A PICTURE of what private tertiary institutions in the country spend yearly to stay afloat and encourage academic excellence came to the fore recently even as it gave their public counterparts something to chew.

According to the proprietor of Elizade University, Ilara-Mokin, Ondo State, Chief Michael Ade-Ojo, the institution is being run on a N1 billion annual maintenance budget as it bids to sustain the high educational and infrastructural standard already set for it.

Ade-Ojo, a prominent business man, who chairs Toyota Nigeria Limited (TNL), established the university once described by Nobel Laureate, Professor Wole Soyinka during a visit, as an example of perfect harmony of nature and grandeur, solely from his personal savings.

The entrepreneur, who said he ventured into the education sector without any expectation of profits, spoke during a ceremony where the leadership of the National Association of Nigerian Students (NANS) made him their life patron and conferred on the institution, the Best Private University in West Africa.

Ade-Ojo who received the award in company of senior management members of the institution, said his commitment and determination to contribute to the development of the education sector in Nigeria led him to establish the school.

According to him, This university was established solely from my personal savings. I am not a politician; I only have friends who are politicians. I dont have access to public funds and I have not benefited from such funds.