The management of the University of Benin has launched a N100 billion trust development fund aimed at addressing infrastructure deficits and repositioning the institution for long-term growth.
The initiative, unveiled during the launch of the fund’s web portal in Benin City, is expected to finance major projects, including a five-star hotel, modern hostels, a state-of-the-art sports complex, and other critical facilities across the university’s campuses.
Vice Chancellor, Edoba Omoregie, said the decision followed an assessment of the institution’s declining infrastructure and financial strain. He noted that many facilities had deteriorated significantly, while the university also faced funding challenges, including difficulties in meeting basic operational costs such as electricity.
According to him, the university began exploring alternative funding models while cutting waste, drawing inspiration from endowment systems used by global institutions such as the University of Oxford.
Omoregie added that a Board of Trustees had been constituted to drive the initiative, with Osagie Ize-Iyamu appointed as chairman.
Speaking at the event, Ize-Iyamu said the fund would be formally launched on July 4, 2026, expressing confidence that the N100 billion target was achievable through contributions from alumni, philanthropists, and other stakeholders.
He explained that the fund was designed to establish a sustainable financing framework that would support infrastructure development, research, technology, and human capital advancement within the university.
The development signals a shift towards alternative funding strategies in Nigeria’s public universities, as institutions increasingly seek private-sector support to bridge funding gaps and improve learning environments.
Credit: ThePunch
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