Lagos State University (LASU) has inaugurated a 21-man Financial Sustainability Committee to evolve strategies to create revenue sources and guarantee financial sustainability of the institution after the COVID-19 pandemic.
Inaugurating the committee at a virtual meeting on Tuesday in Lagos, LASU Vice Chancellor, Prof. Olanrewaju Fagbohun, said the step became imperative in the light of financial challenges that was envisaged in the wake of, and aftermath of the pandemic.
“As a management, we do recognise that our institution, like almost every other institution around the world, are already facing and will face serious financial challenges.
“A lot will depend on how institutions chose to manage their affairs that is why the management of LASU felt the need to put in place strategies that will ensure the sustainability of the university.
“That is why we have put together this committee, more as a think -tank to critically think through all facets of financial sustainability relevant to our now and future,” Faghoun said.
He said that capacity, competence and all-inclusive representation were key factors in appointing members of the committee.
“The committee is one of the most important committees to be set up in LASU because the sustainability, growth and progress of the institution going forward will depend largely on it.
“The composition of the committee is diverse and all inclusive: all our staff unions including the students union are represented, same with other segments of the university.
“We want to lean on the strength, competence, expertise and goodwill of the members to achieve our goals,”Faghoun said.
He said that terms of reference of the 21-member Committee included- to identify short and long term income generating opportunities for the university, to develop strategies to implement the identified opportunities.
“Others include: to boost the financial capability of the University, to identify possible leakages in the system and to make recommendations on any other matter that may be directly or indirectly incidental to the committee’s assignment.
“Through the effort of this committee, we must be able to show to the Lagos State government that we can also think outside the box to move forward and deepen our income generation beyond the subvention from government.
“We also want the government to recognise that we are disciplined and able to develop our own solutions as a university,” Fagbohun said.
He said that LASU management would fully support the committee to achieve its terms of reference.
“We believe that we can work aggressively to come out of the woods and confidently say that we are moving forward,”Faghoun said.
Prof. Banji Fajonyomi, former Dean, Faculty of Management Sciences, of the university who spoke on behalf of the committee members appreciated the management for deeming them fit for the assignment.
Fajonyomi said that the committee members had accepted the responsibility.
‘’We promise to show best of our ability and give the university the best to sustain itself financially.
“We thank the university management and promise to deliver within the time frame given us,” he said.
It was reported that members of the committee included – Prof. Ayo Omotayo, Prof. Banji Fajonyomi, Prof. Elias Wahab, Prof. M. A. Oludara, Prof. Moses Akanbi among others.