MOWAA Publishes Audited Accounts, Puts Institute Cost at N22.26bn - THISDAYLIVE

The Museum of West African Art (MOWAA) has disclosed that the total cost of building and equipping its Institute in Benin City was N22.26 billion, with the Edo State Government contributing N3.95 billion in cash towards its development.

The Director of Finance and Administration, Kingsley Odigie, disclosed this as MOWAA published its 2025 annual report and audited financial statements.

Odigie said the accounts, audited by Ernst & Young (EY), received an unmodified opinion, indicating that the financial statements presented a true and fair view of MOWAA’s financial position and performance and complied with applicable accounting standards.

According to him, MOWAA recorded N14.011 billion in revenue in 2025, compared with N12.530 billion in 2024, while total expenditure stood at N5.358 billion.

The expenditure comprised N2.533 billion on programmes, N2.017 billion on support services, N605.095 million in exchange losses and N202.816 million in depreciation.

The organisation consequently recorded a surplus of N8.653 billion for the year.

Odigie explained that, as a not-for-profit institution, MOWAA does not distribute profits, adding that the surplus was retained to support its mission, programmes and long-term institutional development, including investment in the Institute and other assets.

As of December 31, 2025, MOWAA’s total assets stood at N22.611 billion, including N19.887 billion in property and equipment. Of the latter, N18.058 billion was recorded as work in progress.

He said MOWAA’s funding base remained largely philanthropic, with donations accounting for N7.908 billion, grants N5.985 billion and other revenue N117.697 million.

“Donations and grants together represented approximately 99 per cent of reported revenue,” Odigie said, adding that N7.118 billion came from sources classified within Nigeria, while N6.893 billion came from outside the country.

On the Edo State Government’s contribution, he said the N3.95 billion cash donation comprised N3.8 billion for civil and mechanical works required to construct the MOWAA Institute and an earlier N150 million donation towards pre-construction activities for the wider campus project.

He added that the state also supported MOWAA through the allocation of land and by helping to create the enabling environment for the institution’s establishment in Benin City.

Odigie said that against approximately N38 billion raised from MOWAA’s inception to December 31, 2025 for its full campus and wider institutional programme, the Edo State Government’s cash contribution represented about 10.4 per cent.

He added that the N3.95 billion contribution was equivalent to approximately 17.7 per cent of the N22.26 billion cost of the MOWAA Institute.

“The figures make clear that the State provided some, but not all, of the funding for the Institute and did not fund MOWAA as a whole,” he said.

Odigie also clarified that the approximately N4.1 billion figure cited in recent public discussions did not represent the full cost of delivering the Institute.

According to him, the figure was derived from an early bill of quantities covering only the first phase of civil construction and excluded subsequent civil works, mechanical and electrical systems, fit-out, lighting, specialist research and conservation equipment, storage, professional services and foreign-exchange variations during construction.

He said the MOWAA Institute, which opened in November 2025, was the first major facility delivered under the institution’s wider vision of establishing a West African platform for research, conservation, archaeology, education, professional development and international exchange.

Odigie said the Institute serves as an archives, research and education centre supporting archaeology, materials research, conservation, learning and the preservation and interpretation of West African art and culture.

He added that MOWAA’s programme expenditure covered archaeology, research and heritage, curatorial and exhibition work, collections and conservation, education and community programmes, as well as communication and publications.

Within the expenditure, he said N133.173 million was directed to education and community programmes, while MOWAA engaged 87 people through direct employment and consultancy roles in 2025.

On measures being taken following the recent public discussions, Odigie said MOWAA had published its full 2025 annual report and audited financial statements, alongside an explanation of the principal financial figures.

He also disclosed that the organisation had paused further construction on the wider campus pending the resolution of outstanding matters, stressing that the pause would not affect the operations of the MOWAA Institute or its research, conservation, education and public-interest programmes.

He said MOWAA remained committed to engaging relevant stakeholders to establish a stable basis for its long-term work in Benin City.

“MOWAA believes that the state, the Kingdom, donors, institutional partners, cultural professionals and the institution share a fundamental interest: ensuring that Nigerian and West African heritage is researched, preserved and presented with integrity, for public benefit and for future generations,” he said.

The full audited financial statements for the year ended December 31, 2025, according to the organisation, are available on its website.

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