The founder of Afe Babalola University, Ado Ekiti (ABUAD), Are Afe Babalola, has stated that the university’s savings will be set aside for an endowment, declaring that no one owns shares in the institution.

This was just as he disagreed with the notion that private universities in the country are struggling to enrol up to 1,000 students, saying that ABUAD is oversubscribed.

Recall that in March 2025, the Minister of Education, Dr Tunji Alausa, while lamenting the push for the creation of new higher institutions by lawmakers at the National Assembly, noted that there were some institutions in the country with less than 1,000 students.

“We have universities with less than 1,000 undergraduate students, and there is this intense demand for more universities to be opened. We have to stop that,” he had said.

Speaking on Thursday when he was decorated and admitted into the Honorary Fellowship of Nigerian Academy of Education (NAE) at the ABUAD campus, Ado Ekiti, Babalola said that his university is a non-profit where money made is ploughed back into the school.

“I established my university, a private university, a non-profit university, where every profit we make will go back to this school. I have no shares there. Nobody has a share there.

“The money we saved will be kept for endowment, which you can use at any time. Very soon, by the grace of God, we’ll be giving scholarships to students from other foreign countries,” he said.

Speaking on the enrollment, the legal icon said, “I have a letter in my office written by the Minister of Education lamenting the number of students attending private universities. That is not the lot of ABUAD.

“On the contrary, we are oversubscribed. The registrar keeps on telling me that people are pressing for more admission, and I said you can’t admit more, please. North, South, East, West, all six regions have students here.”

This is as Babalola attributed the NAE honorary fellowship award, among others before it, to the grace of God, hard work, and Spartan self-discipline.

The authorities and officials of the NAE, which consists of a total of 21 Professors, stated in their letter of offer to the founder of Afe Babalola University, Ado-Ekiti (ABUAD), signed by Secretary General Prof. Elizabeth Okeke, that Babalola was found to be the most exceptionally outstanding among those shortlisted for the honour.

Besides, NAE said the legal luminary was given the fellowship award, as a mark of appreciation for his notable contributions and giant strides in the reformation of the educational sector.

According to the academy, Babalola’s recognition would be a clarion call for all those called to serve humanity.