Prof. Emmanuel Aluyor, said on Monday, in Iyamho-Uzairue, in the Estako-West local government area of Edo.
He added that the idea behind the creation of the university is to provide world class education to academically gifted and the rich.
“The idea behind the establishment of Edo University by the founding fathers is neither to replace nor compete with the existing Ambrose Alli University, Ekpoma.
“But rather, to complement it in terms of providing world-class education with the best of infrastructure to academically-gifted students and the rich, who can afford the fees.
“People have questioned why former Gov. Adams Oshiomhole did not upgrade AAU, than establishing a new university altogether.
According to the vice chancellor, the fees range from between N400, 000 and N450, 000 a session and it is considered low among other private universities.