Femi Otedola’s $2.25-million gift to Augustine University deepens commitment to education

Omokolade Ajayi -
Key Points
  • Femi Otedola donates N3.7 billion ($2.25 million) to Augustine University, reinforcing his commitment to education and community development in Nigeria.
  • Otedola’s donations highlight his commitment to education and human capital development in Nigeria’s engineering sector.
  • Beyond education, Otedola donated N1 billion ($1.13 million) to the Lagos State Security Trust Fund, reflecting his broad societal impact and commitment to Nigeria’s progress.

Nigerian billionaire and philanthropist Femi Otedola continues to strengthen his legacy of philanthropy with a fresh donation of N3.7 billion ($2.25 million) to Augustine University, a private Catholic institution in Lagos. This underscores ongoing commitment to education and community development and reflects his strategic engagement with Nigeria’s future workforce.

Otedola, who serves as Chairman of Geregu Power Plc and FBN Holdings Plc, announced the donation at the university’s 6th convocation ceremony over the weekend. The donation is in line with his vision of transforming the institution into a center of excellence for engineering studies, aligning with his broader philanthropic efforts to improve Nigeria's education sector.

“Your education has been designed to help you grow not just as professionals but as people of character,” Otedola said to the graduates. “I challenge you to carry the spirit of Pro Scientia et Moribus—for learning and character—wherever you go.”

A legacy of giving

The billionaire’s latest donation adds to a series of impactful contributions to Augustine University. In February 2023, Otedola donated N2 billion ($4.3 million at the time) to fund the construction of a state-of-the-art engineering building at the university, demonstrating his commitment to creating an environment for technical excellence.

At the university’s 5th convocation ceremony, he provided N1 million each to 750 students to cover their tuition fees—a gesture amounting to N750 million ($1 million) in total.

Otedola, who became the Chancellor of the institution earlier in September 2022 reiterated his belief that education must serve both the mind and heart, urging graduates to use their talents for the common good. “The world needs people who will stand up for what is right, solve problems with knowledge, and lead with compassion and empathy,” he emphasized.

Expanding philanthropic impact beyond education

Otedola’s benevolence extends beyond education, with much of his giving happening outside the spotlight. Earlier this year, the billionaire donated N1 billion ($1.13 million at the time) to the Lagos State Security Trust Fund to support efforts in addressing the state’s security challenges.

With a net worth of $1.5 billion, Otedola ranks among Africa’s wealthiest individuals and most active philanthropists. His discreet charitable activities—often carried out away from media attention—reflect a deep awareness of the pressing needs of Nigerian society.

His leadership in business, particularly through Geregu Power and FBN Holdings (parent company of First Bank of Nigeria Plc), complements his efforts to drive societal progress through philanthropy. His contributions to education highlight his belief in human capital development as a catalyst for sustainable growth.

In recognition of his philanthropic efforts, he was appointed vice president of the UK-based NGO Save the Children in 2021, underscoring his dedication to improving the lives of Nigerian children through education, healthcare, and economic opportunities.

Call for purposeful leadership

In his address to the graduates, Otedola reinforced his message that character and knowledge must go hand-in-hand in achieving success. “As a Catholic institution, Augustine University is focused on producing morally grounded graduates who will serve the common good,” he said. He urged the new alumni to lead with integrity, noting, “You are entering a world that needs your character.”

Otedola’s involvement with Augustine University showcases his focus on education as a critical investment in Nigeria’s future. His substantial donations over the years, from infrastructure projects to student scholarships, position him as a driving force for progress in the sector.

Otedola's philanthropy sets high standard

Femi Otedola stands out as one of Africa’s leading philanthropists, with significant contributions spanning more than three decades that highlight his commitment to impactful giving.

In 2019, he made headlines with a $14 million donation to the Save the Children Fund through his daughter DJ Cuppy’s Foundation, aimed at supporting intervention programs for vulnerable children in Nigeria’s northeast. This remains the largest individual cash donation in Nigeria's history, surpassing contributions from other billionaires.

Nigeria's Former Vice-President Yemi Osinbajo praised Otedola’s 2019 donation, noting it as the largest cash gift to a philanthropic cause in Nigeria. He recognized Otedola alongside global figures like Bill Gates and Aliko Dangote for their collaborative efforts to address extreme poverty and enhance healthcare and education.

Much of Otedola’s philanthropy occurs quietly, away from the media spotlight, earning him several accolades, including the 2020 ThisDay Philanthropist of the Decade Award. His efforts have improved the lives of vulnerable children in Nigeria, focusing on early childhood education and healthcare, among other initiatives.