Otedola Gifts N1million Each to All 750 Students Of Augustine University, Ilara-Epe, Lagos State.
Mr Otedola made the announcement during his investiture as the university’s second Chancellor.
The N750 million scholarship donation according to Mr Otedola is in commemoration of his appointment as the Chancellor of the university and “in recognition of the harsh economic situation” in Nigeria.
Mr Otedola, who also director of FBN Holdings PLC and Chair of Geregu Power PLC,
announced the donation Thursday during his acceptance speech at the 5th convocation ceremony of the university, where he outlined his vision and commitment to the educational institution and its student body.
Mr Otedola succeeded John Aniagwu, who had been Chancellor from the inception of the university in 2015.
Mr Otedola specified that the scholarship is to each returning student of the university and new student of the university for the 2023/2024 academic session
He said there are 500 returning students and about 250 new first-year students making a total scholarship donation of N750 million.
“I hope this donation assists the plight of the parents of our students in this difficult time,” he said.
Mr Otedola expressed confidence in the university’s Governing Council and Management to administer the funds efficiently.
He emphasised that the aim of the donation was not just to provide financial relief but to encourage academic excellence and national development.
This philanthropic act by the billionaire is aimed at alleviating the economic burden on families, as Nigeria’s inflation hit 26.72 per cent in September and the food inflation rate in the same month rose to 30.64 per cent.
In addition to the student scholarships, Mr Otedola also announced further contributions to Augustine University.
He pledged N140 million for the furnishing of the recently completed Engineering faculty building and another N110 million for the installation of street lights around the campus and a new standby generating set.
This brings his total donation to N1 billion, aside from his earlier committed N2 billion for the construction of the Faculty of Engineering four years ago.
“I made the pledge as I have always been committed to the development and economic empowerment of our youth through quality education,” he said.