How Financial Secrecy in Nigerian Universities Hinders Access to Global Research Funding
A recent report by the Athena Centre for Policy and Leadership has highlighted the impact of financial secrecy in Nigerian universities on their ability to access global research funding. The study, which surveyed 64 universities across Nigeria, found that none of the institutions provided full financial records to the public, and many ignored requests for financial information under the Freedom of Information (FOI) Act.
The Issue of Financial Secrecy
The report revealed that Nigerian universities are among the least transparent globally, with none of the surveyed institutions making their financial records publicly available. The majority of federal universities ignored formal requests for financial information under the FOI Act. State and private universities were even less transparent, often citing “lack of authorization” to withhold information.
Impact on Global Research Funding
The prevalence of financial secrecy is seen as a fundamental governance weakness, systematically excluding these institutions from the global research funding ecosystem and diminishing their international credibility. The report stressed that the culture of secrecy reinforces the perception that Nigerian universities are high-risk partners, unprepared to manage international grants or major research funding.
Recommendations for Reform
The report advocates for several reforms to address these transparency deficits. It suggests creating a University Transparency and Accountability Act that mandates all universities—federal, state, and private—to publish audited financial statements, budgets, and grant utilization reports. Compliance with this Act should be tied to government funding, accreditation, and eligibility for competitive research grants.
Comparison with Global Peers
When compared with universities in Ghana, Kenya, and South Africa, Nigerian universities performed poorly in transparency. Institutions like the University of Cape Town (South Africa), the University of Nairobi (Kenya), and the University of Ghana provide real-time access to budget allocations, audited financial statements, and detailed expenditure reports, which help attract millions in private sector funding and international research grants.
Additional Recommendations
The report also recommends the establishment of a Central University Transparency Portal (UTAP), where universities must upload annual audited financial statements, procurement processes, contract awards, and performance scorecards. Furthermore, the report suggests expanding the scope of the Auditor-General of the Federation’s audits of public universities to include governance risk assessments, focusing on systemic weaknesses in transparency and accountability.
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