UI VC PERFORMS GROUNDBREAKING FOR THE PRIMUS MALL, A PUBLIC-PRIVATE PARTNERSHIP INITIATIVE

The Vice-Chancellor, University of Ibadan, Prof. Abel Idowu Olayinka, on Friday, 30 October 2020 has performed the groundbreaking ceremony for the Primus Mall located on UI - Ojooroad, Ajibode junction, Ibadan.

The Vice-Chancellor, while laying the blocks on University of Ibadan land said the investment is a Public-Private Partnership which was conceived seven years ago by Professor Isaac Folorunso Adewole as the Vice-Chancellor through the initiative of the University Advancement Centre
and the VGS Homeland Nigeria Ltd., whose Executive Officer is a distinguished alumnae of the University of Ibadan.

He noted that the federal government cannot manage higher institutions alone, but would need the support of individuals and private businesses to provide adequate facilities for higher learning.

In his words: “It is an exciting and challenging time in higher education management with regards to funding. As you are aware, higher education can no longer be regarded as a social service that must be shouldered by the federal government alone. The paradox of the situation is
that though the allocation keeps increasing yet it remains grossly inadequate, especially in real values.”

According to Prof. Olayinka, University of Ibadan will evolve in contemporary higher education management and maintain its pride of place to increase in relationships with the town and gown.

“For us at the University of Ibadan, we have decided to evolve and not disappear like the dinosaur and are even more determined in our resolve as evidenced in our current ranking as the best University in West Africa, number 7 in Africa and one of the best five hundred in the world.

If we hope to maintain our pride of place, and we do, by remaining locally relevant and globally competitive, it behoves on us to support any tendency to increase alternative sources of funding by establishing relationships with external communities,” he stated.

He explained that the Primus Mall is a public-private partnership, which is a cooperative arrangement between UI and the partner and will be driven by the Primus 1948 Ltd. already registered with the Corporate Affairs Commission.

The VC assured the community that the initiative was embraced as part of the solution to the challenge of sustainable funding. It is his expectation that the project will enhance increased private financial support for the University of Ibadan through the provision of the diversified and
more stable funding base, as well as provide benefits for students on Work-Study Programme.

The partner also assured the VC that after the completion of the Mall, the Primus 1948 Hotels
will follow.

Prof. Olayinka, therefore, charged the management of Primus Mall to complete the work in due
course.

“I want to charge the management of Primus Mall to ensure a quick completion of the Mall so that investors can take up spaces in it because of its strategic location.”
Speaking, the project’s partner, Mrs Bosede Sogunle, who is a graduate of the University of Ibadan said the Primus Mall is a modern facility that is being designed to provide a good retailing, entertainment and shopping experience for the university community as well as the
neighbourhood.

She was grateful for the opportunity granted to collaborate with the University of Ibadan, Angular Mall Ltd and other savvy investors that will be involved in the completion of the project.

Looking at the project at hand, she believes that the project will bring a lot of value to the University community as well as institutions and residents within the neighbourhood.

“There will be opportunities for wealth creation and employment generation. Other economic activities along the value chain will naturally evolve. The resultant positive effect being: enhanced quality of life of students and families, additional source of revenue for the University, and improved IGR (Internally Generated Revenue) and GDP for the state.”