Museum of West African Art financial reporting

The Museum of West African Art (MOWAA) released its 2025 audited financial statements, detailing the costs and funding for its Institute in Benin City. The total cost to develop and equip the Institute was reported as N22.26 billion.

Financial records show that the Edo State Government provided N3.95 billion in cash, representing 17.7 percent of the Institute’s specific costs and approximately 10.4 percent of the total funds raised for the wider institutional program. MOWAA has raised approximately N38 billion since its inception.

Audited by Ernst & Young (EY) with an unmodified opinion, MOWAA reported a total revenue of N14.01 billion for 2025, up from N12.53 billion in 2024. Total expenditures were N5.36 billion, resulting in a surplus of N8.65 billion. The organization, a not-for-profit, stated the surplus will be retained for its mission and long-term development. Funding is primarily philanthropic, with donations and grants accounting for approximately 99 percent of revenue, split nearly equally between domestic and international sources.