Museum of West African Art reports N22.26bn Institute cost

The Museum of West African Art (MOWAA) has released its 2025 annual report and audited financial statements, revealing that the total cost to build and equip its Institute in Benin City is N22.26 billion. The Edo State Government contributed N3.95 billion in cash toward the project.

Audited by Ernst & Young (EY), the accounts received an unmodified opinion. MOWAA reported N14.011 billion in revenue for 2025, an increase from N12.530 billion in 2024. Total expenditure was N5.358 billion, resulting in a surplus of N8.653 billion. As a not-for-profit, the organization stated that the surplus will be retained for its mission, programs, and long-term institutional development.

As of December 31, 2025, MOWAA’s total assets reached N22.611 billion, with N19.887 billion held in property and equipment. The institution’s funding is primarily philanthropic, with donations and grants accounting for approximately 99 percent of reported revenue. Of this, N7.118 billion was sourced within Nigeria and N6.893 billion came from international sources.