Brodas Across Nigeria (BAN), through its IOTA CAREs welfare initiative, has donated $25,502 to support the family of a deceased member in the U.S.
The donation was coordinated by IOTA Galleon, BAN’s U.S.-based chapter, and delivered to the family of the member who passed away on June 26, 2024.
According to a statement by the Secretary of IOTA CAREs, Oluwaseun Ogunsanya, $10,000 was allocated to the widow for immediate needs, while $15,441 was invested in 529 education savings accounts for the couple’s four children.
These tax-exempt accounts, he said, will help fund the children’s future educational expenses.
Ogunsanya highlighted that IOTA CAREs functions as an internal life insurance initiative to ensure financial support for families in the event of a member’s death.
He noted that the program also prioritises securing the educational future of children left behind.
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“IOTA CAREs is our internal life insurance initiative, reflecting our deep commitment to ensuring that the families of all IOTA members are well cared for in the unfortunate event of a brother’s passing.
“Recognising the vital importance of education, we unanimously agreed that, should tragedy strike, it is of utmost priority and our duty to come together as brothers to secure the educational future of the children of our dearly departed.
“On the 26th of June, 2024, we sadly lost a brother. In response, we collectively raised $25,502 (equivalent to 41,301,240 Naira) to support his family.
“We are pleased to announce that $10,000 (equivalent to 16,200,000 Naira) has been presented to his wife for current and living logistics, while the remaining $15,441 (after deducting the $63 for bank charges) was allocated to establish four separate 529 savings accounts for his four children.
“For those unfamiliar, a 529 account in the United States is a tax-exempt savings plan designed to help families save for education expenses, including college, K-12 tuition, and some vocational programs. The funds grow tax-free, and withdrawals are tax-free when used for qualified education expenses.
“We experienced a loss in IOTA and it did touch us all. Brother, we want you to know that your family are in great hands and we will meet again in the future to depart no more”, the statement noted.
BAN, under the leadership of Global President Azubuike Onowu, continues to focus on supporting bereaved families and engaging in corporate social responsibility initiatives, particularly in health, education, and global humanitarian efforts.