The Lagos Business School, First Bank Sustainability Centre (FSBC) hosted a Finance Strategy Workshop for NGOs recently.
The workshop was designed to bring together NGOs and Funding Organisations in an interactive learning environment, to enhance their understanding and implementation of internal and external sustainable funding mechanisms for the financial sustainability of their entire operations.
The workshop was conducted by three seasoned faculty members of Lagos Business School: Dr Ijeoma Nwagwu, Faculty, Strategy & Sustainability; Dr Franklin Ngwu, Faculty, Strategy & Risk Management and Professor Akintola Owolabi, Faculty, Accounting & Finance.
Dr Akintola Owolobali, Faculty, Accounting and Finance, delivered the first lecture titled “Building the Framework for Sustainable Budgeting and Financing”, he stressed on the need for NGOs to ensure financial viability. “Financial viability is extremely important because it allows the NGO reach its goals and objectives. It must be looked at from a more holistic perspective; social, environment and economic. For financial viability to be ensured there must be an ability to cover future revenue with future expenditure and incidental expenditure” he said.
Guest facilitator, Innocent Chukwuma gave practical steps and advice on how NGOs can fund and manage their various projects. He addressed four crucial aspects that ensure the proper fund management for NGO’S which include: Managing Expectations, Communication, Accountability and Governance and Internal Financial Management.
The workshop came to an end with a panel session discussing the ways in which the NGO/Donor relationship can be sustained. The panelists present were: Misan Rewane, CEO Wave Academics; Toyin Olanrewaju, CEO, GAMSU (Gamaliel & Susan Onosode Foundation) and Femi Taiwo, Director of Programmes, Leap Africa.
The participants present were impressed with the quality of information they received and had wonderful things to say about the workshop. Aissatou Gaye, Wave Academies said “It was an insightful event to take part of, I very much enjoyed every session, especially the interactive session and the Panel discussion. The key takeaways for me were definitely around “retro-budgeting”, “friendraising”, “selling impact” and “board member alliance”. My colleague and I are grateful for the opportunity provided and we are looking forward to learning about other opportunities like this for us and our larger team.”
Julie Osakue ,JLOS World said “I enjoyed the workshop, we should have a whatsapp group which will make things easier in organising more training for the actualisation of needed growth in the industry”.
The First Bank Sustainability Centre of Lagos Business School seeks to empower individuals and business organisations to implement sustainable solutions to Nigeria’s needs for reliable energy, a resilient environment, as well as robust human and economic development.