Hamzat Backs Knights of St. Mulumba’s ₦2bn Endowment Fund for Sustainable Charity

Lagos State Deputy Governor Obafemi Hamzat has backed a plan by the Knights of St. Mulumba Nigeria, Lagos Metropolitan Council, to establish a ₦2 billion endowment fund intended to provide long-term financing for charitable and humanitarian work.
Hamzat spoke during the unveiling of the initiative at St. Leo Catholic Church in Ikeja, describing the endowment model as a way of helping charitable organisations reduce their dependence on repeated fundraising and member contributions. Punch Newspapers
The initiative carries the theme “Investing Today, Sustaining the Mission, Empowering Generations.”
The ₦2 billion figure represents the fund's target rather than an amount already secured.
Under the proposed structure, the capital is intended to be preserved and invested, while income generated from those investments would be used to support approved programmes.
Building a permanent source of funding
The Knights of St. Mulumba says the idea grew from the need to make its charitable activities financially sustainable.
Like many voluntary and faith-based organisations, the group has traditionally relied heavily on dues, levies, donations and fundraising from members.
That approach can become difficult when humanitarian needs increase or economic conditions place greater pressure on individual donors.
The Lagos Metropolitan Council therefore wants to create a pool of capital capable of generating recurring income.
The Catholic Archdiocese of Lagos said when the project was first announced that the principal would be preserved and prudently invested, while returns would support the organisation’s charitable mission. Lagos Archdiocese
Metropolitan Grand Knight Nosa Ehigiator said the organisation could no longer depend indefinitely on contributions from members to meet its growing responsibilities.
Education, healthcare and support for vulnerable people
The endowment is expected to support a range of humanitarian activities.
Earlier information released about the programme identified areas including education, healthcare, assistance for widows and orphans, legal aid, prison-related outreach, social justice initiatives and support for victims of violence and crime. The Sun Nigeria
Hamzat said a sustainable fund could also finance practical interventions such as scholarships and boreholes without requiring members to contribute fresh money every time a new project is proposed. Punch Newspapers
The model differs from a conventional fundraising campaign where donations are immediately spent.
With an endowment, the goal is generally to preserve the main pool of money and spend some of the returns it generates.
That approach is widely used by universities, foundations, charities and religious institutions that want programmes to continue long after the original donors have contributed.
Hamzat calls for government-faith partnerships
Hamzat also used the event to argue for closer cooperation between government and religious organisations in addressing social problems.
He said faith-based institutions already play important roles in areas including education, welfare and community assistance, making cooperation with government potentially useful where responsibilities overlap. Punch Newspapers
Such partnerships can involve organisations contributing existing community networks, volunteers, facilities or specialist programmes while government provides policy support or other forms of cooperation.
The deputy governor said the Lagos State Government would engage with the Knights over the initiative and support programmes aimed at improving residents’ welfare.
The remarks were made while Hamzat is also the All Progressives Congress governorship candidate in Lagos, making it important to distinguish his political position from the charitable initiative itself. Punch reported that he attended the event with his running mate, Damilola James. Punch Newspapers
Hamzat says Lagos is considering its own long-term savings structure
During the event, Hamzat said the Lagos State Government had also sent a bill to the State House of Assembly that would create a system for setting aside a percentage of government resources for long-term investment. Punch Newspapers
He argued that governments should not spend all available resources without making provisions for the future and suggested that similar structures could eventually be considered by other states, local governments and the Federal Government.
That proposal is separate from the Knights of St. Mulumba endowment.
The church-linked fund would be privately financed for charitable purposes, while the government proposal described by Hamzat would involve public resources and would therefore be subject to legislative approval and public-finance rules.
Archbishop backs the initiative
The Catholic Archbishop of Lagos, Most Rev. Alfred Adewale Martins, has also supported the endowment project.
When representatives of the Knights presented the plan to him ahead of its launch, Martins described it as a welcome development and noted that established religious institutions in other parts of the world had been able to sustain some of their work through investments. Lagos Archdiocese
He also disclosed that the Lagos Archdiocese was considering similar approaches through its Finance Council.
At the unveiling ceremony, the Archbishop was represented by Very Rev. Fr. Emmanuel Ayeni.
The cleric acknowledged that raising ₦2 billion would be difficult but encouraged members to remain committed to the fundraising effort. Punch Newspapers
A long-term rather than one-off charity model
Worthy Supreme Knight Steve Adehi, SAN, described the fund as a legacy project intended to benefit the Church, members of the Order and vulnerable people beyond the current generation. Punch Newspapers
The central idea is that today's contributions should continue producing resources in future years.
If, for example, an endowment successfully generates investment income without regularly drawing down the original capital, future members of the organisation could continue funding charitable programmes from the same pool.
However, the long-term success of such a model depends on several factors.
The fund would need transparent management, appropriate investment policies, controls over withdrawals and clear rules determining which programmes can receive support.
Investment returns can also rise and fall, meaning an endowment does not guarantee a fixed amount of charitable spending every year.
Economic conditions make sustainable charity more important
The initiative comes at a time when Nigerian households and charitable organisations are operating under considerable financial pressure.
Higher living costs can simultaneously increase the number of people seeking assistance while making it harder for donors to contribute.
That creates a difficult situation for organisations funded mainly through voluntary donations.
An endowment can help smooth some of that volatility by creating a separate income-producing asset.
But reaching the ₦2 billion target remains the first challenge.
The Knights will still need individuals and organisations willing to contribute enough capital before the investment model can operate at the scale being proposed.
From fundraising to institution-building
The Knights of St. Mulumba’s project reflects a wider conversation among charitable organisations about how to move beyond repeated emergency fundraising.
Traditional donations remain important, particularly when urgent needs arise.
But organisations with long-term responsibilities increasingly look for ways to create financial structures that can survive changes in leadership and economic conditions.
For the Knights' Lagos Metropolitan Council, the ₦2 billion target is intended to create that kind of structure.
Whether it reaches the target and how effectively the money is eventually managed will determine the scale of the programmes it can sustain.
For now, the organisation has moved from discussing the concept to publicly launching the fundraising effort — with backing from the Catholic Archdiocese and support expressed by Lagos' deputy governor.