The University of Benin (UNIBEN) has officially launched a N100 billion Trust Development Fund (TDF) designed to serve as an alternative source of funding for the institution. The announcement was made during the unveiling of the fund's web portal by the Vice-Chancellor, Prof. Edoba Omoregie.
Addressing Infrastructure Challenges
Prof. Omoregie explained that the UNIBENTDF was conceived to bridge significant infrastructure gaps across the university's two campuses. He noted that upon returning to the university after a seven-year absence, he was shocked by the rapid decay of facilities.
“When I took office as Vice Chancellor, I said to myself the first task was to visit the hostels. I went to all the hostels here in Ugbowo and also on the Ekheuan campus. I also visited some of the academic facilities, and for someone who had been away for about seven years from the university, I didn’t know that the facilities had decayed so rapidly,” Omoregie stated.
The Vice-Chancellor revealed that the university's financial situation was dire, with insufficient funds to cover basic expenses such as electricity bills. The institution was disconnected from the public power supply for three months, leading to student unrest. “I was in Abuja then, watching from afar, and I was weeping inside me about what was going to happen to our university,” he added.
Inspiration from Oxford University
Prof. Omoregie disclosed that the idea for the trust fund was inspired by a similar initiative implemented by Oxford University approximately 30 years ago. He emphasized the need for alternative funding sources beyond government allocations and internally generated revenue.
Official Launch Date and Strategic Partnerships
The Chairman of the Board of Trustees, Osagie Ize-Iyamu, announced that the formal launching of the N100 billion Fund is scheduled for July 4, 2026. He outlined that the fund will pursue strategic partnerships and sustainable development models through various mechanisms, including grants, Public-Private Partnerships (PPPs), Build Own Operate and Transfer (BOOT) frameworks, endowment structures, and global institutional collaborations.
The initiative aims to reduce the university's dependence on government funding and create a sustainable financial base for long-term development.
