Lagos: The Governing Council of the University of Benin has inaugurated a Trust Development Fund aimed at diversifying revenue streams and ensuring the university’s long-term financial sustainability. Pro-Chancellor and Council Chairman, Shuaib Umaru, emphasized the significance of this initiative as a pivotal move to enhance the resilience and global standing of Nigerian universities.
According to News Agency of Nigeria, Umaru described the launch as a ‘historic milestone’ and called on alumni and partners to contribute towards strengthening infrastructure, research, and student support. He stated, “We are calling on all alumni nationwide and across the world to support this initiative. We cannot allow any good effort to go unsupported.”
Vice-Chancellor, Prof. Edoba Omoregie, highlighted the importance of the Fund in light of diminishing government allocations and increasing institutional demands. He committed to leaving the university in a better state than he found it and emphasized the need for sustainable funding for the alma mater. He clarified that the new Fund is distinct from the existing Endowment Fund, as it is broader in scope and ambition, and is inspired by the Campaign for Oxford Trust of the University of Oxford.
Incorporated as a non-profit, non-political entity by the Corporate Affairs Commission on June 19, 2025, the UNIBEN-TDF aims to mobilize resources from alumni and supporters for ongoing capital and academic projects. Omoregie explained the necessity for alternative funding mechanisms, acknowledging that the government alone cannot support public university education. He also announced efforts to develop a comprehensive alumni database to foster engagement.
The Fund’s objectives include identifying infrastructure and academic needs, sponsoring research, providing scholarships, and enhancing student welfare. Omoregie urged collective responsibility and participation from the university community to ensure the Fund’s success. He noted the support of Education Minister, Tunji Alausa, for such alternative funding models.
Registrar, Mr Ademola Bobola, echoed the university’s commitment to income diversification and maintaining its status as a hub of knowledge and research. He highlighted the careful selection of board members based on their integrity, expertise, and dedication to the university’s growth.