos Alumni Association is also the nation’s pride.”

He highlighted the impressive infrastructure and resources the association has developed to support the university, illustrating its commitment to the institution’s growth. “When alumni from other universities see our magnificent buildings, they are often left in awe,” Oyedele noted.

The president also underscored the influence UNILAG alumni have had across various sectors in Nigeria. “Virtually all of the great people in Nigeria, from the Chief Justice to captains of industry, are alumni of this university. The knowledge we acquired here has prepared us for leadership roles.”

A specific initiative that Oyedele mentioned was his donation of a scanning machine, which significantly improved the university’s transcript processing times. “Now, it takes about 30 minutes to produce transcripts and respond to inquiries,” he stated, showcasing how tangible contributions can streamline university operations.

Reflecting on the need for sustainable funding, Oyedele stated, “Universities are run with endowments, not by the owners. If we can dramatically increase our endowment, we can relieve financial pressure on our students. Imagine what it would mean for UNILAG to have even one-tenth of Harvard’s $50.1 billion endowment.”

He further pointed out that while UNILAG manages an endowment fund, additional support is crucial. “We still need a lot of money so that from the interest alone, we can manage university operations without continuously increasing fees for students.”

In addressing the broader economic landscape, Oyedele shared insights on the recent fuel subsidy removal in Nigeria. “Nation-building is often a painful process,” he remarked, referencing the guest lecturer who outlined the rationale behind such economic reforms. “Subsidy primarily benefits the rich; for every hundred naira in the electricity sector, only eight naira is enjoyed by the less privileged.”

“This is not just about immediate hardship; it’s about creating a fair and equitable system in the long run,” he added. “Yes, times may be tough now, but these policies are ultimately for the greater good of our society.”

On his part, the Guest speaker, a former Country Chair of Shell Petroleum Development Company, and Chairman of Julius Berger Plc, Mutiu Sunmonu, called on Nigerians to be patient with policies made by the Tinubu administration.

While noting that the long-term benefits outweighed the short-term sufferings, Sunmonu called on the government to put in measures to cushion the effects of the policies.

“The point for me is that, as a people, we don’t appreciate what we have got. Rather, we seem to be focusing on our challenges of today rather than looking at the opportunities we have to build a nation. And until we get ourselves into that mindset that collectively, we can build Nigeria instead of engaging in the blame game we will not move forward.

“Although, some of the measures governments are taking are painful. But we must not be distracted from the long-term objective of stability. We must, therefore, recognise the goodness in these measures. Let us work with the government to see how we can ameliorate the pain of the measures.”

The event had as host, UNILAG Vice Chancellor, Prof. Folashade Ogunsola and chairman of the occasion, Chairman, Channels Media Group, Dr. John Momoh, the Pro-chancellor & Chairman of Council, Chief Wale Olanipekun, and the presence of alumni of the institution both home and abroad that included top government officials, captains of industries, among others.