CBN Centres of Excellence abandoned in UNILAG, other universities

Several Centres of Excellence established by the Central Bank of Nigeria (CBN) in universities across the country, including the University of Lagos (UNILAG) and the University of Jos (UNIJOS), have been abandoned at different stages of completion.

Findings by Saturday Vanguard showed that although more than N63 billion has already been spent on the projects, nearly N1 trillion may now be required to complete them.

Speaking with journalists in Lagos, the Minister of Education, Dr. Tunji Alausa, confirmed that many of the projects initiated by the apex bank had stalled.

According to him, some of the facilities at UNILAG remain unfinished, with contractors estimating that about N19 billion would be needed to complete the two projects located in the institution.

Alausa explained that the Centres of Excellence were built by the CBN in several federal and state universities across the country but many have been left uncompleted.

“The Centres of Excellence were set up by the Central Bank of Nigeria in many institutions across the country. Federal and state institutions benefited from the initiative, but in many places the projects have been abandoned.

“At the University of Lagos, the two projects there are yet to be completed. When we met the contractors, they told us it would require about N19 billion to finish them,” he said.

The minister noted that the projects are spread across the country and preliminary assessments suggest that over N1 trillion could be required to complete all of them.

He added that the Federal Government is currently exploring options to revive the projects, including the possibility of the Tertiary Education Trust Fund (TETFund) taking over some of the unfinished facilities.

According to him, the current leadership of the CBN does not consider the projects a priority or part of the bank’s core mandate.

Alausa, however, assured that the government would engage the contractors to negotiate possible concessions in order to ensure the projects are eventually completed.

The CBN Centres of Excellence programme was initiated during the tenure of Sanusi Lamido Sanusi as Governor of the apex bank.

The initiative aimed to establish advanced training and research facilities in universities across Nigeria’s six geopolitical zones, focusing on postgraduate education in economics, banking, finance and related fields.

Although more than 28 centres were planned or initiated nationwide, only a few have been completed, including those at the University of Nigeria, Nsukka and Ahmadu Bello University, Zaria.

The centres were designed to support research, innovation and infrastructure development, with facilities such as faculty buildings, lecture theatres, libraries, auditoriums and accommodation for scholars.

They were also intended to serve as world-class postgraduate schools bridging the gap between academic research and professional practice in finance, accounting and business.