Newly Installed Chancellor Gifts 750 students 1million Each
750 students of Augustine University in Ilara-Epe, Lagos State, to received N1 million from Nigerian businessman and philanthropist Femi Otedola.
During his ceremony to become the university’s second Chancellor, Mr. Otedola made the news.
Mr. Otedola has donated N750 million to the university in the form of scholarships “in recognition of the harsh economic situation” in Nigeria in honour of his inauguration as Chancellor.
Mr. Otedola is also the Chair of Geregu Power PLC and a Director of FBN Holdings PLC.
He announced the gift Thursday during his acceptance address at the university’s fifth convocation ceremony, in which he also shared his hopes and plans for the university’s future.
Mr. Otedola made it clear that the scholarship is open to all current and incoming students in the 2023–2024 school year.
He stated that N750 million in scholarship funding would be distributed among 500 returning students and 250 new first-year students.
He hoped that the money would help the students’ families through a tough time.
Mr. Otedola said he trusts the university’s Governing Council and management to spend the money wisely.
He stressed that the motivation for the donation was to promote both academic success and the growth of the country as a whole. The billionaire’s generosity is an attempt to ease the financial strain on households in a country where inflation reached 26.72% in September and food inflation reached 30.64% in the same month.
Increased financial support
Mr. Otedola also announced further gifts to Augustine University, in addition to the student scholarships.
He promised N140 million to equip the newly built Engineering faculty building with furniture and another N110 million to put up campus-wide lighting and a new backup power plant.
This is in addition to the N2 billion he pledged four years ago for the building of the Faculty of Engineering.
“I made the pledge as I have always been committed to the growth and economic empowerment of our youth through quality education,” he stated.
“I had no idea at the time that I would one day become University Chancellor. I hope to use my new position as Chancellor to help make the University of Nigeria’s Engineering Department the best in the country.
Mr. Otedola also encouraged the students, especially the recent graduates, to strive for greatness in all that they do.
“Remember that the knowledge you have acquired here is not merely for personal gain, but is a resource you can use to make a meaningful impact on the lives of others,” he remarked.
In closing, I’d want to tell this year’s graduates: You’ll get far in life thanks to your own doggedness and tenacity.
Accept setbacks as learning experiences. I followed that plan and it worked.
