Lived in North America for ~ 2years now, and in the course of my work, I've come across several Foundations.

The white man's perspective on money is simply amazing. They work hard and leave the bulk of the wealth to foundations, which are set up for specific purposes. You'd be amazed at how much wealth these foundations control. They've been able to grow their seed money over the years.
Some Foundations and University Endowments here are bigger than Nigeria's biggest banks.

Thankfully, some Nigerians are following this trend. I was pleasantly surprised to see that Tony Elumelu has a foundation. Imagine if all our "big, big men" set up foundations to provide scholarships, infrastructure to public schools, fund research, and even create jobs for the foundation's employees etc.

Its amazing how we have this funny attitude towards acquiring wealth in the midst of so much poverty and suffering, without considering giving back to the society.