Lagos State Governor, Mr. Babajide Sanwo-Olu has approved the sum of N350 million as bailout fund as well as an increase in the subvention of Adeniran Ogunsanya College of Education, Otto-Ijanikin, Ojo from N200 to N250 million. Special Adviser to the Governor on Education, Mr. Tokunbo Wahab disclosed this during a meeting with the management and members of the Colleges of Education Academic Staff Union (COEASU) Adeniran Ogunsanya Chapter.
According to him, “The bailout will be a form of relief to the management and staff of the institution for the payment of inherited debt, unpaid honoraria and personnel cost”.
According to Wahab, the approval of the fund was also in response to the request of the management and staff of the Institution for funds to fulfil its outstanding financial obligations. While appreciating the Governor for his kind gesture, the Special Adviser said the management should use the money for the purpose it was meant for as well as for the growth and development of AOCOED. Wahab , therefore, urged the management and the academic staff union of the institution to render the necessary support to the management and the state government for the success and greater achievement of the institution. Responding, the outgoing Provost of the Institution, Associate Professor, Aina Ladele thanked the Governor for granting their request and promised that the bailout would be judiciously used for the progress and development of the Institution.