The management of the University of Benin (UNIBEN) has released a Trust Advancement Fund focused on raising N100 billion to considerably update infrastructure throughout the organization’s campuses.
The proposed projects under the initiative consist of the construction of a first-class hotel, modern trainee hostels, a first-rate sports complex, and other centers designed to reposition the university as a leading academic environment.
Speaking during the unveiling of the fund’s online portal and discussion of the university’s vision on Wednesday night, the Vice-Chancellor, Prof. Edoba Omoregie (SAN), stated the initiative was inspired by comparable financing models adopted by leading international institutions such as Oxford University decades back.
According to him, the urgency for alternative funding ended up being evident upon his go back to the organization after several years away, as he experienced extensive infrastructural decay throughout both the Ugbowo and Ekenhuan campuses, together with monetary strain affecting the university’s operations.
He noted that internally created revenue and federal government allotments were no longer adequate to fulfill the institution’s growing needs, necessitating a more sustainable funding technique.
The Vice-Chancellor also disclosed that a Board of Trustees had been inaugurated to manage the fund, chaired by popular politician and UNIBEN alumnus, Pastor Osagie Ize-Iyamu.
Reflecting on his initial assessment of the university, Omoregie said:
“When I presumed office as Vice-Chancellor, one of my very first actions was to tour the hostels. I visited all the hostels in both Ugbowo and Ekenhuan campuses.
“I also checked several scholastic facilities, and coming back after about seven years away, I was struck by how rapidly the facilities had actually deteriorated.
“I was deeply worried. I examined the university’s monetary records and discovered that the situation was really alarming.
“At a point, we might not even settle electrical power costs. The university was detached from public power supply for about three months. There were trainee agitations, and while I remained in Abuja at the time, I followed advancements with deep issue and concern for what the future held for the institution.”
He added that the experience pushed him to check out alternative funding models and implement measures to decrease financial waste within the university system.
Also speaking, the Chairman of the Board of Trustees, Pastor Osagie Ize-Iyamu, revealed that the official public launch of the N100 billion fund will take place on July 4, 2026.
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He expressed optimism that the target is possible, worrying that assistance from alumni, philanthropists, and other stakeholders would be important to its success.
Ize-Iyamu kept in mind that worldwide, leading universities prosper on strong alumni networks and tactical collaborations, adding that UNIBEN needs to embrace comparable models to stay competitive.
He stated the fund is created to enhance the organization’s long-term development structure.
“The required is to raise N100 billion to provide contemporary centers for the university. The reality is that organizations now require innovative funding to prosper, which is the vision behind the University of Benin Trust Advancement Fund.
“Our objective is clear: to build a sustainable monetary and advancement structure that will continuously empower the University of Benin to excel in mentor, research study, facilities, innovation, entrepreneurship, and human capital advancement for generations to come,” he said.