BENIN CITY — Chairman of the University of Benin (UNIBEN) Development Trust Fund, Pastor Osagie Ize-Iyamu, and the institution’s Vice-Chancellor, Prof. Edoba Omoregie (SAN), have assured donors that every contribution to the newly launched N100 billion Development Trust Fund will be transparently managed and used exclusively to advance the university’s development.
They gave the assurance at the weekend during the launch of the fund, which is designed to complement government funding, strengthen teaching and learning, expand research capacity, and improve infrastructure at the institution.
Speaking at the event, Ize-Iyamu described the initiative as a historic milestone for the University of Benin, expressing optimism that the fund would help position the institution as one of Nigeria’s leading universities.
“Today, we have made history because the University of Benin is the first to establish a development trust fund of this nature. We urge all our alumni and friends of the university to continue supporting this initiative,” he said.
He assured contributors that the funds would be judiciously utilised for their intended purpose.
“We want to assure all donors that every kobo contributed will be properly managed. Members of the Board have also made personal financial commitments to this cause, and we will continue to contribute until the University of Benin attains a standard where Nigerian students will choose to study here rather than seek education abroad,” Ize-Iyamu added.
Also speaking, the Vice-Chancellor, Prof. Omoregie, said the Development Trust Fund had been duly registered with the Corporate Affairs Commission (CAC), adding that its finances would be managed independently of federal government allocations to ensure transparency and accountability.
“The Trust is registered with the Corporate Affairs Commission. Funds received through the Trust will not be mixed with statutory allocations from the Federal Government. There will be annual financial returns, and we will remain fully accountable for the utilisation of every contribution,” he said.
Delivering the keynote address as Special Guest of Honour, the Minister of Education, Dr. Tunji Alausa, described the initiative as one that aligns with the Federal Ministry of Education’s Nigerian Education Sector Renewal Initiative (NESRI), which seeks to reposition the country’s education sector through innovation, strategic partnerships, improved governance, quality assurance, digital transformation, expanded access, and sustainable financing.
Represented by Prof. Joseph Ahaneku, the minister commended the University of Benin for taking the initiative and urged other universities, polytechnics, colleges of education, alumni associations, corporate organisations, philanthropists, and development partners to emulate the model.
Chairman of the occasion and former Minister of Works, Babatunde Fashola (SAN), said the university’s growing student population had significantly increased its financial and infrastructural needs, making the establishment of the trust fund both timely and necessary.
Fashola, an alumnus of the university, urged fellow graduates and other stakeholders to support the initiative, describing the fundraising campaign as an opportunity to preserve and strengthen the vision of the institution’s founders.
“Our contribution today is an investment in ensuring that the mission of the founders endures and that future generations continue to benefit from quality education,” he said.
Edo State Governor, Senator Monday Okpebholo, who served as Chief Host, observed that government alone could no longer shoulder the increasing financial demands of higher education.
He therefore appealed to corporate organisations, distinguished alumni, philanthropists, and other public-spirited individuals to contribute generously to the Development Trust Fund.
“Sustainable universities are built through partnerships involving government, the private sector, alumni, philanthropists, development partners, and friends of the institution. The establishment of this Development Trust Fund is a visionary initiative that deserves the support of all.
“Every investment made today is an investment in knowledge, innovation, national development, and the future of generations yet unborn,” the governor said.