The University of Benin on Saturday launched its N100 billion trust development fund (TDF), which attracted billions of naira in cash donations and project commitments.
The commitments were made by alumni, corporate organisations, development partners and other stakeholders to support the institution’s long-term growth.
The fund, unveiled in Benin, is designed to mobilise sustainable financing for critical infrastructure, research, innovation, digital transformation, entrepreneurship and other strategic projects.
These projects aim to position the university among globally competitive institutions.
In his address at the event, the Minister of Education, Dr Tunji Alausa, described the fund as a bold response to the funding challenges confronting higher education in Nigeria.
Mr 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.
“The future sustainability and global competitiveness of our tertiary institutions will increasingly depend on stronger alumni engagement, strategic partnerships and private sector participation.
“I am delighted that the University of Benin has answered that call with remarkable courage and vision through the launch of this N100 billion trust development fund.
“This bold initiative sends a powerful message that Nigerian universities are prepared to take leadership and embrace innovative models of institutional development,” he said.
He urged alumni, corporate organisations, philanthropists and development partners to contribute generously, noting that every donation represented “an investment in the future of our nation.”
In his address, the chairman of the occasion and alumnus, 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 founders have done their job. The alumni now take responsibility. This fundraising is our contribution towards ensuring that the mission of the founders endures,” Mr Fashola said.
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.
Appealing to fellow alumni, Mr Fashola, who is a former governor of Lagos, said, “If this university gave you a good spouse, dig very deep,” drawing applause from participants.
Earlier, the vice-chancellor of the university, Prof. Edoba Omoregie, said the 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.
“The N100 billion target may appear ambitious, but when we consider the importance of the projects to be executed, it becomes a shared responsibility for stakeholders and friends of the university to contribute.
“We have produced over 350,000 graduates. If just 250,000 of them donate N100,000 each, we would realise N25 billion, which is already a quarter of our target,” he said.
Mr Omoregie assured donors that the fund would be managed transparently.
“I assure you that every single kobo entrusted to this fund will be properly accounted for and transparently utilised,” he pledged.
Also speaking, the Minister of Regional Development, 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.
“The future of higher education in Nigeria cannot be left to government alone. It has to be a shared responsibility,” he said.
Mr 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, Osagie Ize-Iyamu, said the launch represented more than a fundraising exercise.
“It is a defining moment in the history of our university.
“The N100 billion mega launch is a declaration of confidence in the university’s future and our collective determination to pursue excellence without compromise,” he said.
Mr Ize-Iyamu assured contributors that the fund would be managed with the highest standards of transparency, accountability and integrity.
Representing Governor Monday Okpebholo, the chief of staff, Yakubu Musa, commended the university for the initiative and reaffirmed the state government’s commitment to supporting institutions that promote learning, research and innovation.
He described the launch as an investment in the future, saying the University of Benin remained one of Nigeria’s foremost public universities and a source of pride to Edo.
The event attracted prominent alumni, government officials, business leaders and development partners.
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.
(NAN)
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