Nigerian billionaire investor, Femi Otedola is currently trending on social media after he donated N1 million naira to each of all the 750 students of Augustine University.
Otedola, major shareholder and Chairman of Geregu Power, and director of FBN Holdings Plc, announced the scholarship for all students enrolled for the 2023/2024 academic session, including new and returning students after he was inaugurated as the Chancellor of the university.
The total sum of the scholarship donation amounts to N750 million (Seven Hundred and Fifty Million Naira).
The announcement was made during Otedola’s acceptance speech at the university, where he outlined his vision and commitment to the educational institution and its student body.
The university has approximately 500 returning students and an estimated 250 new first-year students, making the scholarship donation applicable to around 750 students in total.
“I hereby announce a scholarship donation to each returning student of the University and each new first-year student of our University the amount of One Million Naira each towards the 2023 / 2024 session school fees of each student. I am told that there are 500 returning students and about 250 new first-year students making a total Scholarship donation of N 750 Million (Seven Hundred and Fifty Million Naira). I hope this donation assists the plight of the parents of our students in this difficult time.” Otedola
This substantial financial aid aims to alleviate the burden on families affected by Nigeria’s challenging economic climate.”
In addition to the student scholarships, Otedola also announced further contributions to Augustine University.
He also made additional donations.
“I also donate N140 million towards the furnishing of the completed Engineering faculty building and a further N110 million towards the installation of Street lights around the campus and a new standby generating set. THIS MAKES A TOTAL DONATION OF ONE BILLION NAIRA TO OUR UNIVERSITY. This is in addition to my earlier pledge of N2 billion for the construction of the Engineering Faculty complex,” Otedola said.
While his speech was abundant in philanthropic announcements, Otedola also challenged the student body, particularly the new graduates, to excel in their future endeavours.
He urged them to be “employers of labour,” emphasizing the importance of entrepreneurship in a nation that often prioritizes job-seeking over job-creating.
Mr. Otedola expressed confidence in the university’s Governing Council and Management to administer the funds efficiently.
He emphasized that the aim of the donation was not just to provide financial relief but to encourage academic excellence and national development.
