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A non-governmental organisation (NGO), Impact and Inspired, a Wuraolami Foundation, has donated N500,000 to the family that gave birth to the first child of the year 2023 from among the supporters of the Foundation initiatives.
The cheque was presented to the parents of the new born baby on behalf of the founder of the Foundation, Dame Wuraolami Williams, by Olamilekan Akanbi-Ojora, who is the Lagos State coordinator of Impact and Inspired.
He said the cheque presented also served as a recognition of the contribution of the mother of the baby, Mrs Sola Kosoko Abina, to the advancement of the NGO and for her invaluable contributions to the initiative.
Akanbi-Ojora, who is also an actor, while presenting the cheque on behalf of Dame Williams, said the gift for the baby was designed to encourage the child to become a saver for his adult life and to give a financial leg-up for him when he becomes an adult, which means all the money in the fund belongs to the child who is the account holder, and its tax-free.
According to Dame Williams, when the account holder turned 18 years, the last CTFs will mature and it can either be cashed or transferred into an adult account.
She, therefore, urged parents to embrace setting up a trust fund for their children, and as well to make deposits into their child’s Trust Fund account monthly and with that initiative, friends and family members will have the opportunity to save birthday and other additional gifts into the account of the child and the money will continue to add up to the amount deposited into the account.
According to Dame Williams, payment into the child account could be deposited directly or transferred into the account or by paying money into it through cheque.
She said as the savings build up, the money will grow faster, so the money will increase.
According to the Founder/Convener of the Initiative, it was a pay back time for Mrs Kosoko-Abina because she had devoted her time and resources to support her Initiative, stressing that even at a period her pregnancy was at an advanced stage, she was there for the Foundation.
She, however, called on public-spirited individuals to commit their time
Source: Leadership
