CMFB Launches Covenant University Endowment Fund

CMFB Launches Covenant University Endowment Fund


Officials of the Covenant Microfinance Bank (CMFB), Canaan Land, Ota, a financial institution owned by Covenant University, on Thursday, June 11, 2015, visited the Management of the University.

The visit was to sign an MoU for the establishment of an Endowment Fund with which the Bank will award monetary gifts to the best graduating students in four Departments of the University. The Departments include Banking and Finance, Business Management, Chemical Engineering and Architecture.

In his remarks, the Vice-Chancellor, Professor Charles Ayo stated, “We are most delighted to have you here today. This is a huge gift to the University and it makes me want to look into other things we can do together. I am sure we can do a lot of things together. I and my team will look into other areas of partnership with CMFB.”

The Director, Financial Services, Pastor Deji Okunbanjo, speaking on behalf of the Registrar, Dr. Olumuyiwa Oludayo, welcomed the officials and commended their efforts to reach out to the University.

Speaking at the meeting, the Managing Director of the Bank, Mr. Tejumola Peter, HJMJKsaid, “We are here for our Corporate Social Responsibility. We want to give back to the community for supporting us. It is a known fact that this university is the best. By the grace of God, this MoU will move Covenant University and its students community forward. It is also important to note that this Endowment Fund shall be in perpetuity.”

Also present at the meeting were the representative of the Legal Team, Barr. Ayo Osayande and a member of the Directorate of Media and Corporate Affairs.