The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, has urged Nigerian universities to explore capital market financing to reduce dependence on government allocations and attract long-term investments for infrastructure and development.
Agama made the call while delivering the University of Ibadan Alumni Association’s Annual Public Service Lecture in Ibadan on Friday, October 9. Speaking on the theme, “First and Best But Whose Capital Built It? Rethinking How Nigeria Funds Its Own Future,” he said the University of Ibadan had yet to approach the capital market to raise long-term funds despite its contributions to Nigeria’s development. He recalled that the institution’s foundation in 1948 was supported by the donation of 2,500 acres of land by Ibadan chiefs and residents on a 999-year lease.
Agama said government funding alone was increasingly unsustainable, noting that the university had about 41,700 students but accommodation for fewer than 10,000. He cited pension assets of31.48 trillion naira as of July 2026 and Nigerian Exchange market capitalisation of 215.09 trillion naira, arguing that Nigeria had substantial capital that could be channelled into productive investments. He proposed endowment funds, bonds and sukuk, student-housing projects structured through Real Estate Investment Trusts (REITs), university innovation funds and diaspora-focused investment instruments.
The SEC chief stressed that universities seeking capital market funding must maintain financial discipline through audited accounts, credit ratings, transparent governance and clearly defined revenue streams. He also urged alumni to support institutions through investments capable of generating long-term returns rather than relying solely on donations.
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