• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Opinions Blurb

Did COVID-19 teach us anything about philanthropy?

Uche Ndimele by Uche Ndimele
July 24, 2021
in Blurb, Op-Eds, Opinions, Spotlight
Did COVID-19 teach us anything about philanthropy?
Share on FacebookShare on TwitterShare on Linkedin

There is no doubt that COVID-19 has taught us many lessons even as we continue to learn more about our vulnerabilities and strengths to the virus and other events like it. One lesson that the virus taught us is the need for philanthropy. It is quite encouraging to see Nigerians, big and small, in Nigeria and in the diaspora, come together to chip in with donations of various types, sizes and volumes, to make life at least bearable for those hit hardest by the virus, in terms of need.

It was a sight to behold, seeing mountains of bags of rice and other items being donated by Nigerians of different walks of life and location. While I applaud and express gratitude to those that gave, it is unfortunate, however, that it took the devastation of COVID-19 to awaken the philanthropic instincts in Nigerians.

Where have those instincts been when smart and clever Nigerians could not continue their education because they could not afford the tuition and other expenses that were required for their university education?

RelatedStories

African private capital fundraising hits $4 billion in 2024  

African private capital fundraising hits $4 billion in 2024  

April 17, 2025
Can Investors use ChatGPT to profit from shares?

OpenAI moves to become a for-profit business after its $6.6 billion fundraising 

November 5, 2024

Where was the philanthropic instinct when your alma mater and other schools around you, went from a state-of-the-art school or edifice to a dilapidated structure, for lack of maintenance?

Where was the philanthropic instinct when the research grants in Nigerian universities ran dry and scientific and social research and discoveries could not be undertaken?

The list goes on and on.

A cue from America

One of the things that makes America what it is, in education, research and other areas of advancement is philanthropic giving by way of endowments. Most wealthy Americans like Bill Gates, Warren Buffets, the Rockefellers and a host of them have endowments in colleges and universities that enable those universities to grant scholarships to deserving and needy applicants as well as fund research and development. To them, generous giving and philanthropy is and has become a way of life rather than a thing that happens only in emergencies and pandemics.

Laws that encourage philanthropic giving

One thing that makes generous giving in America enticing and continuous is that their laws encourage and reward the giver. The US tax law, for example, allows taxpayers to get credits for charitable donations made to recognized charitable organizations (subject to some limitations). By that law, when you give, you are not only helping others, you are also helping yourself in terms of tax and financial management. It is an altruistic giving. In fact, IRC 170 of the US tax code allows individuals to deduct 60% of their adjusted gross income for charitable deductions but following COVID-19, the CARES Act allowed 100% deduction in 2020.

What this means is that if your income is $100,000, you can decide to give the entire money away to charity and you will not pay any taxes on your income. On top of that, if you give more than the required amount, the tax law allows you to carry over the excess charitable contribution for the next 5 years. Could there be a better way to incentivize people and organizations to give? Probably not.

Those are the type of laws Nigerian lawmakers should focus their attention on, not how much they should get as car allowances etc.

University Endowments

Almost every year, the news goes out about one Nigerian or the other living in the US who gets accepted in Ivy League schools like Harvard, Yale, Columbia, Stanford, etc. The question is, how many Nigerian parents in the US can pay for education in such Ivy League schools? Yet their children go through such schools successfully, but how? Through scholarships funded with endowments. Endowments funded with contributions from generous Americans.

According to available data, Harvard University had the largest endowment in 2020 with $37,096,474,000 (yes, $37 billion), followed by Yale with $27,216,639,000, then Stanford, $24,784,943,000. The list goes on and on here. In comparison, how much do Nigerian universities have in their endowments? Now you see why that smart kid in America, whose parents cannot afford to send to the university ends up being a medical doctor or someone of value to the society and the same smart guy in Nigeria end up on the streets.

It is time that Nigerian celebrities, the Davidos of Nigeria, the Obi Cubanas of Nigeria and so many others like them, stopped exhibiting their cars and mansions and started funding university endowments.

Formations of philanthropic organisation

It is time for philanthropy to become a way of life in Nigeria rather than a thing that happens during pandemics and emergencies. One way to do that is through the formation of foundations and other philanthropic organizations. Happily, foundations are springing up in Nigeria, like the Tonto Dike Foundation, the Cuppy Foundation and others.

We all can chip in

Generous giving is not always a thing of the pocket; it is rather a thing of the heart. We all can chip in with our dimes and pennies or Naira and Kobo. That is how St. Jude Hospital does it in the US and makes sure that every child with cancer gets treated free of charge. It takes a monthly donation of $19 from each donor for St Jude to do it. There are many Nigerians with ailments requiring medical attention they cannot afford, but we, other Nigerians, can become the St. Jude Hospital for such people by donating as little as N5 monthly contributions. Small though, it will still go a long way.

Conclusion

If there is anything we learned from COVID-19, let it be that we are in this (world and indeed, Nigeria) together. We have a duty to our society, we need to start asking the question, “how can I help,” more often. The virus may be over soon but the need to give is not going anywhere, so keep giving and start giving if you have not been doing so.

It is good to bury a loved one in style but it is much better to leave a legacy when you leave. That legacy could be people saying after you have gone, if not for you, they would have not earned their degree or become cancer-free.


Follow us for Breaking News and Market Intelligence.
Tags: CharityFundraisingLegacyUniversity endowment
Uche Ndimele

Uche Ndimele

Uchenna Ndimele is the President of Quantitative Financial Analytics Ltd. MutualfundsAfrica.com and mutualfundsnigeria.com (both Quantitative Financial Analytics company website) is a leader in supplying mutual fund information, analysis, and commentary on African mutual funds. We provide reliable fund data; and ratings information that will add value to fund managers, the media, individual investors and investment clubs.

Related Posts

African private capital fundraising hits $4 billion in 2024  
Economy

African private capital fundraising hits $4 billion in 2024  

April 17, 2025
Can Investors use ChatGPT to profit from shares?
Sectors

OpenAI moves to become a for-profit business after its $6.6 billion fundraising 

November 5, 2024
Moove
Sectors

Moove hits $750 million valuation after Uber’s $100 million investment

March 19, 2024
Nigerian payment startup, Zone raises $8.5 million in Seed funding  
Sectors

Nigerian payment startup, Zone raises $8.5 million in Seed funding  

March 18, 2024
Startup funding: Kenya overtakes Nigeria with $800 million raised in 2023 – Report
Sectors

African startups raised $217 million in February 2024 -Report 

March 7, 2024
Top 10 Nigerian startups by funds raised in Q1 2023
Metrics

Top 10 Nigerian tech startups by funds raised in Q3 2022

October 20, 2022
Next Post
Nigerian Exchange Group records growth

Nigerian equities market ends week bullish as investors gain N376 billion

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • SEPLAT tops trading value as All-Share Index hits N80 trillion; ACCESSCORP leads volume 
  • President Trump issues 50-day ultimatum to Putin, threatens 100% tariffs over Ukraine war 
  • FG to establish National Design and Development Agency to support Nigerian innovators 

Follow us on social media:

Recent News

Weekly Stock Update: Nigerian Exchange Group record growth w-o-w, up by 0.48%

SEPLAT tops trading value as All-Share Index hits N80 trillion; ACCESSCORP leads volume 

July 14, 2025
President Trump issues 50-day ultimatum to Putin, threatens 100% tariffs over Ukraine war 

President Trump issues 50-day ultimatum to Putin, threatens 100% tariffs over Ukraine war 

July 14, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics