Nigerian businessman and philanthropist, Femi Otedola, has generously gifted N1 million each to the 750 students of Augustine University, Ilara-Epe, Lagos State. This remarkable act took place during his investiture as the university’s second Chancellor. The N750 million scholarship contribution was made in light of the challenging economic circumstances in Nigeria.
Otedola, who also serves as the director of FBN Holdings PLC and Chair of Geregu Power PLC, announced this benevolent donation during the 5th convocation ceremony of the university. He expressed his vision and unwavering commitment to the institution and its students.
This scholarship extends to both returning and new students for the 2023/2024 academic session, with 500 returning students and approximately 250 first-year students benefiting from the fund. Otedola hopes that this donation will ease the financial burdens faced by students’ families during these trying times.
Otedola demonstrated his confidence in the university’s Governing Council and Management to administer the funds efficiently. He emphasised that the purpose of the donation is not solely financial relief but also to promote academic excellence and contribute to national development.
In addition to the student scholarships, Otedola pledged further support to Augustine University. He committed N140 million for furnishing the newly completed Engineering faculty building and another N110 million for the installation of street lights around the campus, along with a new standby generating set. These additional contributions bring his total donation to N1 billion, in addition to his previous commitment of N2 billion for the construction of the Faculty of Engineering four years ago.
Otedola’s intention is to support the development and economic empowerment of the youth through quality education. As the newly appointed Chancellor of the university, he aspires to make the Engineering Faculty a center of excellence in Nigeria.
Otedola challenged the university’s graduates to excel in their future endeavors and become “employers of labor.” He encouraged them to apply the principles of entrepreneurship, innovation, and diligence to create opportunities and foster success for themselves and others.
