Femi Otedola, the prominent Nigerian billionaire investor and a significant stakeholder in Geregu Power, has showcased his philanthropic commitment by generously gifting a substantial sum of N1 million to each of the 750 students at Augustine University.
In his role as the newly appointed Chancellor of Augustine University, he announced this scholarship contribution, which extends to both incoming and returning students for the upcoming 2023/2024 academic session.
“Today, I was inaugurated as the Chancellor of Augustine University. I firmly believe in the transformation of institutions I am associated with. I have made a donation of One Million Naira to each of the Seven Hundred and Fifty Students. I hope that this sum of Seven Hundred and Fifty Million Naira alleviates the financial burden on the parents of our students during these challenging times,” he shared on his social media page.
The complete scholarship endowment amounts to N750 million (Seven Hundred and Fifty Million Naira).
Otedola emphasized that the scholarships would be accessible to all students, benefiting approximately 750 individuals, including both returning students and an estimated 250 new first-year students.
In addition to his generous scholarship initiative, Otedola also revealed further contributions to Augustine University. He has allocated N140 million for the furnishing of the recently completed Engineering faculty building and an additional N110 million for the installation of campus-wide street lighting, as well as a backup generator.
With these additional donations, Otedola’s cumulative contribution to the university now stands at an impressive N1 billion, in addition to the N2 billion he previously committed for the construction of the Faculty of Engineering in March.
In honor of his mother, Doja Otedola, whose passion and inspiration played a crucial role in the project, the university has named the engineering faculty building after her. Otedola expressed his gratitude for her dedication to the betterment of the university and its students.
Furthermore, Otedola urged the students to aspire to become “employers of labor,” emphasizing the importance of entrepreneurship in a country where job creation is often undervalued in favor of job-seeking.