…From Dele Ogunyemi, Ibadan…
Some friends of the late former Governor of Ondo State, Dr. Olusegun Kokumo Agagu have endowed an annual prize in his memory at the University of Ibadan.
The prize is to be awarded annually to the best M.Sc. student in Petroleum Geology/Sedimentology in the Department of Geology, of the University.
A letter dated 26 September, 2013 by Prof. Akinbo Adesomoju to the Vice-Chancellor, Prof. Isaac Adewole on behalf of the deceased’s friends, disclosed that “a cheque for one million and one hundred thousand naira (N1,100,000.00) has been made payable to the University of Ibadan for the endowment in perpetuity.”
The donors are Prof. Segun Adegbulugbe, Mr. Paul Agboola, Mr. Tokunbo Ajasin, Dr. Olu Akinkoye, Chief Pius Akinyelure, Prof. Akinbo Adesomoju, Prof. Segun Ekundayo, Mr. Tunji Alapinni, Engr. Remi Asuni and Prof. Yemi Badejoko. Other s include Senator Kola Bajomo, Prof. Femi Bamiro, Engr. Tunde Okurinboye, Dr. Femi Majekodunmi, Mr. Cliff Oratokhai, Arch. Gbenga Oladipupo, Prof. Femi Otubanjo, Prof. Dele Osibanjo, Prof. Tayo Shokunbi and Engr. Lanre Sagaya.
According to letter, N50,000 out of the donation is to be used for the 2013 award while the remaining one million and fifty thousand naira is to be invested by the University for the endowment.
The letter explained that 80 percent of the generated annual interest is to be given annually as the prize while the balance of 20% of the annual interest is to be added to the principal to ensure the annual growth of the investment, stressing that “the value of the annual award is fifty thousand naira N50,000.00 but may be adjusted from time to time by the University Administration and the Head of the Department of Geology as the investment grows.”
Dr. Agagu was a petroleum geologist who served as an Acting Head of the Department of Geology, Faculty of Science, University of Ibadan, from 1985 to 1987. He also served the country meritoriously in various other capacities including as the Deputy Governor of Ondo State, Minister of Aviation, Minister of Power and Steel and the Governor of Ondo State.
The Vice-Chancellor, Prof. Isaac Adewole thanked the donors for the worthy legacy in memory of the iconic politician and outstanding academic.