Aiba dam was created to supply pipe-borne water to the Iwo community and environ. This paper highlighted challenges to the dam survival and recommended opportunities for improvement in the light of deterring sociological and cultural barriers to its sustainability. The challenges facing the dam include natural viz:-climate change, sedimentation, senesce (ageing trees) and anthropogenic challenges which include management-related problems, urban sprawl, farming practices in the dam area and refuse dump. The paper suggested that relevant government agencies needs to be proactive on ensuring the sustainability of the dam especially in the areas of public enlightenment, reforestation, dredging of the dam, institution and implementation of relevant legal instruments; also, putting in place appropriate measures towards mitigating climate change impact to ensure the survival of the dam and to ascertain that it performs the purpose for which it was created. Further investigation to determine the status of the dam through the use of satellite imageries and geographic information system are suggested.