MOWAA publishes audit amid dispute over institute funding
The Museum of West African Art has published an audit showing its Benin institute cost N22.26bn, with Edo State contributing N3.95bn in cash. Read More: https://punchng.com/mowaa-publishes-audit-amid-dispute-over-institute-funding/
The Museum of West African Art (MOWAA) has revealed the financial details of its MOWAA Institute in Benin City, Edo State, amid disputes over the institute's funding. According to the museum's 2025 annual report and audited financial statements, the institute's total cost for construction and equipping came to N22.26bn, with Edo State contributing N3.95bn in cash.
MOWAA's 2025 audited financials, audited by Ernst & Young, reported total revenue of N14.011bn, a surplus of N8.653bn, and total expenditure of N5.358bn. The institute's revenue was primarily sourced from donations (N7.908bn) and grants (N5.985bn), accounting for approximately 99% of the reported revenue. The Edo State's cash contribution, or approximately N3.95bn, made up about 10.4% of the total cost of the institute, which represents around 17.7% of the total cost of N22.26bn.
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