The University of Benin has unveiled a N100 billion Trust Development Fund aimed at driving infrastructural development and transforming the institution into a financially self-sustaining university.
At the unveiling on Wednesday in Benin, the vice-chancellor of the institution, Edoba Omoregie, said the initiative was conceived by the institution’s management and modelled after similar initiatives at leading global institutions.
He explained that the initiative was designed to address infrastructural challenges and strengthen the university’s long-term financial sustainability.
The VC said the university planned to use the fund for constructing projects, including an ultra-modern students’ hostel, a five-star hotel with conference facilities, a sports centre and recreational hubs, as well as a modern abattoir with research laboratories for agriculture students.
He noted that the projects would not only improve learning conditions but also generate revenue and employment opportunities for the institution and surrounding communities.
”When I took over as VC over a year ago, I went round the university and noticed the dilapidated hostels students lived in. We also inherited a huge electricity debt. However, we have a vision for this university, and we want it to be self-sustaining going forward.
”That is why we are inaugurating the first-of-its-kind N100 billion fundraising initiative for the infrastructural development of this institution,” he said.
The chairman of the board of trustees of the fund, Osagie Ize-Iyamu, described the initiative as a historic step towards repositioning the university as a globally competitive and enterprise-driven institution.
He said the board had already begun engaging alumni, government officials, investors, and private-sector stakeholders to secure support for the project.
Mr Ize-Iyamu added that the official fundraising inauguration would be held on July 4.
He added that additional projects, including an ultra-modern library and modern transportation systems for the university community, have been included among projects planned for construction.
Similarly, the Director of ICTA in the institution, Kehinde Samuel, demonstrated the UNIBENTDF website portal.
He explained that donors and partners would be able to track projects, view the board of trustees, monitor contributions and access updates on the fund online through the website portal.
He stressed that transparency and accountability would remain central to the initiative.
(NAN)
