The governing council of the University of Benin on Monday inaugurated a trust development fund to diversify revenue and secure long-term sustainability.

The university’s pro-chancellor, Shuaib Umaru, described the initiative as a “historic milestone” aligned with efforts to reposition Nigerian universities for resilience and global relevance.

“Today, UNIBEN has made history. The principal administration has made history. The council has made history. This initiative supports education and ensures universities secure sustainable funding. We are calling on all alumni nationwide and across the world to support this initiative. We cannot allow any good effort to go unsupported,” Mr Umaru said.

The vice-chancellor, Edoba Omoregie, said the fund was vital amid dwindling government allocations and rising institutional demands.

“Upon my assumption as vice-chancellor, I resolved to leave the university far better than I met it. As a full-fledged alumnus, I must act differently to ensure the sustainability of our alma mater,” Mr Omoregie added.

He distinguished the new fund from the university’s endowment fund, which supports routine maintenance.

“This latest initiative is fundamentally different in scope and ambition. It is the first of its kind in the country,” he said.

Mr Omoregie explained that the UNIBEN-TDF was modelled after the Campaign for Oxford Trust of the University of Oxford. He said it was incorporated as a not-for-profit, non-political body by the Corporate Affairs Commission on June 19, 2025. The fund will mobilise resources from alumni and friends for capital and academic projects in perpetuity.

He disclosed that a comprehensive alumni database was being developed to enhance engagement with what he termed the university’s “illustrious assets”.

According to him, the fund will identify infrastructure and academic needs, mobilise partnerships, sponsor research and mentorship, and provide scholarships and welfare for indigent students.

“Under my watch, we are committed to diligently pursuing these objectives for the total transformation of the university,” he pledged.

Mr Omoregie said the largely alumni-based board of trustees would drive the process, stressing collective responsibility. He revealed that the education minister, Tunji Alausa, had endorsed alternative funding models for universities.

(NAN)