Friends of the late former Governor of Ondo State, Dr. Olusegun Kokumo Agagu have given an annual prize in his honour and memory at  the

Universityof Ibadan.

The prize is to be awarded annually to the best MSc. student in Petroleum

Geology/Sedimentology in the Department of Geology of the University.

A letter dated 26 September,2013 by Professor Akinbo Adesomoju to the

Vice-Chancellor, Professor Isaac Adewole on behalf of the deceased’s

friends,  disclosed that “a  cheque for one million and one hundred

thousand naira (N1,100,000.00) has been made payable to the University of

Ibadan for the endowment in perpetuity”

The donors were Professor Segun Adegbulugbe, Mr. Paul Agboola, Mr. Tokunbo

Ajasin, Dr. Olu Akinkoye, Chief Pius Akinyelure, Professor Akinbo

Adesomoju, Professor Segun Ekundayo, Mr. Tunji Alapinni, Engr. Remi Asuni

and Professor Yemi Badejoko.

Others included Senator Kola Bajomo, Professor Femi Bamiro, Engr. Tunde

Okurinboye, Dr. Femi  Majekodunmi,  Mr. Cliff Oratokhai, Arch. Gbenga

Oladipupo, Professor Femi Otubanjo, Professor Dele Osibanjo, Prof. Tayo

Shokunbi  and Engr. Lanre Sagaya. According to the letter, N50, 000 out of the donation is to be used for the 2013 award while the remaining. N1, 050 is to be invested by the University for the endowment.

The letter explained that 80 per cent of the generated annual interest

was to be given annually as the prize while the balance of 20 per cent of

the annual interest is to be added to the principal to ensure the annual

growth of the investment.

It stated that “the value of the annual award is fifty thousand naira

N50, 000.00 but may be adjusted from time to time by the University

Administration and the Head of the Department of Geology as the investment

grows.”

Dr. Agagu was a petroleum geologist who served as an Acting Head of the

Department of Geology, Faculty of Science, University of Ibadan, from 1985

to 1987.