The fundraising initiative, unveiled on Saturday, attracted government officials, alumni, corporate leaders and other stakeholders, who described the fund as a critical step towards addressing the growing financial challenges confronting higher education in Nigeria.
Speaking as the special guest of honour, the Minister of Education, Dr Tunji Alausa, said the initiative aligns with the Federal Ministry of Education's Nigerian Education Sector Renewal Initiative, which seeks to transform the nation's education system through innovation, strategic partnerships and sustainable funding.
Represented by the pioneer Vice-Chancellor of the National University of Science and Technology, Abuja, Prof. Joseph Ahaneku, the minister said the initiative reflects the kind of collaboration required to build stronger tertiary institutions.
He noted that, "every investment or donation made is an investment in the future of our nation, our youth and the generations yet unborn."
Alausa expressed confidence that through collective commitment, Nigerian universities can become financially sustainable, academically outstanding, technologically driven and globally competitive.
He also urged universities, polytechnics, colleges of education, alumni associations, corporate organisations, philanthropists and education advocates across the country to adopt similar initiatives to complement government funding.
Chairman of the occasion and former Minister of Works, Babatunde Fashola (SAN), said the establishment of the fund became necessary as the university continues to experience increasing enrolment and greater demand for improved facilities and academic resources.
Fashola, who is an alumnus of the institution, encouraged fellow graduates and other well-meaning Nigerians to view their contributions as investments in preserving the vision of the university's founders and securing its future.
Also speaking, the Governor of Edo State and Chief Host of the event, Monday Okpebholo, stressed that governments alone cannot shoulder the financial burden of tertiary education, calling for stronger partnerships with the private sector, alumni, philanthropists and development organisations.
"Sustainable universities are built through partnerships among government, the private sector, alumni, philanthropists, development partners and friends of the institution.
"The establishment of this Trust Development Fund is therefore a visionary initiative that deserves the support of all. Every investment made today is an investment in knowledge, innovation, national development and future generations," Okpebholo added.
Earlier, the Chairman of the Trust Development Fund, Pastor Osagie Ize-Iyamu, described the initiative as a long-term strategy designed to complement government funding while creating a sustainable financial framework for the university's growth and transformation.
According to him, the fund will mobilise additional resources, strengthen partnerships, promote innovation and support institutional development at a time when universities face increasing financial and technological demands.
Ize-Iyamu said government support remains essential but is no longer sufficient to meet the realities of 21st-century higher education, making collaboration with alumni, corporate organisations, foundations, philanthropists and development partners indispensable.
He described the N100 billion fundraising campaign as more than a financial exercise.
"The N100bn launch was more than a fundraising exercise," he said, adding that it represents "a declaration of confidence in the university’s future and the collective determination to pursue excellence without compromise."
Highlighting the objectives of the fund, Ize-Iyamu said, "Through this fund, we will strengthen teaching and learning, expand research capacity, modernise infrastructure, advance digital transformation, promote entrepreneurship, support innovation, enrich the student experience and position the university among globally competitive institutions.
"We assure every donor, partner, alumnus and friend of this great institution that the fund will be administered with the highest standards of transparency, accountability, integrity and responsible stewardship."
The Vice-Chancellor of the University of Benin, Prof. Omoregie Edoba (SAN), described the launch as a major milestone in the institution's development agenda, saying it would significantly improve the university's capacity to meet rising academic and infrastructural demands.
He described the initiative as "a strategic move to change the face of the university and place it on a higher pedestal in the global academic community."
Edoba explained that the fund would help the university address persistent funding pressures arising from increased student enrolment, overstretched infrastructure and inadequate research financing in an era of rapid technological advancement.
"The fund is envisaged to address the huge funding pressures resulting from increased enrolment in our university, leading to overstretched infrastructure. It will also help the university tackle issues of limited research financing in the face of rapid technological advancement and transformation, among other pressing needs," he said.
The Vice-Chancellor also assured alumni, donors and development partners that all contributions would be managed responsibly and utilised transparently in line with global best practices.
The N100 billion Trust Development Fund was first unveiled in May, when the committee overseeing the initiative announced plans to mobilise support from individuals, alumni, corporate organisations, institutions and friends of the University of Benin to drive its long-term development goals.