The Federal Government of Nigeria has granted licence to Afe Babalola University, Ado Ekiti to operate as private university in Nigeria. According to the Minister of State for Finance Mr Remi Babalola, the Federal Executive Council was pleasantly surprised at the amount of funds set aside by its Proprietor, Aare Afe Babalola, SAN, and the level of development already put in place. According to him, the Proprietor is investing such enormous resources while the University is also taking off from its permanent site. He disclosed that the University has become a benchmark for other universities.