The management of the University of Benin has introduced a N100 billion trust development fund to enhance infrastructure and facilities within the institution.
The university explained that the fund would finance projects such as a five-star hotel, ultra-modern hostels, a state-of-the-art sports complex, and other infrastructure across its campuses.
While speaking during the unveiling of the fund’s web portal on Wednesday in Benin City, the Vice Chancellor, Edoba Omoregie, stated that the initiative was modeled after a similar funding structure adopted by University of Oxford several years ago.
Omoregie noted that he encountered declining infrastructure and financial difficulties after assuming office as vice chancellor.
Edoba stated, “When I took office as Vice Chancellor, the first task I embarked upon was to visit the hostels. I went to all the hostels in Ugbowo and the Ekheuan campus. I also visited some of the academic facilities, and for someone who had been away for about seven years from university, I didn’t know that the facilities had decayed so rapidly.”
The vice chancellor added that the university’s financial condition was poor, revealing that the institution once struggled to settle electricity bills and was disconnected from public power supply for three months.
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He explained that the university then started seeking alternative funding sources while introducing measures to cut waste.
Omoregie also revealed that a Board of Trustees had already been inaugurated for the fund, with former Edo State governorship candidate Osagie Ize-Iyamu serving as chairman.
Addressing attendees at the event, Ize-Iyamu announced that the official launch of the N100 billion fund would take place on July 4, 2026.
He expressed optimism that the target would be met through contributions from alumni, philanthropists, and other stakeholders.
“The mandate is to raise N100 billion that will be used to provide modern facilities for the institution. It is the evolving reality that the institution needs funds to thrive that drives the vision behind the University of Benin Trust Development Fund.
“Our mission is clear and that is to establish an enduring financial and development framework that will continuously empower the University of Benin to deliver excellence in teaching, research, infrastructure, technology, entrepreneurship, and human capital development that the future generations will be proud to inherit,” Ize-Iyamu said.