Femi Otedola, the well-known Nigerian billionaire and Chairman of Geregu Power, has assumed a significant role as the Chancellor of Augustine University, situated in the tranquil town of Ilara in Lagos State, Nigeria. This appointment marked a pivotal moment in the history of the university. During the inauguration ceremony, Mr. Otedola expressed his gratitude for the opportunity to contribute to education and society.
The highlight of the momentous day was Mr. Otedola’s extraordinary act of generosity, as he provided a donation of one million Naira (N1 million) to each of the 750 students at Augustine University. This benevolent gesture amounted to a substantial scholarship fund, totaling an impressive Seven Hundred and Fifty Million Naira (N750 million).
It’s worth noting that this scholarship fund was made available to both returning students and new first-year entrants at the university. With approximately 500 returning students and around 250 new first-year students, this remarkable scholarship was accessible to a total of about 750 students.
In his announcement, Mr. Otedola declared, “I am pleased to announce a scholarship donation of One Million Naira each to every returning student and each new first-year student of our University, for the 2023/2024 session school fees of each student. With 500 returning students and about 250 new first-year students, this totals a scholarship donation of N750 million (Seven Hundred and Fifty Million Naira). I hope this donation helps alleviate the financial burden faced by the parents of our students during this challenging period.”
Femi Otedola’s act of generosity serves as an inspiring example of philanthropy and a dedication to the advancement of education. It has positively impacted the lives of numerous students at Augustine University, underscoring the profound influence that influential individuals can have on society.