Research: First Medical University to launch N1b trust fund

The first University of Medical Sciences (UNIMED) in Nigeria located in Ondo town, Ondo state is to launch a N1b trust fund to achieve excellence in medical research and service delivery. 

To be known as “ Friends of  UNIMED trust fund”, the initiative is an invitation to friends, patriot and shareholders to join the building process of the University. 

The Vice Chancellor of the University, Prof Friday Okonofua said this in Ondo town during a chat with Vanguard that the launch will come on July 7 this year. 

Prof Okonofua said that the goal “ is to attract  one million faithful friends who make annual donations of at least N1000 each. 

“ This will amount to about N1b each year enough to embark on major developmental projects each year for the university. 

Already over 500 persons have bought into the idea which over N2m has been realized by the institution. 

Prof Okonofua said that it is imperative that institutions that intend to attain global excellence must seek alternative methods of funding. 

“ The University of Medical Sciences has up to ten different fund raising strategies, one of which include the Friends of UNIMED fund. 

The VC said that the fund will be managed by the governing council of the University while quarterly financial statements of the fund will be forwarded to all friends and that account will be audited  by external auditors appointed by the council. 

“ Only projects that have been duly approved by the council  will be implemented under the fund while award of contract will be based on open bidding and in accordance with existing national procurement. 

Prof Okonofua speaking on the achievement of the institution said the laboratories are now ready and the NUC and the MDCN will soon be invited to accredit the basic medical courses of the Medical and dentistry Programme. 

What a creative fund raising Idea.