Over the last two decades, private universities in Nigeria have expanded rapidly from just a handful to dozens, offering alternatives to the often overcrowded and strike-prone public institutions.
As of February 2025, there are 149 private universities in Nigeria, making up more than half of the country’s 295 total universities.
Among all these choices, a few stand out for charging fees that most Nigerians can only dream of paying, creating headlines every time school fees are mentioned.
These elite universities cater to a small, wealthy segment of society, far removed from what the average Nigerian can afford.
Behind these top-tier institutions are powerful individuals and organizations ranging from religious bodies to business moguls and international investors who have poured resources into building campuses that reflect their vision, values, and status.
In this article, Nairametrics presents a detailed look at the owners and financiers behind Nigeria’s most expensive private universities, those setting the pace not just in pricing, but in shaping the future of premium higher education in the country.
Here is a list of the owners of the most expensive private universities in Nigeria
Founder, Professor Jide Owoeye
Lead City University (LCU) is owned by Eduserve Consult, an educational consultancy group renowned for its contributions to educational development in Ibadan and beyond.
The University was founded by Professor Jide Owoeye, who serves as the Pro-Chancellor and Chairman of the Governing Council. He is also the founder of Eduserve Consult.
He holds a B.Sc. in Sociology from the University of Ibadan, and an M.Sc. and Ph.D. in International Relations from Obafemi Awolowo University, where he later became a professor in 2002. He has authored eight books, including Japan’s Policy in Africa (1992), and received the Professional Excellence Award from the Central Council of Ibadan Indigenes in 2009.
The university operates as a private, non-profit institution, accredited by the National Universities Commission (NUC), focusing on academic excellence and fostering entrepreneurship among its graduates.
The university was originally named City University, Ibadan, before its official establishment in February 2005. The name was then changed to Lead City University, Ibadan, on March 7, 2005, to avoid confusion with other institutions.
Lead City University operates primarily from its main campus in Ibadan, Oyo State, Nigeria, specifically at the Lagos-Ibadan Expressway, Toll Gate Area.
The annual tuition fee for Medicine is N5,525,000. Pharmacy and Nursing students pay N3,025,000 per year, while Dentistry costs N2,525,000 annually.
