Femi Otedola, the Nigerian billionaire investor and a major stakeholder in Geregu Power, has demonstrated his philanthropic spirit by gifting a substantial sum of N1 million to every one of the 750 students at Augustine University.
As the recently appointed Chancellor of Augustine University, he revealed this scholarship contribution, which encompasses both new and returning students for the 2023/2024 academic session.
"Today, I was inaugurated as the Chancellor of Augustine University. I strongly believe in transforming establishments that I am associated with. I gave a gift of One Million to each of the Seven Hundred and Fifty Students. I hope this donation of Seven Hundred and Fifty Million Naira assists the plight of the parents of our students in this difficult time," he stated on his X page.
The scholarship donation, in its entirety, adds up to N750 million (Seven Hundred and Fifty Million Naira).
Otedola stressed that the scholarship would be accessible to all students. With roughly 500 returning students and an estimated 250 new first-year students, the scholarship donation is set to benefit a total of around 750 students.
In addition to the scholarships for students, Otedola also disclosed additional contributions to Augustine University.
He committed N140 million for furnishing the newly completed Engineering faculty building and an additional N110 million for the installation of street lighting across the campus, along with a new backup generator.
This brings his cumulative donation to an impressive N1 billion, in addition to his previously committed N2 billion for the construction of the Faculty of Engineering in March.
The school named the engineering faculty building after Doja Otedola, who, according to her billionaire son, inspired him to undertake the project. Otedola said the project was in appreciation of her passion towards the betterment of the university and its students.
He encouraged the students to aspire to become "employers of labour," stressing the need for entrepreneurship in a country that frequently prioritizes job-seeking over job creation.
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