Billionaire businessman and philanthropist, Chairman of Geregu Power Plc, and Director, FBN Holdings Plc, Mr. Femi Otedola on Thursday donated N750 million to 750 returning and fresh students of Augustine University, Ilara-Epe, Lagos State.
The money covered the students’ school fees for the 2023/2024 academic session, ThisDay Newspaper reports.
Otedola announced the donation Thursday, in an address shortly after his installation as the second chancellor of the university during the school’s fifth convocation ceremony.
Otedola also donated N140 million for the furnishing of the university’s Engineering Faculty building and another N110 million for the installation of street lights on the campus and purchase of a new standby power generator.
He explained that each of the 750 returning and fresh students of the university would receive N1 million from the N750 million, explaining that the gesture is to alleviate the plight of the students and their parents under the current harsh economic situation in the country.
Otedola has been a major financial supporter of the university. He donated the Engineering Faculty Complex to the school, an edifice comprising four blocks, constructed at an estimated cost of N2 billion.
The first phase of the building was completed at a total of N670 million, and the facility was inaugurated in February 2023, and has been in use since then.
Announcing the donations amid thunderous cheers and applause from the benefiting students and the entire audience at the occasion, Otedola expressed strong belief in transforming establishments he was affiliated with.
He stated that the N750 million donation to the 750 students was to commemorate his appointment as the second Chancellor of the university and also to help cushion the effect of the difficult situation in the country on the beneficiaries.
Otedola said, “As stated in my citation, I strongly believe in transforming establishments that I am associated with. Therefore, to commemorate my appointment as the Chancellor of the university today and in recognition of the harsh economic situation in our country, 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 N750 million.
“I hope this donation alleviates the plight of the parents of our students in this difficult time. I am depending on the Governing Council and the management of the university for the efficient management of these funds.”
The renowned entrepreneur said to be entrusted with the role of chancellor of such a distinguished institution was both a privilege and a profound responsibility.
He said the latest donations to the school were in addition to his earlier pledge of N2 billion for the construction of the Engineering Faculty Complex.
Otedola announced that the design of engineering number two within the complex had been completed, adding that the contract for its construction would soon be awarded, with a completion date of December 2024.
He expressed hope that his kind gesture would encourage the students of Augustine University to study hard to be first class graduates who would contribute positively to the growth of Nigeria.
