The Museum of West African Art (MOWAA) has published its 2025 annual report and audited financial statements, revealing that the total cost of building and equipping its Institute in Benin City was N22.26 billion. According to the Director of Finance and Administration, Kingsley Odigie, the accounts were audited by Ernst & Young (EY) and received an unmodified opinion. This indicates that the financial statements presented a true and fair view of MOWAA’s financial position and performance.
MOWAA recorded N14.011 billion in revenue in 2025, compared with N12.530 billion in 2024. The organisation's total expenditure stood at N5.358 billion, comprising N2.533 billion on programmes, N2.017 billion on support services, N605.095 million in exchange losses, and N202.816 million in depreciation. As a result, MOWAA recorded a surplus of N8.653 billion for the year. The surplus was retained to support its mission, programmes, and long-term institutional development.
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. The organisation's funding base remained largely philanthropic, with donations accounting for N7.908 billion and grants N5.985 billion. Donations and grants together represented approximately 99 per cent of reported revenue.
The Edo State Government contributed N3.95 billion in cash towards the development of the MOWAA Institute. This 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. 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.
According to Odigie, 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. The N3.95 billion contribution was equivalent to approximately 17.7 per cent of the N22.26 billion cost of the MOWAA Institute. This makes clear that the State provided some, but not all, of the funding for the Institute and did not fund MOWAA as a whole.
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. The figure was derived from an early bill of quantities covering only the first phase of civil construction and excluded subsequent costs. MOWAA's financial statements provide a comprehensive picture of the organisation's financial position and performance.
MOWAA's financial performance and position are significant for a not-for-profit institution. As a not-for-profit institution, MOWAA does not distribute profits, and the surplus was retained to support its mission, programmes, and long-term institutional development. The organisation's commitment to transparency is demonstrated through the publication of its audited financial statements.
Key points
- MOWAA's Institute in Benin City cost N22.26 billion to build and equip.
- Edo State Government contributed N3.95 billion in cash towards the Institute's development.
- MOWAA recorded a surplus of N8.653 billion for 2025.
