Jegede made this call on Tuesday in Ibadan while thanking the former Ogun State Commissioner for Information, Mr Sina Kawonise, for renovating some offices in the institution at the cost of N2.1 million.
He said that stolen money recovered from corrupt former governors and other public office holders should be invested in the development of the education sector.
"The latest of such funds are those from James Ibori running into several billions of dollars.
"Another is from Erastus Akingbola and many more found culpable of corrupt practices while serving in public institutions.
"The recovered funds should be invested in education to build young Nigerians who can make the dream of the founding fathers come to reality.
"It should not be sent back to state government or be kept in the Federal Government vault because it may soon disappear.
"I am saying that funds recovered from fraudulent practices should be dedicated to a project," he stressed.
Jegede also advocated that every recovered fund should be dedicated to building an infrastructure for Nigerians in the health, education, and power sectors.
He urged other leaders in the country to contribute to the development of their alma-mater.
He noted regrettably, that virtually all former governors had one graft case or the other hanging on their neck, adding that the development signalled danger for the future of the country.
The don blamed the failure of past policies and programmes of government on the ``elitist approach adopted in its formulation''.
He also called on the president and governors to interact with the people to obtain their own perspectives, with a view to using such feedbacks in policy formulation and implementation to achieve the desired results.
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