Speaking at Karen County Club where he launched the ambitious fund, Dr. Peter Wanyaga Muthoka revealed that his plan is to fashion the ‘’ after the world’s great Universities such as Yale, Oxford, Harvard, and Stanford. Stanford’s $40.9 billion endowment provides an enduring source of financial support for the fulfillment of the University’s mission of teaching, learning, and research. Can the MMUST fund do the same? The probability is very high and this is a fund to watch.
“My desire is for the Chancellor’s Endowment Fund to be a replica of the Stanford University endowment which is the largest academic endowment fund in the world today. The cash that we have used to set off this fund is mere ‘seed money and will require continuous fundraising in order to grow into a gigantic fund that will accommodate the diverse nature of students’ needs, ” he stated.
Dr. Muthoka who is a veteran entrepreneur and an astute businessman in his own right stressed the importance of Africans rising up and taking care of themselves. “Nobody will come to develop Kenya for us. We have to do it ourselves,” he said
The MMUST Chancellor, Dr. Peter Wanyaga Muthoka speaking during the launch.
The Chairperson of the MMUST Council, Dr. Musangi Jane Mutua assured the Chancellor that Council would solidly support him in ensuring that the fund not only grows but serves its intended purpose. “I will ensure that we have the requisite structures and policies that will guide the disbursement of this fund to those students who need it most. I am sure that through this fund, cases of students missing exams due to unpaid fees will drastically reduce,” said Dr. Mutua
Similarly, the Chairman of the Council from Turkana University expressed satisfaction with the idea of a fund, adding that it is a legacy that would benefit many people. Prof. Chemeningwo, who had accompanied him revealed that in some universities in Europe, there is more money for supporting education than for those who need it. Such is the irony of life.
“Endowment funds are not built in one day. They are grown over time-VC. I want to invite all the donors, funders, and friends of Masinde Muliro University of Science and Technology to positively respond to our calls to help uplift the needy students in our society. Let us promote the culture of giving. The fund shall effectively expand our financial base as a University, especially in this era of diminishing government funding.” said the Vice Chancellor, Prof. Solomon Shibairo.
The Deputy Vice-Chancellor in charge of Academics and Student Affairs, Prof, Hussein Golicha, who was also present at the event promised to meet with the Deans of Schools to chart out a strategy for raising cash. Speaking on behalf of the Professors of MMUST, Prof. Okoth reiterated that as Professors they are concerned about the needy and will strongly support the noble idea of establishing a fund.
The Chairperson of the MMUST Council, Dr. Musangi Jane Mutua addressing the participants during the event.
Reassuring the founder of the fund, the Chairman of the Chancellor’s Endowment Fund Committee, Prof. Danstone Baraza Lilechi, pointed out that the fund will be guided through a policy. “My team and I have committed to mobilize as many people as possible to join us in growing this fund. This includes banks, other Vice Chancellors, unions, the community as well all the governors of Western Kenya and their friends, he said. The other members of the committee include Prof. Edwin Wamukoya, Rtd. Col. Prof. John Okoth, Dr. Lydia Anyonje, CPA Jared Rading, and Mr. Victor Malimu.
The launch was also attended by MMUSO Chairman Mr. Samuel Montari who gave live examples of comrades that he come across who can hardly raise money for a single meal. Clearly, those who need the fund are out there and MMUST has risen up to the challenge.
Photos by Shiundu Masafu
