Pan-African financial services group, United Bank for Africa (UBA) Plc has resuscitated the UBA Professorial Chair of Finance at the University of Lagos with an endowment sum of the N52.9 million.

A cheque to this effect was presented to the Vice Chancellor of the University of Lagos Professor Rahman Bello and members of the institution’s governing council on Friday last week in Lagos by Mr. Phillips Oduoza, the Group Managing Director and CEO of UBA Plc.

The UBA GMD who led other executive management members the school said UBA is committed to the promotion of a globally competitive educational system in the country.

“We have seen that there is a huge gap in the funding of educational system in the country and UBA as an institution, strongly believes in the future of Nigeria and that a well trained and educated manpower is germane to our growth and development as a nation, which is the reason why we have decided to resuscitate this endowment,” he said.

Mr. Oduoza assured that the bank will continue to promote research and innovation in the Nigerian educational system, to boost man-power development and called on other banks, companies, institutions and individuals to emulate the UBA gesture.

“As first line beneficiaries of quality manpower, to support the pursuit of research and education in all Nigerian universities, private sector endowments will result in the creation of centers of excellence in different Nigerian universities, improving the quality of graduates, decision making and leadership in the society. Government alone cannot make this happen,” Mr. Oduoza stated.

The Vice-Chancellor of Unilag was full of commendations for UBA Plc for resuscitating this chair despite the economic meltdown in the country, just as he recalled the pioneering efforts of the bank in 1972 as it established the foremost chair in the university, the UBA Chair of Finance with an endowment.

Speaking on the robust relationship that exists between UBA and Unilag, the VC said, “It is worthy to mention here today that the first financial institution to show its presence on campus and to support academic excellence in the university was UBA. From our records, this reputable bank awarded scholarships to our students in the faculty of business administration way back from 1969/1970 academic session.”

Explaining further, the VC said, “The establishment of the UBA Professorial Chair of Finance in 1972 was the first at the University of Lagos and indeed in any other University in the country. It served as the major catalyst for the establishment in 1973 of the Department of Finance in the faculty of Business Administration.”

He added that the endowment would be used to facilitate faculty excellence by providing the much needed funds to the recipients for research, teaching and for other educational activities that will end up strengthening the knowledge base of the country.

UBA’s many contributions to education in Nigeria spans several initiatives and cuts across all geographical zones of the country.

The Bank, through its corporate social responsibility arm, UBA Foundation has provided world-class ICT centres include; Adekunle Ajasin University, Akungba-Akoko, Akure, Ondo State, University of Benin, Edo State, Federal College of Education, Osiele, Abeokuta, Ogun State, and the University of Ilorin, Kwara State.