The Federal Government is planning to hand over the management of King’s College, Lagos, for 50 years, according to a concession document obtained by the Empirical Magazine.
The document shows that the proposed agreement would run for five decades from the date it takes effect.
This means the arrangement could remain in place until 2076, unless the terms are changed.
The development is significant because earlier reports had put the proposed concession period at 35 years.
Under the proposed arrangement, the King’s College Old Boys Association (KCOBA) is expected to finance the rehabilitation and modernisation of the 117-year-old school before managing and maintaining it.
The Federal Government would, however, retain ownership of the institution, while the Infrastructure Concession Regulatory Commission (ICRC) would serve as the regulatory body.
The proposal has generated opposition from some education workers and other stakeholders.
A faction of the Association of Senior Civil Servants of Nigeria has argued that Unity Colleges should remain under direct government management because they were established to provide quality education to Nigerian children regardless of their background.
Critics have also raised concerns about transparency, particularly because the full concession agreement has not been made publicly available.
The Education Rights Campaign has also opposed the arrangement, warning that transferring management of public schools to private organisations could increase the financial burden on parents and students.
KCOBA has previously said it plans to invest heavily in the school, including a proposed endowment of nearly N100 billion, while the association says it has already spent more than N2 billion on infrastructure at the college.