Unilag to unlock institutional value, shape a sustainable future

The University of Lagos (UNILAG) governing council has concluded plans to explore strategies to unlock institutional value, optimise its assets and resources, and shape a sustainable future for the institution.

Victoria Wickliffe, registrar and secretary to the governing council at UNILAG made this known in a communiqué made available to BusinessDay when she said the leaders critically assessed university’s current realities, explore strategies to unlock institutional value, optimise its assets and resources, and shape a sustainable future for the institution; during a leadership retreat held recently at the Lagos State Resort in Epe.

According to her, the retreat, themed “UNILAG Beyond Today: Unlocking Value, Optimising Assets & Location, and Shaping the Future”, was chaired by Wole Olanipekun, the pro-chancellor and chairman of council.

“The retreat was aimed at unlocking the university’s full potential by identifying untapped value across academic, financial, and infrastructural assets. Optimise the utilisation of the institution’s resources, including land, real estate, intellectual capital, and partnerships.

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“Explore innovative funding models to enhance the University’s financial sustainability beyond traditional government allocations; advance the university’s digital transformation in line with global trends in artificial intelligence (AI) and higher education technology, and strengthen governance, transparency, and procurement processes to improve institutional efficiency and develop an actionable roadmap to achieve strategic growth, academic excellence, and global competitiveness,” Wickliffe explained.

Olanipekun, in his remark, emphasised the retreat’s focus on repositioning UNILAG as a globally competitive institution, leveraging its assets, strategic Lagos location, technological potential, and human capital.

He reiterated the council’s dedication to executing the resolutions reached, ensuring that UNILAG remains a leading global institution.

Folasade Ogunsola, vice-chancellor at UNILAG, presented an overview of the university’s current status, highlighting strengths and challenges. She also spoke on rankings, research excellence, experiential learning, programme accreditations, admissions, open distance learning, and global partnerships.

Akin Owosekun, Owosekun II of Asotun of Isotun, Ijesaland and renowned higher education consultant in his keynote address, recommended that the university pursue financial growth through property development, applied research and development via reverse engineering, and the exploration of solid mineral resources.

The leaders in the retreat made the following key observations: while UNILAG remains a leader in Nigerian higher education, sustained innovation and revenue diversification are essential for future success.

Besides, that there is a need to unlock the untapped potential of institution’s strategic location in the Lagos metropolis and its lagoon waterfront; and that the university’s waterfront holds immense opportunities within the blue economy and ecotourism sectors.

In addition, they emphasised that achieving financial independence is crucial for the university’s development and operational efficiency, and that the university funding models have evolved significantly, and there is a direct correlation between funding strategies and educational quality.

Hence, to be future-ready, the university must explore alternative and sustainable funding models, and there is an apparent misclassification of universities under ministries, departments, and agencies (MDAs), which requires urgent correction.

Moreover, they emphasised that access to research grants and donations within the treasury single account (TSA) framework remains restricted and should be reviewed; while private sector involvement is critical to enhancing the quality of higher education through funding, expertise, and technology, among others.

Consequently, the leaders called for rethinking funding models for Nigerian universities which will empower universities to have full autonomy in academic, administrative, and financial matters.

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Diversify revenue sources through Public-Private Partnerships (PPPs), alumni contributions, and other innovative strategies, and exploration of the value of endowment funds to support research and infrastructure.

In order to unlock value and Optimise assets, the university leaders called for a strategically develop UNILAG’s real estate for both commercial and academic purposes; and consolidating real estate management under a single coordinating body to prevent fragmentation.

Besides, they opted for digitising all property titles and conduct comprehensive asset valuation and to explore build-operate-transfer (BOT) models for developing critical infrastructure.

In addition to that, they maintained the need to review and improve real estate funding and management practices to maximise returns, and actively leverage the university’s Lagos location for industry linkages and partnerships, among others.

The retreat brought together members of the governing council, the vice-chancellor, principal officers, deans, directors, and invited experts in higher education, finance, innovation, technology, figital transformation, asset management, investment, procurement, and university administration.