The AAS created an Endowment Fund with about US$5 million donation given to the Academy by the government of Nigeria under the leadership of the then president, His Excellency Olusegun Obasanjo, in 2001.
Objectives of the Fund
The AAS uses the interest generated from investing the Endowment Fund to finance a portion of the operational and capital requirements of the Academy. A portion of the interest if also reinvested to compensate for currency degradation and inflation.
The governance of the Endowment Fund falls under the following:
- The AAS Governing Council authorises how the income from the fund is used and also approves gifts, cash and physical assets given as endowment.
- The officer in charge of investment acts as the fund manager and decides where to invest the funds.