Femi Otedola, a Nigerian billionaire investor and key shareholder in Geregu Power, has displayed his charitable attitude by donating N1 million to each of Augustine University’s 750 students.
As Augustine University’s newly appointed Chancellor, he announced this scholarship donation, which includes both new and returning students for the 2023/2024 academic year.
“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 total scholarship grant is N750 million (Seven Hundred and Fifty Million Naira).
Otedola emphasized that the award would be open to all students. The scholarship grant will assist around 750 students, including approximately 500 returning students and an estimated 250 new first-year students.
In addition to the student scholarships, Otedola reported other contributions to Augustine University.
He pledged N140 million to furnish the recently finished Engineering department building and another N110 million to provide street lighting throughout campus, as well as a new backup generator.
This takes his total commitment to an outstanding N1 billion, in addition to the N2 billion he pledged in March for the development of the Faculty of Engineering.
The engineering department building was named after Doja Otedola, who, according to her millionaire son, inspired him to take on the project. Otedola stated that the project was in recognition of her dedication to the welfare of the university and its students.
He urged the students to aim to be “labor employers,” emphasizing the importance of entrepreneurship in a country that usually favors job-seeking above employment creation.