The management of the University of Benin has unveiled a ₦100 billion Trust Development Fund aimed at transforming infrastructure and improving facilities across the institution’s campuses.
The university said the fund would support major projects including the construction of a five-star hotel, ultra-modern student hostels, a state-of-the-art sports complex, and other critical infrastructure needed to reposition the institution.
Vice-Chancellor of the university, Edoba Omoregie, disclosed this during the unveiling of the fund’s web portal in Benin City.
According to him, the initiative was inspired by a funding model previously adopted by the University of Oxford to strengthen institutional development and sustainability.
Omoregie said the decision to establish the fund became necessary after discovering the deteriorating condition of facilities and financial difficulties facing the university upon assuming office.
“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,” he said.
The vice-chancellor lamented the rapid decay of infrastructure within the institution, noting that the situation reflected years of inadequate funding and maintenance challenges.
“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,” Omoregie added.
He further disclosed that the university at one point struggled to pay electricity bills, leading to disconnection from public power supply for about three months.
According to him, the management subsequently began exploring alternative funding mechanisms while implementing measures aimed at reducing waste and improving financial efficiency.
The vice-chancellor revealed that a Board of Trustees had already been inaugurated to oversee the fund, with former Edo State governorship candidate, Osagie Ize-Iyamu, appointed as chairman.
Speaking at the event, Ize-Iyamu said the formal launch of the ₦100 billion fund had been scheduled for July 4, 2026.
He expressed confidence that the target would be achieved through support from alumni associations, philanthropists, corporate organisations, and other stakeholders committed to educational advancement.
“The mandate is to raise ₦100 billion that will be used to provide modern facilities for the institution,” Ize-Iyamu stated.
He explained that the vision behind the Trust Development Fund was to establish a sustainable financial framework capable of supporting excellence in teaching, research, technology, entrepreneurship, and human capital development.
“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,” he added.
