“Obinwanne will soon start aN100m endowment fund.” Eze Justin Ezeala.

The “one year one project” slogan of Obinwanne Umuaka Autonomous Community has taken a bigger dimension as the community is set to launch a N100 million endowment fund for the development of the community and her indigenes. This was disclosed by the royal father of the community HRM Eze Justin Uzoma Ezeala last week during the annual empowerment program he organizes in the entire Umuaka Municipal Council. While making his speech during the event after he had received two awards from Umuaka Times newspapers, the monarch lamented that for the past two years or more, he had been calling on all the autonomous communities in Umuaka and their royal fathers to come together and establish a one billion Naira endowment fund that will benefit and shape the future of Umuaka sons and daughters but nobody listened.

Hear the monarch in his own words: “You see, I have over the years called on our people in the entire Umuaka EbeIri and made them to understand the need for an endowment fund but it seems to me that Umuaka is not ready yet. We have therefore decided to do it on our own because Obinwanne is equal to the task.”

The royal father continued, “In line with our one year one project approach, Obinwanne will embark on a N100 million endowment fund for the benefit of the people of Obinwanne Nwere Ugo.”

For those who may not properly understand, an endowment fund is like a savings account designed for institutions like schools, charities, or organizations. It’s a pool of money invested to generate income for a specific purpose, like funding scholarships or supporting a cause. The principal amount stays intact, and only the returns are used.

Umuaka Times findings last week showed that endowment funds are like long-term investments that are typically set up by institutions and communities to support specific goals, like funding research works, students’ aid and community development. Below is how the program works:

Findings show that an initial lump sum donation is made to the fund, then the money will be invested in assets like stocks, bonds, or real estate and the investments generate returns, like dividends or interest and finally, a portion of the returns is used for the intended purpose (e.g. community development). The beauty of this program is that the principal fund stays intact so as to enable a constant generation of income.

This is the program the royal father has advocated over the years for the survival of Umuaka as a community but sadly enough; the program seems to have some stumbling blocks. A well- known Akalite who spoke anonymously with Umuaka Times reporters on the proposal by the Obinwanne monarch lamented that the program may be dead on arrival. “This is a very good one from OnyeEze but the bad news is that which autonomous community in Umuaka today is living in peace? This type of program is certainly very nice but it cannot function in the isolation of peace. There is no peace in Umuaka except in Obinwanne. I wish Obinwanne people well.”