The University of Benin (UNIBEN) has unveiled a N100 billion Development Trust Fund to drive infrastructural development and transform 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 management and modelled after similar ones in leading global institutions.

He explained that the initiative was designed to address infrastructural challenges and strengthen the university’s long-term financial sustainability.

The vice chancellor said the university planned to use the fund for project construction, including a student hostel, a five-star hotel with conference facilities, a sports centre, recreational hubs, and an 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 vice chancellor 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.

In his remarks, 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 engagements with alumni, government officials, investors and stakeholders in the private sector to secure support for the project.

Mr Ize-Iyamu added that the official fundraising inauguration would be held on 4 July.

He added that additional projects including a library and modern transportation systems for the university community have been included among projects planned for construction.

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Similarly, the Director of the 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)

UNIBEN launches N100bn trust fund for school infrastructure

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