The University of Calabar trust is a legal entity created in March 2022 during the tenure of Professor Florence Banku Obi as Vice-Chancellor.
The trust fund manages the assets including land, money, buildings, shares, or antiques for the benefit of the University of Calabar for a specified purpose.
The trustees are responsible for managing the trust in accordance with agreed terms. The terms of the trust will usually be the conditions specified by the person who has put the assets into the trust at the time they did so.
The trust will hold funds on trust for donors and apply these funds for specific purposes including professorial chairs, lectureship posts, scholarship schemes, student bursaries, and academic prizes. These funds are donations received from the university benefactors and, the University declaring trusts over its own funds.
As trustee, the University, acting through Council, has ultimate responsibility for the trust funds and their administration. On a day-to-day basis, that administration has been delegated to a Board of Trustees.