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The Museum of West African Art (MOWAA) has disclosed that the MOWAA Institute in Benin City cost N22.26 billion to build and equip, saying the Edo State Government contributed N3.95 billion in cash towards the project.
The institution made the disclosure as it published its 2025 annual report and audited financial statements following recent public discussions over the cost of the Institute and the extent of the Edo State Government’s financial support.
MOWAA said the accounts, audited by Ernst & Young (EY), received an unmodified, or clean, audit opinion, indicating that the financial statements fairly presented its financial position and performance in accordance with applicable accounting standards.
According to the audited accounts, MOWAA recorded total revenue of N14.011 billion in 2025, up from N12.530 billion in 2024.
Its total expenditure stood at N5.358 billion, comprising N2.533 billion in programme expenditure, N2.017 billion in support services, N605.095 million in exchange losses and N202.816 million in depreciation.
The organisation therefore recorded a surplus of N8.653 billion during the year.
MOWAA said the surplus would not be distributed as profit because it operates as a not-for-profit institution, adding that the funds would be retained to support its programmes, mission and long-term development.
As of December 31, 2025, MOWAA reported cash and cash equivalents of N2.704 billion and total assets of N22.611 billion.
Property and equipment accounted for N19.887 billion of the assets, including N18.058 billion recorded as work in progress.
MOWAA said its funding was largely philanthropic, with donations of N7.908 billion and grants of N5.985 billion accounting for about 99 per cent of its reported revenue.
It said 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, MOWAA said the State donated N3.8 billion towards civil and mechanical works for the Institute and an earlier N150 million for pre-construction activities linked to the wider campus project.
It added that the State also provided land and other non-cash support to facilitate the establishment of MOWAA in Benin City.
MOWAA said the State’s total cash contribution of N3.95 billion represented about 10.4 per cent of the approximately N38 billion raised from inception to the end of 2025 for its wider campus and institutional programme.
It added that the contribution represented 17.7 per cent of the N22.26 billion spent on the Institute.
The organisation also clarified that the approximately N4.1 billion figure being discussed publicly was based on an early bill of quantities covering only the first phase of civil construction.
It said the figure did not include subsequent civil works, mechanical and electrical systems, fit-out, lighting, specialist research and conservation equipment, storage, professional services and foreign-exchange variations during construction.
MOWAA said the Institute, which opened in November 2025, was the first major facility delivered under its broader vision of establishing a platform for research, conservation, archaeology, education and professional development around West African art, history and material culture.
It said the Institute was designed as an archives, research and education centre supporting archaeology, materials research, conservation and the preservation and interpretation of West African heritage.
The organisation said its 2025 programme expenditure covered archaeology, research and heritage, exhibitions, collections and conservation, education, community programmes, communications and publications.
It disclosed that N133.173 million was spent on education and community programmes, while 87 people were engaged through direct employment and consultancy roles during the year.
MOWAA also announced that it had paused further construction on its wider campus pending the resolution of outstanding matters.
It stressed that the pause would not affect operations at the MOWAA Institute or its ongoing research, conservation, education and public-interest programmes.
The organisation said it would continue discussions with the Edo State Government, the Benin Royal Palace, donors, institutional partners and other stakeholders to resolve the issues and establish a stable basis for its long-term operations in Benin City.
MOWAA said it remained committed to transparency, responsible management of funds and collaboration with stakeholders in preserving Nigerian and West African heritage for future generations.
The full 2025 audited financial statements, it said, are available on its website.
