The Museum of West African Art (MOWAA) has published its 2025 audited financial statements, saying Edo State Government’s N3.95 billion cash contribution represented 17.7 percent of the N22.26 billion cost of developing and equipping its institute in Benin City.
The disclosure comes amid public discussions over the cost of the MOWAA Institute and the extent of the Edo State Government’s financial support.
MOWAA said the institute’s total cost included civil works, mechanical and electrical systems, fit-out, lighting, specialist research and conservation equipment, storage, professional services and foreign-exchange variations during construction.
The not-for-profit firm said the approximately N4.1 billion figure referenced in public discussions represented an early bill of quantities for the first phase of civil construction and did not cover the full cost of the facility.
According to MOWAA, Edo State provided N3.8 billion towards the civil and mechanical works for the Institute and an earlier N150 million for pre-construction activities relating to the wider campus. The State also provided land and other non-cash support.
“Edo State’s N3.95 billion cash donation was important and valued,” MOWAA said, adding that the figures showed that the State provided “some, but not all, of the funding for the Institute and did not fund MOWAA as a whole.”
MOWAA said it had raised approximately N38 billion from its inception to December 31, 2025, for its full campus and wider institutional programme, making Edo State’s cash contribution about 10.4 percent of funds raised.
The organisation said its 2025 accounts, audited by Ernst & Young (EY), received an unmodified opinion.
MOWAA reported revenue of N14.01 billion in 2025, up from N12.53 billion in 2024, while total expenditure stood at N5.36 billion. This resulted in a surplus of N8.65 billion.
Donations accounted for N7.91 billion of revenue, while grants contributed N5.99 billion. Together, donations and grants represented about 99 percent of total revenue.
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At year-end, MOWAA reported total assets of N22.61 billion, including N19.89 billion in property and equipment. Work in progress accounted for N18.06 billion of property and equipment.
The institution said it engaged 87 people through direct employment and consultancy roles during 2025, while N133.17 million was spent on education and community programmes.
MOWAA said it has now paused further construction on the wider campus pending resolution of outstanding matters, but stressed that the pause would not affect operations at the Institute.
The organisation said it remains committed to engagement with the Edo State Government, the Benin Royal Palace and other stakeholders.
“MOWAA remains committed to working respectfully with the Edo State Government, the Benin Royal Palace and other stakeholders,” it said.
The institute, which opened in November 2025, is designed as a research, conservation and heritage-management facility supporting work on West African art and culture. MOWAA describes it as the first building within its wider campus vision.
The full audited financial statements have been made available through MOWAA’s website.
