We haven't made any Profit from Covenant University- Bishop Oyedepo

Covenat University (Covenant University)

The founder and presiding Bishop of the megachurch Faith Tabernacle in Ota, Ogun State, Nigeria, and Living Faith Church Worldwide, also known as Winners David Oyedepo has said the Living Faith Church Worldwide popularly known as  Winners’ Chapel has not made any profit from Covenant University since it was established, an institution that he is Chancellor.

The University which was established in 2002 is one of the institutions with a very high tuition fee in Nigeria. According to Pulse Tuition fee in this institution ranges between N799, 500 and N819, 500 per session.

However, In an interview with Naija Church news, Bishop Oyedepo while responding to a question on why Religious Universities charge high tuition, he  claimed that people need to find out what the students of Covenant Universities are paying for.

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He said, ''compare what they pay here and there and what those payments cover. The rate of power consumption in the hostels alone is out of this world. All we need to juxtapose this is that they should rent the room and pay for electricity and they would pay ten times the amount.

''People should just sit down and find out what exactly they are paying for. The church has not drawn anything from Covenant University since inception in 12 years. But this year, the church reserves about N1.6bn stakes in its development. So, it’s not a business, it’s a service platform.''

Bishop Oyedepo explained further that the tuition fee students pay at Covenant University is worth the service the institution renders.

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"In every nation of the world, the government subsidies education to all the stakeholders, not in this country, not a dime has ever crossed from government to any private university in Nigeria. And ask those who are in it how much profit they are making, they would explain to you how it has been wonderful to pay staff salaries and keep the system running. Move to the next country where people rush to study, look at how much they pay and what they get for it. Whether they have teachers or not doesn’t matter.''
The current tuition fee of the University was increased in November 2016 from N631,000 to N799, 500. A move the Chancellor said has God's approval.

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