The Alumni Association of the Ladoke Akintola University of Technology, LAUTECH, on Tuesday said it had raised N1,246,500 in two days.
Bayo Adeyinka, an alumnus and one of the facilitators of the #Fundlautech project, made this disclosure in a chat with PREMIUM TIMES.
Mr. Adeyinka, alongside other former students of the institution, had on Monday in Ibadan unveiled the plan at a news conference organised by the alumni of the school under the tag, #Fundlautech team.
The plan was put in place by the Alumni Association to raise N1 billion within 90 days to help the school solve the funding challenge that has crippled it.
“As at this moment (Day 2), we have raised N1,246,500,” Mr. Adeyinka told PREMIUM TIMES Tuesday night.
He, however, said that although the project has attracted some form of criticism from certain quarters, the team will pursue its goal to the end.
Saharacable.com reports that students of the institution on Tuesday expressed scepticism over the plan.
According to the students, any measure that does not offer a lasting solution to the perennial funding challenge is not acceptable to them.
“Raising funds for LAUTECH may sound good to the society because activities will resume, but this is only a way of putting a temporary smile on our faces,” Olatunde Bakare, President of the Students’ Union Government, had said.
He said for that reason, the efforts of the alumni association was not acceptable to the students.
But Mr. Adeyinka explained that such form of resistance was not unexpected, adding that the team would go ahead with its plan notwithstanding.
“People are enthusiastic about the idea but there are a few pockets of critics. It’s a new concept here, so a few resistance is not unexpected,” he said.
“We have placed so much emphasis on transparency. The website www.fundlautech.com even has a list of donors for transparency.
“Our goal is to raise N1 billion in 90 days. However, wage bill is N350 million monthly. So, once we get that we can put that on the table so the school can resume while other things like forensic auditing can go on.
“I believe if we achieve some measure of success, this may well herald a new vista for resuscitation of the educational sector in Nigeria,” he added.