Former Vice President Yemi Osinbajo has warned that Nigeria is “paying a heavy price” for years of neglect of its education sector, describing many schools across the country as “broken” and “underfunded.”
Osinbajo gave the warning while speaking at the 94th Founders’ Day Celebration of Igbobi College, Lagos, where he emphasised that the foundations of leadership are laid early in life, long before adulthood.
“The discipline of waking up at 5:30 am and the ‘lights out’ rules in secondary schools are what actually build great leaders,” he said.
“The habits that sustain adults are formed in school, not improvised later in life.”
According to him, effective leadership is shaped far beyond the corridors of public office. “By the time a child turns 18, their ethical instincts are already likely formed,” Osinbajo noted, adding that many of the nation’s leadership challenges are rooted in weak foundational education.
The event, themed “Building Generational Strength for Educational Institutions in Nigeria,” was moderated by Professor of Strategy and Development, Anthony Kila. Osinbajo used the platform to advocate endowments as a sustainable strategy for strengthening educational institutions, describing an endowment as a pool of funds or assets donated by individuals or corporations and preserved to support schools over the long term.
“Many great institutions are backed by large endowments that sustain their operations for decades,” he said. “Endowments are not just about financial provision; they are about sustaining standards, cultures, values and norms. It is not just continuity, but continuation of ethos and a world.”
He recalled that Igbobi College, established in 1932 by Anglican and Methodist missionaries, was itself founded on endowment support. While the school currently charges fees, Osinbajo explained that the moral and civic environment that shaped generations of students was made possible through the sacrifices of early benefactors.
Reflecting on his years in public service, the former vice president attributed his principled approach to values acquired during his secondary school education.
“I served in several governments, but I was never able to be sycophantic,” he said.
“Ingrained in me is an abhorrence of empty praise. Yet we learned respect for hierarchy, balance and self-respect.”
In response to the school’s current needs, the Igbobi College Old Boys’ Association (ICOBA) announced the establishment of a ₦10 billion Endowment Fund aimed at revitalising the institution and securing its future over the next century.
The 12th President of ICOBA, Chief Yomi Badejo-Okusanya, said the fund would be deployed to construct new hostels, upgrade science laboratories and introduce advanced learning technologies.
He added that professional asset managers, Chapel Hill Denham, would manage the fund to ensure transparency and accountability.
“We don’t want anyone to ‘use the money anyhow,’” he said, urging alumni to give generously. Quoting an Igbo proverb — “Good soup na money kill am,” he stressed that quality education requires sustained investment and long-term commitment, even encouraging contributions from the estates of deceased alumni.
Representing Lagos State Governor Babajide Sanwo-Olu, the Commissioner for Basic and Secondary Education, Jamiu Tolani Alli-Balogun, pledged the state government’s support for initiatives such as ICOBA’s endowment drive.
“When a school like Igbobi produces disciplined individuals, it helps the government save money on social problems and strengthens the leadership pipeline for the nation,” he said, linking strong educational institutions to effective infrastructure management and national development.
Chairman of the lecture, Ademola Adeyemi-Bero, described endowment funding as a move away from “short-term intervention to long-term institutional stability,” highlighting the importance of structured and professional management of educational resources.
Osinbajo concluded by underscoring the generational impact of education.
“Every investment in a school is an investment in the future of the country,” he said. “Our early leaders did not emerge by accident; they were shaped by schools deliberately protected from volatility.”
The former vice president, who attended Igbobi College between 1969 and 1975, recalled receiving the State Merit Award and the African Statesman Intercollegiate Best Speaker’s Prize, achievements he said were products of the school’s disciplined and value-driven environment.
As the college moves toward its centenary, stakeholders say the ₦10 billion endowment goes beyond financial support, representing a deliberate effort to preserve the standards, culture and ethos that have shaped generations of Nigerian leaders.
