Nigerian billionaire business mogul and Chairman of Geregul Power, Femi Otedola, has generously gifted no less than 750 students of Augustine University one million naira each, News About Nigeria reports.
The billionaire philanthropist made this remarkable gesture after his inauguration as the Chancellor of Augustine University. The ceremony took place at the school’s auditorium located in Ilara, a town in the Epe Local Government Area of Lagos State.
Otedola announced that for the 2023–2024 academic year, every student enrolled at Augustine University, both new and returning, would receive a scholarship from the seven hundred and fifty million naira (N750 million) he donated for this purpose.
News About Nigeria has learned that the university has approximately 500 returning students and an estimated 250 new first-year students, making the scholarship donation applicable to a total of around 750 students.
During his acceptance speech at the university, Otedola shared his vision and commitment to the educational institution and its student body. He stated, “I hereby announce a scholarship donation of one million naira each to every returning student and every new first-year student for the 2023/2024 session’s school fees. With 500 returning students and approximately 250 new first-year students, this totals a scholarship donation of seven hundred and fifty million naira (N750 million). I hope this donation eases the financial burden on the parents of our students during these challenging times.”
In addition to the student scholarships, the billionaire pledged 140 million naira for furnishing the school’s recently completed Engineering faculty building and another 110 million naira for the installation of street lights around the campus and a new standby generating set.
Otedola expressed confidence in the university’s Governing Council and Management to efficiently administer the funds and urged them to create employment opportunities to help address Nigeria’s significant issue of unemployment among qualified individuals.”
