Coronation Trustees Bid to Manage Covenant’s Endowment
Coronation Trustees Limited, a member of the Coronation Merchant Bank Group, has proposed to provide trustee an asset management services for the management and administration of the Covenant University Endowment Fund.
Unveiling the proposal to the Management of Covenant University on Friday, October 13, 2017, the Managing Director, Coronation Trustees, Ms. Boyede Adebanjo, said that having realized that government alone cannot fund education, universities worldwide had overtime evolved numerous ways of sourcing funds such as donation, endowments, professorial chairs, gifts, grants among others.
She described endowments as financial assets that are donated to universities to fund designated programmes, with the intention to invest it, so that the total asset value will yield an inflation-adjusted principal amount, along with additional income for further investments and supplementary expenditures.
According to Ms. Adebanjo, Coronation Trustees proposes to partner with Covenant University on the establishment of an Endowment Trust to enable the University achieve its endowment goals. She added that the objectives of the Endowment Trust include capital preservation, investment optimization, governance, and accountability.
Both the Director, Financial Services, Pastor Sunday Abayomi, and the Chief Internal Auditor, Pastor Kopji John, were unanimous in their commendation of the presentation, but sought clarification on some technicalities, such as getting critical donors and the identities of institutions whose endowment funds Coronation had managed in the past.
In his remarks, the Deputy Vice-Chancellor, Professor Shalom Chinedu, representing the Vice-Chancellor, Covenant University, Professor AAA. Atayero, said that the University was delighted to have the proposal from Coronation Trustees at a time the University was running the vision of becoming one of the top 10 universities in the world.
While acknowledging that successful universities have endowment funds, Professor Chinedu said a strong and viable endowment fund is very important to Covenant University. He added that the University will take another look at the proposal by Coronation Trustees with a view to meet later for further deliberation.
Also on the team from Coronation Trustees were the Head, Asset Management, Mr. Emeka Okolo, and Mr. Frank Iloenyosi.