The leadership of one of the leading private tertiary institutions in Nigeria has revealed some of the huge cost of running the institution.
Vice Chancellor of Babcock University, Prof Ademola S. Tayo has stressed the importance of quality in the running of the institution.
He said the university was not-for-profit, hence its provision for work study programme, endowment funds, among other initiatives, to assist indigent students’ access to quality education.
Prof Tayo, who spoke during a visit to Matori, Lagos State Head Office of The Nation newspaper said: “One of our core values is excellence and we would not compromise. But at the same time, because of the philosophy of quality education, we introduced the work-study programme whereby the indigent but diligent students would use their hands to work so that they can augment part of the fees needed to fund their education.
“They work in the cafeteria, library, etc. They get paid and that has helped many of them. We also have parents’ consultative forum where parents partner with management, so that we have a pool of funds that children who lose their parents while in school can have access to, in order to fulfill their dreams.
“We also have the ‘adopt a child scholarship’ where we reach out to our host community. Also, we serve as guarantor for parents to access loans for their children’s education. But most importantly, we believe in frugality. Our university is not-for-profit. Nobody shares one naira. It is ploughed back to make the system work better.”
The vice chancellor, who was accompanied by the institution’s management team noted that the institution was being funded solely with earnings from its bakery, Guest House, water factory and other industries, with only two per cent subsidy from its proprietor, The Seventh Day Adventist Church. He added that the university spent about N20 million monthly on electricity.
Prof Tayo noted that the university’s fees were not too high for the services provided, “as it runs 24-hour power supply and the fees also cover tuition, accommodation, laboratory, among other expenses.”
He said the institution will be graduating its pioneer medical students in December, informing that the students have completed their various degrees.
The Medical School, according to him, was establised in 2012.
He said: “One of the areas of excellence that we want to carve a niche in this country is in the area of medicine, which we started in 2012. We have our accreditations from the Medical and Dental Practitioners Council of Nigeria (MDCN) and National Universities Commission (NUC), International Board of Education, National Postgraduate College and the West African College of Physicians. This December, we will turn out our first graduates in the medical school. They have completed their clinical rotation in India.”
Managing Director of The Nation, Mr Victor Ifijeh pledged the organisation’s support for the educational development of the nation, while stressing the organisation’s dedication to objectivity, fairness, integrity and balanced reports.
He lauded Babcock University for its achievements in the education sector, and its swift rise to global standards.
Responding, Prof Tayo acknowledged The Nation for her growth in its ten years of existence noting that “The Nation is a force to reckon with. Your newspaper is always at the forefront. We want to thank God for the role you have played in shaping the public opinion by your accuracy and the way your news are reported”