Femi Otedola, the Nigerian billionaire businessman and philanthropist, chairman of Geregu Power Plc, and director of FBN Holdings Plc, has made a remarkable donation of N750 million ($1 million) to Augustine University in Ilara-Epe, Lagos State.
This substantial contribution was announced during the institution’s 5th Convocation Ceremony, a moment that coincided with Otedola’s installation as the second Chancellor of the university.
The generous $1-million donation, intended as a scholarship fund, will cover the tuition fees for 750 students, both returning and incoming, for the upcoming academic session (2023-2024).
Each of these students will receive N1 million ($12,700), providing much-needed relief from the economic challenges prevailing in the country.
Femi Otedola pledges an additional $320,000 for campus upgrades
His benevolence extended beyond the students’ education, as he pledged an additional N250 million ($320,000). Out of this, N140 million ($177,100) will go towards furnishing the university’s engineering faculty building, and the remaining N110 million ($140,000) will be allocated to the installation of campus streetlights and a new standby power generator.
Breaking down the $1-million scholarship fund, Otedola emphasized that each of the 750 fortunate students will receive $12,700, aimed at easing the economic burdens faced by both students and their families during these challenging financial times.
This recent act of generosity is not Otedola’s first contribution to Augustine University. Earlier this year, he donated the engineering faculty complex, comprising four impressive blocks with an estimated cost of N2 billion ($2.53 million).
The first phase of this facility, amounting to N670 million ($850,000), was completed and inaugurated in February 2023.
What Femi Otedola is saying
Otedola expressed his strong belief in the transformation of the institutions with which he is associated. He reiterated that the $1-million scholarship was a token of his commitment to the university as its newly appointed chancellor and a sincere attempt to alleviate the financial burdens that students and their families currently face.
The billionaire emphasized the emotional significance of his connection with Augustine University, revealing that the institution was his late father’s dream.
Reflecting on his own journey, he recalled a time when he faced financial difficulties in Nigeria, in contrast to his present capacity to support such a prestigious university. Otedola expressed his belief in the divine empowerment that allows him to make a positive impact on the university and the multitude of students studying there.
Accepting the role of chancellor, he acknowledged both the privilege and profound responsibility of the position, pledging to uphold and advance the values and vision that Augustine University represents. He expressed his determination to help the institution achieve a prominent place among Nigeria’s top universities and in the global ranking of Catholic universities.
Dedicated philanthropist deeply involved in educational causes at all levels
Otedola’s appointment as chancellor of Augustine University serves as a well-deserved recognition of his substantial contributions to the university and his unwavering commitment to advancing education in Nigeria.
His philanthropic efforts continue to serve as a beacon of hope for students and institutions alike, exemplifying the power of giving to transform lives and shape the future of the nation.
A dedicated philanthropist deeply involved in educational causes at all levels, Otedola has made significant strides in the Nigerian education sector through the Sir Michael Otedola Scholarship Awards Foundation. His commitment to education extends far beyond his notable 2007 donations of N100 million ($127,000) to the Otedola College of Primary Education in Noforija, Epe, and N80 million ($101,290) to the Faculty of Agriculture at the University of Port Harcourt.
Driven by his passion for the community, he sponsors promising but financially disadvantaged students in Epe, Lagos State, and Nigeria at large, earning him widespread admiration and respect.
In recognition of his philanthropic efforts, he was recently appointed vice president of the UK-based NGO Save the Children, underscoring his dedication to improving the lives of Nigerian children through education, healthcare, and economic opportunities.
