The Governing Council of the University of Benin (UNIBEN) officially launched a Trust Development Fund on Monday to help diversify revenue sources and ensure long-term sustainability of the institution.
Shuaib Umaru, the Pro-Chancellor and Chairman of the Governing Council, hailed this initiative as a historic achievement, aimed at repositioning Nigerian universities for greater resilience and relevance on a global scale.
"UNIBEN has made history today. The principal administration and the council have reached a significant milestone," Mr. Umaru stated during the inauguration of the Board of Trustees.
He emphasized that the initiative will bolster educational efforts and facilitate the securement of sustainable funding for universities, calling on alumni and stakeholders to contribute to improved infrastructure, research capabilities, and student support.
Umaru continued by appealing to alumni worldwide to support this transformative endeavor, stressing that every positive initiative deserves backing.
Vice-Chancellor Edoba Omoregie noted that the fund is crucial due to the reductions in government funding and the rising demands placed on the institution.
"When I became vice-chancellor, I committed to improving the university's standing significantly," said Mr. Omoregie, a professor, expressing the need for alumni to take active roles in ensuring the sustainability of their alma mater.
The vice-chancellor elaborated that this new fund differs from an existing Endowment Fund, which primarily supports routine maintenance. He explained that the newly created Trust Fund has a broader scope and ambition, marking it as the first of its kind in Nigeria.
The trust fund is modeled after the Campaign for Oxford Trust from the University of Oxford in the UK and was officially registered as a not-for- profit organization with the Corporate Affairs Commission on June 19, 2025.
It aims to gather resources from alumni and supporters for long-term capital and academic projects. According to Omoregie, public universities cannot rely solely on government funding, as there are also limits to the fees they can charge.
He mentioned that a detailed alumni database is under development to facilitate engagement with the university's alumni, whom he referred to as the university's "illustrious assets."
The fund is designed to identify the infrastructure and academic needs of the university, foster partnerships, promote research and mentorship, and provide scholarships for underprivileged students.
"Under my leadership, we are dedicated to diligently pursuing these objectives to transform the University completely," he pledged.
Moreover, Omoregie pointed out that the Board of Trustees would be predominantly composed of alumni, emphasizing shared responsibility for the initiative's success.
"We should all embrace this remarkable initiative, both as individuals and as a collective," he urged.
The Minister of Education, Tunji Alausa, has reportedly supported the move towards alternative funding models for universities. The university's Registrar, Ademola Bobola, acknowledged that the establishment of this fund reflects UNIBEN's dedication to diversifying its sources of income and maintaining its position as a center for knowledge and research.
Bobola also highlighted that board members were chosen based on their integrity, expertise, and commitment to the growth of the institution. Reports from the News Agency of Nigeria confirm that Osagie Ize-Iyamu has been appointed as the Chairman of the Board of Trustees.
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