Nigeria’s universities have been challenged to move beyond annual government subventions and develop investment structures capable of financing accommodation, research and institutional expansion.
The Director General of the Securities and Exchange Commission, Emomotimi Agama, made the call at the University of Ibadan Alumni Association’s annual public service lecture in Ibadan, where he argued that the capital market could help universities convert valuable assets and alumni networks into sustainable income.
Speaking on the theme of who finances Nigeria’s future, Agama traced the University of Ibadan’s origins to the donation of 2,500 acres of land by Ibadan chiefs and residents in 1948 under a 999 year lease. Despite the institution’s contribution to national leadership and professional life, he said it had not used conventional capital market instruments to raise long term funds.
He pointed to an accommodation deficit at the university, citing a student population of about 41,700 against residence capacity for fewer than 10,000. A structured student housing investment, he argued, could retain income now flowing to private landlords and provide better facilities for students.
Agama cited pension assets of N31.48 trillion as of July 2026 and Nigerian Exchange market capitalization of N215.09 trillion as indicators of the scale of domestic financial resources. He also contrasted the N4.65 trillion reportedly raised by banks over two years with a N2.53 billion TETFund allocation to a university.
Among the financing options he proposed were a professionally managed university endowment with a defined annual spending rule, bonds or sukuk tied to identifiable income generating assets, and a real estate investment trust or concession for student housing. He also suggested an innovation fund to commercialize university research and an investment product designed to attract alumni and Nigerians living abroad.
The SEC chief stressed that universities seeking market finance would have to publish audited accounts, establish transparent governance, obtain appropriate credit assessments and protect project revenue from changes in institutional leadership.
He urged alumni to consider investments that grow over time rather than relying solely on donations spent immediately. Acting alumni association president Terrumun Gajir called for stronger mobilization of domestic savings, while event chairman Bayo Oyero encouraged the university to explore direct participation in investment markets.
