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, Aare Afe Babalola
Afe Babalola University (ABUAD) is owned by Aare Afe Babalola, a prominent Nigerian lawyer, philanthropist, and Senior Advocate of Nigeria (SAN).
He was born on October 30, 1929, in Ado-Ekiti, Ekiti State, Nigeria, and is a highly respected figure known for his contributions to education, law, and agriculture.
Afe Babalola established ABUAD in 2009 as a private, non-profit institution with his personal resources, driven by his vision to reform Nigeria’s educational system. He is also the Chancellor of the University
The university operates as a non-profit private institution licensed by the Federal Government of Nigeria, with Babalola’s influence ensuring a focus on quality infrastructure and academic rigor.
The university was built on its permanent site in Ado-Ekiti within eight months, a feat noted by the National Universities Commission (NUC) as a miracle due to its rapid development of modern facilities, including college buildings, hostels, and staff quarters. ABUAD began with 101 students and has grown to over 8,000 students, offering programs across six colleges.
Additionally, ABUAD operates the ABUAD Business School in Ibadan, Oyo State, which was upgraded from the Afe Babalola International Study Centre (ABISC) in 2022 following NUC approval.
The tuition for Medicine and Surgery at Afe Babalola University starts at N4,670,000 for the first year, with subsequent years costing N5,555,000 per session.
For other programs, fees range from N1,114,500 to N3,718,000 annually, depending on the level and course of study.
