The Knights of St. Mulumba (KSM) Lagos Metropolitan Council has announced a major financial initiative to combat the country's biting economic hardship.
The Catholic fraternal organisation is targeting a ₦2 billion endowment fund to sustain and expand its humanitarian services to the poor and vulnerable.
Sir Nosa Ehigiator, the Grand Knight of the KSM Lagos Metropolitan Council, disclosed this in Lagos ahead of the organisation’s scheduled fund endorsement lunch on September 26 at St. Leo Catholic Church, Ikeja.
Ehigiator explained that the worsening economic situation has placed an increasing burden on the organisation's humanitarian obligations.
He noted that the council’s service to the poor is widening daily, making it imperative to create a sustainable financial pool for its charitable projects.
“The population of the needy is growing,” Ehigiator said, revealing that the organisation's former ‘Feed the Hungry’ programme has evolved into ‘Helping Hands’ due to the surge in the number of people seeking assistance.
“The ₦2 billion endowment fund is designed as a permanent pool of invested capital. The principal sum will be preserved and prudently invested, while the returns will be used to support approved charitable programmes. This approach aims to provide a lasting financial foundation for KSM’s mission.
“The fund will focus on key priority areas, including healthcare, education (such as school fees and skills acquisition), support for widows and orphans, prison apostolate, legal aid, social justice, and assistance for victims of violence and crime.
“It will also support prison decongestion and the reintegration of released inmates, as well as the internal welfare of the organisation,” he stated.
According to Ehigiator, the initiative received the approval of the Catholic Archbishop of Lagos, Most Rev. Alfred Adewale Martins.
The Grand Knight emphasised that the organisation can no longer rely solely on members’ contributions, as excessive dependence on dues and levies could discourage young people from joining.
He added that the endowment fund concept is also being pursued at the Supreme Council level of KSM Nigeria, creating a dual-layer sustainability framework for the organisation's charitable mission.
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