Abuja: The University of Benin on Saturday launched its N100 billion Trust Development Fund (TDF), attracting billions of naira in cash donations and project commitments. These commitments were made by alumni, corporate organisations, development partners and other stakeholders to support the institution’s long-term growth.
According to News Agency of Nigeria, the fund, unveiled in Benin, is designed to mobilise sustainable financing for critical infrastructure, research, innovation, digital transformation, entrepreneurship and other strategic projects. These are aimed at positioning the university among globally competitive institutions.
In his address at the event, the Minister of Education, Dr Tunji Alausa, described the Trust Development Fund as a bold response to the funding challenges confronting higher education in Nigeria. Alausa was represented by Prof. Joseph Ahaneku, Vice-Chancellor of the National University of Science and Technology, Abuja. The minister said the initiative demonstrated that Nigerian universities were embracing innovative funding models beyond government allocations.
In his address, the Chairman of the occasion and alumnus, Mr Babatunde Fashola, SAN, described the launch as a defining moment in the university’s history, saying it was time for alumni to take responsibility for preserving the institution’s legacy. The former Minister noted that support for the initiative had begun even before the event, revealing that an alumna donated N10 million on Saturday morning ahead of the ceremony.
Earlier, the Vice-Chancellor of the university, Prof. Edoba Omoregie, said the Trust Development Fund was established to provide accelerated and sustainable development for the institution as increasing enrolment continued to put pressure on existing facilities. According to him, government funding alone can no longer meet the growing needs of public universities.
Also speaking, the Minister of Regional Development, Mr Abubakar Momoh, an alumnus of the university, said the future of higher education in Nigeria required stronger collaboration between government, alumni and the private sector. Momoh urged alumni and corporate organisations to support the initiative, describing investments in universities as investments in research, innovation and national development.
Earlier in his opening address, Chairman of the Board of Trustees of the Trust Development Fund, Pastor Osagie Ize-Iyamu, said the launch represented more than a fundraising exercise. Ize-Iyamu assured contributors that the fund would be managed with the highest standards of transparency, accountability and integrity.
Representing Gov. Monday Okpebholo, the Chief of Staff, Mr Yakubu Musa, who commended the university for the initiative, reaffirmed the state government’s commitment to supporting institutions that promote learning, research and innovation. The donations ran into millions of naira, and pledges of projects worth billions of naira were made in support of the university’s infrastructure renewal, research development and academic excellence drive.