EDUCATION ENDOWMENT FUND LAW OF LAGOS STATE
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EDUCATION ENDOWMENT FUND LAW
ARRANGEMENT OF SECTIONS
1. Establishment of the Lagos State Education Endowment Fund
2. Establishment of the Board of Trustees, etc.
3. Functions of the Board
4. Power of the Board
5. Power to give directions to the Board
6. Financial provisions
7. Annual report
8. Penalties for unauthorised collections
9. Interpretation
10. Citation and commencement
EDUCATION ENDOWMENT FUND LAW
A LAW TO ESTABLISH THE LAGOS STATE EDUCATION ENDOWMENT FUND AND THE BOARD OF TRUSTEES WHICH IS VESTED WITH THE RESPONSIBILITY TO MANAGE THE FUND AND FOR CONNECTED PURPOSES
[1989 No.12.]
[Commencement] [l1th August 1989]
1. Establishment of the Lagos State Education Endowment Law
(1) There is established a Fund to be known as the Lagos State Education Endowment Fund (referred to as “the Fund”) for the purpose of raising money through private and public contributions to finance and improve the quality of education in the State.
(2) The Fund will be an integral part of the Office of the Governor. (3) Subject to the supervision of the Governor or any authorised person with that they have and the provisions of Section 3 of this Law, the Fund will be manage by the Office of the Governor.
2. Establishment of the Board of Trustees, etc.
(1) There shall be a Board of Trustees (referred to as “the Board”) which will conduct the affairs of the Fund subject to the control and supervision of the Office of the Governor.
(2) The Board will consist of a Chairman and sixteen (16) other members appointed by the Governor.
(3) The Chairman and other members of the Board will be appointed on the basis of their individual merits and abilities to make meaningful contributions in the generation of funds towards financing qualitative education in the State.
(4) Members of the Board (not being public officers) will hold office for three (3) years and be eligible for reappointment for another period of three (3) years.
(5) A member of the Board who is not a public officer will be paid sitting allowances from the vote approved by the Governor for the purpose.
(6) The Board will meet not less than four (4) times in each year and on such other occasions as the Board may consider necessary.
(7) The quorum for meetings of the Board is four (4), including the Chairman.
(8) At any meeting of the Board, the Chairman will preside, but if absent, the members present at the meeting will appoint one of their members present to preside at that meeting.
(9) The Board may appoint one or more committees to carry out, on behalf of the Board, such of its functions as it may determine.
(10) The Board may co-opt persons who are not members of the Board to any meeting of the Board or any committee thereof, and such persons may take part in the deliberations of the Board or any committee thereof but will not be entitled to vote at the meeting of the Board or any of its committees.
(11) Subject to the provisions of Section 25 of the Interpretation Law (which provides for decisions of a statutory body to be taken by a majority of its members and for the person presiding to have a casting vote), the Board may make standing orders regulating the proceedings of any of its committees.
[Cap. 14.]
3. Functions of the Board
(1) The functions of the Board are to-
(a) administer the Fund for financing qualitative education in the State;
(b) raise or collect contributions and donations for the Fund. For this purpose, the Board may from time to time organise charity shows, exhibitions and other fundraising events as it may deem fit;
(c) acquire assets for and on behalf of the Fund;
(d) provide funds for the improvement of qualitative education in the State;
(e) conduct regular assessments of the financial and material requirements needed for qualitative education in the State; and
(f) do such other things which in its opinion are necessary or expedient for the proper performance of its functions under this Law.
(2) The Board will be responsible for the determination of the overall policy of the Fund and in particular, for the financial programmes and the implementation of all its policies and programmes subject to the approval of the Governor.
4. Power of the Board
(1) The Board shall have power to-
(a) open and operate with the consent of the Governor ordinary and domiciliary accounts with any reputable banking institution in Nigeria; and
(b) invest moneys in stocks, bonds, etc. when the need arises.
(2) The powers conferred on the Board under subsection (1) of this Section may be exercised by or through any employee authorised by the Board so to do so.
5. Power to give directions to the Board
The Governor may give to the Board directions of a general character or relating generally to matters or policy with respect to any of the functions of the Board under this Law, and it will be the duty of the Board to comply with such directions.
6. Financial provisions
(1) The Board shall maintain a fund which will consist of-
(a) such moneys as may from time to time be provided by the State Government by way of loan or grant;
(b) contributions through philanthropic donations;
(c) such moneys as may be received by the Board in the course of its operation or in relation to the exercise of any of its functions under this Law, and from such fund there will be defrayed all administrative expenses incurred by the Board.
(2) Subject to any general or special direction that may be given by the Governor pursuant to Section 5 of this Law, the Board may invest its funds and maintain a general financial reserve.
(3) The Board must keep proper account and records of its receipts, payments, assets and liabilities and prepare in respect of each financial year a statement of accounts in such form as the State Government may direct.
(4) The Board must as soon as possible after the end of the financial year to which the accounts relate, cause the accounts to be audited by an auditor selected from a list of auditors approved by the Auditor-General of the State in accordance with the Audit Law of Lagos State.
7. Annual report
The Board must as soon as possible after the expiration of the financial year, prepare and submit to the Governor an annual report of its activities during the preceding financial year, and shall include in such a report a copy of the audited accounts of the Fund for that year together with the Auditor-General’s Comment on the annual account and the Auditor’s report as provided under Section 26(8) of the Audit Law of Lagos State.
[No.7 of 2011 L.L.S.N]
8. Penalties for unauthorised collections
(1) A person who levies or accepts any contribution from any other person without lawful authority, purporting such contribution to be made for the purposes of this law commits an offence and liable on conviction to pay a fine of five times the value of collections received, or to imprisonment for two (2) years or to both such fine and imprisonment.
(2) The court shall make an order directing the fine imposed under the provision of subsection (1) of this Section to be paid over to the Board.
(3) Where an offence under this Law is committed by a body corporate or firm or other association of individuals all-
(a) directors, managers, secretaries or other similar officer of the body corporate; or
(b) partners or officers of the firm or association of individuals; or
(c) persons concerned in the management of the affairs of the firm or association; or
(d) persons who purport to act in such capacity as mentioned, will severally be guilty of that offence and liable on conviction to a fine of Five Thousand Naira (N5,000.00 ) as if they had personally committed the offence unless they prove that the act or omission constituting the offence took place without their knowledge.
9. Interpretation
In this Law unless the context otherwise requires-
“Board” means the Board of Trustees established by Section 2 of this Law;
“Chairman” means the Chairman of the Board of Trustees;
“employee” means a public officer in the Office of the Governor or within the State Civil Service;
“function” includes powers and duties;
“Fund” means the Lagos State Education Endowment Fund established by section1 of this Law;
“member” means a member of the Board and includes the Chairman;
“Governor” means the Governor of Lagos State;
“State” means Lagos State of Nigeria.
10. Citation and commencement
This Law may be cited as the Lagos State Education Endowment Fund Law, and will come into force on the 11th day of August 1989.
LAWS OF LAGOS STATE
LAWS OF THE FEDERAL REPUBLIC OF NIGERIA
